So you want to be an entrepreneur

REWARDS OF ENTREPRENEURSHIP

FREEDOM

INDEPENDENCEPERSONAL

SATISFACTION/FULFILLMENT

PROFIT

WHY AN ENTREPRENEUR

• Develop Financial Wealth – seek a return that will compensate for the time and money invested as well as a reward for the risk taken

• Be Your Own Boss

• Escape A Bad Situation

• Finding Fulfillment – making a positive contribution to your community

• Make Meaning – making the world a better place

TYPES OF BUSINESSES• Start-up

• Franchisee

• Venture capitalist – i.e. Silicon Valley

• Home based

• On-line

• Green

• Nonprofit

• Existing business purchase

• Woman owned

VARIABLES THAT AFFECT YOUR ABILITY TO START UP AND GROW

1. The nature of the environment –stale, fast-changing, stable, or highly competitive

2. The availability of resources – labor, capital, etc

3. What are the taxes in your area, market (can you sell your product/service), government policies

4. Incentives to start – tax increment financing, grants, etc.

WHAT DO YOU NEED TO BEGIN?•Resources:• Capital

• Labor

• Management expertise

• Legal and financial advice

• A facility

• Equipment

• CUSTOMERS

BUSINESS FAILURE

HOW CAN YOU AVOID FAILURE?

•Effective planning and management• Beginning with a business plan