1. Honors Exploration Spring 2016

2.  One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them.

3.  Desire for responsibility  Preference for moderate risk  Confidence in their ability to succeed  Desire for immediate feedback  High level of energy  Future orientation  Skilled at organizing  Value achievement over money

4.  One characteristic of entrepreneurs stands out: Diversity!  Anyone – regardless of age, race, gender, color, national origin, or any other characteristic – can become an entrepreneur (although not everyone should).

6.  “The greatest thing about being an Entrepreneur is that I get complete control over each and every one of the 18 hours per day that I get to work.”

7.  High Growth  Managed Growth  Lifestyle  Survival

8.  Very Creative Idea  Large Market  Requires Intense Management  Global Approach  Massive Amounts of Capital Needed  Usually Involved Extreme Innovation

9.  Most of us are not the Michael Jordans of the entrepreneurial world.  Most of us are more inclined to lifestyle entrepreneurship  Or perhaps forced into survival entrepreneurship

10.  Born of a passion/skill  A desire for independent thought/creativity/action  Usually a one person business  Usually a sole proprietorship

11.  Comes from having no other means of gainful employment  You enter into this field because you are seeking funds in order to survive  Wrought with potential danger!

12.  Still need a basic skill  Hard to get startup funds  Still need to have basic business acumen  Otherwise you will end up stuck at the very bottom of the business community food chain with virtually no hope of escape

13.  This is where you will find most of the people that you are pledging to help.  How do we help them, by providing the absolute best training and resources to them that we can muster.

14.  Search for a good or service to sell  Identify your own strengths and weaknesses  Find an idea that takes advantage of the strengths and minimizes the weaknesses  Work tirelessly to remove your weaknesses.

15.  Study your market, identify a need within that market  Create a plan for capitalizing on the market need  Find funding for startup capital

16.  How much capital is required to enter and compete successfully in this business?  How long will it take to recoup the investment?  How long will it take to reach an acceptable level of income?  How will I survive until that time?

17.  What degree of risk is involved?  Can I find an investor willing to take that risk?  How much work is involved in making this business a going concern? Can the participant invest that amount of time?  Can all of the decision necessary information be located?

18.  What is the worst that could happen?  How likely is the worst to happen?  What can I do to lower my risk?  What is my contingency plan for coping with failure?

19.  And finally, and perhaps most importantly! Is this something the potential business owner would enjoy  BECAUSE  He/She will be investing an enormous amount of time in it!!

20. 1. Management mistakes 2. Lack of experience 3. Poor financial control 4. Weak marketing efforts 5. Failure to develop a strategic plan

21. 6. Uncontrolled growth 7. Poor location 8. Improper inventory control 9. Incorrect pricing 10. Inability to make the “entrepreneurial transition”

22.  Entrepreneurs are not paralyzed by the prospect of failure.  Failure – a natural part of the creative process.  Successful entrepreneurs learn to fail intelligently.

23.  Four Homework Assignments  One Class Participation Grade  One Final Project

24.  External Analysis Assessment : Utilizing techniques learned in this class, choose an area (internationally is ok), and perform an external analysis assessment on it. (20%)

25.  List of Personal Strengths and Weaknesses: (5%) Perform an internal analysis on yourself and turn in a complete and thoughtful list of your own strengths and weaknesses.

26.  Creative Business Ideas: (5%) Turn in five fully developed ideas citing the advantages and disadvantages of each

27.  Break Even Analysis: Choose one idea and perform a thorough breakeven analysis on it. Include Startup costs, payback table, breakeven amount, etc. (20%)

28.  Completed business idea feasibility study (Class Project) (40%)

29. Your Attendance is Critical!

30.  Office Phone 309-438-5985  Home Phone 309-452-5610  Cell Phone 309-212-6677  Office Location SFHB 214-A  mlhoels@ilstu.edu

31.  College Professor  Associate Professor of Entrepreneurship (Tenured 2008)  Director; George R and Martha Means Center for Entrepreneurial Studies  Coleman Fellows Director  Export Project Faculty  Father of Two Adult Children and Proud Grandfather of one

32. Horse Wrangler Farmer Pipeline Welder Jobber Trucking Company Owner Real Estate Developer Lobbyist (Texas State Legislature) Groundwater District Manager (All Around Great Guy!!!!!)

33. Introductions