Samira B. Cook, Director DC Women's Business Center

Start-up Considerations “Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.” ~Jack Welsh Sponsored by: U.S. Small Business Administration Operated by:

The Case of the Fantastic Artist “You should start your own business” …but should you?

Is Entrepreneurship for You? There are NO guarantees in business There is no way to eliminate ALL risks You can improve your chances of success with: Good planning Preparation Insight

Why Small Businesses Fail Lack of experience Insufficient capital (money) Poor location Poor inventory management Over- investment in fixed assets Poor credit arrangements Personal use of business funds Unexpected growth

The GOOD News! For the right person, the advantages of business ownership far outweigh the risks. You will be your own boss. Hard work and long hours directly benefit you, rather than increasing profits for someone else.

Questions to Ask Yourself Are you a self-starter? How well do you get along with different personalities? How good are you at making decisions?

Questions to Ask Yourself Do you have the physical and emotional stamina to run a business? How well do you plan and organize? Is your drive strong enough? How will the business affect your family?

Entrepreneur Characteristics Persistence High energy level Goal-orientedIndependent Calculated risk taker CreativeCommitment Problem solving skills Tolerance for ambiguity Management Skills Organization skills Competitive Tolerance for failure Desire to work hard Luck

Questions About Your Business Is it practical? -Is there a demand for my product or service? -Can I create demand for my product or service? -Have I considered all the investments necessary? -Do I have support?

Business Planning Elements Vision or Mission Statement Analysis of competition: your competitive advantage Marketing Strategy Name, license, legal structure Financial analysis

Before You Act Gather as much information as you can Research Read: Newspapers, Trade Magazines Talk with experts

Setting Up: Funding Your Idea Sources of Funds Savings Family, Angel Investors Bank loans Microfinance Organizations Banks Venture Capital Investors Business Plan Competitions

Setting Up: Documentation Business name License Legal Structure Employer Identification Number (EIN) Insurance Location: lease or home- based business?

Your Edge: Competitive Advantage Study your competition What can you offer that is better than established organizations?

How Will You Make Money? Pricing Income and revenue forecasts Advertising/Marketing strategy Internet resources Staffing Compensation

Dream it! Do it! Mission Statement What do you want to achieve? Who will this serve? How will your business stand out? Write it last.

How Can We Help? Services for Start-Up Businesses Business AssessmentBusiness PlanningAccess to CapitalConnection to Mentors

How Can We Help? Services for Existing Businesses Business Assessment Business Growth Support: Counseling & Training Access to Capital Mentoring and Networking Opportunities

What’s Next? Vision 2 Action Orientation Series Upcoming series in September Business Planning Lab Upcoming series in September Register with the Women’s Business Center for additional support. Online: Telephone: