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I wish I knew that BEFORE I started my business!

Entrepreneurial Insights from the Trenches. I wish I knew that BEFORE I started my business!. Introductions. Gail Lorber, MBA Business owner for over 20 years Small Business Development Center Professor of Business & Entrepreneurship. So why do you want to own a business?. Your name

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I wish I knew that BEFORE I started my business!

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  1. Entrepreneurial Insights from the Trenches I wish I knew that BEFORE I started my business!

  2. Introductions • Gail Lorber, MBA • Business owner for over 20 years • Small Business Development Center • Professor of Business & Entrepreneurship

  3. So why do you want to own a business? • Your name • Your business (now or future) • What were your reasons for wanting to start and own a business?

  4. Myths about business ownership • I will be my own boss • I will have more time to do what I want • I can do everything myself • I’m a good cook so I should start a restaurant • I like you, you like me, and so we should become business partners • I will be profitable because I’m an expert at what I do

  5. Myths about business finances • I can get a government grant for start-up • I don’t need a business plan because I don’t need to borrow any money • I can borrow all the money I need for start-up • I’ll be able to write off all my expenses • I can pay myself whatever I want • Profit is the most important thing in business • I’m not selling much, so I’m not a “real” business

  6. Myths about business planning • I don’t need a marketing plan because my product/service sells itself • I’ll start small and that will minimize risks • Since a sole proprietorship is quick, easy, and cheap to start, it’s the best legal business form for me • A franchise isn’t a good option because you have to pay all those royalties and fees

  7. Myths about customers • The customer is always right • Every customer is equally valuable • If I sell my products/services cheaper than my competitors, I’ll get all the business • If I collect customer data, I’ll be able to connect with my customers • Once I have a customer, s/he is mine for life

  8. Myths about marketing • Competitors are always unfriendly • I really know my customers so I don’t have to do any market research • One size fits all is the safest way to start • If I build it (a Web site), they will come! • It is very easy to succeed online • An online business can be started without any knowledge

  9. Idea versus Opportunity • A good business IDEA is a thought, wish, or dream • A good business OPPORTUNITY meets three criteria: • Fills an identified need right now • Has customers who are willing AND able to pay • Has the potential to make sustainable profits

  10. And a few more key points… • START with the END in mind, because your desired harvest plan will affect all the decisions you make in your business • You need three key relationships: a banker, a CPA, and a business lawyer • You are not alone! • SBA (SBDC, SCORE) • Reference librarians (databases, information) • Networking and lead generation groups • Form a CEO roundtable group

  11. And a shameless self-promotion… • Marketable Skills Award Certificate in Entrepreneurship (for credit) • Small Business Management • Small Business Finance • Entrepreneurial Marketing

  12. The “excellence” factor • “Desire is the key to motivation, but it’s the determination and commitment to an unrelenting pursuit of your goal—a commitment to excellence—that will enable you to attain the success you seek.” ~ Mario Andretti, NASCAR driver

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