INTRODUCTIONGetting Started

The Road to Entrepreneurship

Business Management ConsultantFreda L. Thomas, MBA

What Does it Mean to be An Entrepreneur

•How your lifestyle will change

•Going from employee to owner

•Evaluating your Strengths/Weakness

Personal tendencies

Experience, skills & training

• Is this the right time given current economic conditions

• Personal finances• Credit report• Family support• Any additional sources for income• Risk aversion• Abilities to handle confrontation

Are you Ready?

Warning:#1 reason businesses fail – failure to plan

Prep to Open & Grow

• Business model – what will you do• How will you do it• For whom - whose the customer• Is what you do unique• Feasibility of what you do & testing• Assessing technical, operational,

financial feasibility

The Business PlanCreate a plan w/goals and objectives• Business Plan Outline

Executive SummaryBusiness DescriptionMarket AnalysisProducts & ServicesCompetitionMarketing StrategyOperationsManagementFinances

Staying Ahead of the Curve

• Day to Day Planning

• To Do List the Night before

• 9:00AM to 5:00 PM – FOCUS - how to get cash sales

• Activities after 5:00PM, recordkeeping, operations, personal

I am A Winner I Can Accomplish Anything

To Do List

• □ 1. Send email to family & friends, ask that they refrain from calling you during 9 to 5.

• □ 2. Call 25 potential customers and introduce your product/service

• □ 3. Send email, postal mail note thanking potential client for talking

• □ 4. Add to calendar, date to follow-up with any potential customers who are interested in buying product

• □ 5. Call 10 people in my professional network, ask for potential leads to potential customers, and ask persons in professional network to make the introductions on your behalf

• □ 6. Devise 5 new ways to generate cash sales• □ 7. Create a timeline to put into effect these

5 new cash generating methods• □ 8. After 5:00PM, do some competitive

research, visit competitors online or storefront• □ 9.• □ 10.• □ 11.• □ 12. • □ 13.• □ 14.• □ 15.

I AM a Winner

Sample To Do ListI am A Winner

I Can Accomplish AnythingTo Do List

□ 16.□ 17.□ 18.□ 19. □ 20.□ 21.□ 22.□ 23.□ 24. .□ 25. .□ 26.□ 27. .□ 28. .□ 29. .□ 30. .□ 31. .□ 32. .□ 33. .□ 34. .□ 35. .□ 36. .□ 37. .□ 38. .

I AM a Winner

• Students create to do list - first week of operationWrite down your strengths/weaknessPersonal tendenciesExperience, skills & trainingIs this the right time to start

Sample To Do List 1st week

Sample To Do List 1st week - continued

• What’s your personal financial situation

• Pull your credit report

• Ask for family support

• Do you need additional sources for income

• What is your aversion to risk

• Can you handle confrontation & if not, how can you prepare for

The Right Professionals• Choosing your attorney

• Accountant

• Insurance Broker

• Bank

• Business Advisor

• Industry Related Professionals

Regulations• Taxes

• Permits & Licenses

• Zoning & other regulations

• Insurance needs – required -recommended

•Seek Supporters :"Power Circles" • Power Circles, attorneys, CPA’s, civic club leaders, owners of businesses•Alliances w/vendors•Civic groups“Power Circle”, power connections for you, persons knowledgeable about industries in which you do business.•They should be people you can be truthful with •And who will keep disclosures confidential. •Most groups like this discuss specific business problems, using brainstorming for possible solutions

Building a Support Network