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2 Chapter 1 Success as a Path

3 Entrepreneurship Defined Having a vision and following-through to achieve that vision Setting your sights on what you want and doing what it takes to get there

4 Entrepreneurship Advantages –You create your own destiny. –Potential for limitless income. –You manage your own time. –Job security. Disadvantages –You’re in charge of everything. –Income takes time to build. –Your time belongs to the business. –Job security relies on customer.

5 Self-Employment Defined Self-employment involves providing an income for yourself through the entrepreneurial vision of someone else.

6 Self-Employment Advantages –Successful business model. –Up-front costs are affordable. –Potential for limitless income. Disadvantages –You must feel passion for it. –You toe the company line. –Pay your own benefits.

7 Business Plans Your business plan is a road map for your enterprise. It maps out your goals and strategies for attaining them. Review and update your business plan each year.

8 Ways of Funding a Start-Up Self-funding Friends, family, associates Commercial lenders Government loans Venture capital firms Angel investors

9 Managing Infrastructure (physical and intellectual equity) Nourish the well-spring of your mind. –Be a lifelong learner. Find professionals you can trust. –Get recommendations. Seek out ongoing guidance. –Create an advisory board.

10 Managing Systems Companies need a systematic way to approach the work they do: –Create a plan. –Set networking goals. –Play the host. –Always follow up.

11 Managing Money Maintaining positive cash flow: –Focus on high profit items. –Pay yourself first. –Manage your operating expenses. –Negotiate with your vendors. –Pay bills promptly.

12 Managing People Employees –Hire the best and treat them well. Key suppliers –Use tact and diplomacy.

13 Intrapreneurship Defined Intrapreneurship involves having a vision to create or to innovate something as an employee within a large corporation and taking responsibility for transforming the idea into a profit-making venture.

14 Intrapreneurship Advantages –Support of a larger company. –Earn rewards for contributions. –Revolutionize the future. Disadvantages –Company may block you. –You have to fight for your ideas. –You pay whether your ideas fly or die.

15 Managing Time Time is money: Practice strategic time management. Delegate effectively. Tame the telephone.