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    Entrepreneurship

    Uploaded by

    Talha Akram
    Entreprenuership slides

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd

    Entrepreneurship

    Uploaded by

    Talha Akram
    132 views21 pages
    Entreprenuership slides

    Original Title

    1617746696

    Copyright

    © © All Rights Reserved

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    Entreprenuership slides

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    132 views21 pages

    Entrepreneurship

    Uploaded by

    Talha Akram
    Entreprenuership slides

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 21

    Entrepreneurship

    1
    Tim & Nina Zagat
    The Zagat Survey, which began as a
    guide to New York City restaurants,
    today rates restaurants and other travel
    and entertainment destinations
    worldwide.
    The Zagats, both 1966 graduates of
    Yale Law School, discussed creating the
    Zagat Survey with students at the Yale
    School of Management on March 27.
    Tim Zagat is the co-Founder of Zagat
    Survey®.
    Nina was named one of the Leading
    Women Entrepreneurs of the World by
    the Star Group in 2001

    2
    Characteristics of
    Successful Entrepreneurs
    Recall personal characteristics and skills
    needed for a successful entrepreneur.

    3
    Personal Characteristics of
    Successful Entrepreneurs

    •Persistent •Goal-oriented
    •Creative •Independent
    •Responsible •Self-confident
    •Inquisitive •Risk taker

    4
    Skills Needed by Successful
    Entrepreneurs
    •Communication skills
    •Human relations skills
    •Math skills
    •Problem-solving & Decision-making skills
    •Technical skills
    •Basic Business skills

    5
    5 Steps of the
    Entrepreneurial Process
     1. Discovery
     2. Concept Development
     3. Resourcing
     4. Actualization
     5. Harvesting

    6
    Step 1: Discovery
    The stage in which the entrepreneur
    generates ideas, recognizes
    opportunities, and studies the market.

     Entrepreneurs consider the following:


     Hobbies or Skills
     Consumer Needs and Wants
     Conduct Surveys and Questionnaires
     Study Demographics

    7
    Step 2: Concept Development
     Entrepreneurs prepare the following in
    this step:
     Develop a Business Plan
    ◦ A detailed proposal describing the business idea
     Choose Location for the Business
    ◦ Is the business online or does it have a physical
    location for customers to visit to purchase products,
    services or combinations.
     Decide if the idea will need a Patent or Trademark
    ◦ Patent –
    ◦ Trademark -

    8
    Step 3: Resourcing
     The stage in which the entrepreneur
    identifies and acquires the financial,
    human, and capital resources
    needed for the venture startup, etc.

     Entrepreneurs contemplate the following:


     Identify Potential Investors
     Apply for loans, grants and financial assistance
     Hire employees

    9
    Step 4: Actualization
    The stage in which the

    entrepreneur operates the business


    and utilizes resources to achieve its
    goals / objectives

     Entrepreneurs prepare for the following:


     Grand Opening of the Business
     Day to Day Operations of the Business

    10
    Step 5: Harvesting
     The
    stage in which the
    entrepreneur decides on venture’s
    future growth, development, or
    demise.

     Entrepreneurs consider the following:


     Future Plans for the Business:
    ◦ Expansion to additional locations
    ◦ Company to change structure

    11
    3.03
    Starting a Business

    Understand the procedures and


    requirements
    for starting a business.

    12
    Starting a Business
     1. Develop a Business Plan
     2. Acquire Finances
     3. Meet Legal Requirements

    13
    Develop a Business Plan
    A Business Plan is a detailed
    proposal that describes a new
    business.

     Business Plans are:


    ◦ Presented to potential investors and lenders
    ◦ Most business plans are 30+ pages

    14
    Purposes of a Business Plan
     Business Plans are used to:
    ◦ Obtain Financing
     Banks and Potential Lenders require a business plan

    ◦ Helps organize and analyze data critical to new


    business.

    ◦ Provides a start-up proposal


     Provides and outline to follow when starting the business.

    15
    (1-3)
    Components of a Business Plan
     Executive Summary:
    ◦ Brief one to two page description of the key
    points of each section of the business plan
     Product/Service Plan:
    ◦ Presents Product or Service being offered
    ◦ Unique features of the Product or Service
     Management Team Plan:
    ◦ Qualifications of the Entrepreneur
    ◦ Qualifications of any Partners who may be
    involved in the business venture

    16
    (4-6)
    Components of a Business Plan
     Industry/Market Analysis:
    ◦ Analyzes the: Customers / Competition / Industry /
    Demographic / Geographic and Economic data
     Operational Plan:
    ◦ Includes all processes involved in producing and/or
    delivering the product or service to the customer
     Organizational Plan:
    ◦ Management philosophy of the business
    ◦ Key management personnel
    ◦ Key employment policies

    17
    (7-9)
    Components of a Business Plan

     Marketing Plan:
    ◦ Describes how the business will make its customers aware of its
    products/ services.
    ◦ The Market being served / Marketing Strategies / Promotional Plan /
    Marketing Budget

    Growth Plan:
    ◦ Presents plan for future expansion of the business
     Financial Plan:
    ◦ Includes financial statements that will help forecast the future
    financial health of the business.

    18
    Finance the Business

     Identify Potential Investors


     Examples:
    ◦ Family and Friends
    ◦ Other Businesses
    ◦ Employees
     Contact Financial Agencies for loans, grants and financial
    assistance:
    ◦ Small Business Administration
    ◦ Banks / Credit Unions
    ◦ Insurance Companies

    19
    The Legal Environment

     Additional Legal Requirements for some businesses:


     Permits, Certifications or Licenses:
    ◦ an official document giving someone authorization to run their business
    under the extension of the direction of the Local, State and Federal Laws.
     Contracts:
    ◦ a written or spoken agreement, especially one concerning employment,
    sales, or tenancy, that is intended to be enforceable by law.
     Zoning Laws:
    ◦ specify the areas in which residential, industrial, recreational or commercial
    activities may take place.
     Taxes:
    ◦ a enforced contribution of funds to state revenue, levied by the government
    on workers' income and business profits or added to the cost of some
    goods, services, and transactions.

    20
    Protecting Your Business

     More Legal Documents to Protect Your Business:


     Trademarks:
    ◦ Protects a business’ name / logo.
     Patents:
    ◦ Protects the invention of products or processes from theft.
     Copyrights:
    ◦ Protects Creative Works: Literary, Musical, Dramatic, Artistic
    works

    For More Information visit:


    https://www.uspto.gov/trademarks/basics/trade_defin.jsp

    21

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