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1. Traits for Becoming an Entrepreneur
Traits and Characteristics:
Ability to gather facts
Make important decisions
Stay motivated
Good organizational skills
Above all the ability to take risks
Ramsey, Dan, and Stephen Windhaus. Business Plan Book. Avon: Adams Media, 2009.
Print. The Everything.
Cornwall, Jeffrey R., and Michael J. Naughton. "Who Is the Good Entrepreneur? An
Exploration within the Catholic Social Tradition." Symposium on Ethics,
Business and Society Ethical Challenges in the Age of Globilization 44.1
(Apr. 2003): 61-75. JSTOR. Web. 22 Dec. 2010. <http://www.jstor.org/
stable/2507516>.
http://reclaimorder.wordpress.com/
2. You are the boss
You are in all aspects of the business
No limits!
Advantages of Being an
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print. Entrepreneur
Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print. The Everything.
http://www.notestoselfplust wo.com/2011/01/so-i-had-dinner-with-my-boss.html
http://www.fairfax.cc/nolimits
3. More advantages
Live a life that you want to live
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
http://www.goinggreenorg.com/featured/advantages-of-an-organic-fertilizer-vs-chemical-fertilizer/
4. No guarantee of money
Disadvantages A huge risk
of Starting Your Can be 3-5 years before you see
money
Own Business A lot of responsibilities
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print. The Everything.
touchscreenlaptopnews.blogspot.com
5. More Disadvantages
Keeping everyone happy
Long hours
Lost personal life
Dependence on the market
Cornwall, Jeffrey R., and Michael J. Naughton. "Who Is the Good Entrepreneur? An
Exploration within the Catholic Social Tradition." Symposium on Ethics,
Business and Society Ethical Challenges in the Age of Globilization 44.1
(Apr. 2003): 61-75. JSTOR. Web. 22 Dec. 2010. <http://www.jstor.org/
stable/2507516>.
Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print. The Everything.
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
http://www.noriskinvestor.com/component/k2/item/2-real-estate-investment-clubs-advantages-and-disadvantages
6. Before Forming a Business
Make sure you get a solid plan!
Goals
How it will impact personal
life
Find a good time to introduce
you product
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
O'Brien, George. "Entrepreneurs of Necessity." Business West 26.21 (15 Feb.
2010): 6-16. MasterFILE Premier. Web. 22 Dec. 2010.
<http://web.ebscohost.com>.
http://www.1stwebdesigner.com/design/checklists-important-things-right/
7. More Business Planning
Deciding on retirement
Knowing business concepts
Need to be able to endure the company
Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print. The Everything.
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
http://www.retirement-jobs-online.com/
8. Good Timing
• “You find out what running
a business requires, while
limiting your liability if it
fails.” - Philip Holland
• Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
O'Brien, George. "Entrepreneurs of Necessity." Business West 26.21 (15 Feb.
2010): 6-16. MasterFILE Premier. Web. 22 Dec. 2010.
<http://web.ebscohost.com>.
http://karlin1780.wordpress.com/
9. BUILD IT OR BUY IT?
Some possible ways to start without your own idea:
Already existing
Start a Franchise
Buy the business opportunity
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010.
Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print. The Everything.
salescompinsights.com
10. Choose Your Target
• Two types of Market:
• Consumer
• Business
• Never want to fall in the “ALL OVER THE MAP”
• “Smaller is bigger in business, and smaller is not all over the map.” -
Falkenstein
Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print. The Everything.
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
http://www.therealtimscott.com/identify-target-market/
11. Creating a Narrowed Niche
7 Steps to create a narrowed niche:
Make a wish list
Focus
Describe the customer’s worldview
Synthesize
Evaluate
Test
Go for it
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
Bluestein, Adam, and Amy Barrett. "Our Highly Practical, Eminently Doable,
Totally Reasonable Plan to Revitalize the American Dream. Bring on the
Entrepreneurs!" Inc. 32.6 (July-Aug. 2010): 76-88. MasterFILE Premier. Web.
20 Dec. 2010. <http://web.ebscohost.com/>.
12. Mission Statement
A Mission Statement Includes:
business is about
what is being sold
how the use your resources to expand
Abrams, Rhonda. Business Plan in a Day. 2nd ed. N.p.: Planning Shop, 2009.
Print.
Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print. The Everything.
http://cropandsoil.oregonstate.edu/about-us
13. Market Research
While doing research be willing to make adjustments
Market Research should give you:
Industry Information
Consumer close-up
Competition close-up
Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print. The Everything.
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
http://mooreslore.corante.com/archives/business_strategy/
14. Picking a Name
• The Name is the first impression
• It can be far out or state what the business
is
• You can get it professionally done
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print. The Everything.
ccr.stanford.edu
15. When Choosing a Name
• Choose a name appealing to all
• Connect on an emotional level
• Make it short and concise
• Don’t put:
• cute puns
• Incorporated
• Enterprises
• Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print. The Everything.
