This presentation serves as an alternative tool for young entrepreneurs to be their own boss. The format is very simple and allows young people to explore different business models.

1. Be Your Own Boss
An alternative path
© Jason Ojukwu, 2009

2. Overview
• Introduction
• Positives & Negatives
• Entrepreneurs
• Skills
• Product or Service
• Popular Ideas
• Research
• Business Planning
• Finance
• Business Support from the CEDC
• Questions
Be Your Own Boss – An Alternative Path

3. Introduction
 Entrepreneur:
–noun
 1. a person who organizes and manages any
enterprise, especially a business, usually with
considerable initiative and risk.
Be Your Own Boss – An Alternative Path

4. Start a business: Positives (+)
 Control your own future
 Add your style to doing things
 Make money
 Want to improve something
 Like taking a risk
 Gain satisfied customers
Be Your Own Boss – An Alternative Path

5. Start a business: Negatives (-)
 Increased risks
 Success can breed jealousy
 Longer working hours
 Uncertain income
 Failure can have a stigma
Be Your Own Boss – An Alternative Path

6. Entrepreneurs
 Richard Branson
 Founder of Virgin
 Jay-Z
 Founder of Roc-A-Fella Records
 Linda K Bennett
 Founder of LK Bennett
 Sonita Alleyne
 Founder of Somethin’ Else
Be Your Own Boss – An Alternative Path

7. Skills Required: General
• Self-discipline – focus
• Motivated – attracted to the challenge
• Hard work – easy
• Good communication skills
• Confident networking skills
• Takes constructive criticism
• Ability to handle stress
• Support from friends/family
• Sound judgement
• Vision, creativity and innovation
Be Your Own Boss – An Alternative Path

8. Skills Required: Specific
• Knowledge of the market & customer needs
• Learning to sell to others
• Establishing a selling price which earns a profit
• Negotiating and reaching agreement
• Keeping accurate financial records
• Managing money, loans, payments and receipts
• Regulation, taxes and legal requirements
• Controlling stock and work-flow
Be Your Own Boss – An Alternative Path

9. Product vs. Service
• Products:
• Needs to be designed, tested, prototyped,
approved, tooled for mass production,
packaged and marketed
• Services:
• Needs to be unique and provide added-value.
Be Your Own Boss – An Alternative Path

10. 10 Popular Ideas
• Use your skills to supply product/service
• Look at social trends
• What is missing locally?
• New technology for existing businesses
• Sell other people’s products
• Cash in on current trends
• Copy idea that have worked elsewhere
• Legal changes
• Purchase an existing business
• Look for labour shortages
Be Your Own Boss – An Alternative Path

11. Researching Your Idea
• Market
• Competitors
• Customers
Be Your Own Boss – An Alternative Path

12. Business Plan
• Title
• Contents:
• Executive Summary
• Business Background/History
• Products/Services
• The Market and Marketing Strategy
• Premises
• Capital Expenditure
• Management and Organisation
• Business Formation
• Financial Information
• Appendices
Be Your Own Boss – An Alternative Path

13. Financing Your Business Idea
• Croydon Loan Fund – operated by GLE
– With loans ranging from: £2,001- £50,000, applicants
will need to be serious about making a success of
their business.
– Eligibility is determined as follows: businesses
between one -12months old are eligible for up to
£10,000
– For further details loans email: keith.m@gle.co.uk or
visit: www.gle.co.uk/onelondon
• Test Trading Grant
– £250 grant towards your test trading your business
idea
– Approved / Declined by Grant Fund Manager
Be Your Own Boss – An Alternative Path

14. Thank you
Questions
Be Your Own Boss – An Alternative Path