ANYTHING IS POSSIBLEConcepts and Facts for Business

WHO AM I

• Co-Founder of American Small Business Association

• Microsoft Consulting Services Executive

• 27+ years in the Information Technology Business Sector

• Responsible for building Billion Dollar revenue streams for IT consulting firms

• Consulted to hundreds of small businesses

• Veteran of the United States Air Force

WHERE DID I COME FROM?

AGENDA

• The Entrepreneur’s Journey… Small Business….

• Small Business Statistics

• Starting Your Business

• Developing a Business Plan

• Acquiring Financial Backing

• Meeting Legal Requirements

• Resources

• Closing!!

IT’S NOT WHERE YOU COME FROM ITS WHERE YOU ARE GOING!!

"You need a lot of passion for what you're doing because it's so hard," "Without passion, any rational person would give up.“ –Steve Jobs

SMALL BUSINESS FACTS….

1. There are 28 million small businesses just in the U.S. alone! They outnumber corporations by 1162 to 1.

2. 70% of all small businesses are owned and operated by a single person!

• Only 2% of small businesses are franchises and most (54%) are home-based businesses. The rest (44%) own, rent, or lease space for their business.

3. It takes just 6 days to start a business in the US, compared to a whopping 38 days in China!

4. An astonishing 77 million people make up United States small business workforce. If those 77 million people were to create and live in their own country, it would be the 17th most populous country in the world.

5. Small businesses create about 13x more patents per employee than large patenting companies!

6. 70% of small businesses stay in business for at least 2 years and 50% stay open for more than 5 years.

7. Only 2% of small businesses are franchises and most (54%) are home-based businesses. The rest (44%) own, rent, or lease space for their business.

8. Small businesses make up 97% of exporters and produce 29% of all export value!

9. Approximately 543,000 new businesses get started each month. Business who have employees shut down more than start up each month.

10. Small businesses have generated 60-80% of all new jobs since 1995 and currently pay about 44% of the countries payroll!

SO YOU WANT TO START A BUSINESS??

Product, Capability,

Idea

Mo

tiv

atio

n

I HAVE AN IDEA… HOW DO I MONETIZE IT?

•Develop a Business Plan

•Acquire Financial Backing

•Meet Legal Requirements

STRUCTURE YOUR BUSINESS

PURPOSE OF A BUSINESS PLAN

A Business Plan is a detailed proposal that describes a new business

• Presented to potential investors and lenders

• To obtain financing• Banks and potential lenders require a

business plan

• Helps organize and analyze data critical to the new business

• To provide a start-up proposal• Provides an outline to follow when

starting the business

COMPONENTS OF A BUSINESS PLAN

• Executive summary: brief one- to two-page description of the key points of each section of the business plan

• Product/service plan: presents

• Product or service being offered

• Unique features of product or service

• Management team plan: YOUR STRENGTHS!!• Qualifications of the entrepreneur…. Ultimately your resume..

• Qualifications of any partners who may be involved in the business venture .

COMPONENTS OF A BUSINESS PLAN

• Industry/market analysis

• Operational plan: includes all processes involved in producingand/or delivering the product or service to the customer

• Organizational plan• Marketing plan

• Growth plan: The growth plan presents plans for future expansion of the business

• Financial plan: includes financial statements that will help forecast the future financial health of the business

FINANCE YOUR BUSINESS

• Identify family and friends who are potential investors.• Are there other businesses that would be probable

investors?• Seek Employees• Contact financial agencies for loans, grants and

assistance:• Small Business Administration• Banks• Credit Unions• Insurance companies

MEET LEGAL REQUIREMENTS

• Permits or licenses• Building Permits

• license

• First aid certification

• Contracts• Between partners

• Between owner and clients

• Zoning laws

• Taxes

•Trademarks: Protect business’

name or logo

•Patents: Protect invention of

products or processes from theft

•Copyright: Protect creative works:

•Literary

•Musical

•Dramatic

•Artistic work

RESOURCES

Small Business Administration

• Http://www.sba.gov

American Small Business Coalition

• Http://theASBC.org

Legal Zoom

• Http://legalzoom.com

10 TIPS FOR THE YOUNG ENTREPRENEUR

1. Don’t lie to yourself – You are not Brad Pitt

2. Be fast – But remember speed can kill

3. It’s a battle – If you want victory be prepared to fight for it

4. She loves you now – Partnerships are transitory

5. Free is not a sale – Favors don’t buy bread or feed your family

6. Put yourself out there – Word of mouth is not a market strategy

7. Hope is not a course of action!

8. Your enemies are not your friends

9. Tough – Either you make the tough decision or the market will for you

10. Survive – Death is almost, always fatal! There are no participation trophies!!

FINAL THOUGHTS

• The future is in YOUR hands!

• Don’t let ANYONE stand in your way!

• Don’t EVER let anyone tell you that you CAN’T!!

• Push beyond your boundaries to achieve greatness!

• Always leverage your strengths and talents!

FINAL THOUGHTS

Anything is possible