Entrepreneurship 101: How to start and grow your business

10104 SENATE DRIVE SUITE 208 LANHAM MD 20706 WWW.AMACONSULTONLINE.COM 1

Entrepreneurship: How To Start & Grow Your Business

Maria Asuelimen | Managing Director| AMA Consulting

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AMA Consulting Capabilities Federal Contracting Consultation Certifications & Schedules SupportProposal Management Support Leadership Training & Executive Coaching

10104 SENATE DRIVE SUITE 208 LANHAM MD 20706 WWW.AMACONSULTONLINE.COM

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How We Work

Values: Excellence, Diligence, Integrity and Compassion Outcomes Oriented Agile Approach Ease of Interaction Networks


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Our Clients Small Businesses: 8(a), WOSB, HUBZONE, SDVOSB, VOSB Small Business Categories

Industries:

Information Technology

Healthcare

Staffing

Construction

Professional Services

Media

Security


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Who is an Entrepreneur?Entrepreneurship is art of turning an idea into a business.

Entrepreneurs are risk takers.

• Prior experience

• Cognitive factors

• Social Networks

• Creativity

• Character


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Business Concept/Idea• Identifying and recognizing opportunity• Solving a problem• Feasibility analysis


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Identifying & Recognizing Opportunity• Observing trends• Economic forces• Social forces• Technological forces• Political Action & Regulation


Solving a Problem• Being observant

• Personal experiences

• Gaps in the market place

• Problems that arise from new trends


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Feasibility Analysis• Product/Service: Test for Demand and Desirability using library, internet searches, focus groups, surveys

• Industry/Target Market: Test for Attractiveness, NAICs

• Organizational: Management Prowess & Resources: Systems, processes, team, culture

• Financial: Test for Revenue generation and profitably. BizMiner, IBIS World, Bizstats



New Business Concept Statement: New Venture Fitness Drinks Inc. Product: New Venture Fitness Drinks will sell delicious, nutrition-filled, all-natural fitness drinks to thirsty sports enthusiast. The drinks will be sold through small storefronts that will be the same size as popular smoothie restaurants. The drinks were formulated by Dr. William Peters, a world-renounced nutritionist, and Dr. Michelle Smith, a sports medicine specialist, on behalf of New Venture Fitness Drinks and its customers.

Target Market: In the first 3 years of operation, New Venture Fitness Drinks plans to open 3-4 restaurants. They will be located near large sports complexes that contain soccer fields and softball diamonds. The target market is sports enthusiasts.

Why New Venture Fitness Drinks? The industry for sports drinks continues to grow. New Venture Fitness Drinks will introduce exciting new sports drinks that will be priced between $1.50 and $2.50 per 16-ounce serving. The atmosphere will be fun, cheerful, and uplifting.

Special Feature- No Other Restaurant Does This: New Venture Fitness Drinks will videotape select sporting events that take place in the sports complexes nearest its restaurants and will replay highlights of the games on video monitors in their restaurants.

Management Team: New Venture Fitness Drink is led by its cofounders Jack Petty and Peggy Wills. Jack has 16 years of experience with a national restaurant chain, and Peggy is a certified public accountant with 7 years of experience at Big 4 accounting firm.

Writing a Business Plan • A written narrative (typically 25 to 35 pages long) that articulates what a new venture intends to accomplish and how it intends to accomplish it • Written for internal and external reasons


Business Plan Content • Executive Summary• Industry Analysis• Company Description• Market Analysis• The Economics of the Business• Marketing Plan/Strategy• Product/Service Design and Development Plan•Operation Plan •Management Team & Company Structure •Overall Schedule• Financial Projections


Business Plan (Cont.)


• Executive Summary: Most important part of plan, distinctive nature of business, summary not introduction• Industry Analysis: Discuss Promising areas and areas of vulnerability: Growth rate, size, sales projections, trends• Company Description: origin of idea, mission, tagline•Market Analysis: Segment of industry, Identify target customer, demographics, geographic location, psychographic variables (Lifestyle, personality), competitor analysis

Business Plan (Cont.)•Economics of Business : Financial analysis, revenue drivers, fixed and variable costs• Marketing Plan/Strategy: Product, Price, Promotion, Distribution, Discriminator, Sales process• Product/Service Development Plan: Prototype, Challenges/Risks, Patent, trademarks, copyright, trade secrets• Operations Plan: location, facilities equipment


Business Plan (Cont.)• Management Team: Profile of Founders, Management structure, BOD, BOA. Org chart• Overall Schedule: Chronical of events required to launch •Financial Projections: Sources of Funds statement, Assumptions, Pro forma Income and P&L statements 3-5yrs


Intellectual Property Intellectual Property: Any product of human intellect that is intangible but has value in the market place e.g. process, development, model, Resource: Stopfakes.gov

Patent: A grant from federal government conferring the rights to exclude others from making, selling or using invention for the term of the patent. Incudes: Business model, design, plant patents, etc.

Trademark: Any word, name symbol or device used to identify source or origin of products and services and used to distinguish such products/services

Copyright: Protection that grants to the owner of a work authorship the legal right to determine how the work is used and to obtain the economic benefits form the work

Trade Secrets: Any formula, pattern, physical device, idea, process or other information that provides the owner of the information with a competitive advantage.


Business Launch Get Business Assistance and Training: Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business.

Choose a Business Location: Get advice on how to select a customer-friendly location and comply with zoning laws.

Finance Your Business: Find government backed loans, venture capital and research grants to help you get started.

Determine the Legal Structure of Your Business: Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.

Register a Business Name ("Doing Business As"): Register your business name with your state government.

Get a Tax Identification Number: Learn which tax identification number you'll need to obtain from the IRS and your state revenue agency.

Register for State and Local Taxes: Register with your state to obtain a tax identification number, workers' compensation, unemployment and disability insurance.

Obtain Business Licenses and Permits: Get a list of federal, state and local licenses and permits required for your business.

Understand Employer Responsibilities: Learn the legal steps you need to take to hire employees.


Contact us

AMA Consulting LLC10104 Senate Drive Suite 208

Lanham MD 20706www.amaconsultonline.com

P.(301)577-930010104 SENATE DRIVE SUITE 208 LANHAM MD 20706 WWW.AMACONSULTONLINE.COM 18

Twitter.com/AMA_Consulting Facebook.com/AMAConsultingLLC Linkedin.com/in/AMAConsultingLLC

http://www.amaconsultonline.com/

Date post:	21-Mar-2017
Category:	Small Business & Entrepreneurship
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Entrepreneurship 101: How to start and grow your business

Small Business & Entrepreneurship