Starting a Business King Saud University Entrepreneurship Center By Turki Faisal Al Rasheed 1

Before starting a business Choose a business based on your skills and interests Research the business idea Write a business and marketing plan 2

Starting a business Do not rush to a partnership Know your cash flow Know the market Reduce risks Be Flexible Focus on your goals 3

Do I need a business plan Not everyone who starts and runs a business begins with a business plan, but it certainly helps to have one. If you dont you will pay a heavy price. 4

What is a business plan A business plan should prove that your business will generate enough revenue to cover your expenses and make a satisfactory return for bankers & investors. 5

Reasons for writing a business plan Improve chance of finance Define and fix objectives Identify a new business Arrange agreement with partners Evaluate a new product line, is it promotion or expansion 6

Who needs a business plan Bankers, Venture capitalist and Investors that your business plan is worthy. 7

Contents of a business plan Executive Summary Is it a Products or Services Market Analysis Strategy and Implementation Financial Plan 8

What makes a successful business plan 9 A well reflect idea Clear and brief writing A clear and logical structure Highlight the ability to make the business a success Shows profitability

How to write a business plan Hire a professional Buy a book Use business planning software Present like a professional 10

Finding customers Realize there is no one path of success Be current be ready The secret of success is to be ready when your opportunity comes. Follow up after meetings Give a little to get a lot Work your personal network Study your competition Use multiple small ads instead of one big one Ask for feedback when prospects dont buy 11

Pointers in succeeding your own business Be true to yourself, customers and prospects Find a need and fill it Choose products or services that you can sell and make a profit Make realistic estimates of your expenses.. Then double them Effective marketing Respect and appreciate your vendors, manufacturers and service providers Utilize the web 12

Business failures Starting business for the wrong reasons Incompetent Management Insufficient Capital Lack of Planning Over expansion Failure to embrace new technologies and new developments Poor human resource relations Lack of clear objectives 13

Entrepreneur Entrepreneur is a person who organizes and manages a business, usually with considerable initiative and risk. Entrepreneurs emerge from the population on demand, and become leaders because they perceive opportunities available and are well- positioned to take advantage of them. 14

Summary Dream BIG but start small: a quote to reflect on More information check websites

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