1. Being an entrepreneur in Austria

2.  Start up your own business ◦ Realize your dreams!  Take over an enterprise ◦ In Austria many people take over an enterprise either from their parents or they buy one.  Franchising ◦ Many people make use of a well-known established enterprise concept, for example Mc Donald’s. ◦ For this concept they have to pay charges. How you can become an entrepreneur in Austria? 2

3. ◦ Individual enterprise ◦ General partnership ◦ Limited partnership ◦ Limited liability company ◦ Stock company  For founding an enterprise you need: ◦ Certificate of competence ◦ Trade license ◦ Further requirements... Legal status 3

4.  What is a business plan? ◦ Written company concept ◦ Forecast for future development  Why a business plan? ◦ Explain concept to potential investors ◦ Guide for those involved  Content of business plan ◦ Vision ◦ Management summary ◦ Description of business case (manufacturing vs. services) ◦ Financing (how to get money) ◦ Marketing Business Plan 4

5.  Capital requirements ◦ Assets: building, machinery ◦ Working capital: goods or materials  Foundation costs ◦ Costs for the preparation of a partnership agreement and for registration in the Commercial Register ◦ Following costs depend on the kind of enterprise (e.g. automotive-industries vs. consultancy):  Piece of land  Office building and facilites  Vehicles  Others Financing 5

6.  Before foundation ◦ Analysis of demand, competition, distribution channels and market environment ◦ Market analysis  Opportunities and threats  Marketing-Mix ◦ 4 P’s – Product, Price, Promotion, Place ◦ Marketing strategy  decide about promotion and financing  Choice of location ◦ find fitting location for goods/services offered Market 6

7.  Self-confidence  Readiness to take risks  Communication skills  Motivation  Fantasy  Endurance  Good education Personal requirements  Job satisfaction  Implementation of own ideas  Freedom of decision  Independence  New challenges Disadvantages  Security of a well-paid job  Responsibility for success and failure QualificationsAdvantages 7