Entrepreneurship “An Entrepreneur is a person who habitually creates and innovates to build something of recognized value around perceived opportunities” Bill Bolton and John Thompson

Entrepreneurship Is the practice of starting new organizations, particularly new businesses generally in response to identified opportunities, which can be associated with risk or rewards. Is the practice of starting new organizations, particularly new businesses generally in response to identified opportunities, which can be associated with risk or rewards.

Five Types of Business Owners Idealists Idealists Optimizers Optimizers Hard Workers Hard Workers Jugglers Jugglers Sustainers Sustainers

Traits of the Successful Entrepreneur Goal Oriented Goal Oriented Opportunity Seeker Opportunity Seeker Takes advantages of opportunities Takes advantages of opportunities Knows his/hers strengths and weaknesses Knows his/hers strengths and weaknesses Always wants to be the best Always wants to be the best Enjoys their job Enjoys their job Knows when to get help Knows when to get help

Legal Forms of Business Sole Proprietorship Sole Proprietorship Partnership Partnership Corporation Corporation

Business Plan Document specifying the business details prepared by an entrepreneur prior to opening a new business. Document specifying the business details prepared by an entrepreneur prior to opening a new business.

Steps to a Successful Business Plan Develop your personal and company goals. Develop your personal and company goals. Define a viable market segment for your product or service. Define a viable market segment for your product or service. Develop your marketing plan. Develop your marketing plan. Write your initial version of the business plan. Write your initial version of the business plan. Determine your financing needs. Determine your financing needs.

Steps to a Successful Business Plan continued Form your key teams: founders, management, and directors. Form your key teams: founders, management, and directors. Finalize your financing needs and create your formal business plan. Finalize your financing needs and create your formal business plan. Develop a marketing strategy to obtain financing for your company. Develop a marketing strategy to obtain financing for your company. Market your plan successfully, attracting capital on your terms. Market your plan successfully, attracting capital on your terms. Market your product/service and manage your business to achieve your goals. Market your product/service and manage your business to achieve your goals.

Financial Resources Debt Financing Debt Financing Equity Financing Equity Financing Venture Capital Firm Venture Capital Firm

Business Tactics Start a business Start a business Buy an existing Buy an existing business business Buy a Franchise Buy a Franchise Business Incubator Business Incubator

Managing a Growing Business 1. Stages of Growth

Managing a Growing Business 2. Planning 3. Organizing 4. Leading 5. Controlling

The Seven Biggest Mistakes of Startup Businesses By: SCORE

Mistake 1: Driving a fire engine without a route. You need a plan You need a plan Don’t quit your day job without a plan Don’t quit your day job without a plan

Mistake 2: Selling price is too low New entrepreneurs are notorious for pricing their goods and services too low New entrepreneurs are notorious for pricing their goods and services too low Don’t sell diamonds for the price of rhinestones. Don’t sell diamonds for the price of rhinestones.

Mistake 3: Starting a business just for the thrill of it. Entrepreneurs tend to be big-picture types Entrepreneurs tend to be big-picture types The longer they must ‘sweat the details’, the more nervous they get The longer they must ‘sweat the details’, the more nervous they get Don’t start a business to find life on the edge Don’t start a business to find life on the edge

Mistake 4: Clueless about marketing Startups rarely plan or budget for marketing Startups rarely plan or budget for marketing Marketing worries about sales tomorrow Marketing worries about sales tomorrow Sales closes sales today Sales closes sales today

Mistake 5: Being a pal instead of a boss Processes are created by accident Processes are created by accident Don’t give away authority Don’t give away authority

Mistake 6: ‘Blowing through’ your capital New business owners grossly underestimate their financial needs New business owners grossly underestimate their financial needs

Mistake 7: Overlooking your loved ones Startups often demand hours workweeks Startups often demand hours workweeks Don’t let a launch cause lifelong regrets Don’t let a launch cause lifelong regrets

5-Step Selling Process Greet the customer Analyze the need Show the product Explain the features and benefits Close the sale and follow up