Our New Entrepreneurs How Everyday Americans Create Thriving Companies
The Growth of Small Business More than 1 million new businesses are started each year 80% of our companies now have 20 employees or less Only 3% of our businesses have more than 100 employees 3/4 of our jobs are created by small companies
Reasons for Shift Development of technology Globalization of economy Changing American family
The Surge of Entrepreneurship 4% of American adults are in the process of starting a business 1/3 of American households have had some experience starting a business 50% of business students want to own and operate their own company 64% of women 18 to 34 want to start their own business
Our New Economy Agricultural economy Mass-production economy Information economy Customer-driven economy
The Bad News 50% of new businesses fail within the first 5 years In some industries, 50% of new businesses fail within 2 years
The Ten Keys to Success 1 Knowing the terrain 2 Seizing the opportunity 3 Finding a mentor 4 Radiating zeal 5 Working with tenacity 6 Giving mind-boggling service 7 Building the team 8 Getting more from less 9 Notching it upward and onward 10 Giving something back
Knowing the Terrain Knowing the industry Knowing the competitors Knowing the products Knowing the services Knowing customers’ needs Knowing the missing pieces
Seizing the Opportunity A need that is not being met Credible position in the industry Resources to get started Customer who want to buy the product or service RIGHT NOW!
Finding a Mentor Someone with business experience Someone who knows you fairly well Someone with passion for idea Someone with business contacts
Radiating Zeal Passion for products or services Passion to be successful and independent
Working with Tenacity Having a remarkable work ethic Taking responsibility for outcomes
Giving Mind-Boggling Service Exceeding customer expectations System to maintain superb service
Building the Team Board with relevant experience Executive team with critical skills Sharing of company ownership Partnerships with suppliers
Getting More From Less Going in lean Staying lean Low cost provider
Notching it Upward and Onward Expanding the core business Extending beyond core business
Giving Something Back The business supports the community The community supports the business
The Ten Keys to Success 1 Knowing the terrain 2 Seizing the opportunity 3 Finding a mentor 4 Radiating zeal 5 Working with tenacity 6 Giving mind-boggling service 7 Building the team 8 Getting more from less 9 Notching it upward and onward 10 Giving something back