1. TALENT HUB WEEK TWO PRESENTED BY WORKFORCE CONNECTION & COLLEGE OF CENTRAL FLORIDA WEEK TWO – SECTION ONE 1

2. 2 ENTREPRENEURSHIP 101

3. SOME MYTHS ABOUT ENTREPRENEURS They are only in it for the money … It takes a lot of money to start up a business … It takes a completely original idea to launch a business … Entrepreneurship is for the young, bold and reckless adventure set … 3

4. ENTREPRENEURSHIP TAKES MANY FORMS Solopreneur Virtual or home-based, consulting – “your own boss” Lifestyle Entrepreneur Boutique type business designed for life Technology Entrepreneur High risk, high reward, high energy Non-Profit Entrepreneur Solving social problems and issues “Master of the Universe” 4

5. TEN “SIMPLE” QUESTIONS 1.What problem are you trying to solve in the marketplace? 2.What makes you qualified to solve this problem? 3.How will you make money doing this? (what is your business model, in simplest terms) 4.What special advantage do you have to capitalize on this situation? 5.How will you acquire customers for your business? How will they even know that you exist? 5

6. TEN “SIMPLE” QUESTIONS 6.Who is your competition and how are they positioned? What does this mean for your competitive advantage? 7.What skills and experience make you competitive for this business? 8.What are your goals and milestones to track your progress and success? 9.What is your starting point, from a planning, financing and marketing standpoint? 10.What is your next move? 6

7. IN A NUTSHELL: ENTREPRENEURSHIP 101 Do you have a business idea? Can you make money doing this? How do you know? Who else is doing this? (your competition) Who would pay for your work? (your customers) What makes you special? 7

8. ARE YOU READY FOR THE CHALLENGE? Over 1 million new businesses start each year 33% are out of business in 2 years 50% are out of business in 4 years What can go wrong? Lack of preparation and commitment Poor financial management Insufficient market knowledge Bad people decisions 8

9. GET THE BALANCE RIGHT Right people - resist the urge to do it all yourself “Get the right people on the bus” Right product or service – solve a problem, add value Focus on products/services that will “ring the register” Right market – analyze, validate, market and sell What is your niche, competitive advantage 9

10. CONSIDER YOUR BUSINESS MODEL What types of customers will I serve? How will my customers use my products and/or services? What distribution model works best to reach customers? How will I promote my business? What will it take to satisfy and maintain my customers? What resources are needed to keep things running? How will I get paid, and will I be able to make a profit? 10

11. BUSINESS MODEL EXAMPLES Consulting (one on one, usually not scalable) Subscription model (recurring revenue service) Auction and e-commerce (eBay, etc.) “Infomediary” – information broker Referral marketing (links and advertising) Affiliate sales (Amazon.com, etc.) Direct/outbound sales 11

12. YOUR COMPETITIVE EDGE Market differentiation is usually your best bet What do you provide that is unique? What is your specialty or niche? How will your customers perceive the value added? Resist the urge to compete solely on price! 12

13. 13 BREAK!