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
listsoplenty.com
Editor's Notes
The traits and characteristics that help you become a successful entrepreneur are: one&#x2019;s ability to gather facts and make important decisions, stay motivated through all times of business, good organizational skills, good talking skills, the ability to stick with it and work long days to get the job done especially in the beginning when a lit of work needs to be done, ability to cooperate with many different types of people, being able to hold in emotions and not show the bad side to other workers, confidence in their ability (skills and mindset), being able to admit one&#x2019;s wrong and seeking help from that problem, being strong or understanding depending on the situation, the ability to mix personal life and business life and most importantly the ability to take risks! (Everything start your own business book)\n
Many people think that starting a business doesn&#x2019;t have many rewards but actually it has many rewards that always get over looked. The advantages of being an entrepreneur are you are the boss, you don&#x2019;t have to work for somebody that you don&#x2019;t like. Every big decision comes through you and all parts of the business like investors, the bank and the IRS all answer to you. This can show off your leadership skills as you are the face of the company. One thing about being an entrepreneur is that you have no limits because of capitalism. You can reach the sky if you want or you can just enjoy your own personal wealth. Working for yourself, you are able to make more money than working for somebody because you can make the decision to change whatever part you want to change.\n
Some more advantages are that you get to do what you are personally good at and you can show off all the great skills you bring to the table, that before you maybe couldn&#x2019;t have. You can have the personal touch of promoting and marketing your own company. When an entrepreneur does his job it means something because it is his company and not working for somebody he maybe doesn&#x2019;t even know and has a personal connection to the job. One of the most rewarding aspects is that you can decide on the location of the business. Maybe you don&#x2019;t like commuting and you can work right from home or start very close from your house. \n
Although starting a business has lots of advantages it has a lot of disadvantages too. You are not guaranteed a salary or paycheck. There is always a high financial risk in starting the business. You have to provide the capital at the beginning. In the beginning the money will be so short that you will have to put even more capital into the business and it may cut a lot into your savings and locked away money. It can take a very long time for you to see profit. Some can be from three to five years before a profit is scene and sometimes it is even longer than that. It is all on you, when times are good, this is a good thing. When times are not good then you will have to endure the bad times. Like when looking at two great employes and having to decide which to let go because the company can&#x2019;t keep them both on the payroll. \n
Some more disadvantages are you have to keep the moral high and and keep the employes happy and valued. Another big issues with this is keeping the customer happy so they keep coming back and the investors happy because they are a big part of the business. When a lot of work needs to be done, you can see the dreaded 168-hour seven day week. It can cut into many aspects of personal life just so you can get what needs to be done, finished. It has many responsibilities and administrative details which are tedious hours. To cut some of this out, you can hire people if you have the money for it but that leads to training, review of work and still oversee the work they are doing. Every business is effected by the people buying from it. So when times are slow and not moving you can encounter a slow in everything because of the market, industry or economy or even when some competition is intermixed. You need to be able to hold out when a dry patch comes through. \n
One of the biggest problems with starting a business is that it is done out of impulse and not enough planing goes into it. Some of the most successful entrepreneurs say that if they knew all they were getting into they probably wouldn&#x2019;t have started the business. Others say they wish they just had thought it through more because they now see the issues they face and they didn&#x2019;t originally plan on them. So in planning you need to ask the three most important questions. What are your goals? How well do you understand business? and How will running a business impact your life? With the goals, you need to decide what kind of product or good you want to sell. When deciding what type or product or service to sell you don&#x2019;t want to bring it in to the world before the consumers know they need it. You also don&#x2019;t want it to be too late and be stuck fighting competition. You need to see when is the right time to do it where it won&#x2019;t be a flop. \n
Some more planing that you have to keep in mind is that you need to think about retirement and if you want to be successful and retire or work your whole life and pass it on to your kids. When dealing with understanding business, you just need to be able to understand simple business concepts and how they relate to your business. This includes: bookkeeping, taxes (local and state) paying employees, signing contracts, doing deals, marketing and following laws and regulations. How it will impact your life is the most important. You need to be able to emotionally and financially be able to stick with the company. You want to be able to have a life outside of the job too. If you end up spending too much time at work and not enough with family and health it will come back and hurt the business. You need to be very motivated and take a break and do things that refresh you. \n
One of biggest things to consider is the timing. If you should start your business full or part time. If you end up going full time, some people say it is better to start part time because you can grow gradually and see if it is a good idea or not. &#x201C;You find out what running a business requires, while limiting your liability if it fails&#x201D; Philip Holland. This does lead to other problems as you are not able to get to market your business because you are not their. Many people say that you should really look into your market potential. This can make or brake your business right on the spot. You need to think about this before because you could be so caught up in your business that you end up missing it. Another big thing is the financial planning, as you should put enough money away so that you can live on six months to a year worth of money. Making sure that you have clearance in all your family life will help when you do have to spend your long hours at work. \n
