So you want to be an entrepreneur

REWARDS OF ENTREPRENEURSHIP FREEDOM INDEPENDENCE PERSONAL SATISFACTION/FULFILLMENT PROFIT

WHY AN ENTREPRENEUR Develop Financial Wealth – seek a return that will compensate for the time and money invested as well as a reward for the risk taken Be Your Own Boss Escape A Bad Situation Finding Fulfillment – making a positive contribution to your community Make Meaning – making the world a better place

TYPES OF BUSINESSES Start-up Franchisee Venture capitalist – i.e. Silicon Valley Home based On-line Green Nonprofit Existing business purchase Woman owned

VARIABLES THAT AFFECT YOUR ABILITY TO START UP AND GROW 1.The nature of the environment –stale, fast- changing, stable, or highly competitive 2.The availability of resources – labor, capital, etc 3.What are the taxes in your area, market (can you sell your product/service), government policies 4.Incentives to start – tax increment financing, grants, etc.

WHAT DO YOU NEED TO BEGIN? Resources: Capital Labor Management expertise Legal and financial advice A facility Equipment CUSTOMERS

BUSINESS FAILURE

HOW CAN YOU AVOID FAILURE? Effective planning and management Beginning with a business plan