Entrepreneurship as a career choice?
Website design By BotEap.comBefore you take the leap to start your own business, ask yourself these four questions:
Website design By BotEap.comor Is it really a better personal career option?
o What do I need to know to decide?
or How can I prepare?
or How do I start? Website design By BotEap.comIn this article, I’ll help you find answers to those key questions by relating them to my own experience as a corporate manager and entrepreneur, plus what I’ve learned in more than 15 years of consulting owner-managers. Website design By BotEap.comDo you really want to have your own business? The advantages are attractive, but don’t forget the disadvantages that are an inevitable part of the choice. Website design By BotEap.comAdvantages Website design By BotEap.comor Unlimited Opportunity
o Freedom, independence
o Continuous challenge, variety
o Your choice of management style
o Responsible and involved in the whole business
o If the business is good, you are doing well Website design By BotEap.comDisadvantages Website design By BotEap.como Still limits what you can do or control
o Many people now depend on you
o Requires skills and knowledge that you probably do not have
o Higher risk, less secure financial future
o You cannot leave it at the office Website design By BotEap.comThe next step is to assess if you are the Entrepreneur type: Website design By BotEap.como Personal expectations and preferences: lifestyle, work environment, rewards, compensation method.
o Personal strengths and weaknesses?
o Education, training, networking?
o Characteristics of an entrepreneur?
o Independent, confident, persistent, action oriented, risk taker. Passionate, leader, achiever, communicator.
o Solid foundation: family, physical and financial health?
o Additional resources available: partners, suppliers, key customers, employees? Website design By BotEap.comIf you’re still determined to proceed, consider which business option best suits your entrepreneurial ambitions: Website design By BotEap.como Home based business, multi level marketing
o Independent Contractor – Commercial or Professional
o Sales Agent – insurance, real estate, financial services
o Franchisee: retail, fast food, business services
o Independent business – local, national, global
o Retail, hospitality, food services, consumer services
o Manufacturer, distributor, service companies
o Internet business or technology
o Entrepreneurial role in a corporate environment Website design By BotEap.comOnce those decisions are made, the next question is: What is my business opportunity? Website design By BotEap.comYour selection will be based on your personal knowledge, experience and contacts: Website design By BotEap.como Opportunities that match my capabilities?
o Market need?
o Current solutions available?
or What is my proposed solution?
o Confirmed by market test, customer feedback?
or How do I make it profitable? Website design By BotEap.comYou are now ready to document a business plan. Website design By BotEap.comWhy do I need a Business Plan? Website design By BotEap.como Develop and document your business concept, strategies, action plans and projected financial results as a guide for management.
o Provide the necessary information for possible sources of financing.
o To attract new investors, strategic partners or key employees. Website design By BotEap.comWhen do I need a Business Plan? Website design By BotEap.como Start-up of new business
o Launch a new product/service
o Enter a new market
o Strategic review and performance diagnosis of an existing business
o Preparing a business for sale, merger, acquisition or succession Website design By BotEap.comBusiness Planning Process and Checklist: Website design By BotEap.comoEvaluate personal goals
o Identify the Business Opportunity
o Define your concept and business model
o Conduct sufficient market research
o Develop the Strategic Plan
o Define Operational Plans
o Prepare Financial Projections. Website design By BotEap.comBusiness Plan – Recommended Index Website design By BotEap.com1. Executive Summary
2. Concept and business opportunity
3. Mission, Vision, Values
4. Market analysis
5.Competition
6.Strategic plan
7. Management Team and Organization Plan
8. Offer of products and services
9. Marketing and Sales Plan
10. Plan of operations
11.Risk analysis
12.Financial plan
13. Appendices Website design By BotEap.comOnce all of that preparation and analysis is complete, you’ll be ready to consider financing your business plan. There are many alternatives available, but you will likely go through these funding sources as you move forward with your plan: Website design By BotEap.como Personal investment, cold cash
o “Sweat Equity” – time and effort, not paid
or “I love money” – willing friends and family
o Bank financing – term loans, line of credit
o Angel investors – passive, active, value added
o Government funding, special loans, grants
o Venture capital – private capital
o IPO – Initial Public Offering Website design By BotEap.comIs Entrepreneurship The Right Career Choice For You? These questions and approaches should help you decide and develop a plan for success. Good luck! That also helps. Website design By BotEap.comdel chatterson Website design By BotEap.comDirectTech Solutions c 2007
o What do I need to know to decide?