One of the biggest misconceptions of starting a business is that you have to start a business straight from scratch. (Getting your own idea and building the company from that) This actually is a lot more of a risk. You need to consider the customers, marketing to new businesses, hiring employes and getting the cash moving. That is all done without a name for oneself. Some good things are that you can buy an already existing business, starting a franchise, or buying the business opportunity. This whole experience can be a rewarding experience and can take some of the risk out of the equation. \n
After you have what you are going to sell, you need to find out what your market is. The two main markets that you can sell to are the consumer and business. A consumer is someone that were to sell clothes at a store and you are selling to the consumers. If you are selling office supplies to a business then you would be selling to a business. You can be a mix between the two, but you really want to narrow down your topic to just one market because they are the most successful. This process is called, &#x201C;creating a niche.&#x201D; It could be something as little as Walmart selling to &#x201C;bargain-minded shoppers.&#x201D; When people don&#x2019;t narrow down their niche they end up at the &#x201C;all over the map,&#x201D; phase and say they do many things and be good at all of them. Falkenstein warns: &#x201C;Smaller is bigger in business, and smaller is not all over the map; it&#x2019;s highly focused.&#x201D;\n
The Seven steps in creating a niche. The first step is making a wish list. This is just a basic list of who you want to do business with and identify location. The next step is focus, you want to clarify what you are really selling. The next step is describing the customer&#x2019;s worldview. This is the act of doing business with people. Falkenstein&#x2019;s rule, &#x201C;Do unto others as they would do unto themselves.&#x201D; Take some time to think as a consumer and think see his way of thinking. The fourth stage is synthesizing and you reflect on yourself. IT still takes you where you want to go, somebody else wants it, it&#x2019;s carefully planned, it&#x2019;s one-of-a-kind, and it blossoms into something that can keep you going. The fifth step is evaluating, and this is just looking at step four and making sure that it all makes sense and that it is do able. The sixth step is testing, this can be just giving out samples and doing a cheap trial to see if it would work. The seventh step is to go for it! This is just launching the business, and getting everything running. This is the hardest part for most entrepreneurs because you really don&#x2019;t know how well it will turn out. \n
Now it is time to make a mission statement. A business plan is a quick, couple sentences that tells the goals of your business. It tells what your business is all about to customers, employees, suppliers and the community. It says what things you sell, the prices, the quantity, marketplace position, the growth potential, use of technology, and how you treat other people. When picking the words to put into the business you need to make sure that says all the major aspects of your business. You just need to know why you are doing it all, who your customers are going to be, what you want the image of the business to be, what you will sell, the level of service that they provide, roles that the business and employees play, what kind of relationship you will have with suppliers, how do you differ from competitors, and how you will use technology, capital, processes, products, and service to reach the goals.\n
One of the keys to getting the business moving in the right direction, without doing the proper research your good or service could be sent back just as fast as you put it out. You have to be willing to adapt your product in the process of doing research. Maybe if you find that you can just a little step in the other direction to do something that hasn&#x2019;t been done is better than being convinced that you have the right way to do it. &#x201C;A lot of companies skim over the important background information because they&#x2019;re so interested in getting their product to market.&#x201D; said Donna Barson. Market research is a way of getting all the information you can get to solve or avoid potential problems with the market down the road. When looking for information you should look for three different areas. The industries information this is looking at the industry and finding the trends. Making sure it is bringing in money and not slowly failing. The Consumer close-up is when you look at the market and try and find an estimate of how much you are going to sell based on this. This includes calculating how much to own and all other expenses that are being paid and taking it out of how much you project to sell. The third is to do a competition close-up and this is basically a mix between the the first two. You look back and then account for other competitors. Make sure to really account for all and then consider future competition as they will be present too. \n
This is a very important part of the planning phase. The name of the company is the first impression that somebody sees of your company. You can latterly make a good name for yourself. This should be given as much thought as the product idea you&#x2019;ve thought of. This is a very hard step because most of the names that you may want to use have already been taken. It is up to you how you decide you want to set up your name. It can be a very crazy far out and even sometimes made up names because it sticks in someones head or it could have something that has to do with what you&#x2019;re selling and you make your image that way. Both have been proven to be successful. You can get someone to professionally make the name but buying that can be anywhere from $5,000 dollars all the way up to $80,000 dollars. That is a lot of money right up front for something that may not even last. In the end you want a name that will give a great image for your business and be the talk of the town. \n
When choosing a name you want to keep the following things in mind. Make sure that the name is appealing to you and also to who you are trying to sell to as they are the ones that will be doing all the business with you. Pick a name that has to deal with the persons comfort, or something that brings up a happy mood. Don&#x2019;t pick something that would be too long or confuse somebody. Don&#x2019;t put any puns into it. Make sure not to put &#x201C;INC&#x201D; after your company, unless obviously it is actually incorporated. Don&#x2019;t put the word &#x201C;Enterprises&#x201D; as this is usually from a rookie. \n
