1 Your Personal Entrepreneurship Professor How to REALLY start your business or non-profit: Introduction to going from zero to startup
2 Introductions What Qualifies Me to Teach You Business Background I have started my own business and non-profit and have helped my wife start her fitness business Education MBA, MSF, PHD Candidate, CEcD economic development certified Teaching Adjunct Professor Creighton University Entrepreneurship Department, Metro Community College, Business Former NeighborWorks Business Plan Instructor Former ISED Business Plan Instructor Career Former Omaha Small Business Network Executive Director Former Business Banker Wells Fargo Bank I have worked with over 700 entrepreneurs & owners, as banker, community instructor, college professor, consultant, and community lender
4 Disclaimer These are all recommendations and do not constitute legal recommendations in any form. For the legal aspects of starting a business make sure you use a trained legal representative.
5 Key Things This blue pin means that it is an extra important point to keep in mind during the presentation.
6 What You Will Learn 1. Introductions 2. Mind Before Money: The Inner Game of Entrepreneurship is the Most Important Part 3. The Different Forms of Entrepreneurship: Which One Fits You? 4. Legal Structure: What is The Difference & Which One is Right For you 5. Forming Your Organization: How to Get it Going 6. Funding Your Organization: What Types Are Out There 7. The For Core Components of Business: You Need to Understand Everyone 8. Wrap Up
7 So What is Business Anyway? Business is about exchanging value It is about YOU PROVIDING something valuable to a customer. And The CUSTOMER RETURNING something of value (usually money) back to you. Business is ALWAYS about providing value.
8 Mind Before Money!
9 I Invite You To Leave Are you INTERESTED? Or Are you COMMITTED?
10 Mind Before Money: The Inner Game of Entrepreneurship is the Most Important Part We will cover 1. Understanding Success 2. The Process of Achievement 3. Assessing Your Readiness
11 Mind Before Money: True Success Security Success! Contentment
12 Mind Before Money: True Success Contentment Satisfied with who you are, what you are doing and how you are doing it. Maya Angelo Security You have positioned yourself financially to take care of your current and future needs without worry.
13 Mind Before Money: The Cycle of Achievement Goals Achievement Belief About Self Life Vision
14 Mind Before Money: Life Vision Creating and pursuing a strong LIFE VISION is the MOST IMPORTANT thing anyone can do to successful. In fact, I argue that nothing else even comes close! Creating a strong and compelling vision for your life that is built around your passions, ambitions and a strongly defined understanding of who and what you want to be will make you unstoppable.
15 Mind Before Money: Your Life Vision I am a world changer. My passion is to use the full range of my gifts and talents to help as many people be successful as possible in their lives, businesses and communities. By doing this I WILL help make the world a better place. I have more than enough wealth to take care of my family, to support organizations that share my same vision and to help those in need. I am happy. I am content. I am living my purpose. I have positive, wonderful relationships with my family and friends. I am respected by people across the world. Dell Gines Life Vision
16 Mind Before Money: Belief About Self Whatever you believe is true. If you believe that you can t do something then until you alter that belief your belief will be true to you. Altering your beliefs around what you can do and be is essential to long term success. Ways to help you do this are through education, mentoring, new friends who do what you want to do.
17 Mind Before Money: Goals Goals are the steps to achieving your life vision. Crawl before you walk. Walk before you run. Set realistic goals, in achievable increments. Always act.
18 Mind Before Money: Achievement Achievement in the short run is accomplishing your goal. Achievement in the long run is achieving your life vision. Achievements build on each other. So keep working towards and accomplishing your goals and you will be a high achiever.
19 Types of Entrepreneur
20 Types of Entrepreneur Non-Profit Social Entrepreneur Life Style Entrepreneur Serial/Growth Entrepreneur
21 Types of Entrepreneurship: Non-Profit Non-Profits Seek to create positive social change through products, services and activities that solve a community problem. 1. Started by individuals or groups who have a passion for a community issue 2. Organized exclusively for the benefit of the community 3. Community retains ownership, individuals do not get to keep the profits or equity from the company
22 Types of Entrepreneurship: Non-Profit 4. Can acquire tax exempt status from the IRS so they don t pay taxes on income Best for individuals whose primary motivation is to improves society by using volunteers and grant funding. The are less concerned about ownership and high income.
