entrepreneurship for interior designers

WHAT IS

???

Rebecca Knapp, MBABusiness Science Division

DEFINITION

Finding opportunity Innovation Starting a new business Effective management Bearing risk Creating value for your community

WHY GO INTO BUSINESS FOR YOURSELF? The desire for independence & destiny The willingness to find and accept a

challenge Personal background “Had enough” of working for someone else Losing a job and deciding to start a business An idea for a new product An opportunity presents itself

101 – 102 = 1

101 – 102 = 1

CHANGING PERSPECTIVE

Invention = NEW

Innovation = IMPROVING

Create a need for something that consumers don’t even know they need.

Cure a “pain”

NEW NEEDS

WHAT IS THIS?

A $60 Million Business!

ENTREPRENEURSHIP The average entrepreneur fails THREE times

before succeeding

The average business takes 3-5 YEARS to make a profit

KEYS TO SUCCESS Don’t let naysayers stop you.

Share your idea with EVERYONE.

Expect jealousy.

Develop thick skin and strong intestinal fortitude.

LET’S START A BUSINESS!

IDEAS:

MISSION STATEMENTTo…

MISSION STATEMENT A concise statement of

Target customers Products & services Markets served Use of technology Importance of public issues & employees Focus on survival, profitability & growth

MISSION STATEMENT EXAMPLES Aflac

To combine aggressive strategic marketing with quality products and services at competitive prices to provide the best insurance value for consumers.

Nike To Bring Inspiration and innovation to every

athlete in the world.

MISSION STATEMENT EXAMPLES Barnes & Noble

Our mission is to operate the best specialty retail business in America, regardless of the product we sell. Because the product we sell is books, our aspirations must be consistent with the promise and the ideals of the volumes which line our shelves. To say that our mission exists independent of the product we sell is to demean the importance and the distinction of being booksellers. As booksellers we are determined to be the very best in our business, regardless of the size, pedigree or inclinations of our competitors. We will continue to bring our industry nuances of style and approaches to bookselling which are consistent with our evolving aspirations. Above all, we expect to be a credit to the communities we serve, a valuable resource to our customers, and a place where our dedicated booksellers can grow and prosper. Toward this end we will not only listen to our customers and booksellers but embrace the idea that the Company is at their service.

OUR MISSION STATEMENTQuestions Answers

What does our team want to be known for?

How do we want to treat each other?

What kind of workplace do we want to have?

What unique talents and skill does each person bring to the team?

What do we want to achieve?

What unique contributions can we make?

LEGAL ORGANIZATIONLLC or not to LLC, that is the question.

TYPES OF BUSINESSES Sole Proprietorships LLC Partnerships Corporations

C Corp S Corp

Franchises Coops

FORMS OF BUSINESS OWNERSHIP

FRANCHISE CONTRACT

Branded Product / Service

Performance Monitoring

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CITY REQUIREMENTS http://rebeccaknapp.webs.com/entrepreneurshi

p.htm

MARKETING PLANPromotions and Social Media

LOGO

THE 4 P’S

• •

• •

Price Product

PlacePromotion

PROMOTIONAL TACTICS Personal Selling Sales Promotion Public Relations Direct Mail Coupons Demonstrations Exhibitions Social Media Special Events

Advertising Sponsorship Web Sites Trade Shows Sampling Sweepstakes Publicity Stunts In-store Displays Contests

PROMOTIONAL MIX & TACTICS

PRICE LIST ANDSALES PROJECTIONSSales Forecasting

SALES FORECASTING

Let’s

Practice!

FINANCES

START-UP CALCULATOR www.entrepreneur.com/calculators

Let’$ Get $tarted

TOOLS & RESOURCES

TOOLS & RESOURCES SPECIFICALLY FOR INTERIOR DESIGNERS

Entrepreneur.com – Business Idea Centerhttp://www.entrepreneur.com/businessideas/interest

http://tinyurl.com/k3y5pzs

International Interior Design Associationhttp://tinyurl.com/mztc32e

Meetup.comhttp://tinyurl.com/kgdcmhw

ARTICLES AND THOUGHTS FOR INTERIOR DESIGN ENTREPRENEURS Entrepreneurial flair: how to start and manage a

creative businesshttp://tinyurl.com/mck9umh

Are you an Entrepreneur, or is Interior Design your Hobby?http://tinyurl.com/3xp2jye

How to Find Ways to Market and Interior Design Businesshttp://tinyurl.com/mg5tkmz

Entrepreneurial Secret Sauce- Using Interior Design to Increase Motivation and Productivityhttp://tinyurl.com/keb9vql

Interior Design Entrepreneurship Certificatehttp://tinyurl.com/lmjvbza

ORGANIZATIONS

SMALL BUSINESS DEVELOPMENT CENTERS Small Business Development Centers (SBDC)

http://www.sba.gov/aboutsba/sbaprograms/sbdc/index.html

Funded jointly by the federal government and individual states.

SBDCs are able to evaluate the feasibility of your idea, develop your business plan and complete your funding application – for no charge.

SCORE SCORE Orange County:

http://www.score114.org/

SCORE is a nationwide nonprofit organization dedicated to the formation, growth and success of small business.

A resource partner with the U.S Small Business  Administration (SBA)

AMERICAN SOCIETY FOR INTERIOR DESIGNERS ASID Business Strategies Courses

http://www.asid.org/businessstrategies

Sustainability Action Plan  Finance 101 for Interior Design

Businesses  Ethics and Ethical Businesses Practices

APPS

ENTREPRENEURSHIP APPS

BUSINESS MANAGEMENT APPS

MARKETING APPS

ACCOUNTING APPS

HUMAN RESOURCES APPS

FRANCHISING APPS