or How can I prepare?
or How do I start? Website design By BotEap.comIn this article, I’ll help you find answers to those key questions by relating them to my own experience as a corporate manager and entrepreneur, plus what I’ve learned in more than 15 years of consulting owner-managers. Website design By BotEap.comDo you really want to have your own business? The advantages are attractive, but don’t forget the disadvantages that are an inevitable part of the choice. Website design By BotEap.comAdvantages Website design By BotEap.comor Unlimited Opportunity
o Freedom, independence
o Continuous challenge, variety
o Your choice of management style
o Responsible and involved in the whole business
o If the business is good, you are doing well Website design By BotEap.comDisadvantages Website design By BotEap.como Still limits what you can do or control
o Many people now depend on you
o Requires skills and knowledge that you probably do not have
o Higher risk, less secure financial future
o You cannot leave it at the office Website design By BotEap.comThe next step is to assess if you are the Entrepreneur type: Website design By BotEap.como Personal expectations and preferences: lifestyle, work environment, rewards, compensation method.
o Personal strengths and weaknesses?
o Education, training, networking?
o Characteristics of an entrepreneur?
o Independent, confident, persistent, action oriented, risk taker. Passionate, leader, achiever, communicator.
o Solid foundation: family, physical and financial health?
o Additional resources available: partners, suppliers, key customers, employees? Website design By BotEap.comIf you’re still determined to proceed, consider which business option best suits your entrepreneurial ambitions: Website design By BotEap.como Home based business, multi level marketing
o Independent Contractor – Commercial or Professional
o Sales Agent – insurance, real estate, financial services
o Franchisee: retail, fast food, business services
o Independent business – local, national, global
o Retail, hospitality, food services, consumer services
o Manufacturer, distributor, service companies
o Internet business or technology
o Entrepreneurial role in a corporate environment Website design By BotEap.comOnce those decisions are made, the next question is: What is my business opportunity? Website design By BotEap.comYour selection will be based on your personal knowledge, experience and contacts: Website design By BotEap.como Opportunities that match my capabilities?
o Market need?
o Current solutions available?
or What is my proposed solution?
o Confirmed by market test, customer feedback?
or How do I make it profitable? Website design By BotEap.comYou are now ready to document a business plan. Website design By BotEap.comWhy do I need a Business Plan? Website design By BotEap.como Develop and document your business concept, strategies, action plans and projected financial results as a guide for management.
o Provide the necessary information for possible sources of financing.
o To attract new investors, strategic partners or key employees. Website design By BotEap.comWhen do I need a Business Plan? Website design By BotEap.como Start-up of new business
o Launch a new product/service
o Enter a new market
o Strategic review and performance diagnosis of an existing business
o Preparing a business for sale, merger, acquisition or succession Website design By BotEap.comBusiness Planning Process and Checklist: Website design By BotEap.comoEvaluate personal goals
o Identify the Business Opportunity
o Define your concept and business model
o Conduct sufficient market research
o Develop the Strategic Plan
o Define Operational Plans
o Prepare Financial Projections. Website design By BotEap.comBusiness Plan – Recommended Index Website design By BotEap.com1. Executive Summary
2. Concept and business opportunity
3. Mission, Vision, Values
4. Market analysis
5.Competition
6.Strategic plan
7. Management Team and Organization Plan
8. Offer of products and services
9. Marketing and Sales Plan
10. Plan of operations
11.Risk analysis
12.Financial plan
13. Appendices Website design By BotEap.comOnce all of that preparation and analysis is complete, you’ll be ready to consider financing your business plan. There are many alternatives available, but you will likely go through these funding sources as you move forward with your plan: Website design By BotEap.como Personal investment, cold cash
o “Sweat Equity” – time and effort, not paid
or “I love money” – willing friends and family
o Bank financing – term loans, line of credit
o Angel investors – passive, active, value added
o Government funding, special loans, grants
o Venture capital – private capital
o IPO – Initial Public Offering Website design By BotEap.comIs Entrepreneurship The Right Career Choice For You? These questions and approaches should help you decide and develop a plan for success. Good luck! That also helps. Website design By BotEap.comdel chatterson Website design By BotEap.comDirectTech Solutions c 2007