entrepreneurship for interior designers
DESCRIPTION
TRANSCRIPT
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
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
