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Entrepreneurship
Chris DeStefanomohammedalibusiness.wordpress.com
ThesisThesis
I have chosen to start a business and see what an entrepreneur goes through, so they can do what they have always dreamed of and in turn I can start my own business to see what they really do go through.
I have chosen to start a business and see what an entrepreneur goes through, so they can do what they have always dreamed of and in turn I can start my own business to see what they really do go through.
http://www.businesstouch.info/starting-small-businessA
Personal Relevance
Traits for Becoming an Entrepreneur
Traits and Characteristics:
Ability to gather facts
Make important decisions
Stay motivated
Good organizational skills
Above all the ability to take risksRamsey, Dan, and Stephen Windhaus. Business Plan Book . Avon: Adams Media, 2009.
Print. The Everything.
Cornwall, Jeffrey R., and Michael J. Naughton. "Who Is the Good Entrepreneur? An
Exploration within the Catholic Social Tradition." Symposium on Ethics,
Business and Society Ethical Challenges in the Age of Globilization 44.1
(Apr. 2003): 61-75. JSTOR. Web. 22 Dec. 2010. <http://www.jstor.org/
stable/2507516>.
http://reclaimorder.wordpress.com/
Advantages of Being an EntrepreneurYou are the boss
You are in all aspects of the business
No limits!
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.:
Jere L.
Clames, 2010. Print.
Harrington, Judith B. Start Your Own Business Book. Avon: Adams
Media, 2010.
Print. The Everything.
http://www.notestoselfplustw
o.com/2011/01/so-i-had-dinner-with-my-boss.html
http://www.fairfax.cc/nolimits
More advantagesMore advantages
Live a life that you want to liveLive a life that you want to live
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
http://www.goinggreenorg.com/featured/advantages-of-an-organic-fertilizer-vs-chemical-fertilizer/
Disadvantages of Starting Your Own Business
No guarantee of money
A huge risk
Can be 3-5 years before you see money
A lot of responsibilitiesShea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print. The Everything.
More Disadvantages
Keeping everyone happy
Long hours
Lost personal life
Dependence on the market
Cornwall, Jeffrey R., and Michael J. Naughton. "Who Is the Good Entrepreneur? An
Exploration within the Catholic Social Tradition." Symposium on Ethics,
Business and Society Ethical Challenges in the Age of Globilization 44.1
(Apr. 2003): 61-75. JSTOR. Web. 22 Dec. 2010. <http://www.jstor.org/
stable/2507516>.
Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print. The Everything.
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
http://www.noriskinvestor.com/component/k2/item/2-real-estate-investment-clubs-advantages-and-disadvantages
Before Forming a BusinessMake sure you get a solid
plan!
Goals
How it will impact personal life
Find a good time to introduce you product
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
O'Brien, George. "Entrepreneurs of Necessity." Business West 26.21 (15 Feb.
2010): 6-16. MasterFILE Premier. Web. 22 Dec. 2010.
<http://web.ebscohost.com>.
http://www.1stwebdesigner.com/design/checklists-important-things-right/
More Business Planning
Deciding on retirement
Knowing business concepts
Need to be able to endure the companyHarrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print. The Everything.
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
http://www.retirement-jobs-online.com/
Good Timing• “You find out what
running a business requires, while limiting your liability if it fails.” - Philip HollandShea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
O'Brien, George. "Entrepreneurs of Necessity." Business West 26.21 (15 Feb.
2010): 6-16. MasterFILE Premier. Web. 22 Dec. 2010.
<http://web.ebscohost.com>.
http://karlin1780.wordpress.com/
Build it Or Buy It?Build it Or Buy It?Some possible ways to start without your own idea:
Already existing
Start a Franchise
Buy the business opportunity
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010.
Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print. The Everything.
salescompinsights.com
Some possible ways to start without your own idea:
Already existing
Start a Franchise
Buy the business opportunity
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010.
Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print. The Everything.
salescompinsights.com
Choose Your Target
• Two types of Market:
• Consumer
• Business
• Never want to fall in the “ALL OVER THE MAP”
• “Smaller is bigger in business, and smaller is not all over the map.” - Falkenstein
Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print. The Everything.
