ONE Could you be an Entrepreneur

1
ONECould you be an Entrepreneur?

• Ian Harris
• Entrepreneurial Champion

2
Overall Contents

• Do you fit..? Do you have an idea..?
• Researching your idea
• Business Planning
• Marketing Plans
• Financial Matters
• Gap Funding
• Legal Business Form
• Selling

3
One - Objectives

• Understand the drivers and environment that
  entrepreneurship takes place
• Determine your suitability for enterprise

4
Nature or Nurture

• Born or Made
• Studies are ambiguous
• For the purpose of this presentation I dont
  really care
• WARNING these two audio clips are American!
• 10 guiding principals
• http//www.entreworld.org/Audio/id60.ram
• Qualities that lead to entrepreneurial success
• http//www.entreworld.org/Audio/id53.ram

5
Great ideas some misconceptions
Starting a business with a marketable idea -
http//www.entreworld.org/Audio/id55.ram
6
Stages in becoming an Entrepreneur

• Researching
• Planning
• Organising
• Launching

7
Basic Aspects of Researching

• Which is the best Market
• Growing or is LARGE
• Supplied by businesses that are inefficient or
  outdated
• Has a niche sector you can exploit
• Is not heavily dependant on PRICE
• Is not controlled by heavily BRANDED products
• Is not DOMINATED by 2-3 existing suppliers
• But remember find something you enjoy!

8
Planning

• Eureka moments need planning to succeed
• Both business planning and financial planning are
  required
• Plans allow you to focus on what is
  essential/important not just what is urgent!
• Failure to prepare is preparation for failure

9
Organising

• Sales Processes
• Cash Handling Processes
• Information Processes
• Processes, Processes and more Processes
• Process and Culture
• But remember you are in control

10
Launching

• Getting your Sales and Marketing Mix RIGHT
• Legal Aspects of running a business
• Getting your premises and equipment sorted
• Building up some early wins

11
Have you got what it takes..?
12
Have you got what it takes..?
13
Some further considerations

• Do you understand the implications are you
  sure..?
• What impact may it have on your direct family..?
• Do you have the correct skills..?

14
Are You Sure..?
LloydsTSB Small Business Guide
15
Do you have a family?
LloydsTSB Small Business Guide
16
Your skills
LloydsTSB Small Business Guide
17
LloydsTSB Small Business Guide
18
Your idea
LloydsTSB Small Business Guide
19
Generic Challenges

• You must be comfortable with change and
  uncertainty
• You must make a huge amount of decisions
• At some time you will face tough financial
  decisions
• You must be comfortable taking constrained risks
• You will need many generic skills and talents
• You must be comfortable with the potential of
  failure

20
Daunting..?

• Fortunately yes, a business will challenge you
  like nothing else in your life
• HOWEVER, the rewards easily outweigh the costs if
  approached effectively

21
Rewards

• High degree of independence
• Get to use a variety of skills and talents
• Freedom to make decisions
• Accountable to only yourself
• Opportunity to tackle challenges
• Feeling of achievement and pride
• Potential for greater financial rewards

22
Why Will YOU Succeed

• If you constantly evaluate your weaknesses and
  strengths and try to overcome shortfalls
• Your business idea and market has the necessary
  growth potential
• Your finances can withstand the shortfall of
  working capital

23
http//www.channel4.com/life/microsites/R/realdeal
/have_you/index.html
24
Further Links

• Need some suitable links in here
• Psychometrics
• http//www.becauseyoucan.com/display.jsp?category
  71
• http//www.channel4.com/life/microsites/R/realdeal
  /have_you/index.html
• Myers-Briggs
• MyersBriggs
• Belbin Analysis
• Belbin