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Takin' Care of Busines s Seminar Series- Part PRESENTS
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Page 1: Takin' Care of Business Seminar Series- Part 1 PRESENTS.

Takin' Care of Business Seminar Series- Part 1

PRESENTS

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Takin' Care of Business Seminar Series- Part 1

ARE YOU ARE YOU READY?READY?

Part 1 of thePart 1 of the

Takin’ Care of Business Takin’ Care of Business Seminar SeriesSeminar Series

Presented By: Rod Francis & Denis Cote

Advantage Venture Systems Inc.

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Takin' Care of Business Seminar Series- Part 1

What Is Your Objective?What Is Your Objective?

• To take control of your own life?

• The opportunity to build your future?

• A chance to live out your own dreams?

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Takin' Care of Business Seminar Series- Part 1

Are You An Entrepreneur?Are You An Entrepreneur?

• Entrepreneurs are often thought of as the business tycoon who runs a multi million dollar company

• Actually, entrepreneurs are part of a larger group only some of whom want to start a business

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Takin' Care of Business Seminar Series- Part 1

Who Is An Entrepreneur?Who Is An Entrepreneur?

Who is an entrepreneur

Virtually anyone can be an entrepreneur by:• pushing creative limits• trying innovative approaches to work situations• welcoming problems as opportunities

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Takin' Care of Business Seminar Series- Part 1

What Is Entrepreneurship?What Is Entrepreneurship?

• Entrepreneurship is about much more than learning how to write a business plan and starting a business

• It is a whole new career approach

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Takin' Care of Business Seminar Series- Part 1

What Is Entrepreneurship?What Is Entrepreneurship?

• It is seeing problems as opportunities in disguise

• It is about solving problems and finding new ways of doing things

• It is about the thrill and satisfaction of achieving goals that you have set

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What Is Entrepreneurship?What Is Entrepreneurship?

“Some men see things as they are and say “Why? I dream things that never were and say “Why not?”

Robert F. Kennedy

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What Is Entrepreneurship?What Is Entrepreneurship?

• It’s not all about money

• It’s about adding value to yourself

• It’s about adding value for others

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Portrait of an Entrepreneur !Portrait of an Entrepreneur !

•Sharp eyes•Backbone•Nose•Strong Foot•Wise Eyes

BODY PARTSBODY PARTS

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Takin' Care of Business Seminar Series- Part 1

Portrait of an Entrepreneur !Portrait of an Entrepreneur !

CHARACTERISTICSCHARACTERISTICS

What sets entrepreneurial people apart is their:

• positive attitude• persistence• commitment• spirit of adventure

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Takin' Care of Business Seminar Series- Part 1

Portrait of an Entrepreneur !Portrait of an Entrepreneur !

As an entrepreneur you will have many roles:

•administrator•banker•organizer•manager•mother / father

ROLESROLES

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Portrait of an Entrepreneur !Portrait of an Entrepreneur !

Successful entrepreneurs acquire these skills:

•goal setting•leadership•innovation•organization, etc.

SKILLSSKILLS

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Portrait of an Entrepreneur !Portrait of an Entrepreneur !

SKILLS cont’dSKILLS cont’d

Entrepreneurs are not born with all these skills, they must learn, partner, network, or hire

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Takin' Care of Business Seminar Series- Part 1

Elements for Successful EntrepreneurElements for Successful Entrepreneur

• Fear of Failure• Positive Beliefs• Making Decisions• Focus• Goal Setting• Problem Solving• State of Mind• Emotion• Role Modeling

Focus

Fearof

FailurePositive Beliefs

Making Decisions

GoalSetting

Problem Solving

State of

Mind EmotionRole

Modeling

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Takin' Care of Business Seminar Series- Part 1

Fear of FailureFear of Failure

Be cautious of what others say about business

• 9 out of 10 businesses will eventually fail

• Be alert of people who want to rescue you

• Question their real knowledge & qualifications

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Fear of FailureFear of Failure

Business success is not that complex !• There are few critical factors for success

• Success does not require genetics or education

• All you need is the right knowledge, common sense, desire and reasonable effort.

