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Introduction to Business Ownership

Introduction to Business Ownership. 111 Monument Circle, Suite 1950 Indianapolis, IN 46204 317-917-3266 www.businessownership.org. Introduction to Business Ownership This program is provided with thanks to our generous sponsors:

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Introduction to Business Ownership

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  1. Introduction to Business Ownership 111 Monument Circle, Suite 1950 Indianapolis, IN 46204 317-917-3266 www.businessownership.org

  2. Introduction to Business Ownership This program is provided with thanks to our generous sponsors: U.S. Small Business Administration City of Indianapolis The Fairbanks Foundation The Glick Fund PNC Bank

  3. Agenda • Discuss what planning goes into starting a business and assess your readiness. • Understand the world of a typical business owner and determine if it’s right for you. • What type of business is best for you. • Identify next steps in business ownership.

  4. Boi’s Top 10 Things You’ll Need To Start A Successful Business • Clear vision with measurable goals • Desire and commitment • Entrepreneurial character • Operational skills • Industry knowledge • Handle on finances • Resources • Support • A market • A plan

  5. Clear Vision And Goals You’ve got to see it to believe it! Look into your ideal future. What does your business look like? What role do you have in the business?

  6. Clear vision and goals Do your business goals support your life goals? Why do you want to own your own business? What will your business to provide for you? What is the ultimate goal for your business?

  7. Commitment and Desire All goals are driven first by desire • Do you really want it? What is your motivation? • Are you conditionally or unconditionally committed? Are you prepared to do the work to make it happen? • How will you prepare for the lifestyle changes? • How will you prepare for sacrifices?

  8. Commitment and Desire Successful entrepreneurs are: Tenacious Self-motivated Focusedon the goal Patient Persistent Persevering

  9. Entrepreneurial Character Do you think like an entrepreneur? Do you act like an entrepreneur? How do your know? WORKSHOP ACTIVITY Complete the entrepreneur’s inventory.

  10. Entrepreneurial Character Which characteristics do your possess? • Customer focused • Decision-making ability • Reliable • Integrity • Good judgment • Creative and flexible • Self-disciplined • Driven to improve • Organized • Responsible • Independent • Problem-solver • Action-oriented • Calculated risk-taker • Always on the lookout for new opportunities

  11. Operation Skills • Sales • Accounting • Marketing • Budgeting • Communication • Manage people • Negotiating • Leadership

  12. Skills Complete an asset inventory. Be honest with yourself. What’s in your toolbox now? What new tools do you need?

  13. Industry Knowledge You don’t just need to know how to run A business, you need to know how to run THIS business. • What will it take to successfully run a business in the industry you’ve chosen? • Where do your access industry experience and information to assist your business?

  14. A Good Handle On Finances Money management skills are paramount! You run a business right now – You, Inc. • What is your money management style? • How do you manage your personal finances?

  15. A Good Handle On Finances Know your current household budget • What is your total income? • What are your expenses? Are any negotiable? • Does your current income cover your needs? Define your financial goals • What income will the business provide? • What income will you need to replace or to cover your current employment income and benefits? • How much financial cushion do you need to cover your living expenses until your business gets up-to-speed?

  16. Resources • What resources do you bring to the business? • What are your strengths, experiences, expertise? • Analyze your financial resources: • What money can you contribute to the business? • How much are you willing to risk? • Are you willing and able to take on debt? • What’s your credit score? Impediments to starting?

  17. Support Team Identify and develop your support network: • Friends and Family (cheerleaders & challengers) • Mentors • Other Entrepreneurs • Business Counselors • Professional Advisors

  18. A Thriving Market A business will not survive without customers! Market research can help answer these questions: • Is there need or demand for your product or service? • Who is likely to buy your product or service? • Who is your competition? • What is your marketplace? • Is the time right to start a business in this industry?

  19. A Workable Plan How are you going to get to your destination? • Your business plan includes: • Analysis of your market • Marketing plan • Start-up and operating costs • Financial projections • Operational details

  20. What Kind Of Business Is Right For YOU? Consider the following: • What are your experience and skills? • What are your interests and passions? • What type of working environment is best for you? • What is the market opportunity for your business? • What aligns to your available financial resources? • What about a franchise or existing business?

  21. Due Diligence Can your business succeed? Yes, if it is….. Desirable Feasible Viable

  22. BOI Can Help You Get Started FastTrac NewVenture GrowthVenture 10 week training program Skill Coaching Free Counseling Microlending Opportunities Business Networking Business Planning Financial Management Sales & Marketing Legal Issues Taxes and Insurance

  23. Begin Your Entrepreneurial Journey! Business Ownership Initiative of Indiana workshops.businessownership.org 317-917-3266 information@businessownership.org

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