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Entrepreneurship for Interior Designers

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Entrepreneurship for Interior Designers

  1. 1. WHAT IS ??? Rebecca Knapp, MBA Business Science Division
  2. 2. DEFINITION Finding opportunity  Innovation  Starting a new business  Effective management  Bearing risk  Creating value for your community 
  3. 3. WHY GO INTO BUSINESS FOR YOURSELF? The desire for independence & destiny  The willingness to find and accept a challenge  Personal background  “Had enough” of working for someone else  Losing a job and deciding to start a business  An idea for a new product  An opportunity presents itself 
  4. 4. 101 – 102 = 1 101 – 2 10 =1
  5. 5. CHANGING PERSPECTIVE  Invention = NEW  Innovation = IMPROVING  Create a need for something that consumers don’t even know they need.  Cure a “pain”
  6. 6. NEW NEEDS
  7. 7. WHAT IS THIS?
  8. 8. ENTREPRENEURSHIP  The average entrepreneur fails THREE times before succeeding  The average business takes 3-5 YEARS to make a profit
  9. 9. KEYS TO SUCCESS  Don’t let naysayers stop you.  Share your idea with EVERYONE.  Expect jealousy.  Develop thick skin and strong intestinal fortitude.
  10. 10. LET’S START A BUSINESS!
  11. 11. IDEAS:
  12. 12. MISSION STATEMENT To…
  13. 13. MISSION STATEMENT  A concise statement of       Target customers Products & services Markets served Use of technology Importance of public issues & employees Focus on survival, profitability & growth
  14. 14. MISSION STATEMENT EXAMPLES  Aflac   To combine aggressive strategic marketing with quality products and services at competitive prices to provide the best insurance value for consumers. Nike  To Bring Inspiration and innovation to every athlete in the world.
  15. 15. MISSION STATEMENT EXAMPLES  Barnes & Noble  Our mission is to operate the best specialty retail business in America, regardless of the product we sell. Because the product we sell is books, our aspirations must be consistent with the promise and the ideals of the volumes which line our shelves. To say that our mission exists independent of the product we sell is to demean the importance and the distinction of being booksellers. As booksellers we are determined to be the very best in our business, regardless of the size, pedigree or inclinations of our competitors. We will continue to bring our industry nuances of style and approaches to bookselling which are consistent with our evolving aspirations. Above all, we expect to be a credit to the communities we serve, a valuable resource to our customers, and a place where our dedicated booksellers can grow and prosper. Toward this end we will not only listen to our customers and booksellers but embrace the idea that the Company is at their service.
  16. 16. OUR MISSION STATEMENT Questions What does our team want to be known for? How do we want to treat each other? What kind of workplace do we want to have? What unique talents and skill does each person bring to the team? What do we want to achieve? What unique contributions can we make? Answers
  17. 17. LEGAL ORGANIZATION LLC or not to LLC, that is the question.
  18. 18. TYPES OF BUSINESSES Sole Proprietorships  LLC  Partnerships  Corporations  C Corp  S Corp  Franchises  Coops 
  19. 19. FORMS OF BUSINESS OWNERSHIP
  20. 20. FRANCHISE CONTRACT Branded Product / Service Performance Monitoring $$$$$ $$$$$
  21. 21. CITY REQUIREMENTS  http://rebeccaknapp.webs.com/entrepreneurship.htm
  22. 22. MARKETING PLAN Promotions and Social Media
  23. 23. LOGO
  24. 24. THE 4 P’S • • Price Promotion • Product Place •
  25. 25. PROMOTIONAL TACTICS Personal Selling  Sales Promotion  Public Relations  Direct Mail  Coupons  Demonstrations  Exhibitions  Social Media  Special Events  Advertising  Sponsorship  Web Sites  Trade Shows  Sampling  Sweepstakes  Publicity Stunts  In-store Displays  Contests 
  26. 26. PROMOTIONAL MIX & TACTICS
  27. 27. PRICE LIST AND SALES PROJECTIONS Sales Forecasting
  28. 28. SALES FORECASTING
  29. 29. FINANCES
  30. 30. START-UP CALCULATOR  www.entrepreneur.com/calculators
  31. 31. TOOLS & RESOURCES
  32. 32. TOOLS & RESOURCES SPECIFICALLY FOR INTERIOR DESIGNERS  Entrepreneur.com – Business Idea Center http://www.entrepreneur.com/businessideas/interest http://tinyurl.com/k3y5pzs  International Interior Design Association http://tinyurl.com/mztc32e  Meetup.com http://tinyurl.com/kgdcmhw
  33. 33. ARTICLES AND THOUGHTS FOR INTERIOR DESIGN ENTREPRENEURS  Entrepreneurial flair: how to start and manage a creative business http://tinyurl.com/mck9umh  Are you an Entrepreneur, or is Interior Design your Hobby? http://tinyurl.com/3xp2jye  How to Find Ways to Market and Interior Design Business http://tinyurl.com/mg5tkmz  Entrepreneurial Secret Sauce- Using Interior Design to Increase Motivation and Productivity http://tinyurl.com/keb9vql  Interior Design Entrepreneurship Certificate http://tinyurl.com/lmjvbza
  34. 34. ORGANIZATIONS
  35. 35. SMALL BUSINESS DEVELOPMENT CENTERS  Small Business Development Centers (SBDC) http://www.sba.gov/aboutsba/sbaprograms/sbdc/index.html Funded jointly by the federal government and individual states.  SBDCs are able to evaluate the feasibility of your idea, develop your business plan and complete your funding application – for no charge. 
  36. 36. SCORE  SCORE Orange County: http://www.score114.org/ SCORE is a nationwide nonprofit organization dedicated to the formation, growth and success of small business.  A resource partner with the U.S Small Business Administration (SBA) 
  37. 37. AMERICAN SOCIETY FOR INTERIOR DESIGNERS  ASID Business Strategies Courses http://www.asid.org/businessstrategies Sustainability Action Plan  Finance 101 for Interior Design Businesses  Ethics and Ethical Businesses Practices 
  38. 38. APPS
  39. 39. ENTREPRENEURSHIP APPS
  40. 40. BUSINESS MANAGEMENT APPS
  41. 41. MARKETING APPS
  42. 42. ACCOUNTING APPS
  43. 43. HUMAN RESOURCES APPS
  44. 44. FRANCHISING APPS

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