Cliff Robbins. Sr. Business Advisor MSBDC

Transcription

1 Cliff Robbins Sr. Business Advisor MSBDC

2 Ambition is the fuel that can drive lifechanging events. Don t repress the future the way you may have repressed the past. Create a BIG dream: But beware; a nightmare is also a dream What are you passionate about? If no one will pay you to do it, you only have a hobby.

3 Just because you have some technical skills doesn t mean you re ready to run your own business To create a successful business you must master the basics: Management, Marketing, Finance, Operations, etc.

4 Job ONE? Create customers! Marketing plan USP Marketing Mix: Product Price place promotion

5 Keep your day job!

6 Planning Organizing Leading Staffing Controlling

7 Business Plan Required for borrowing 5 Cs of credit Financial statements: Income (P&L) Balance Sheet Cash Flow

8 Sales have to exceed expenses Collect your bills Take care of your customers Take care of your people Let s break them down The One Minute Entrepreneur

9 Making a profit is only necessary if you want to stay in business! You re in business for THREE reasons: You need a job You deserve a profit You re building an asset If you don t like selling, keep your day job!

10 CFIMITYM Don t be a bank for your customers. God bless Jenny! Take care of your numbers and your numbers will take care of you. THREE Financial Statements You can t manage what you don t measure!

11 You can get what you want if you help others get what they want. Lead with your ears -- 2:1 Listen to your customers to create the kind of experience they want. Look for Moments of Truth. Lifetime value Jan Carlzone Loyal customers drive success for your organization. CRM Ziz Ziglar

12 Passionate people drive success for your organization. Don t create a company full of ducks. Empowerment Everyone should be encouraged to be a leader. Management includes day-to-day coaching. Servant leadership Performance evaluations shouldn t just rate or berate; they should help them get all 5s.

13 Owners Concentrating on the Technical, Rather Than the Strategic Work at Hand Lack of Management & Systems Lack of Vision, Purpose, or Principles Failure to Establish and/or Communicate Company Goals Poor Market Segmentation and/or Strategy Competition or Lack of Market Knowledge Lack of Financial Planning and Review Inadequate Capitalization Absence of Standard Quality Program Over-dependence on Specific Individuals in the Business

14 Entrepreneurial Self Assessment 20 Questions

15 Motivation- drive, energy to succeed Enthusiasm- excitement, involvement Confidence- sure of your own abilities Risk taker- willingness to take chances

16 Competitiveness- wanting to win Perseverance- refusal to quit a task Creativity- imaginative thinking Organization- keeping things in order

17 Vision/Leadership- knowing where you want to be Persuasiveness- ability to convince others Honesty- truthfulness Adaptability- can handle new situations pivot

18 Understanding- can sense peoples feelings Self-discipline- sticking to a plan or schedule Independence- belief in oneself Purposefulness- doing things for a reason

19 Goal oriented- work steadfastly toward the goal Problem solver- think of solutions to problems Drive- desire to work hard Optimism- positive attitude

20 = Strong Entrepreneur = Mildly Entrepreneurial 120 & below = You'll find entrepreneurship undesirable and difficult OK That ends the math test BUT:

21 Do you have a lot of personal drive? Are you willing to work whatever hours it takes? Are you willing to give up the perks and invest & run your own business? Are you self-reliant, possess an internal locus of control?

22 Can you work without support? Are you healthy? You have the physical ability and stamina? Can you handle the stress?

23 Do you have patience when working and interacting with others? Do you communicate well? Can you be a leader: A trainer of your staff? Can you be the front person for your business

24 Can you maintain a positive relationship with the people who work for you? Can you meet the needs of your customers? Do you have an ability to sell yourself and your products or services?

25 Do you have the support of your family and friends? Can you afford to start your own business? Can you afford not to?

26 Visionary Ambitious Communicative Innovative Resourceful Purposeful Problem-solving Confident Curious Focused Risk-Taking Salesmanship Oriented Optimistic Leadership Oriented Integrity Based Adaptable Self-motivated Strategic Determined Team Oriented

27 Continually seek the advice of your advisors and mentors. Have fun!

28 Rather than be a person of success, strive to be a person of value.

29 CLIFF ROBBINS SR. BUSINESS ADVISOR MASSACHUSETTS SMALL BUSINESS DEVELOPMENT CENTER ISENBERG SCHOOL OF UMASS AMHERST