Our New Entrepreneurs

How Everyday Americans

Create Thriving Companies

The Growth of Small Business

• More than 1 million new businesses are started each year

• 80% of our companies now have 20 employees or less

• Only 3% of our businesses have more than 100 employees

• 3/4 of our jobs are created by small companies

Reasons for Shift

• Development of technology

• Globalization of economy

• Changing American family

The Surge of Entrepreneurship

• 4% of American adults are in the process of starting a business

• 1/3 of American households have had some experience starting a business

• 50% of business students want to own and operate their own company

• 64% of women 18 to 34 want to start their own business

Our New Economy

• Agricultural economy

• Mass-production economy

• Information economy

• Customer-driven economy

The Bad News

• 50% of new businesses fail within the first 5 years

• In some industries, 50% of new businesses fail within 2 years

The Ten Keys to Success 1 Knowing the terrain

2 Seizing the opportunity

3 Finding a mentor

4 Radiating zeal

5 Working with tenacity

6 Giving mind-boggling service

7 Building the team

8 Getting more from less

9 Notching it upward and onward

10 Giving something back

Knowing the Terrain

• Knowing the industry

• Knowing the competitors

• Knowing the products

• Knowing the services

• Knowing customers’ needs

• Knowing the missing pieces

Seizing the Opportunity

• A need that is not being met

• Credible position in the industry

• Resources to get started

• Customer who want to buy the product or service RIGHT NOW!

Finding a Mentor

• Someone with business experience

• Someone who knows you fairly well

• Someone with passion for idea

• Someone with business contacts

Radiating Zeal

• Passion for products or services

• Passion to be successful and independent

Working with Tenacity

• Having a remarkable work ethic

• Taking responsibility for outcomes

Giving Mind-Boggling Service

• Exceeding customer expectations

• System to maintain superb service

Building the Team

• Board with relevant experience

• Executive team with critical skills

• Sharing of company ownership

• Partnerships with suppliers

Getting More From Less

• Going in lean

• Staying lean

• Low cost provider

Notching it Upward and Onward

• Expanding the core business

• Extending beyond core business

Giving Something Back

• The business supports the community

• The community supports the business

The Ten Keys to Success 1 Knowing the terrain

2 Seizing the opportunity

3 Finding a mentor

4 Radiating zeal

5 Working with tenacity

6 Giving mind-boggling service

7 Building the team

8 Getting more from less

9 Notching it upward and onward

10 Giving something back