Entrepreneurship 101 - Lived it Lecture with Barb Ward-Dagnon, Medicor Research Inc.

Entrepreneurship 101 - Barb Ward-Dagnon/Medicor Research Inc. 09-March-2016

Entrepreneurship 101

Successes and Failures Shape Who we Become as Entrepreneurs

A recent report from the Kauffman foundation for entrepreneurship, titled “The Anatomy of an Entrepreneur” reveals the average number of businesses launched by entrepreneurs was approximately 2.3

Don’t turn a hobby into a business without considering how you will feel about it if you have to do it as a full time job!

Look for Opportunities

• Do what you know • Do what you’re passionate about• Build on your connections• Consider all offers

When Opportunity Knocks Open the Door!

Take Advantage of Not Being Self Employed Full-time

This is a time of testing the waters while still holding on to the life raft. You have your feet in two worlds; one of stable employment and the other in a risky, potentially untested new business.

Don’t Quit Your Day Job...Until the Time is Right

Creating Your Company

• Develop your Business Model• Set up funding and estimate the required

resources• Make most the big decisions in advance

The Business Model• The Business Model• Customer segment• Value Proposition• Channels• Customer relationships• Revenue Streams• Key resources• Key activities• Key partners• Cost structure

Friends and family will tell youwhat you want to hear!

Maximize Your Skills and Manage Your Time

• How will you “work” the business?• Do you have training and experience in

bookkeeping, grant writing, managing staff, and sales etc?

• Will there be enough hours in the day to complete what you need to accomplish?

Do You Need a Business Partner?

Business Partnerships are a Lot Like a

Marriage

What Do You Need From a Business Partner?

• Someone who brings something different to the table than you do; funding, skills, or experience.

• A partner with access to a market, or with great connections.

• someone who complements your skills and personality.

Choose a Partner Carefully

• What is your potential partner's financial situation?• What are the potential partner's expectations on

the time involved?• Is your potential partner's commitment to the

business as strong as yours?• How would he or she handle a tough situation? • What is the potential partner's standing in the

community? • Are they willing to put everything in writing?

Get a Signed Partnership Agreement Before You Make Your First Sale!

• Look for opportunities and when they appear and grab a hold of them

• Don’t quit your day job until you are ready• Take the period of time just before you start your business to make

the big decisions• Do your research before starting the business• Write a solid business model and be willing to tweak it along the way• Do what it takes to work the business.• Decide early on if you want to start the venture with a partner• Choose the right partner and get everything in writing• Always know your exit plan before you start

Entrepreneurship 101 - Lived it Lecture with Barb Ward-Dagnon, Medicor Research Inc.

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