- Starting a Business - Are You Ready? January 26, 2013 Center for Entrepreneurship

1. - Starting a Business - Are You Ready? January 26, 2013 Center for Entrepreneurship and Innovation Alumni Relations Career Services School of Management

2. Center for Entrepreneurship and Innovation (CEI)(established 2012)

3. What is the CEI? This center is a physical,virtual, and intellectual place where both undergraduate and graduate students (all disciplines), alumni, staff, and faculty can find support to develop their ideas into new ventures. 

4. CEI Mission Our mission is to provide inspiration and guidance. We help students and alumni to gain more control over their economic future by developing the ability to create opportunities in the marketplace for themselves and others.

5. Workshop Outline • Speed Introductions – Your Idea • Meet the Alumni Entrepreneurs • Understand Entrepreneurship • Understand Yourself • Understand Your Business Idea • Evaluate Business Idea • Question and Answer – Entrepreneurs No decision rules – Only food for thought

6. Speed Introduction Who are you and what is your idea? 5 seconds

7. Meet the Alumni Entrepreneurs How did you know you were ready for entrepreneurship?

8. Understand Entrepreneurship What is an entrepreneur?

9. What is an Entrepreneur? “An entrepreneur is someone who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them”. (Zimmer and Scarborough)

10. What is an Entrepreneur? “A person who does everything he/she can think of to keep from finding a job.” (From B.C. by Johnny Hart)

11. What is an Entrepreneur? “Part of the problem of capturing the essence of an entrepreneur is the multifaceted nature of the entrepreneurial role. Entrepreneurs are often builders, creators, inventors, managers and leaders, all at the same time.” (W. Gibbs Dyer)

12. The Challenge “Of all the challenges that entrepreneurs face, nothing matches in difficulty the everydayness of business ownership. It exists from the moment you wake up from the moment you collapse in exhaustion at the end of the day. It’s exhilarating, terrifying and constant…….If you want an easy job, don’t start your own business.” (Jan Normam – What No One Ever Tells You )

13. Odds are Against You! • Very high failure rate • You can beat the odds! • Do your homework • Starts with a good idea • A good idea – not enough!

14. Let’s Vote • Do you still want to be an entrepreneur? • The odds are against you and it’s hard work!

15. Understand Yourself Are you an entrepreneur?

16. Bill Gates “When I started Microsoft I didn’t think of it as being risky….The thing that was scary to me was when I started hiring my friends, and they expected to be paid.” Bill Gates, Co-founder - Microsoft

17. Entrepreneurship - Self Test Source: Small Business Administration

18. Entrepreneurship Self Test Scoring Key: Yes 3 points No 2 points Maybe 0 points Source: Small Business Administration

20. Understand Your Idea Have you examined your idea – broadest sense?

21. Idea Type • Type A – New Market • Type B – New Technology • Type C – New Benefit • Type D – Replication

23. Evaluate the Business Idea What do you think? What factors to consider?

24. The Market Marketing Management/Technical Potential Customers Geography Promotion Competition Financials Financial Resources Personal Goals Intuition Evaluate the Business Idea Evaluation of the Business Idea Tool Source: University of Wisconsin-Milwaukee - SBDC

25. Conclusions

26. Question and Answer

27. Thank YouDonna Borgus, Director, Alumni RelationsMike Kahl, Director, Career ServicesGerard Zappia, Dean, School of Management