Personal Criteria questions (exercise 1b) 1.2 © 2004 Ewing Marion Kauffman Foundation At home: Consider questions in 1a when defining your own business.

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Presentation transcript:

Personal Criteria questions (exercise 1b) 1.2 © 2004 Ewing Marion Kauffman Foundation At home: Consider questions in 1a when defining your own business idea Activity 1b

Criteria to start a business Personal Control my destiny Accommodate my personal values Engage in activities I want to do Business Size and growth Sources of money Position in system Ownership and control

Identifying Venture Opportunities 1.2 © 2004 Ewing Marion Kauffman Foundation Trend studies are one of the tools that entrepreneurs use in finding a business concept and keeping their products and services up to date in the future

1.2 © 2004 Ewing Marion Kauffman Foundation Recent Trends Globalization 4.1 © 2004 Ewing Marion Kauffman Foundation Changing demographics Changing retail Outsourcing Technology

Recent Trends Time scarcity 4.2 © 2004 Ewing Marion Kauffman Foundation Work at home Search for simplicity Shifting sports interest Obesity

Entry Strategies 5.1 © 2004 Ewing Marion Kauffman Foundation

Entry Strategies: Upgrading 5.1 © 2004 Ewing Marion Kauffman Foundation Carts and kiosks Development of a home-based business Expansion of part-time activity Hobbies

Entry Strategies: From business to business Company outsourcing Spin-offs Strategic alliances; joint partnerships Licensing Buying an existing business Joining a franchise system 5.1 © 2004 Ewing Marion Kauffman Foundation

Entry Strategies: Other alternatives New inventions Forming a nonprofit company Network (multilevel) marketing Inheritance 5.1 © 2004 Ewing Marion Kauffman Foundation

Buying a Business: Advantages Time Money Existing operating system Lower risk Management training Lower costs 6.1 © 2004 Ewing Marion Kauffman Foundation

Business Valuation Market value of net assets Value of future earnings Off balance sheet valuations Replacement costs 7.1 © 2004 Ewing Marion Kauffman Foundation

Business Strategy and model (Exercise 4a) Consider individually the following questions What business do I want? What is my exit? How big should the business be? What is the profit source? Who will own the enterprise? What money sources will be needed? What marketing strategies will be used? 5.4 © 2004 Ewing Marion Kauffman Foundation

Feasibility Plan Cover page Table of contents Executive summary Product/service The market Price and profitability Plan for further action 8.1 © 2004 Ewing Marion Kauffman Foundation

Business Plan Cover page Table of contents Executive summary Management and organization plan Product/service plan Marketing plan Financial plan 8.2 Operating and control systems plan Growth plan Appendix © 2004 Ewing Marion Kauffman Foundation

Executive Summary Narrative or plan in miniature 1-2 pages in length Be specific and to the point 8.3 © 2004 Ewing Marion Kauffman Foundation

3r d Qt r 4t h Feasibility Plan Format and Tips pages Use a cover page Include table of contents Use subtitles Use charts, graphs, and bullets Put support documents in appendix Number pages Check math Check spelling 8.5 Qt r © 2004 Ewing Marion Kauffman Foundation

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