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
http://www.therealtimscott.com/identify-target-market/
Creating a Narrowed FocusCreating a Narrowed Focus7 Steps to create a narrowed focus:
Make a wish list
Focus
Describe the customer’s worldview
Synthesize
Evaluate
Test
Go for it
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
Bluestein, Adam, and Amy Barrett. "Our Highly Practical, Eminently Doable,
Totally Reasonable Plan to Revitalize the American Dream. Bring on the
Entrepreneurs!" Inc. 32.6 (July-Aug. 2010): 76-88. MasterFILE Premier. Web.
20 Dec. 2010. <http://web.ebscohost.com/>.
http://www.masternewmedia.org/news/2007/11/16/content_strategy_have_a_strong.htm
7 Steps to create a narrowed focus:
Make a wish list
Focus
Describe the customer’s worldview
Synthesize
Evaluate
Test
Go for it
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
Bluestein, Adam, and Amy Barrett. "Our Highly Practical, Eminently Doable,
Totally Reasonable Plan to Revitalize the American Dream. Bring on the
Entrepreneurs!" Inc. 32.6 (July-Aug. 2010): 76-88. MasterFILE Premier. Web.
20 Dec. 2010. <http://web.ebscohost.com/>.
http://www.masternewmedia.org/news/2007/11/16/content_strategy_have_a_strong.htm
Mission StatementA Mission Statement Includes:
business is about
what is being sold
how the use your resources to expand
Abrams, Rhonda. Business Plan in a Day. 2nd ed. N.p.: Planning Shop, 2009.
Print.
Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print. The Everything.
http://cropandsoil.oregonstate.edu/about-us
Market Research
While doing research be willing to make adjustments
Market Research should give you:
Industry Information
Consumer close-up
Competition close-upHarrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print. The Everything.
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
http://mooreslore.corante.com/archives/business_strategy/
Picking a Name•The Name is the first impression
•It can be far out or state what the business is
•You can get it professionally doneShea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print. The Everything.
http://www.markrampulla.com/2008/09/13/hello-my-name-is/
When Choosing a Name•Choose a name appealing to all
•Connect on an emotional level
•Make it short and concise
•Don’t put:
•Cute Puns
•Incorporated
•EnterprisesHarrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print. The Everything.
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
listsoplenty.com
Choosing A Business
•4 Main types of business:
•Sole proprietorship
•Partnership
•Corporation
•S Corporation
http://pokertshirtclub.com/blog/2010/11/how-to-choose-a-print-on-demand-company-part-1/
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
Mau, Sandy. "Young Entrepreneurs Create Their Own Opportunitites." South
Carolina Business 31.6 (1 Jan. 2010): 38-42. MasterFILE Premier. Web. 22
Dec. 2010. <http://web.ebscohost.com/>.
Sole Proprietorship
•Very high risk
•Only one capital
•Low taxes
•Very high liability (risk taker)
http://farm1.static.flickr.com/40/119766491_bef106a216_b.jpg
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print.
Partnership
•Multiple capitals
•Low taxes
•High risk
http://farm6.static.flickr.com/5241/5220980008_2e18efa3ac_b.jpg
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
Mau, Sandy. "Young Entrepreneurs Create Their Own Opportunitites." South
Carolina Business 31.6 (1 Jan. 2010): 38-42. MasterFILE Premier. Web. 22
Dec. 2010. <http://web.ebscohost.com/>.
Corporation
•Board of Directors
•Protection to the liability of business owner
•Can raise stocks
http://www.mrbaconpants.com/how-to-survive-a-business-meeting/
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print.
Hiring a Lawyer
•Usually a good idea to hire a lawyer
•“Almost every business, whatever its size, requires a lawyer’s advice.” - James Blythe Hodge
http://antiintellect.wordpress.com/2010/07/
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
O'Brien, George. "Entrepreneurs of Necessity." Business West 26.21 (15 Feb.
