John Wiles - SCORE
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This document discusses key considerations for starting a business. It notes that most entrepreneurs are overly optimistic about success and lack experience. Owning a small business requires a total commitment of time, money, and risk. Businesses often fail due to lack of planning, an uncompetitive idea, or insufficient capital. Success requires passion, experience, a viable business model, planning, hard work, management skills, financial understanding, and support. The business plan should include marketing and financial projections to demonstrate viability.
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John Wiles - SCORE
- 1. SO YOU WANT TO GO INTO BUSINESS? Veterans Conference December 6, 2012 1
- 2. HOW DO YOU GO INTO BUSINESS? • Inherit one • Buy one • Become a partner in one • Become a franchisee • Start one from scratch 2
- 3. THE TYPICAL ENTREPRENEUR • Overly optimistic about chances for success • 81% are confident that they will succeed • 40% decide to start their business before really knowing or analyzing the idea • Close to two-thirds think they have a competitive advantage that: NOBODY HAS THOUGHT OF YET 3
- 4. OWNING A SMALL BUSINESS • Is not just another job • It’s a totally different lifestyle • Are you ready for a complete commitment? • …and having less time for your personal life? • …and risking some [most?] of your assets? If you are willing to make those sacrifices, then you have overcome the first obstacles 4
- 5. WHY DO BUSINESSES FAIL? • Didn’t have a business model/plan • Business idea wasn’t competitive: – Wrong product/service – Not financially feasible • Lack of experience, in specific business or industry • Poor planning and management • Insufficient capital to survive the start-up 5
- 6. WHAT CONTRIBUTES TO SUCCESS? • Enough start-up capital – May be “home-based” at outset • Passion for that business idea • Direct managerial experience in that type of business • Viable Business Model and Business Plan 6
- 7. TO SUCCEED - IT TAKES: • More TIME per day than you will ever expend for an employer • MONEY - Enough to survive a long time on savings and your slowly escalating income – Owner’s funds, plus bank loans average $80,000/year for young firms 7
- 8. HARD WORK More than you ever put forward for an employer! Initially, you will do everything - planning, doing, ordering, cleaning, managing, selling, deciding, choosing, rejecting, etc., etc., etc.! 8
- 9. MANAGEMENT Initiating, planning, deciding, directing, hiring, firing, concluding, ending, guiding, coaching, organizing, controlling & coordinating …. • Being responsible for it all… • For PROFIT and SUCCESS • CAN be learned 9
- 10. WORKING WELL WITH PEOPLE • All kinds of people… • Employees, customers, suppliers… • Managing employees requires a balance of • directing • listening • trusting And, the ability to delegate 10
- 11. FINANCIAL REPORTS A solid understanding of typical business financial reports 11
- 12. CASH FLOW Cash flowing in and profit • You can draw a salary during your start-up … but • Money flowing in and profits are needed to fuel growth beyond “just getting by” • To allow you to grow … to really reach your dreams 12
- 13. SUPPORT / GUIDANCE TEAM • Lawyer • Accountant • Insurance Agent • Banker • Management Advisor 13
- 14. THE BUSINESS MODEL How do you intend to make money? • Value proposition – How are you going to solve your customers’ problems? – It’s about how the customer perceived that you provided value – the outcome, not your output • Client segments and relationships • Operations (activities) and distribution • Resources, costs, revenues, and CASH • Employees, partners, and suppliers 14
- 15. THE BUSINESS PLAN • Provides discipline for planning and a road map to set and track the company • Is a management tool • Is a selling tool for raising capital • Is revised as events and new forecasts dictate Quality is key, not quantity! 15
- 16. THE BUSINESS PLAN Has: A Marketing Plan: • How and why you’ll bring in the customers Financial Projections: • The projections that show you can make a living, even thrive in this business 16
Notes de l'éditeur
- You, being potential entrepreneurs, are probably similar to “The Typical Entrepreneur” in being optimistic about your chances of succeeding in business. 81% feel that way, but, only 40% have really researched and analyzed their idea for a business.Even so, close to 2/3 think they have a advantage that is new and different.
- So, why do businesses fail?Most didn’t have a business plan,Others didn’t have a business idea that was competitive, or wasn’t financially feasible.Often, the entrepreneur didn’t have the experience in that specific industry to plan and manage appropriately, or They didn’t have enough capital to survive that low income start-up period.
- Things that contributed to success included …Having enough capital to survive the start-up…Being home based reduced the cash flow requirements by not having the expense of another facility during the start-up period…They had a consuming passion for that business usually accompanied by the right kind of direct experience – they knew what was paramount for success in that industry…
- Yes, you’ll spend every waking minutes think about how you can make your business succeed – certainly more than you did working for someone else.
- Since it is your business, you work far harder and longer than you ever did for an employer, since it’s your income that is at risk.And you will be doing everything to get the business up and running.
- If you have not been in a management or supervisory position, the challenges of entering into a management role may seem daunting.But, if you are to succeed, you will have to get deeply into all of these activities to make your business a success.
- You’ll need to understand your businesses financial reports, so you can tell how things are going, and decide whether to focus on reducing costs or increasing product quality or advertising
- We recommend that you have a support team that can help you learn all about creating your own business and ensure you meet all of the challenges.Many SCORE Counselors have been counseling clients for years would like to include you as a client.