Our New Entrepreneurs

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Our New Entrepreneurs

• How Everyday Americans
• Create Thriving Companies

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The Growth of Small Business

• More than 1 million new businesses are started
  each year
• 80 of our companies now have 20 employees or
  less
• Only 3 of our businesses have more than 100
  employees
• 3/4 of our jobs are created by small companies

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Reasons for Shift

• Development of technology
• Globalization of economy
• Changing American family

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The Surge of Entrepreneurship

• 4 of American adults are in the process of
  starting a business
• 1/3 of American households have had some
  experience starting a business
• 50 of business students want to own and operate
  their own company
• 64 of women 18 to 34 want to start their own
  business

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Our New Economy

• Agricultural economy
• Mass-production economy
• Information economy
• Customer-driven economy

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The Bad News

• 50 of new businesses fail within the first 5
  years
• In some industries, 50 of new businesses fail
  within 2 years

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The Ten Keys to Success

• 1 Knowing the terrain
• 2 Seizing the opportunity
• 3 Finding a mentor
• 4 Radiating zeal
• 5 Working with tenacity
• 6 Giving mind-boggling service
• 7 Building the team
• 8 Getting more from less
• 9 Notching it upward and onward
• 10 Giving something back

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Knowing the Terrain

• Knowing the industry
• Knowing the competitors
• Knowing the products
• Knowing the services
• Knowing customers needs
• Knowing the missing pieces

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Seizing the Opportunity

• A need that is not being met
• Credible position in the industry
• Resources to get started
• Customer who want to buy the product or service
  RIGHT NOW!

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Finding a Mentor

• Someone with business experience
• Someone who knows you fairly well
• Someone with passion for idea
• Someone with business contacts

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Radiating Zeal

• Passion for products or services
• Passion to be successful and independent

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Working with Tenacity

• Having a remarkable work ethic
• Taking responsibility for outcomes

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Giving Mind-Boggling Service

• Exceeding customer expectations
• System to maintain superb service

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Building the Team

• Board with relevant experience
• Executive team with critical skills
• Sharing of company ownership
• Partnerships with suppliers

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Getting More From Less

• Going in lean
• Staying lean
• Low cost provider

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Notching it Upward and Onward

• Expanding the core business
• Extending beyond core business

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Giving Something Back

• The business supports the community
• The community supports the business

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The Ten Keys to Success

• 1 Knowing the terrain
• 2 Seizing the opportunity
• 3 Finding a mentor
• 4 Radiating zeal
• 5 Working with tenacity
• 6 Giving mind-boggling service
• 7 Building the team
• 8 Getting more from less
• 9 Notching it upward and onward
• 10 Giving something back