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Part 1 - moving from employee to entrepreneur

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Part 1 - moving from employee to entrepreneur

The goal is to clarify for any employee who wants to become an entrepreneur is this the right path to take? Do I understand what it takes?

The goal is to clarify for any employee who wants to become an entrepreneur is this the right path to take? Do I understand what it takes?

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Part 1 - moving from employee to entrepreneur

  1. 1. Moving From Employee to Entrepreneur MarketingStrategy | Branding| Social MediaMarketing FacilitatingBrand Success 416.356.8173 | jravoth@mac.com | www.ravoth.com linkedin/ravoth | twitter/ravoth | posekim/blogspot.ca
  2. 2. Short Bio…
  3. 3. Moving From Employee to Entrepreneur Determine if you are interested and want to move forward with this new direction Part 1:
  4. 4. Objectives To understand what it means to become a consultant and an entrepreneur Learn if you have the right mindset and risk tolerance To determine if you want to move forward with this new direction
  5. 5. Talking Points Determine if you are ready to be self employed What does being self-employed mean? Success factors to becoming an entrepreneur Importance of networking
  6. 6. What is an entrepreneur? https://youtu.be/mWBif5GTzNs
  7. 7. Are You Ready to be Self Employed? First Step - Assessment What motivations do you think potential entrepreneurs have?
  8. 8. Are You Ready to be Self Employed? Key Motivators Achievement Influence Autonomy
  9. 9. Are You Ready to be Self Employed? First Step - Assessment What attributes do you think potential entrepreneurs have?
  10. 10. Key Attributes  Perseverance  Self Assurance  Creativity  Tolerance for Ambiguity  Attitude Toward Failure  Action Orientated Are You Ready to be Self Employed?
  11. 11. Are You Ready to be Self Employed? Personal assessments can help articulate your strengths and readiness for self employment in Canada
  12. 12. Are You Ready to be Self Employed? Entrepreneurial Self Assessment http://bit.ly/1OM114m
  13. 13. Are You Ready to be Self Employed? Sample Questions I live to give myself challenges when I take on a new project? I am fairly at ease in difficult situations? Where others see problems, I see possibilities? I always worry about what others will think before doing something important? I am fairly curious and I am continually in search of discovery?
  14. 14. What Does Being Self Employed Mean? Put your own ideas to work Being your own boss can allow you the freedom and independence to use your own ideas. As an entrepreneur, your time and energy can be spent creatively by putting these ideas to work for you and the future success of your business.
  15. 15. What Does Being Self Employed Mean? Decide what type of business you want Your business should complement your experience, interest and knowledge. Before you put too much work into planning your business, make sure that the industry you choose is the right one for you. You may want to consider what hobbies or interests you have, as well as what experience and skills you could apply to a new venture.
  16. 16. What Does Being Self Employed Mean? Make the decisions for your business Starting your own business can be risky; however, desire, persistence, and innovative thinking can work in your favour. Believing in yourself and basing your decisions on knowledge and experience can lead to the success of your business. However, knowing the limits of your own abilities and not being afraid to ask for help from others will help you make informed business decisions.
  17. 17. What Does Being Self Employed Mean? Choose the location for your business You can choose a location for your business that suits your needs, whether that means working from home, working close to home, or taking the opportunity to travel and see different places. You might choose a trendy downtown office, or a place outside the city to avoid traffic or a long commute. While you have a lot of flexibility in choosing a location, you should take into account access to customers, employees
  18. 18. What Does Being Self Employed Mean? Have the potential to earn more As an entrepreneur, you have the luxury of working your own hours and stretching your earning potential. Usually, this success comes with real hard work and long hours. If your business is successful, you could potentially make more money than you would working as an employee. However, the downside is that there is no guaranteed paycheque and your hard work can cut into time for personal and family obligations.
