****** 1 1-1 ** being an entrepreneur: starting a new business * **
TRANSCRIPT
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**BEING AN
ENTREPRENEUR: STARTING A NEW
BUSINESS
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* *
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Where Did They Start?
Source: World Features Syndicate
Hallmark YMCA room
Williams-Sonoma Abandoned Hardware Store
Estee Lauder Vacant Former Restaurant
Walt Disney Created Mickey in a Garage
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Early Sales of Well-Known Companies
Johnson & Johnson $3,000 Worth of Band-Aids 1st Year
Cyrus McCormick Sold No Reapers 1st 10 Years
Subway 312 Sandwiches 1st Day
Burton’s Snowboards
Sold One 1st Year
Bose Sold 40 Speakers 1st Year (today #1 in market)
Source: World Features Syndicate
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Be an Entrepreneur
DefinitionWhy take the entrepreneurial
challenge?Opportunity Profit IndependenceChallenge
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Who Starts New Businesses?
18 - 24 8%25 - 34 71%35 - 44 13%45 - 54 6%55+ 2%
AGE AT START-AGE AT START-UPUP
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Entrepreneurial Attributes
• Self-Directed & Self-Disciplined
• Self-Nurturing• Action-Oriented• Highly Energetic• Tolerant of Uncertainty
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Entrepreneurship
Entrepreneurial Teams
Micropreneurs and Home-Based Businesses
Web-Based Businesses
Intrapreneurs
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Reasons for Growth of Home-Based Businesses
Technology
Downsizing
Attitudes
Tax Advantages
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Home-Based Business
Challenges
New Customers
Time Management
Work vs. Family
City Ordinances
Risk
Focus
Find Opportunity Results vs. Routine Profit vs. Paycheck New Ideas Long Term vs. Short
Term
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Most Common Types ofHome-Based Businesses
Personal Svcs.14%
Bus. Services
27%
Bldg. Trades31%
Financial & Real Estate
5%Sales &
Distribution10%
Arts/ Design Creative
13%
Source: Independent Insurance Agents of America
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Government & Entrepreneurship
• Immigration Act of 1990- Investor Visa
• Enterprise Zones
• Incubators
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1. Utah
2. Nevada
3. Washington
4. Florida
5. Colorado
6. Washington D.C.
7. Maryland
8. Georgia
9. Tennessee
10. Alaska
Source: Investor Business Daily, June 24, 2004
Top Ten States Where Businesses Have Started
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Top Ten States Where Businesses Have Closed
1. Utah
2. Washington
3. New Mexico
4. Nevada
5. Idaho
6. Missouri
7. Arizona
8. Vermont
9. Georgia
10. California
Source: Investor Business Daily, June 24, 2004
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What is Small Business?
• Independently Owned
• Not Dominant in Its Field
• Meet Certain Standards of Size (Employees, Annual Receipts)
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U.S. Small Businesses
• 20 Million Full/Part-time Businesses
• Account for More Than 50% of Gross Domestic Product (GDP)
• Jobs• 80% of Americans 1st job is in small business
• 75% of new jobs are created by small businesses
• Minority-owned Businesses Growing Rapidly
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Business Ownershipby Gender
Source: USA Today
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Female Owners’ Top Industries
0% 10% 20% 30% 40% 50%
Others
Retail
Services
SOURCE: USA Today
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Small Business – Major Causes of Failure
Plunging in without first testing
Under/over pricing Too little capital Little/no experience Borrowing money without
planning Trying to do too much with
too little Buying too much on credit
Expanding credit too freely and rapidly
Incomplete and/or inaccurate records
Not understanding business cycles
Forgetting about taxes, insurances, etc.
Owner working or not, according to whim
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Small Business – Situations for Success
Personal attention Products not easily
made by mass production
Sales are not large enough for a large firm
Unattractive neighborhood
Franchising Paying attention to new
competitors The business is in a
growth industry
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Learning about Small Business Operations
• Learn from Others
• Get Experience
• Take Over a Successful Firm
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Managing a Small Business
• Business Plan• Adequate Funding
• Lenders/Investors• “Angels”• Venture Capitalists
• Professional Advice/Help• SBA and SBIC Program• Lawyers, Loan Officers, Insurance Agents• SCORE• Local College/universities
• Know Your Customer• Manage Human Resources• Keep Good Records
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Small Business Collaborators
• Small Business Administration (SBA)• Microloan program• SBICs• SBDCs• Service Corps of Retired Executives
(SCORE)
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ONE LAST THING!
MAKE IT COUNT!NEVER GIVE UP!
ACHIEVE YOUR DREAM!23