2010): 6-16. MasterFILE Premier. Web. 22 Dec. 2010.
<http://web.ebscohost.com>.
Hiring an Accountant
•Hiring an accountant can save massive amounts of money.
http://www.smallbusinessdelivered.com/accountantsholdthekeytounlockingsmallbusinesscashflowmysteries.html
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print.
Funding
•The hardest step in starting a business.
http://www.cosmoloan.com/money-management/the-6-main-reasons-why-most-pro-athletes-go-broke.html
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print.
Family, Relatives, and Business
Partners•One option is always to turn to family and friends.
•“Most Businesses are started with money from four to five different sources.” -Mike McKeever
http://cdn.24.com/files/Cms/General/d/294/7eee56a1d09d438aa079165764dd75dc.jpg
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print. The Everything.
Investors
•Equity Financing
•Debt Financing
http://naturallyadvanced.wordpress.com/category/investing/
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
O'Brien, George. "Entrepreneurs of Necessity." Business West 26.21 (15 Feb.
2010): 6-16. MasterFILE Premier. Web. 22 Dec. 2010.
<http://web.ebscohost.com>.
Debt Financing•Some types of loans are:
•Line-of-Credit loans
•Installment Loans
•Balloon Loans
•Interim Loans
•Secured and Unsecured Loans
•Letter of Credit
http://thecommercialmortgagepro.com/
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
O'Brien, George. "Entrepreneurs of Necessity." Business West 26.21 (15 Feb.
2010): 6-16. MasterFILE Premier. Web. 22 Dec. 2010.
<http://web.ebscohost.com>.
Government Loans
•Take some of the blow if it isn’t as it was originally thought to be.
http://www.ehow.com/how_5025397_obtain-federal-loan-forgiveness.html
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print.
Negotiating
•Main Types of Negotiating:
•Know your bargaining position
•Know how the other side perceives its position
•Assess your bargaining style
http://www.waystobecomerich.com/2010/06/effective-negotiation-skills/
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print. The Everything.
Advertising
http://effortlessabundance.com/advertise/
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
Create a Business Plan•Executive summary
•Business description
•Market Strategies
•Competitive analysis
•Design and development plan
•Operations and management plan
•Financial factors
http://freelanceswitch.com/the-business-of-freelancing/freelancers-do-you-need-a-business-plan/
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
"Writing a Business Plan for Existing Business." Minnesota Department of
Children, Families and Learning Performance Package (1997): n. pag.
MasterFILE Premier. Web. 16 Feb. 2011. <http://web.ebscohost.com>.
Abrams, Rhonda. Business Plan in a Day. 2nd ed. N.p.: Planning Shop, 2009.
Print.
Class ActivityClass ActivityI’m going to put up different logos and you are going to write down what company it is, or you think it is.
http://www.businesspundit.com/high-costs-force-mcdonalds-out-of-iceland/
John Deere
Prudential
Adobe
AT&T
Clevland Indians
Atari
AOL/AIM
GE (General Eletric)
Fruit of the Loom
Michelin
Nintendo 64 (Nintendo)
BP (British Protroleum)
Opel
Shell
Sporcle
Texaco
United Way
Walmart
Xbox 360
X-Men
Works Cited
Abrams, Rhonda. Business Plan in a Day, 2nd ed. N.p : Planning Shop, 2009.
Print.
Bluestein, Adam, and Amy Barrett. "Our Highly Practical, Eminently Doable,
Totally Reasonable Plan to Revitalize the American Dream. Bring on the
Entrepreneurs!" Inc. 32.6 (July-Aug. 2010): 76-88. MasterFILE Premier. Web.
20 Dec. 2010. <http://web.ebscohost.com/>.
Cornwall, Jeffrey R., and Michael J. Naughton. "Who Is the Good Entrepreneur? An
Exploration within the Catholic Social Tradition." Symposium on Ethics,
Business and Society Ethical Challenges in the Age of Globilization 44.1
(Apr. 2003): 61-75. JSTOR. Web. 22 Dec. 2010. <http://www.jstor.org/
stable/2507516>.