  19. 19. What Does Being Self Employed Mean? Have the freedom to work less While some people go into business to make more money, some people go into business for themselves in order to work less. However, in general, being self-employed gives you more flexibility to set your own schedule.
  20. 20. What Does Being Self Employed Mean? Be involved in the total operation of your business Running your own business can provide you with a tremendous source of satisfaction and pride. You will be able to see your business grow from the ground up. However, you will also be responsible for the initial capital that will be required for your business and the costs involved with the day-to-day operations. There are tasks involved that you may not be trained for, such as purchasing, inventory management, or accounting. It never hurts to get professional help with the running of your business. Focus on the areas where you can provide the most value.
  21. 21. What Does Being Self Employed Mean? Turn the business into a family asset Owning your own business sometimes means providing your children and other family members with a place to work, and a way to finance their future. It is an opportunity to teach them valuable skills and spend more time together. Depending on your children's career aspirations, you may be able to pass the business on to them when you are ready to retire.
  22. 22. What Does Being Self Employed Mean?  Income level  Health and Stamina !Turn downs  Constant networking  Marketing  Staying relevant/current
  23. 23. What Does Being Self Employed Mean? Source: Statistics Canada, Key Small Business Statistics August 2013
  24. 24. What Does Being Self Employed Mean?
  25. 25. What Does Being Self Employed Mean? Developing Your Idea 1. Is your idea truly original? Conducting market research Learn more about market research, how it can improve your business decisions, and how to conduct a market research campaign.
  26. 26. What Does Being Self Employed Mean? Developing Your Idea 2. Will people be willing to pay for your product or service?  Determine the target market for your offering  How much the target market would be willing to pay for your product or service?  Alternate business model
  27. 27. What Does Being Self Employed Mean? Developing Your Idea 3. Who is your customer?  Age, usually given in a range (20-35 years)  Sex  Marital status  Location of household  Family size and description
  28. 28. What Does Being Self Employed Mean? Developing Your Idea 3. Will your product or service be able to compete with those of existing companies? 4. How will you distribute your product or service? 5. How will you promote your product or service?
  29. 29. What Does Being Self Employed Mean? Developing Your Idea 3. Will your product or service be able to compete with those of existing companies? 4. How will you distribute your product or service? 5. How will you promote your product or service?
  30. 30. What Does Being Self Employed Mean? Developing Your Idea Continued: 1. Do you need intellectual property protection for your idea or invention? 2. Are there any government restrictions or obligations that could limit your idea? 3. What resources do you require to get your business off the ground? 4. Where can you go for help to evaluate and to clarify your idea?
  31. 31. What Does Being Self Employed Mean? Consultant Define Scope Contract Bill for Service Measured by Results In Control of Work
  32. 32. What Does Being Self Employed Mean? Contract Employee Contract Under Supervision On Payroll Limited/Renewal
  33. 33. What Does Being Self Employed Mean? The Consulting Process Building and Managing Relationships Obtaining the Engagement Planning and Organizing the Engagement Delivering the Engagement Completing Engagement/Administration/Records Management
  34. 34. What Does Being Self Employed Mean?
  35. 35. Success Factors to Becoming an Entrepreneur Know your focus. What are your ideas? ! Build a business and marketing plan ! Take into account customer needs, competition, pricing and promotional strategies ! Passion, persistence, and innovative thinking ! Setting achievable and realistic goals ! Have a good working knowledge of business law or hire a lawyer ! Understand your business finances
  36. 36. How to Start Your Own Business http://bit.ly/2uYMAJO
  37. 37. How to Start Your Own Business http://bit.ly/2u4jueH
  38. 38. How to Start Your Own Business Define a product or service as a “business value proposition” Define Your Niche  What is the brand all about? What You Do How You Do It Who You Are
  39. 39. https://www.youtube.com/watch?v=k5016fh7TgQ
  40. 40. A BRAND IS….. What people collectively SAY,FEEL& THINK about your Business
  41. 41. Your most important professional asset!
  42. 42. New Imperative! A Powerful strategically built, focused and compelling Business Brand
