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Entrepreneurship
- 1. What does it take to be an ENTREPRENEUR? Deb Eslinger, Executive Director Center for Technology & Business
- 2. Welcomes & Introduction Who Am I? Background Who are you?
- 3. Definition of an Entrepreneur A person who operates a business A person who assumes responsibility for a venture or an idea A person in pursuit of an opportunity A person who takes on financial or personal RISK
- 4. Characteristics of An Entrepreneur Driven Competitive Risk Taker Out of the Box Fearless Take Charge Creative Worker Bee Visionary Problem Solver
- 5. Definition of a Leader A person who rules, guides or inspires others A person who has followers A person who influences a group of people towards the achievement of a goal
- 6. Characteristics of a Leader Integrity Influential Passionate Disciplined Ethical Good Listener Humble Positive Servant Accessible Visionary Tough
- 7. EntreLeadership Defined The process of leading to cause a venture to grow and prosper The passion of an Entrepreneur and the character of a Leader! *Term and definition taken from DRamsey’s class
- 8. EntreLeadership Serving Passionately Courageous while Humble Spirited while Disciplined Motivated Visionaries Influential Learner
- 9. I am an Entrepreneur, now what? How to Get Started? Is a Business Plan really needed? Mission, Vision, Values Financial Plan/Budget Mentor Team Continuous Growth Plan Tips for a Successful Venture
- 10. Getting Started How and where to begin? Legal “stuff” Inventor versus Entrepreneur Financing your business Resources available
- 11. Business Plan Isit really needed? A living document How to write one? Examples…
- 12. Vision, Mission & Values What is your vision statement? Provides inspiration for both your daily operations and your strategic decisions Where you will go! Without vision, businesses perish
- 13. Vision, Mission & Values What is your Mission Statement? Focuses on companies present state An out of bounds marker Livethrough your personal and business mission statement!
- 14. Vision, Mission & Values Guiding Principles Core Beliefs Written to connect with customer to describe company ethics Be creative!
- 15. Financial Plan Budget on paper and on purpose Must have accounting system Debt drastically increases risk and magnifies mistakes Debt limits your flexibility
- 16. Mentor Team You are an average of the five people you hang out with the most Find someone who has done what you want to do and learn from them Invite and Respect
- 17. Continuous Growth Plan MUST Continue to GROW- 1% Rule Law of the Lid - John Maxwell College Degree - 18 months Success doesn’t happen by accident Championship team is not an accident
- 18. Business Success Tips Mustbe able to think at a higher level in these critical areas Maintain clarity while making decisions Must bust out of Comfort Zone Disciplined Time Management
- 19. Tip#1 Purpose Define your WHY? To attract and retain customers/clients To repeat sales or transactions It is NOT about making a profit!
- 20. Tip #2: How to Measure? Customer Satisfaction is number ONE Platinum Rule: Tony Allessandra Happy Customers = Repeat Business Repeat & Happy Customers = Referrals
- 21. Tip# 3: A “Must Have” in Business Key to success comes from adding VALUE Mustlook for ways to add value to customers experience Must look for ways to invent products that enhance quality of life and in demand(value)
- 22. Tip#4: Focus Areas The customer and/or client is the most important persons in your business Must know your audience and how to reach them Must know your industry and competitors Don’t lose sight of good customer service
- 23. Tip #5: Your Brand and Perception Being credible Recognizable Under Promise and Over Deliver Actions speak louder than words Outwardcontribution to your business, customers, family & community
- 24. Tip#6: Gage Your Mindset Asking the question “HOW” Become a problem solver Solution orientated mindset Acting on potential solutions Positive environment
- 25. Tip #7: Successful Strategy Must have Strong Strategic Discussion Must continue to analyze your business and know your competitors Must be a continuous learner in personal and professional life- 1% rule “If you are not getting better, you are getting worse” Pat Riley
- 26. Tip #8: Key Activity 80/20 Rule Income Producing Activity (IPA) Actively seek “MORE” Number one reason for business success is high sales Number one reason for business failing is low sales
- 27. Tip #9: Numbers to Monitor? Cash Flow Sales Expenses Budget Reserves *Without cash flow business can perish overnight
- 28. Tip #10: Being successful means.. Every business must have a GROWTH plan! For every department in the business For every team member in the business Not losing your soul as you grow Continue to follow the plan, measure back to the plan and then make the necessary changes
- 29. Why Businesses Fail? Lack of money Too much success to quickly Lack of focus areas and to many distractions
- 30. Resources: www.trainingnd.com www.sba.gov www.score.org Google YouTube
- 31. SOUTHWEST Airlines We operate with a Warrior Spirit, a Servant’s Heart, and a Fun-LUVing Attitude
Editor's Notes
- How many people in the room view themselves as an entrepreneur?? How many know one?
- Take a minute to write down words describing your definition of Entrepreneur
- Take specific actions to make a difference in your life!
- Take one minute to write down words to describe a leader
- There is no right way! 2 iphones, card table, Legal Stuff: Register with secretary of state, trademark name, EIN, Tax id number, Structure of your business, purchased domain name,
- Needed?? For accessing capital but more importantly to answer the tough questions. Many businesses have been extremely successful without having a plan. Many businesses never started and probably shouldn’t of because they were challenged with the questions.
- A vision statement is your ticket to success as the vision statement provides the inspiration for both your daily operations and your strategic decisions.
- It not only defines what you do, but what you do not do.
- It not only defines what you do, but what you do not do.
- Back into expenses. Project with realty QB or excel spreadsheet
- You will never live long enough to know everything you need to now. Shorten your learning curve by learning from others
- New blood while maintaining old blood is crucial to your success It is not about making a dollar, it is about serving
- Harder to earn a new customer than to take care of the ones you have. Don’t forget about customer satisfaction
- How to overcome, how to solve, how to accomplish, etc. Not just talk about it but follow up with action
- Need to engage in strong discussion and allow for debate with the right people. This brings out what is really important about the organizations priorities. 1% rule is 14.4 minutes a day to improve one thing in your life! You are worth it Imagine what you will be like in 365 days if you practiced that rule for a year straight?
- 80% on IPA and 20% growing your team and self, etc..
- Team members create their goals, corporate doesn’t dictate the goals. Help them set the goals. Collaborative effort! Know the outcome that needs to take place, and figure out a plan.