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Bringing Vision To Reality 1. a)Clear view of yourself – you are your business b)View of what you can do c)Clear view of what you’re trying to do d)Understanding.

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Presentation on theme: "Bringing Vision To Reality 1. a)Clear view of yourself – you are your business b)View of what you can do c)Clear view of what you’re trying to do d)Understanding."— Presentation transcript:

1 Bringing Vision To Reality 1

2 a)Clear view of yourself – you are your business b)View of what you can do c)Clear view of what you’re trying to do d)Understanding of your target market e)What are legitimate obstacles? f)Clear view of your goals. How else will you know you’re successful? 2 You and Your Business

3 Balancing Talent and Time 1. 2 Critical components of effective business 2. You are 2 Parts a) Talent - Unique skill, ability, resources or service you are able to provide for a fee. b) Time – Amount of time it takes for you to perform talent or service Example: If you cook, how long? If you cut hair? How long? If you repair cars? How long? If you sew clothes? How long? 3.Mismanagement of time drastically affects your business effectiveness and profitability. 3

4 Are You Multi -talented? 1.) You can multiply talents but you can only divide your time! 2.) The more talented you are the more your time becomes a factor 3.) Questions that must be asked to effectively prioritize and balance time and talents a.) Do you have time to perform all your talents professionally? b.) If not, which talent is most profitable? c.) Which talent is most time consuming? d.) What is most valuable to me, my time or my talents? 4

5 Chain Effect – Links to a Vision Becoming a Successful Business 5 Vision Conceptualization Initialization Stabilization Innovation Profitability Replication Diversification

6 My business plan is not necessarily my concept My concept can be in my plan but they are not the same Example: Ford motor cars business plan is to introduce new hybrid cars in Before they can initialize that plan they have to develop a concept car. The plan and the concept car are two distinctive plans. The business staff develops the plan, engineers develop the concept car. The concept shows the others what you are doing It shows you where you need to improve. The real work is at the conceptualization level: research, comparison, costs, etc., must be done at this level. 6 Understanding Conceptualization

7 1996 Business Vision for Newspaper 7 Vision- To produce a multi-cultural Christian newspaper focusing on major issues in the body of Christ and the community at large Conceptualization – What are the distinctions and why are they important? 1.) Multicultural/Diverse – Non-existent at that time 2.) Issues and needs based – Approach was fresh distinct for others 3.) Free- Important for saturation- Guarantees advertisers that product will reach target market. Problems – New, untested, issues can’t be offensive- must be informative. 4.) We sold our concept to businesses (Ads)

8 Critical Factors for Success 1)Insure deliverables – Product must print and must be delivered to base 2)Start where you are most successful – your base. 3)Know your base. In this case church and community 4)What is your business base? Church and businesses within the community. 5)Is there overlap? 6)Can it help or hurt you? For example: Pictures of yourself on the business or in marketing formats. 8

9 Financial Breakdown Costs – Printing-.10 per copy; Fuel cost, overhead, rent, phone, secretary, etc. 10,000 copies - $ Rent -$ Utilities - $ Phone - $50.00 Fuel -$ Part-time Secretary- $ Total operation cost - $ $ Ads- $ /month Pay self $1600/month Approximate Expenses - $ Kept $ per month buffer 9

10 Living 2 Steps Behind your Business If you project $100,000’s in business You should operate in increments of $10,000 or less You should live in increments of $1000 or less Manage your hunger and appetite, you cannot eat the business which feeds you! Watch your lifestyle Personal Business Goal to develop $100K income through 4 streams. 10

11 1998 Vision for Consultant Firm Vision – to develop a consulting, marketing, professional service firm as a go between for contractors and their target markets. Goal was to improve professional services and increase revenue for African Americans businesses. Concept – None existed and could not be formed without initialization. Problems – 1.) no working concept existed 2.) No control over contractor’s abilities or services. 3.) My company had to assume liability 4.) My business name and reputation was at stake with untested businesses. 11

12 1999 Revised Vision for Consultant Firm Alternate Vision – to develop a consulting, marketing, professional service firm for a go between for non-profits and their target markets. Goal was to improve professional services and increase revenue for African Americans non-profit. Concept None existed Problems 1.) no working concept existed 12

13 1999 Businesses –Time- Personal Income Breakdown 13 Eric Davis Ministry #1 Priority Remain Flexible Non-Profit 5-10 hrs/wk $30 – $35K Vending Business 3 hrs every – 10 days $15-$25K/yr Contract 3 12K 4hrs/wk Contract 2 $24K 1-2 hrs/wk Contract 1 $50K hrs/wk Consulting Firm Business income 131K - $146K Professional Time Approx. 28 – 30hrs/wk Personal Income from Businesses Approx. $35K/mo Plus spouse Approx. 60K total

14 Business Model Test $50K to provide services 4hr/day - 5 days/week - 40 wks Minimum 2 employees required On site - no overhead Weekly supplies approximately $250/week How would you disperse these resources? 14


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