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Entrepreneurship
Presenter: Rabiya JilaniDirector, Business Incubation Center
CEO, Lumenica, LLC
Twitter: @bizincubation
The ins and outs and what you need to know !
2
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: [email protected]
http://www.cbponline.org/bic/facebook
http://www.linkedin.com/in/rabiya
http://www.twitter.com/bizincubation
http://www.slideshare.net/rabiyaj
Questions
