Being an entrepreneur in Austria
Start up your own business ◦ Realize your dreams! Take over an enterprise ◦ In Austria many people take over an enterprise either from their parents or they buy one. Franchising ◦ Many people make use of a well-known established enterprise concept, for example Mc Donald’s. ◦ For this concept they have to pay charges. How you can become an entrepreneur in Austria? 2
◦ Individual enterprise ◦ General partnership ◦ Limited partnership ◦ Limited liability company ◦ Stock company For founding an enterprise you need: ◦ Certificate of competence ◦ Trade license ◦ Further requirements... Legal status 3
What is a business plan? ◦ Written company concept ◦ Forecast for future development Why a business plan? ◦ Explain concept to potential investors ◦ Guide for those involved Content of business plan ◦ Vision ◦ Management summary ◦ Description of business case (manufacturing vs. services) ◦ Financing (how to get money) ◦ Marketing Business Plan 4
Capital requirements ◦ Assets: building, machinery ◦ Working capital: goods or materials Foundation costs ◦ Costs for the preparation of a partnership agreement and for registration in the Commercial Register ◦ Following costs depend on the kind of enterprise (e.g. automotive-industries vs. consultancy): Piece of land Office building and facilites Vehicles Others Financing 5
Before foundation ◦ Analysis of demand, competition, distribution channels and market environment ◦ Market analysis Opportunities and threats Marketing-Mix ◦ 4 P’s – Product, Price, Promotion, Place ◦ Marketing strategy decide about promotion and financing Choice of location ◦ find fitting location for goods/services offered Market 6
Self-confidence Readiness to take risks Communication skills Motivation Fantasy Endurance Good education Personal requirements Job satisfaction Implementation of own ideas Freedom of decision Independence New challenges Disadvantages Security of a well-paid job Responsibility for success and failure QualificationsAdvantages 7