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Takin' Care of Business Seminar Series- Part 1 PRESENTS.

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2 Takin' Care of Business Seminar Series- Part 1 PRESENTS

3 Takin' Care of Business Seminar Series- Part 1 ARE YOU READY? Part 1 of the Takin’ Care of Business Seminar Series Presented By: Rod Francis & Denis Cote Advantage Venture Systems Inc.

4 Takin' Care of Business Seminar Series- Part 1 What Is Your Objective? To take control of your own life? The opportunity to build your future? A chance to live out your own dreams?

5 Takin' Care of Business Seminar Series- Part 1 Are You An Entrepreneur? Entrepreneurs are often thought of as the business tycoon who runs a multi million dollar company Actually, entrepreneurs are part of a larger group only some of whom want to start a business

6 Takin' Care of Business Seminar Series- Part 1 Who Is An Entrepreneur? Who is an entrepreneur Virtually anyone can be an entrepreneur by: pushing creative limits trying innovative approaches to work situations welcoming problems as opportunities

7 Takin' Care of Business Seminar Series- Part 1 What Is Entrepreneurship? Entrepreneurship is about much more than learning how to write a business plan and starting a business It is a whole new career approach

8 Takin' Care of Business Seminar Series- Part 1 What Is Entrepreneurship? It is seeing problems as opportunities in disguise It is about solving problems and finding new ways of doing things It is about the thrill and satisfaction of achieving goals that you have set

9 Takin' Care of Business Seminar Series- Part 1 What Is Entrepreneurship? “Some men see things as they are and say “Why? I dream things that never were and say “Why not? ” Robert F. Kennedy

10 Takin' Care of Business Seminar Series- Part 1 What Is Entrepreneurship? It’s not all about money It’s about adding value to yourself It’s about adding value for others

11 Takin' Care of Business Seminar Series- Part 1 Portrait of an Entrepreneur ! Sharp eyes Backbone Nose Strong Foot Wise Eyes BODY PARTS

12 Takin' Care of Business Seminar Series- Part 1 Portrait of an Entrepreneur ! CHARACTERISTICS What sets entrepreneurial people apart is their: positive attitude persistence commitment spirit of adventure

13 Takin' Care of Business Seminar Series- Part 1 Portrait of an Entrepreneur ! As an entrepreneur you will have many roles: administrator banker organizer manager mother / father ROLES

14 Takin' Care of Business Seminar Series- Part 1 Portrait of an Entrepreneur ! Successful entrepreneurs acquire these skills: goal setting leadership innovation organization, etc. SKILLS

15 Takin' Care of Business Seminar Series- Part 1 Portrait of an Entrepreneur ! SKILLS cont’d Entrepreneurs are not born with all these skills, they must learn, partner, network, or hire

16 Takin' Care of Business Seminar Series- Part 1 Elements for Successful Entrepreneur Fear of Failure Positive Beliefs Making Decisions Focus Goal Setting Problem Solving State of Mind Emotion Role Modeling Focus Fear of Failure Positive Beliefs Making Decisions Goal Setting Problem Solving State of Mind Emotion Role Modeling

17 Takin' Care of Business Seminar Series- Part 1 Fear of Failure Be cautious of what others say about business 9 out of 10 businesses will eventually fail Be alert of people who want to rescue you Question their real knowledge & qualifications

18 Takin' Care of Business Seminar Series- Part 1 Fear of Failure Business success is not that complex ! There are few critical factors for success Success does not require genetics or education All you need is the right knowledge, common sense, desire and reasonable effort.

19 Takin' Care of Business Seminar Series- Part 1 Fear of Failure Success comes from never giving up ! You fell down the first time you tried to walk You almost drowned the first time you swam You missed the ball on your first time at bat

20 Takin' Care of Business Seminar Series- Part 1 Fear of Failure There is no such thing as failure, only practice for Success!

