This document provides guidance for starting a new business, including evaluating personal readiness, creating a business plan, developing daily and weekly to-do lists, choosing appropriate professionals, understanding regulations, and building a support network. Key steps include assessing strengths and weaknesses, financial situation, family support, risk tolerance, and ability to handle confrontation. The #1 reason businesses fail is a lack of planning, so entrepreneurs must test feasibility and create goals and objectives in their business plan.

1. Business Management Consultant
Freda L. Thomas, MBA
INTRODUCTION
Getting Started
The Road to Entrepreneurship

2. What Does it Mean to be
An Entrepreneur
•How your lifestyle will change
•Going from employee to owner
•Evaluating your
Strengths/Weakness
Personal tendencies
Experience, skills & training

3. Are you Ready?
• Is this the right time given current
economic conditions
• Personal finances
• Credit report
• Family support
• Any additional sources for income
• Risk aversion
• Abilities to handle confrontation
Warning:#1 reason businesses fail – failure to plan

4. Prep to Open & Grow
• Business model – what will you do
• How will you do it
• For whom - whose the customer
• Is what you do unique
• Feasibility of what you do & testing
• Assessing technical, operational,
financial feasibility

5. The Business Plan
Create a plan w/goals and objectives
• Business Plan Outline
 Executive Summary
 Business Description
 Market Analysis
 Products & Services
 Competition
 Marketing Strategy
 Operations
 Management
 Finances

6. Staying Ahead of the
Curve
• Day to Day Planning
• To Do List the Night before
• 9:00AM to 5:00 PM – FOCUS - how
to get cash sales
• Activities after 5:00PM,
recordkeeping, operations, personal

7. Sample To Do List
I am A Winner I am A Winner
I Can Accomplish Anything I Can Accomplish Anything
To Do List To Do List
□ 16.
• □ 1. Send email to family & friends, ask that □ 17.
they refrain from calling you during 9 to 5. □ 18.
• □ 2. Call 25 potential customers and introduce □ 19.
your product/service
• □ 3. Send email, postal mail note thanking □ 20.
potential client for talking □ 21.
• □ 4. Add to calendar, date to follow-up with any □ 22.
potential customers who are interested in □ 23.
buying product □ 24. .
• □ 5. Call 10 people in my professional network, □ 25. .
ask for potential leads to potential customers, □ 26.
and ask persons in professional network to make
the introductions on your behalf □ 27. .
• □ 6. Devise 5 new ways to generate cash sales □ 28. .
• □ 7. Create a timeline to put into effect these □ 29. .
5 new cash generating methods □ 30. .
• □ 8. After 5:00PM, do some competitive □ 31. .
research, visit competitors online or storefront □ 32. .
• □ 9. □ 33. .
• □ 10. □ 34. .
• □ 11. □ 35. .
• □ 12. □ 36. .
• □ 13. □ 37. .
• □ 14. □ 38. .
• □ 15.
I AM a Winner
I AM a Winner

8. Sample To Do List
1st week
• Students create to do list
- first week of operation
Write down your strengths/weakness
Personal tendencies
Experience, skills & training
Is this the right time to start

9. Sample To Do List
1st week - continued
• What’s your personal financial situation
• Pull your credit report
• Ask for family support
• Do you need additional sources for income
• What is your aversion to risk
• Can you handle confrontation & if not, how
can you prepare for

10. The Right Professionals
• Choosing your attorney
• Accountant
• Insurance Broker
• Bank
• Business Advisor
• Industry Related Professionals

11. Regulations
• Taxes
• Permits & Licenses
• Zoning & other regulations
• Insurance needs – required -
recommended

12. Building a Support Network
•Seek Supporters :"Power Circles"
• Power Circles, attorneys, CPA’s, civic club
leaders, owners of businesses
•Alliances w/vendors
•Civic groups
“Power Circle”, power connections for you, persons
knowledgeable about industries in which you do
business.
•They should be people you can be truthful with
•And who will keep disclosures confidential.
•Most groups like this discuss specific business
problems, using brainstorming for possible
solutions