  43. 43. Importance of Networking Types of Networks Competitors Partners Advisors Clients Influential leaders Professional associations
  44. 44. Importance of Networking Market your product/service (new and existing sales) Find products and services Help you learn what works Access to different networks Enhance creativity Gain referrals Seek and say “thank you” for referral business
  45. 45. Your Consulting Vision 3 Years From Now: Consultant of Choice in... Strategic Partnership Work/Life Balance Professional Relevance Size of Client Base Income Level
  46. 46. Research Resources INDUSTRY INSIGHT Find the latest trends and issues Statistics Canada www.statcan.gc.ca Industry Canada www.ic.gc.ca Industry Associations Industry magazines and publications Buyer guides Consulting firms Networking!
  47. 47. GLOBE INVESTOR A gateway to investor information from the Globe and Mail. Due to copyright restrictions please go to the Globe and Mail site to access this site. INDUSTRY CANADA http://www.ic.gc.ca/epic/site/ic1.nsf/en/home A federal government site that provides information on business sectors, company profiles, products and industries. LINKEDIN www.linkedin.com A great resource for bios and company information. SCOTTS DIRECTORY http://www.scottsinfo.com/scottshome/default.aspx This directory provides information on public and private companies. There is a 14 free day trial on the site. Many public libraries now provide free online access to this directory SEDAR http://www.sedar.com/search/search_form_pc_en.htm This gives you online access to Canadian public company filings such as annual information forms, annual reports, interim financial statements and proxy circulars. STATISTICS CANADA http://www.statcan.gc.ca/ A good resource for online statistics, publications, statistical tables and analysis.
  48. 48. GENERAL COMPANY INFORMATION General Information • Company website • Google www.google.ca news alerts videos groups blogs Images • Bing www.bing.com • Yahoo www.yahoo.ca • LinkedIn www.linkedin.com
  49. 49. DETAILED COMPANY INFORMATION Detailed Information • Google Finance www.google.ca/finance • Yahoo Finance http://finance.yahoo.com/ • Globe and Mail Investor http://www.theglobeandmail.com/globe-investor/ • Canada News Wire http://cnw.en.mediaroom.com/rss • Industry Canada http://www.ic.gc.ca/eic/site/icgc.nsf/eng/home • Sedar http://www.sedar.com/ • Glassdoor www.glassdoor.com • Canadian Trade Index http://www.ctidirectory.com/ • Scott’s Directory http://www.scottsinfo.com/ • Frasers Directory www.frasers.com • Contact Canada http://www.contactcanada.com/ • Canadian Biotech http://www.biotech.ca • Canadian Venture Capital www.cvca.ca • Public Libraries
  50. 50. LIBRARY RESOURCES • News Sources Canadian Business and Current Affairs (CBCA) Canadian Periodical Index (CPI) News and Magazine Indexes EBSCO • Associations Directory (associations linked to the industry/company) • Mergent (global financial information on public companies) • Scott’s Directories (http://www.torontopubliclibrary.ca/)
  51. 51. CANADIAN TRADE INDEX http://www.ctidirectory.com/ This site provides information on manufacturing companies. CANADIAN VENTURE CAPITAL AND EQUITY ASSOCIATON http://www.cvca.ca/membership/directory/ This is the only public domain site that provides information on private equity firms. CANBIOTECH http://www.canbiotech.com/ This is a comprehensive selection of research and business development resources in the biotech and pharma industries. CONTACT CANADA http://www.contactcanada.com/products.html#online This provides excellent company information in the life sciences field. CORPORATE KNIGHTS Corporate Knights focuses on corporate responsibility. It publishes the annual Best 50 Corporate Citizens in Canada as a Globe and Mail insert, and the annual Global 100 Most Sustainable Corporations in the World. Due to copyright restrictions please go to the Globe and Mail site to access this site. Business Directories
  52. 52. COMPANY INFORMATION This is the most challenging information to find because private companies are not required to report publicly. • D&B Hoovers • Google/blog the company • Company website • LinkedIn • Online news sources (CBCA, CPI, etc.) • Canadian Trade Index • Scott’s Directories • Industry Canada • Industry Associations • Buyers Guides
  53. 53. Entrepreneurial Series Moving From Employee to Entrepreneur Marketing Yourself as a Consultant Running your own business Determine if you are interested and want to move forward with this new direction Developing marketing and branding ideas of how to take their expertise and start developing a business Understand the foundational elements of running their own business Today September 7th, 2017 6.00PM-8:00PM October 5th, 2017 6.00PM-8:00PM