21 Takin' Care of Business Seminar Series- Part 1 Fear of Failure “ Don’t be against things so much as for things.” - Colonel Sanders Colonel Sanders was refused 1,009 times before his first YES

22 Takin' Care of Business Seminar Series- Part 1 “Even a mistake may turn out to be the one thing necessary to a worthwhile achievement.” - Henry Ford Fear of Failure In his first 3 years in the automobile business, Henry Ford went bankrupt twice

23 Takin' Care of Business Seminar Series- Part 1 Positive Beliefs Beliefs about being an entrepreneur Risk Risk – you do not have to be a risk taker Age Age – you could be young or old Money Money – you do not need a lot of money Education Education – you do not need a college education

24 Takin' Care of Business Seminar Series- Part 1 Positive Beliefs Question: Is there such a thing as having the right stuff to be an entrepreneur ? Example: Bill Gates

25 Takin' Care of Business Seminar Series- Part 1 Positive Beliefs Answer: NO ! All you have to do is find & meet peoples needsAll you have to do is find & meet peoples needs

26 Takin' Care of Business Seminar Series- Part 1 Positive Beliefs Sam Walton - original owner of WAL-MART stores Sam believed that success comes from providing an environment where people can think, innovate and create to help him solve problems

27 Takin' Care of Business Seminar Series- Part 1 Positive Beliefs Become an entrepreneur Believe you can do it You must persist Follow the Nike advice ! “just do it” “just do it”

28 Takin' Care of Business Seminar Series- Part 1 Making Decisions Our decisions determine our success ! How you live today or how successful you are is the result of your decisions –Who you have decided to spend time with –What you have decided to learn –What you have decided to believe –Your decision to persist

29 Takin' Care of Business Seminar Series- Part 1 Making Decisions You must make important decisions every day!

30 Takin' Care of Business Seminar Series- Part 1 Focus What you focus on will determine what you do If you want to feel lousy, you will If you want to feel happy, you will You can focus on something to feel grateful You can focus on something to feel excited Focus controls how you see the world and what you do about it

31 Takin' Care of Business Seminar Series- Part 1 Focus Most people focus on what they fear, instead of where they want to go They usually hit what they focus on Example – back road

32 Takin' Care of Business Seminar Series- Part 1 Focus When people lose control, they zero in on what they want to avoid and they connect with it. What ever you focus on is where you will go Example – race car driver / look away from the wall

33 Takin' Care of Business Seminar Series- Part 1 Focus When problems come up we must: focus on solutions and not the problem focus on where we want to go instead of on what frightens us Remember when you change your focus, you don’t immediately change direction.

34 Takin' Care of Business Seminar Series- Part 1 Goal Setting (Think your Dream) We associate the word “dreams” (goals) with unreal expectations To achieve something, you must first dream and set a goal

35 Takin' Care of Business Seminar Series- Part 1 Goal Setting (Think your Dream) Anything the mind can conceive, and the heart can believe, you can achieve!

36 Takin' Care of Business Seminar Series- Part 1 Goal Setting (Think your Dream) Michael Jordan didn’t even make his high school varsity basketball team ! He turned this painful experience into a burning desire; he set a higher standard, an even greater goal for himself.

37 Takin' Care of Business Seminar Series- Part 1 Problem Solving Problem solving is about asking the right questions to yourself Questions control our focus, how we think and how we feel

38 Takin' Care of Business Seminar Series- Part 1 Problem Solving Don’t ask endless loop questions “why is life so unfair” or “why don’t my plans ever work out” Ask questions that will give you useful answers

39 Takin' Care of Business Seminar Series- Part 1 Problem Solving Focus on the positive not the negative Spend 10% of time analyzing the problem Spend 90% of time working on the solution Take action, don’t procrastinate Have … fun!

