Wspe Seminar 4 A May 15, 2009 Eng Entrepreneurship

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Wspe Seminar 4 A May 15, 2009 Eng Entrepreneurship

  1. 1. ENGINEERING ENTREPRENEURSHIP WSPE Annual Meeting May 15, 2009
  2. 2. ENTREPRENEURIAL BACKGROUND • The Fire Emperor 1980 to 1984 • Anduk Industry Supply 1981 to 1985 • The Dim Sum Room 1982 to 1984 • Parker, Messana & Associates, Inc. 1991 to Date • Charles B. Tibbitts & Associates Purchased 1996 • IndustryBid.com 1999 to 2001 • White Slug Enterprises 1988 to Date • ParkerMessana, Inc. 2008 to Date • E3 Energy Partners, LLC 2008 to Date
  3. 3. STARTING YOUR BUSINESS • Corporate Structure • Business Plan • Financing • Planning • Financial Management • Marketing • Growth Plan • Exit Plan
  4. 4. SELECTING A CORPORATE STRUCTURE • Common Structures – Sole Proprietorships – Partnerships – Corporations – S Corporations – Limited Liability Company (LLC) • What Level of Vulnerability/Liability? • How Big Do You Want to Be? • What Level of Structure/Complexity? • Tax Implications? • Do You Plan to Make a Profit?
  5. 5. FINANCING YOUR BUSINESS • Personal • Private Equity • Bank Loan • Other • SBA Loan Guarantee • Put Together a Realistic Pro Forma • Be Conservative in Your Business Plan Keep in Mind… • Your Projections of Profit are not as Good as You Think • The Person with the Money Controls Your Business
  6. 6. FINANCIAL MANAGEMENT • Manage Your Cash Flow • Monitor Your Financial Ratios • Keep Current on Financial Statements • Track Performance Metrics
  7. 7. MARKETING • Where do you fit in the market? – General Services – Specialty – Boutique • Know your competition • What makes you unique? – Mission Statement – Elevator Pitch • Network – Network – Network • Everybody in Your Organization is a Salesman
  8. 8. WHAT IS YOUR EXIT PLAN? • Sell • Transition to Employees • Transition to Family • Go Public • Split • Go Out of Business • Work ‘til You Drop • You’ll Get This Business When You Pry It from My …
  9. 9. HOW TO SUCCEED • Have a Passion for Your Business • Thoroughly Plan and Organize All Aspects • Have a Tolerance for Risk • Be Financially Conservative • Learn From Your Failures • Know Your Limitations – Have Partners / Staff that Compliment Your Weaknesses • Be Flexible
  10. 10. PITFALLS • Insufficient Planning • Non-Viable Business Model • Not Managing Cash Flow • Not Having the Right Skill Mix • In Business for the Wrong Reason • Insufficient Marketing • Poor Management
  11. 11. THANK YOU

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