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Cliff Robbins Sr. Business Advisor
MSBDC
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Ambition is the fuel that can drive life-changing events.
Don’t’ repress the future the way you may have repressed the past.
Create a BIG dream: But beware; a nightmare is also a dream What are you passionate about? ◦ If no one will pay you to do it, you only have a
hobby.
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Just because you have some technical skills doesn’t
mean you’re ready to run your own business …
To create a successful business you must master the basics: ◦ Management, Marketing, Finance, Operations, etc.
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Job ONE? Create customers! Marketing plan USP Marketing Mix: ◦ Product ◦ Price ◦ place ◦ promotion
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Keep your day job!
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Planning Organizing Leading Staffing Controlling
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Business Plan ◦ Required for borrowing ◦ 5 Cs of credit
Financial statements: ◦ Income (P&L) ◦ Balance Sheet ◦ Cash Flow
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Sales have to exceed expenses Collect your bills Take care of your customers Take care of your people Let’s break them down…
The One Minute Entrepreneur
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Making a profit is only necessary if you want to stay in business!
You’re in business for THREE reasons: ◦ You need a job ◦ You deserve a profit ◦ You’re building an asset
If you don’t like selling, keep your day job!
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CFIMITYM Don’t be a bank for your customers. ◦God bless Jenny!
Take care of your numbers and your numbers will take care of you. ◦ THREE Financial Statements
You can’t manage what you don’t measure!
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You can get what you want if you help others get what they want. Ziz Ziglar
Lead with your ears -- 2:1 ◦ Listen to your customers to create the kind of
experience they want.
Look for Moments of Truth. ◦ Lifetime value Jan Carlzone
Loyal customers drive success for your organization. ◦ CRM
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Passionate people drive success for your organization.
Don’t create a company full of ‘ducks.’ ◦ Empowerment
Everyone should be encouraged to be a leader.
Management includes day-to-day coaching. ◦ Servant leadership
Performance evaluations shouldn’t just rate or berate; they should help them get all 5s.
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Owners Concentrating on the Technical, Rather
Than the Strategic Work at Hand Lack of Management & Systems Lack of Vision, Purpose, or Principles Failure to Establish and/or Communicate
Company Goals Poor Market Segmentation and/or Strategy Competition or Lack of Market Knowledge Lack of Financial Planning and Review Inadequate Capitalization Absence of Standard Quality Program Over-dependence on Specific Individuals in the
Business
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Entrepreneurial Self Assessment
20 Questions…
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Motivation- drive, energy to succeed Enthusiasm- excitement, involvement Confidence- sure of your own abilities Risk taker- willingness to take chances
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Competitiveness- wanting to win Perseverance- refusal to quit a task Creativity- imaginative thinking Organization- keeping things in order
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Vision/Leadership- knowing where you want to be
Persuasiveness- ability to convince others Honesty- truthfulness Adaptability- can handle new situations ◦ pivot
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Understanding- can sense peoples’ feelings Self-discipline- sticking to a plan or
schedule Independence- belief in oneself Purposefulness- doing things for a reason
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Goal oriented- work steadfastly toward the goal
Problem solver- think of solutions to problems
Drive- desire to work hard Optimism- positive attitude
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160-200 = Strong Entrepreneur 120-159 = Mildly Entrepreneurial 120 & below = You'll find entrepreneurship
undesirable and difficult
OK That ends the math test…BUT:
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Do you have a lot of personal drive? Are you willing to work whatever hours it
takes? Are you willing to give up the perks and
invest & run your own business? Are you self-reliant, possess an internal locus
of control?
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Can you work without support? Are you healthy? You have the physical ability and stamina? Can you handle the stress?
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Do you have patience when working and interacting with others?
Do you communicate well? Can you be a leader: A trainer of your staff? Can you be the front person for your business
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Can you maintain a positive relationship with
the people who work for you? Can you meet the needs of your customers? Do you have an ability to sell yourself and
your products or services?
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Do you have the support of your family and friends?
Can you afford to start your own business? ◦ Can you afford not to?
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Visionary Ambitious Communicative Innovative Resourceful Purposeful Problem-solving Confident Curious Focused
Risk-Taking Salesmanship
Oriented Optimistic Leadership Oriented Integrity Based Adaptable Self-motivated Strategic Determined Team Oriented
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Continually seek the advice of your advisors and mentors. Have fun!
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Rather than be a person of
success, strive to be a person
of value.
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CLIFF ROBBINS SR. BUSINESS ADVISOR MASSACHUSETTS SMALL BUSINESS
DEVELOPMENT CENTER ISENBERG SCHOOL OF BUSINESS @ UMASS AMHERST WWW.MSBDC.UMASS.EDU 508-673-9783