So you want to be an entrepreneur
REWARDS OF ENTREPRENEURSHIP
FREEDOM
INDEPENDENCEPERSONAL
SATISFACTION/FULFILLMENT
PROFIT
WHY AN ENTREPRENEUR
• Develop Financial Wealth – seek a return that will compensate for the time and money invested as well as a reward for the risk taken
• Be Your Own Boss
• Escape A Bad Situation
• Finding Fulfillment – making a positive contribution to your community
• Make Meaning – making the world a better place
TYPES OF BUSINESSES• Start-up
• Franchisee
• Venture capitalist – i.e. Silicon Valley
• Home based
• On-line
• Green
• Nonprofit
• Existing business purchase
• Woman owned
VARIABLES THAT AFFECT YOUR ABILITY TO START UP AND GROW
1. The nature of the environment –stale, fast-changing, stable, or highly competitive
2. The availability of resources – labor, capital, etc
3. What are the taxes in your area, market (can you sell your product/service), government policies
4. Incentives to start – tax increment financing, grants, etc.
WHAT DO YOU NEED TO BEGIN?•Resources:• Capital
• Labor
• Management expertise
• Legal and financial advice
• A facility
• Equipment
• CUSTOMERS
BUSINESS FAILURE
HOW CAN YOU AVOID FAILURE?
•Effective planning and management• Beginning with a business plan