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Fear of FailureFear of Failure

Success comes from never giving up !

• You fell down the first time you tried to walk

• You almost drowned the first time you swam

• You missed the ball on your first time at bat

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Takin' Care of Business Seminar Series- Part 1

Fear of FailureFear of Failure

• There is no such thing as failure, only practice for Success!

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Takin' Care of Business Seminar Series- Part 1

Fear of FailureFear of Failure

“Don’t be against things so much as for things.” - Colonel Sanders

Colonel Sanders was refused 1,009 times before his first YES

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“Even a mistake may turn out to be the one thing necessary to a worthwhile achievement.”

- Henry Ford

Fear of FailureFear of Failure

In his first 3 years in theautomobile business, Henry Ford wentbankrupt twice

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Takin' Care of Business Seminar Series- Part 1

Positive BeliefsPositive Beliefs

Beliefs about being an entrepreneur

• RiskRisk – you do not have to be a risk taker• AgeAge – you could be young or old• MoneyMoney – you do not need a lot of money• EducationEducation – you do not need a college education

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Positive BeliefsPositive Beliefs

Question:

Is there such a thing as having the right stuff to be an entrepreneur ?

Example: Bill Gates

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Positive BeliefsPositive Beliefs

Answer:

NO !NO !• All you have to do is find & meet peoples needsAll you have to do is find & meet peoples needs

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Positive BeliefsPositive Beliefs

Sam Walton- original owner of WAL-MART stores

Sam believed that success comes from providing an environment where peoplecan think, innovate and createto help him solve problems

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Positive BeliefsPositive Beliefs

• Become an entrepreneur• Believe you can do it• You must persist• Follow the Nike advice !

““just do it”just do it”

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Making DecisionsMaking Decisions

Our decisions determine our success !• How you live today or how successful you are is the

result of your decisions

– Who you have decided to spend time with– What you have decided to learn– What you have decided to believe– Your decision to persist

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Making DecisionsMaking Decisions

• You must make important decisions every day!

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FocusFocus

What you focus on will determine what you do • If you want to feel lousy, you will • If you want to feel happy, you will• You can focus on something to feel grateful• You can focus on something to feel excited• Focus controls how you see the world and what

you do about it

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FocusFocus

• Most people focus on what they fear, instead of where they want to go

• They usually hit what they focus on

Example – back road

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FocusFocus• When people lose control, they zero in on what

they want to avoid and they connect with it.• What ever you focus on is where you will go

Example – race car driver / look away from the wall

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FocusFocus

When problems come up we must:

• focus on solutions and not the problem• focus on where we want to go instead of on what

frightens us• Remember when you change your focus, you

don’t immediately change direction.

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Goal Setting Goal Setting (Think your Dream)(Think your Dream)

• We associate the word “dreams” (goals) with unreal expectations

• To achieve something, you must first dream and set a goal

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Goal Setting Goal Setting (Think your Dream)(Think your Dream)

Anything

the mind can conceive,

and the heart can believe,

you can achieve!

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Goal Setting Goal Setting (Think your Dream)(Think your Dream)

Michael Jordan didn’teven make his high schoolvarsity basketball team !

He turned this painfulexperience into a burningdesire; he set a higherstandard, an even greatergoal for himself.

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Problem SolvingProblem Solving

• Problem solving is about asking the right questions to yourself

• Questions control our focus, how we think and how we feel

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Problem SolvingProblem Solving

• Don’t ask endless loop questions “why is life so unfair” or “why don’t my plans ever work out”

• Ask questions that will give you useful answers

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Problem SolvingProblem Solving

• Focus on the positive not the negative• Spend 10% of time analyzing the problem• Spend 90% of time working on the solution• Take action, don’t procrastinate• Have … fun!

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Role ModelingRole Modeling

Success leaves clues !

