Actualizing Your Business Ideas

Presentation Outline Scripture References Billionaire & Today’s Quote Who is an Entrepreneur? 10 Attributes of Successful Entrepreneur How to start a successful business? Take home exercise

1PETER4: Each of you should use whatever gift you have received to serve others, as faithful stewards of God’s grace in its various forms. 11 If anyone speaks, they should do so as one who speaks the very words of God. If anyone serves, they should do so with the strength God provides, so that in all things God may be praised through Jesus Christ. To him be the glory and the power for ever and ever. Amen. MATTHEW 5: “You are the light of the world. A town built on a hill cannot be hidden. 15 Neither do people light a lamp and put it under a bowl. Instead they put it on its stand, and it gives light to everyone in the house. 16 In the same way, let your light shine before others, that they may see your good deeds and glorify your Father in heaven. MATTHEW 25:14-30

Net worth=US$12.2Billion Industry=Cement, Sugar, Flour Startup Capital= Family loan Start business about 3 decades ago

Entrepreneur Who is? A person (rich, average or poor) An entrepreneur is an individual who, rather than working as an employee, founds and runs a small business, assuming all the risks and rewards of the venture.small businessrisks How do you become an entrepreneur in Liberia? Thinking…Having ideas…converting ideas into sustainable business. For Short; identifying problems and solving the them. Where do you find entrepreneurs? Anywhere in the world…In the church, in slum communities, in less privilege communities, in pipeline road community (where we are)

8 Attribute of a Successful Entrepreneur 1.Passion and Motivation Not Afraid to Take Risks Self-belief, Hard Work and Disciplined Dedication… 4.Adaptable and Flexible Product and Market Knowledge Strong Money Management Effective Planning (Not Over-Planning) Skills The Right Connections.

Introduction A neighbor had been talking about starting a business for at least six months. Whenever I saw him, that's all he talked about. Eventually, I got tired of it. "What the heck are you waiting for?" I finally asked. Like a lot of would-be entrepreneurs, he was stalling because he was intimidated by the apparent complexity of the administrative and legal tasks involved in starting a business. Thank You All For coming to the seminar. Keep in mind, I'm only talking about setting yourself up to do business: I'm not talking about writing a business plan (although if that's what you want to do, here's a comprehensive guide to writing a business plan)comprehensive guide to writing a business plan sourcing financing, developing a marketing plan, etc. The Goal of this seminar is to get your ideas/talents to work.. Let Your ideas become your small business Here's how:

STEP#1 Determine if you are ready Going into business for yourself for the first time will change your lifestyle, professionally and personally, and can involve a significant financial commitment. Whether your business succeeds or fails depends on many things including your abilities, initiative and capacity to work, as well as the economic and business environment. Assess whether you are ready and your business skills.whether you are readybusiness skills

STEP#2 Assess your business idea  The only way you can know if your business idea is going to work is by undertaking market research.  This could involve researching information on the industry, undertaking competitor analysis and surveying potential customers. Determine the strengths, weaknesses, opportunities and threats (SWOT analysis) of your business idea. Analyze your market research with an open and unbiased mind. If your research shows that a proposed business venture has a high probability of failure it would be unwise for you to proceed. “Do not invest base on perception”

STEP#3 Build your business plan  Although initially it may seem like a lot of work, a well prepared business plan can save time and money in the long run and help you secure funding and major contracts

STEP#4 Choose your business structure  Once you have established the viability of your business idea, you will need to decide on the structure that best suits your business and its particular circumstances.  Structures and their legal implications

STEP#5-Figure out your finances  An important part of running a small business is understanding how to set up and manage your finances. You will need to work out whether you can afford to start the business and how much money you will need. It’s not just your start-up costs, you will also need to assess how you will access the money to fund your future plans.  If you are considering obtaining finance you will need to complete some financial forecasts beforehand to provide to your financial institution or investors.financial forecasts

STEP#6-Market Your Business  Many small businesses come up with a great business idea and then fail to market it successfully.  You need to get out and spread the word about your product or service to the right people to generate business.  Advertising and selling are part of the process but there is much more involved.