****** ** BEING AN ENTREPRENEUR: STARTING A NEW BUSINESS * **

****** 2 Where Did They Start? Source: World Features Syndicate HallmarkYMCA room Williams-SonomaAbandoned Hardware Store Estee LauderVacant Former Restaurant Walt DisneyCreated Mickey in a Garage

****** 3 Early Sales of Well-Known Companies Johnson & Johnson$3,000 Worth of Band-Aids 1 st Year Cyrus McCormickSold No Reapers 1 st 10 Years Subway312 Sandwiches 1 st Day Burtons Snowboards Sold One 1 st Year BoseSold 40 Speakers 1 st Year (today #1 in market) Source: World Features Syndicate

****** 4 Be an Entrepreneur Definition Why take the entrepreneurial challenge? Opportunity Profit Independence Challenge

****** 5 Who Starts New Businesses? % % % % 55+ 2% AGE AT START-UP

****** 6 Entrepreneurial Attributes Self-Directed & Self- Disciplined Self-Nurturing Action-Oriented Highly Energetic Tolerant of Uncertainty

****** 7 Entrepreneurship Entrepreneurial Teams Micropreneurs and Home-Based Businesses Web-Based Businesses Intrapreneurs

****** 8 Reasons for Growth of Home-Based Businesses Technology Downsizing Attitudes Tax Advantages

****** 9 Home-Based Business Challenges New Customers Time Management Work vs. Family City Ordinances Risk Focus Find Opportunity Results vs. Routine Profit vs. Paycheck New Ideas Long Term vs. Short Term

****** 10 Most Common Types of Home-Based Businesses Source: Independent Insurance Agents of America

****** 11 Government & Entrepreneurship Immigration Act of Investor Visa Enterprise Zones Incubators

****** Utah 2. Nevada 3. Washington 4. Florida 5. Colorado 6. Washington D.C. 7. Maryland 8. Georgia 9. Tennessee 10. Alaska Source: Investor Business Daily, June 24, 2004 Top Ten States Where Businesses Have Started

****** 13 Top Ten States Where Businesses Have Closed 1. Utah 2. Washington 3. New Mexico 4. Nevada 5. Idaho 6. Missouri 7. Arizona 8. Vermont 9. Georgia 10. California Source: Investor Business Daily, June 24, 2004

****** 14 What is Small Business? Independently Owned Not Dominant in Its Field Meet Certain Standards of Size (Employees, Annual Receipts)

****** 15 U.S. Small Businesses 20 Million Full/Part-time Businesses Account for More Than 50% of Gross Domestic Product (GDP) Jobs 80% of Americans 1 st job is in small business 75% of new jobs are created by small businesses Minority-owned Businesses Growing Rapidly

****** 16 Business Ownership by Gender Source: USA Today

****** 17 Female Owners Top Industries SOURCE: USA Today

****** 18 Small Business – Major Causes of Failure Plunging in without first testing Under/over pricing Too little capital Little/no experience Borrowing money without planning Trying to do too much with too little Buying too much on credit Expanding credit too freely and rapidly Incomplete and/or inaccurate records Not understanding business cycles Forgetting about taxes, insurances, etc. Owner working or not, according to whim

****** 19 Small Business – Situations for Success Personal attention Products not easily made by mass production Sales are not large enough for a large firm Unattractive neighborhood Franchising Paying attention to new competitors The business is in a growth industry

****** 20 Learning about Small Business Operations Learn from Others Get Experience Take Over a Successful Firm

****** 21 Managing a Small Business Business Plan Adequate Funding Lenders/Investors Angels Venture Capitalists Professional Advice/Help SBA and SBIC Program Lawyers, Loan Officers, Insurance Agents SCORE Local College/universities Know Your Customer Manage Human Resources Keep Good Records

****** 22 Small Business Collaborators Small Business Administration (SBA) Microloan program SBICs SBDCs Service Corps of Retired Executives (SCORE)

****** ONE LAST THING! MAKE IT COUNT! NEVER GIVE UP! ACHIEVE YOUR DREAM! 23