• Role model someone who is successful at what you want to achieve

• You can learn the hard way (trial and error) or from the experience of others

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Role ModelingRole Modeling

• Find out what makes them best at it and duplicate their behavior, actions and beliefs

• You have to study success, you cannot leave it up to chance

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Constant Action Constant Action (Plan Your Dream)(Plan Your Dream)

• Failing to plan is planning to fail

• Develop a plan of action, don’t leave it to chance.

• You must take continuous action towards your goals

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Preparing for BusinessPreparing for Business

• starting a business will take more hours than any job you will ever have;

• if you don’t put energy into creating what you want, you’ll put effort into coping with what you’re given;

• prior planning prevents poor performance !

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Self EvaluationSelf Evaluation

• why do I want to start my own business ?

• what are my business skills ?

• what is the state of my personal financials ?

• is my family prepare for this change ?

• how well do I handle stress and uncertainty ?

• am I prepare to give it all I’ve got ?

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Business ExpectationsBusiness Expectations

• a lifestyle choice (owner-operator);

• employee base;

• huge growth potential;

• build up the business and sell out;

• longer term focus;

• other.

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Exploring Business IdeasExploring Business Ideas

• size and scope of your business;

• from previous jobs;

• from personal interests;

• from research;

• franchise;

• businesses and industries to avoid.

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Assessing FeasibilityAssessing Feasibility

• why go through a feasibility analysis ?

• to determine if my business idea is profitable.

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What’s in a Feasibility Analysis?What’s in a Feasibility Analysis?

• technical assessment;

• market assessment;

• supply assessment;

• cost to set up business;

• profitability assessment.

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Technical AssessmentTechnical Assessment

• new idea or invention;

• improvement upon an existing idea or product;

• copycat product or service;

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Market AssessmentMarket Assessment

• who is the customer;

• market size, seasonality, trends;

• research and surveys;

• competition;

• sales volume and market share;

• marketing strategy.

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Supply AssessmentSupply Assessment

• where, when and how do I obtain the input supplies;

• subcontracting or make yourself;

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Cost AssessmentCost Assessment

• what are the up front or one-time costs;

• what are the on-going fixed costs;

• what are the on-going variable costs.

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Profitability AssessmentProfitability Assessment

• predict sales volume;• bring in cost of goods, fixed and operating

costs;• determine expected profit (or loss);• develop a monthly cash flow for the first year

or two;• develop annual cash flow projections for at

least three years;• develop profit/loss statements and balance

sheets.

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Business OrganizationBusiness Organization• business structure: sole proprietor; partnership; incorporation.

• choose a business name;

• licences, permits, taxes and other requirements;

• protecting your idea or product;

• business location.

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Financing Your BusinessFinancing Your Business

• am I prepared to put my own money into this idea ?

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Financing Your BusinessFinancing Your Business

• there is no shortage of money, its knowing where and how to find it;

• be prepared before you ask for money;

• sell yourself first and the business second;

• ask and you shall receive.

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Walt Disney was turned down 302 times before he got his first financing for his dream.

“You may not realize it when it happens, but a kick in the teeth may be the best thing in the world for you.” - Walt Disney

Financing Your BusinessFinancing Your Business

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Sources of FinancingSources of Financing

• personal sources and borrowing capacity;

• friends and family;

• bank loans;

• leasing companies;

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Sources of Financing – cont.Sources of Financing – cont.

• suppliers;

• other commercial sources;

• private investors;

• government.

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Developing Your Business PlanDeveloping Your Business Plan

• why is writing the business plan so late in this process ?

• the key to a business plan is in the “planning”;

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Developing Your Business PlanDeveloping Your Business Plan

• first and foremost the business plan is for you;

• it is needed to secure financing, contracts, etc.;

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Developing Your Business PlanDeveloping Your Business Plan

• the business plan is a written document;

• it has a typical layout.

• it “documents” your business proposal;

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Now You’re in BusinessNow You’re in Business

• “deliver the goods”;

• monitor your performance;

• measure your successes and failures;

• problem solve;

• make improvements;

• keep on planning !!!

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