1. Entrepreneurship AG BM 460

2. What is an Entrepreneur?

3. Is willing to try something new Is not especially afraid of risk Driven by opportunity Determined to grow Focused on innovation Trying to create new value

4. Suppose Brother’s Pizza downtown became available What kind of food place might succeed there and how would you go about starting it?

5. Consider your goals

6. Two General Areas Changing a business Solving a problem with creativity Both fall into familiar territory – you have some special knowledge that makes you a likely entrepreneur

7. Personal network Biggest single key to success Source of ideas Source of customers Source of advice Source of money

8. Feasibility study Market analysis Product development plan Financial plan Feasibility decision

9. Business Plan Organization plan Marketing plan Financial plan Growth plan Contingency plan To communicate to financial sources To clarify your thinking

10. Features vs. Benefits Feature – lots of parking Benefit – customer has easy access Feature – great sales staff Benefit – customer gets what is needed in a timely manner

11. Implementing your idea Form team Product design Distribution plan Protect idea Get money Legal structure Plan for growth Reach customer Plan for surprises

12. Concluding Comments Way to make big money Way to be your own boss Source of most job creation Lots of satisfaction A riskier path