Harrington, Judith B. Start Your Own Business Book. Avon: Adams Media, 2010.
Print. The Everything.
Mau, Sandy. "Young Entrepreneurs Create Their Own Opportunitites." South
Carolina Business 31.6 (1 Jan. 2010): 38-42. MasterFILE Premier. Web. 22
Dec. 2010. <http://web.ebscohost.com/>.
O'Brien, George. "Entrepreneurs of Necessity." Business West 26.21 (15 Feb.
2010): 6-16. MasterFILE Premier. Web. 22 Dec. 2010.
<http://web.ebscohost.com>.
Ramsey, Dan, and Stephen Windhaus. Business Plan Book. Avon: Adams Media, 2009.
Print. The Everything.
Shea, Peter. Start Your Own Business. Ed. Marla Markman. 5th ed. N.p.: Jere L.
Clames, 2010. Print.
"Writing a Business Plan for Existing Business." Minnesota Department of
Children, Families and Learning Performance Package (1997): n. pag.
MasterFILE Premier. Web. 16 Feb. 2011. <http://web.ebscohost.com>.
Works Cited Pictureshttp://www.maclife.com/tags/iphone_5
http://www.fair.org/extra/best-of-extra/labor-pbs.html
http://ourbigriver.blogspot.com/2005/11/green-party-linked-to-multinational.html
http://mysoxarewhite.sportsblognet.com/
http://www.thedailybeast.com/cheat-sheet/item/ge-pays-no-taxes/irs/
http://mmii.info/?db=GAMBITversion2.0&page=45
http://www.oilcityymca.org/Default.aspx?tabid=86
http://www.goodlogo.com/extended.info/2616
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http://www.valdosta.edu/~jeburford/Mr.%20Burford's%20Super%20Class.html
http://news.taume.com/World-Business/Auto/2010-Opel-Insignia-Sports-Tourer-6997
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http://www.myxer.com/wallpaper/id/40475/meli09ky/John-Deere-Logo-Black/
http://computersclarified.blogspot.com/
http://freesoftwarepc.biz/networking-software/america-online-aol/
http://s367.photobucket.com/albums/oo115/ThatsBitch3n/?action=view¤t=xbox-360-logo.jpg&newest=1
http://www.nintendocity.com/pictures/logos/systems_logos.shtml
Works Cited Pictureshttp://vectorlogo.blogspot.com/2010/07/john-deere-logo.html
http://www.usaring.com/homes/clark/default.htm
http://feedgrowth.com/idea-categories/advertising/enable-viral-distribution-of-your-widget-through-adobes-new-distribution-manager/
http://www.cultofmac.com/att-4g-network-rollout-in-2011/8467
http://www.baseballwallpaper.org/cleveland-indians-logo-with-indian-wallpaper
http://www.cedmagic.com/featured/he-man/atari-logo.html
http://www.logodesignlove.com/aol-logo
http://www.neiu.edu/~mrmouffa/example.html
http://partsonsale.com/solar-super-sale.html
http://www.examiner.com/public-policy-in-louisville/kentucky-welcomes-fruit-of-the-loom-underwear-expansion
http://www.scootershop.com/catalog/index.php?cPath=248
http://gadgetsteria.com/2009/11/03/n64-games-soon-coming-to-iphone-3gs/
http://logodesigns.com/how-much-is-a-logo-really-worth/bp_logo_823200753158am
http://www.1carpictures.com/p-opel_logo-1791.html
http://symbolphotos.blogspot.com/2011/01/pbs-logo-photos.html
http://freevectorlogo.blogspot.com/2010/03/shell-logo.html
http://sporcle.blogspot.com/
http://www.unitopinternational.com/our_clients.html
http://www.ecsm.org/
http://smartphonenation.com/2010/06/wal-mart-to-have-iphone-4-on-launch-day/
http://xboxfreedom.com/xbox-360-update-to-include-paypal-payment-option/xbox360_logo/
http://www.seeklogo.com/tag.html?q=X-Men&Page=5&Sort=Name-Asc
ConclusionConclusion