40 Takin' Care of Business Seminar Series- Part 1 Role Modeling Success leaves clues ! Role model someone who is successful at what you want to achieve You can learn the hard way (trial and error) or from the experience of others

41 Takin' Care of Business Seminar Series- Part 1 Role Modeling Find out what makes them best at it and duplicate their behavior, actions and beliefs You have to study success, you cannot leave it up to chance

42 Takin' Care of Business Seminar Series- Part 1 Constant Action (Plan Your Dream) Failing to plan is planning to fail Develop a plan of action, don’t leave it to chance. You must take continuous action towards your goals

43 Takin' Care of Business Seminar Series- Part 1 Preparing for Business starting a business will take more hours than any job you will ever have; if you don’t put energy into creating what you want, you’ll put effort into coping with what you’re given; prior planning prevents poor performance !

44 Takin' Care of Business Seminar Series- Part 1 Self Evaluation why do I want to start my own business ? what are my business skills ? what is the state of my personal financials ? is my family prepare for this change ? how well do I handle stress and uncertainty ? am I prepare to give it all I’ve got ?

45 Takin' Care of Business Seminar Series- Part 1 Business Expectations a lifestyle choice (owner-operator); employee base; huge growth potential; build up the business and sell out; longer term focus; other.

46 Takin' Care of Business Seminar Series- Part 1 Exploring Business Ideas size and scope of your business; from previous jobs; from personal interests; from research; franchise; businesses and industries to avoid.

47 Takin' Care of Business Seminar Series- Part 1 Assessing Feasibility why go through a feasibility analysis ? to determine if my business idea is profitable.

48 Takin' Care of Business Seminar Series- Part 1 What’s in a Feasibility Analysis? technical assessment; market assessment; supply assessment; cost to set up business; profitability assessment.

49 Takin' Care of Business Seminar Series- Part 1 Technical Assessment new idea or invention; improvement upon an existing idea or product; copycat product or service;

50 Takin' Care of Business Seminar Series- Part 1 Market Assessment who is the customer; market size, seasonality, trends; research and surveys; competition; sales volume and market share; marketing strategy.

51 Takin' Care of Business Seminar Series- Part 1 Supply Assessment where, when and how do I obtain the input supplies; subcontracting or make yourself;

52 Takin' Care of Business Seminar Series- Part 1 Cost Assessment what are the up front or one-time costs; what are the on-going fixed costs; what are the on-going variable costs.

53 Takin' Care of Business Seminar Series- Part 1 Profitability Assessment predict sales volume; bring in cost of goods, fixed and operating costs; determine expected profit (or loss); develop a monthly cash flow for the first year or two; develop annual cash flow projections for at least three years; develop profit/loss statements and balance sheets.

54 Takin' Care of Business Seminar Series- Part 1 Business Organization business structure:

55 Takin' Care of Business Seminar Series- Part 1 Financing Your Business am I prepared to put my own money into this idea ?

56 Takin' Care of Business Seminar Series- Part 1 Financing Your Business there is no shortage of money, its knowing where and how to find it; be prepared before you ask for money; sell yourself first and the business second; ask and you shall receive.

57 Takin' Care of Business Seminar Series- Part 1 Walt Disney was turned down 302 times before he got his first financing for his dream. “You may not realize it when it happens, but a kick in the teeth may be the best thing in the world for you.” - Walt Disney Financing Your Business

58 Takin' Care of Business Seminar Series- Part 1 Sources of Financing personal sources and borrowing capacity; friends and family; bank loans; leasing companies;

59 Takin' Care of Business Seminar Series- Part 1 Sources of Financing – cont. suppliers; other commercial sources; private investors; government.

60 Takin' Care of Business Seminar Series- Part 1 Developing Your Business Plan why is writing the business plan so late in this process ? the key to a business plan is in the “planning”;

61 Takin' Care of Business Seminar Series- Part 1 Developing Your Business Plan first and foremost the business plan is for you; it is needed to secure financing, contracts, etc.;

62 Takin' Care of Business Seminar Series- Part 1 Developing Your Business Plan the business plan is a written document; it has a typical layout. it “documents” your business proposal;

63 Takin' Care of Business Seminar Series- Part 1 Now You’re in Business “deliver the goods”; monitor your performance; measure your successes and failures; problem solve; make improvements; keep on planning !!!

64 Takin' Care of Business Seminar Series- Part 1 Get the… the…


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