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So you want to start a business


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So you want to start a business

  1. 1. So you want to start a business<br />Wray Rives, CPA<br /><br />© Copyright 2010 Wray Rives, CPA <br />
  2. 2. So you want to start a business?<br />Are you MAD?<br />Starting a new business requires<br />Motivation<br />Ability<br />Dollars <br />© Copyright 2010 Wray Rives, CPA <br />
  3. 3. Motivation<br /> Lots of great ideas are out there, but it takes the desire to invest in those ideas to make them happen<br /> entrepreneurial projects are not small endeavors with spectacular results<br />a business takes a significant investment of the entrepreneurs’ time and must yield sufficient payoff in exchange for that investment, even if the work is self-rewarding<br />Profits are what enable the entrepreneur to continue investing themselves in newer, bigger projects<br />© Copyright 2010 Wray Rives, CPA <br />
  4. 4. Ability<br />Having the physical and mental capacity to implement a vision in ways required to succeed in your planned goals<br /> being adept at organizing the resources available to you in effective ways<br />not having all of the answers from the beginning and being ok with that<br />specialized knowledge<br />Entrepreneurs tend to constantly adjust their course as they proceed, in contrast to large organizations which chart their course years before taking their first step<br />© Copyright 2010 Wray Rives, CPA <br />
  5. 5. Dollars<br />Capital. Access to resources.<br />angel funding<br />self funding<br />political capital<br />ability to harness labor<br />or some combination of the above<br />It generally takes something (usually, but not always money) to make something else.<br />© Copyright 2010 Wray Rives, CPA <br />
  6. 6. Worker or Business Owner?<br />© Copyright 2010 Wray Rives, CPA <br />
  7. 7. Good News/Bad News<br />You have probably heard that 50% of new businesses fail in the first year and 95% fail in the first 5 years<br />WRONG-66% of new businesses survive 2 years and 44% survive at least 4 years*<br />*Small Business Administration Office of Advocacy<br />© Copyright 2010 Wray Rives, CPA <br />
  8. 8. Good News/Good News<br />It has never been easier to start a new business thanks to the internet<br />Online stores: Amazon, Yahoo, Etsy, Ebay<br />Web Presence: Google Sites, Network Solutions, Blogs (blogger or wordpress)<br />Business Presence: Google Local Business, Merchant Circle, Yahoo Local<br />Freelance work: oDesk, eLance, Guru, Rentacoder, Craigslist<br />Social Media 1.0: LinkedIn, Facebook, Twitter<br />Social Media 2.0: Yelp, FourSquare, Amplify, Twitter<br />© Copyright 2010 Wray Rives, CPA <br />
  9. 9. Resources<br /> Free online bookkeeping<br /> Online invoicing<br /> Effortless receipts<br /> Email newsletters<br /> Resources for folks like yourself<br /> Resources for folks like yourself who are under 40<br /> Trends affecting small businesses<br />© Copyright 2010 Wray Rives, CPA <br />
  10. 10. Stay informed/Stay Relevant<br />Continuing Education<br /> (CPE)<br /><br />Engage with people, Don’t just sell to them<br />Networking and Marketing both have their place<br />But don’t confuse the two<br />Don’t forget to network in the real world<br />Define a niche and find a need<br />Become the “goto” person in that niche<br />Write:, blog,<br />DO NOT try to be everything for everybody<br />© Copyright 2010 Wray Rives, CPA <br />
  11. 11. Wray Rives, CPA<br /><br /><br /><br />“You can have everything in life you want if you help enough other people get what they want” ZigZiglar<br />© Copyright 2010 Wray Rives, CPA <br />