Presentation For George Mason Highschool

Entrepreneurship

Presenter: Rabiya JilaniDirector, Business Incubation Center

CEO, Lumenica, LLC

Twitter: @bizincubation

The ins and outs and what you need to know !

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CBP’s Programs

Entrepreneur Certificate Program

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• Taking a risk• Starting a business • Making profit• Innovation • Stimulating economic growth• Job creation

What is Entrepreneurship?

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• Personal experiences• Work-related experiences• Friends, family, teachers coaches• The internet• Library research • Scientific research• Desire to make something existing better

Where do you get ideas from?

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Ask yourself the following questions:• What services or products will I sell? • Where will I be located?• What skills and experience do I bring to the

business?• What will I name my business?• What equipment or supplies will I need?• What insurance coverage will be needed?• How much money, if any, will it cost to start

my business? Will I need financing?• What are my resources?• How will I compensate myself?

So you got an idea, now what?

Helps you maintain a “proactive” status Points everyone in the same direction Helps clarify opportunities Stimulates development of new opportunities Focuses attention on important questions Increase chances of success

Power of Business Plans

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• Business Goals• Legal Structure• Your skills and experiences• Whose your competition• What are you selling?• Who is your customer?• How will you price your

product?• How much money do you

need to get started?

Business Plan

• What will your monthly budget be?

• What is your break even point?

• How will the business be managed on a day to day basis

• What is your hiring process?• What kind of equipment will

you need?

Your ABC’s

Accountability

Assessment

Access

Business Planning

BankingBreakeven Beating the

Odds

ControlsCash FlowConsideratio

nsCostCustomers

AB

C

Your ABCs

A few words of advice …

Honestly determine your true motivationsPre-determine your special market nicheMake sure your support system is in placeDetermine start up costsResearch the best companies

Advantages• Self Satisfaction• Flexibility• Control

Disadvantages• No Guidelines• Long time to get established• Limited return during start-up• Uncertain Income• Constantly need to learn, improve and

innovate

Starting your Businesss

A few words of advice …

Other sources of income for living

Everything takes longer than expected

Everything costs more than expected

Don’t be in such a hurry to get started

Always have the desire to learn and improve

Always surround yourself with mentors

• Sole Proprietorship• Partnership

– General– Limited

• Corporation– C-Corporation– S-Corporation

• Limited Liability Company

Formation Assistant: http://www.bizfilings.com/

Choosing a Business Identity

• U.S. Patent & Trade www.uspto.gov• U.S. Copyright www.copyright.gov• Department of Labor:

http://www.dol.gov/• Internal Revenue Service:

http://www.irs.gov/

Protecting yourself

Activities Month 1 2 3 4 5 6 7 8 9 10 11 12

Define your ideasDecide what business to startAssess the impact on your life and familyLocate Sources of Business Advice/SupportObtain necessary skillsDefine business objectivesPick a name and a logo for your businessDo some market feasibility researchSearch for different locationsBegin writing your Business PlanChoose legal form for your businessSetup a recordkeeping systemEstablish relationship with a bankerOpen business checking accountPrepare cash flow projectionsDefine amount of investment you'll needPrepare financial statementsObtain license, insurance, permits…Secure FinancingPrepare your operative planSet up office and operational spacePurchase busines cards, office suppliesHire staff Cut the ribbon !!!

My Work Plan

• Community Business Partnership• SBDCs• Women’s Business Centers• Business Information Centers• Loan Guarantee Programs• Micro-Loan Programs• SCORE

www.sba.gov/dc

Resources

How the resources help

Trainings

How the resources help

One on One Counseling

How the resources help

Networking

How the resources help

Money or access to money

How the resources help

Online databases for market research

How the resources help

Promotion

Key takeaway

• Have an idea talk to others about it • Always have a plan• Learn about competition• Measure market • Be careful with pricing• Constantly innovate• Always be a student of learning and improving• Listen to feedback• Take advantages of resources

Rabiya JilaniDirector, Business Incubation Center

CEO, Lumenica LLCEmail: rabiya@cbponline.org

http://www.cbponline.org/bic/facebook

http://www.linkedin.com/in/rabiya

http://www.twitter.com/bizincubation

http://www.slideshare.net/rabiyaj

Questions