Great tips, resources, best practices and strategies for entrepreneurs, start-ups, professionals and small business owners.to plan launch and grow successful businesses.

1. OLEU 2900
ENTREPRENEURSHIPENTREPRENEURSHIP

2. This Week’s KEYThis Week’s KEY
ResourcesResources

7. Chapter 5:
Small Business Entry
Paths to Part-TimePaths to Part-Time
EntrepreneurshipEntrepreneurship

8. • Dip your toes in the shallow end
• You can take on several opportunities at once
• Obtain entrepreneurial skills (Sales, Marketing,
Networking) SLOWLY - NOT Sink or Swim
• Build a rolodex of contacts, resources, leads,
and clients
• Opportunity to build your savings
P/T Entrepreneurship: Benefits

9. • Stand Retail
• Homes: Pampered Chef, Lia Sophia,
MLM, Network Marketing (Acai Juice)
• Consignment: Give your product to
stores to sell for you
• Mail Order: Place the ad and make sales
on your time
• Online = eBay+? Large market,
24/7/365 “up” time
P/T Opportunities

10. • It starts as a passion/hobby COMBINED
with your CORE COMPETENCIES
• Balance business and home life
• Time management skills are CRITICALCRITICAL!
• Have a To-Do list of To-Do lists
• Delegate and outsource
• “BOOTSTRAPPING”
– Barter Services in lieu of payment
• Seek advisors (coaches, mentors)
P/T “Success” Factors

11. • Identify passions and interests
• What are your hobbies
• Register your business with the state:
– Tax Employer ID
– D&B Number
• Talk to everyone in your social &
professional networks about this new side
business
• Pick their collective “GREYGREY” matter
• Set pricing guidelines
How to Start

12. • Develop collateral:
– Your bio (50, 100, 500 word)
– Portrait photo
– Flyer
– Brochure
– Business cards
How to Start

13. • Build Your Personal Brand:
– Develop your success stories
– Become a subject matter expert
– Get published
– Create a Linked In Profile
– Join Linked In Groups, start discussions
– Become active in the industries you will
target
– Participate on panels
– Give lectures anywhere & everywhere
How to Start

15. • Moonlighting
• Conflicts of Interest
• Cannibalizing
• Maintain highest ethical standards
• Aggrandizing – making yourself seem
bigger than you are
Avoid Traps & Pitfalls

16. Chapter 6:
Small Business Entry
Paths to Full-Time EntrepreneurshipPaths to Full-Time Entrepreneurship

17. Paths to BusinessPaths to Business
OwnershipOwnership

18. • Start Your Own Business
• Buy an Existing One
• Franchise a Business
• Inherit a Business
• Get Hired to Manage a Business
The Five Paths

19. • “Clean Slate”
• Uses the most up-to-date technology
– CRM Software (SalesForce.com)
– Social Media
– Web 2.0
– Constant Contact Email Marketing
– www.GoToMeeting.com
– Inventory Management Systems
– Performance Management Applications
Start-Up Advantages

20. • Offer new products or services
• It can be kept small
Start-Up Advantages

21. • ZEROZERO brand name recognition
• Significant time and effort requirements
• Hard to finance
• Difficult to obtain credit
• Lacks experienced managers and workers
• VERY hard to maintain motivation
Start Up Disadvantages

22. What WillWhat Will YOURYOUR
New BusinessNew Business BEBE??

23. • “Me Too” vs. TRULY Unique
• Develop a Market Entry Game Plan
– Tasks
– Project Owners & Contributors
– Start/End Dates & Contingencies
• Define the industries you will serve:
– Develop ideal client profile(s)
– Identify ALL relevant stakeholders
Choosing a New Business

24. SIC Versus NAICS

25. • Find a business incubator
• Can your current employer help you?
• Have/get directly relevant industry
experience
• Pursue partners (multiple founders)
• Start with established clients
• Enlist your mentors
• Obtain any/all relevant certifications and
accreditations
Ensuring Start Up Success

26. • Develop a start-up budget
• Select a product/service where there is a
proven demand
• Line up outside investment
• Obtain experience managing small firms
Ensuring Start Up Success

27. • Just start SOMETHINGSOMETHING
• Select a business that produces HIGH
margins
• Build trust in your story
Ensuring Start Up Success

28. • Established customers mean immediate
revenue
• Processes and operations are already in
place
• Requires less cash than starting a
business from scratch
Buying a business: Advantages

29. • Finding the right business
• How do you determine what a business is
“worth?”
• Management and employees may fight
you
• The existing business reputation may be
hard to change/overcome
• Business may be declining
• Facilities and equipment may be obsolete
Buying a Business: Disadvantages

30. • A legal agreement that allows one
business to be operated using the name
& business procedures of another
– Trade name franchising: only the right to use the
franchise trade name and trademark
– Product distribution franchising: provides
franchisee with specific brand named products,
resold by franchisee in a specific market (Ex. Coca-
Cola, Goodyear Tires, John Deere)
Franchising a Business

31. – Conversion franchising: provides an organization
through which independent businesses may combine
resources (Ex. Century 21 Real Estate)
– Business format franchising: the right to use the
company’s trade name, products,
business/marketing plans, national advertising
support (Ex. McDonald’s)
Franchising a Business

32. • Carefully review TWO documents from
franchisor in particular:
– Uniform franchise offering circular:
standard franchise document outlining a
business’s operations, procedures, costs,
requirements. Check out www.ftc.gov for
guidelines on how to complete a UFOC.
– Franchise agreement
Franchising a Business

33. • A proven successful business model
• Training & management support
• Less risky than starting a business from
scratch or buying a business
Franchising Advantages

34. • Lose control of your marketing and
operations
• The business can be taken away
• Your success is tied to the success of the
entire organization
Franchising Disadvantages

35. • Master Franchise Wealth
• International Franchise Assn.
• IFA Annual Convention
• www.inc.com Start Up
• Business Nation
Franchising Resources

36. Franchising Resources

37. Franchising Resources

38. Franchising Resources

39. Franchising Resources

40. Franchising Resources

41. Inheriting aInheriting a
Business…Business…

42. • Whether inheritinginheriting or bequeathingbequeathing the
same issues of passing ownership exist
• Have a succession plan
• Hire professional management team
• Gain loyalty of existing family,
employees, and managers
• Have experience leading others
• Know how to manage / lead
Inheriting a Business

43. Inheriting a Business Resources

44. Inheriting a Business Resources