Notas del editor

  • Why consider entrepreneurship?

    Becoming a successful entrepreneur requires business planning, innovation and risk-taking. It is a lot of work, but there are also many benefits to being your own boss.




    Be involved in the total operation of your business

    Running your own business can provide you with a tremendous source of satisfaction and pride. You will be able to see your business grow from the ground up.

    However, you will also be responsible for the initial capital that will be required for your business and the costs involved with the day-to-day operations. There are tasks involved that you may not be trained for, such as purchasing, inventory management, or accounting. It never hurts to get professional help with the running of your business. Focus on the areas where you can provide the most value.

    Turn the business into a family asset

    Owning your own business sometimes means providing your children and other family members with a place to work, and a way to finance their future. It is an opportunity to teach them valuable skills and spend more time together. Depending on your children's career aspirations, you may be able to pass the business on to them when you are ready to retire.

    Business start-up checklist
    When you're setting up your business, you need to ensure that all of your bases are covered. Consider the following steps as you navigate through the business start-up phase.
    Developing your ideas
    Make sure you can turn your idea into a profitable business model.
  • When you are your own boss, you have the flexibility to decide how much vacation time you want, to delegate responsibility to others and to work part-time, if you wish.

    Of course, you need to ensure that you are making enough money to support yourself; there may be times when you will need to invest more time and effort into your business, particularly in the beginning.
  • Developing your ideas

    If you decide to start a new business, you will need to spend some time developing your business idea. One of the greatest advantages of being an entrepreneur is being able to work on something that interests you and that you are passionate about. Unfortunately, passion does not always translate into profits.

    Research, research, research! The more information you can gather about the potential demand for your product or service, about your competitors, and about the needs and wants of your prospective customers, the more successful you are likely to be.

    Before starting a business, you need to evaluate your idea and determine what your chances are of making a profit from that idea. This document lists some things that you should consider and provides links to additional information to help you assess your idea.
  • Developing your ideas

    If you decide to start a new business, you will need to spend some time developing your business idea. One of the greatest advantages of being an entrepreneur is being able to work on something that interests you and that you are passionate about. Unfortunately, passion does not always translate into profits.

    Research, research, research! The more information you can gather about the potential demand for your product or service, about your competitors, and about the needs and wants of your prospective customers, the more successful you are likely to be.

    Before starting a business, you need to evaluate your idea and determine what your chances are of making a profit from that idea. This document lists some things that you should consider and provides links to additional information to help you assess your idea.
  • Developing your ideas

    If you decide to start a new business, you will need to spend some time developing your business idea. One of the greatest advantages of being an entrepreneur is being able to work on something that interests you and that you are passionate about. Unfortunately, passion does not always translate into profits.

    Research, research, research! The more information you can gather about the potential demand for your product or service, about your competitors, and about the needs and wants of your prospective customers, the more successful you are likely to be.

    Before starting a business, you need to evaluate your idea and determine what your chances are of making a profit from that idea. This document lists some things that you should consider and provides links to additional information to help you assess your idea.
  • Developing your ideas

    If you decide to start a new business, you will need to spend some time developing your business idea. One of the greatest advantages of being an entrepreneur is being able to work on something that interests you and that you are passionate about. Unfortunately, passion does not always translate into profits.

    Research, research, research! The more information you can gather about the potential demand for your product or service, about your competitors, and about the needs and wants of your prospective customers, the more successful you are likely to be.

    Before starting a business, you need to evaluate your idea and determine what your chances are of making a profit from that idea. This document lists some things that you should consider and provides links to additional information to help you assess your idea.
  • Developing your ideas

    If you decide to start a new business, you will need to spend some time developing your business idea. One of the greatest advantages of being an entrepreneur is being able to work on something that interests you and that you are passionate about. Unfortunately, passion does not always translate into profits.

    Research, research, research! The more information you can gather about the potential demand for your product or service, about your competitors, and about the needs and wants of your prospective customers, the more successful you are likely to be.

    Before starting a business, you need to evaluate your idea and determine what your chances are of making a profit from that idea. This document lists some things that you should consider and provides links to additional information to help you assess your idea.
  • What sources might you use to find information on a company? Has anyone done research on an organization?

    Edgar is the equivalent to Sedar in the US.
  • What sources might you use to find information on a company? Has anyone done research on an organization?

    Edgar is the equivalent to Sedar in the US.
  • Library sources are great resources to find company, competitor, and industry information.
  • Does anyone have suggestions or ideas as to where you might find private company information?

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