23 Types of Entrepreneurship: Social Entrepreneur Social Entrepreneurship Seeks to create positive social change through innovation and business oriented processes. 1. Can be either for profit or non-profit 2. Can be a combination of community focused and profit generating 3. If organized as a for profit owner can retain profits and equity in the from the company 4. May be tax exempt (if organized as a non-profit) can acquire volunteers based upon mission
24 Types of Entrepreneurship: Social Entrepreneur Best for individuals who seek to use profit and business models to create social change. Requires business skills, and the ability to create revenue for the organization from both grants and funders as well as by selling products or services. Examples Habitat for Human, Grahmeen Bank
25 Types of Entrepreneur: Lifestyle Entrepreneur Lifestyle Entrepreneur Starts a small business to earn income in an area they enjoy and will pay the bills for the household. 1. Can be necessity based (meaning you lost your job, or you needed extra income so you started a business) or your typical mom and pop small business. 2. General is small either single owned, or less than 10 employees. 3. The owner is usually the only manager that is needed. 4. The owner doesn t want to grow into a huge company, but wants to build a business than can either generate extra revenue, or support his or her family and lifestyle
26 Types of Entrepreneur: Lifestyle Entrepreneur Good for individuals who need to earn extra income or seek to own a business instead of a job. Examples Most businesses that you see around your local community (food shops, daycares, salons, etc.)
27 Types of Entrepreneur: Growth Entrepreneur Growth Entrepreneur Starts a business exclusively to make it as large as possible and either sell it or take it public. 1. Constantly innovating and seeking to grow or create businesses that can scale up rapidly and be sold to other companies or corporations 2. Typically use venture capitalist, and angel investors to fund the company, and generally required more than $1 Million to start 3. Require knowledge and management experts to manage different areas of the business because it has grown beyond the owners ability to manage themselves
28 Types of Entrepreneur: Growth Entrepreneur Good for individuals who have natural entrepreneurial aptitude, can raise or acquire a lot of funding, is a work-a-holic, is very driven, and can put growing the business as their number one priority
30 Legal Structures
31 Legal Structure: What is The Difference & Which One is Right For you What We Will Cover 1. Understanding Business Different Business Forms 2. Starting a Sole Proprietorship or Partnership 3. Starting a Corporation 4. Starting a Non-Profit Corporation
32 Legal Structure One of the most important things in starting a business or non-profit is making sure you form the right legal structure.
33 Legal Structure: Sole Proprietorship & Partnership Sole Proprietorship You and the business are one and the same. If someone sues the business they are suing you as well. Strength - Easy to start. Weakness Mixes personal with business so high personal risk if sued. Partnership You and your partner(s) are the business. If someone sues the business they sue you also. Strength - Easy to start. Weakness Mixes personal with business so high personal risk if sued. Also partnerships have risk if partners disagree.
34 Legal Structure: Corporations Corporations There are multiple forms of corporations including limited liability companies (LLCs), S-Corporations and C-Corporations. Each one has different advantages and disadvantages. When you form a corporation it is its own separate entity. In a for profit corporation one or multiple individuals can own either stock in the company (if a corporation) or a percentage of the company (if an LLC). It operates under articles of incorporation and bylaws, or articles of organization. If the company is sued, they can t sue you personally. Strengths You personally can t be sued so your personal assets are secure. Easier to raise funds from investors. Weaknesses More complex to form and maintain.
35 Legal Structure: Non-Profit Corporations Non-Profit Corporation A non-profit corporation is formed in a similar fashion to a for profit corporation. It requires articles of incorporation and bylaws. A non-profit corporation however is owned by the community, and governed on it s behalf by a board of directors. Strengths Tax exempt status. Easier to acquire grants and donations. Weakness - Because it is owned by the community no equity can be owned by individuals in the organization. Founder can be ousted.
36 Legal Structure: Protect Yourself NOTE: Although you can do all of this yourself (I did), I strongly urge you, particularly in the case of more than one owner, or in any corporate form that you at least have an attorney review your documents. Like in boxing, in business you also need to PROTECT YOURSELF AT ALL TIMES!!!
37 Forming Your Organization: Sole Proprietorship & Partnership Name Determine if you want to use you re a trade name (If a sole prop). Sole props are the only business form you can use your social security with Create a Trade Name & publish it in the newspaper Agreement For partnerships create a partnership agreement that specifies the roles, responsibilities and revenue sharing of the partners. Employer Identification Number Your employer identification number is like a social security number for your business. Every business but sole props using social security numbers need an EIN. Tax & License Forms Fill out necessary tax and license forms. These will be different by state, the types of businesses your are forming, and the legal structure of your business.
38 Forming Your Organization: Forming Your Corporation (LLC, S-Corp, C-Corp) Articles of Incorporation For S-Corps and C-Corps your first goal is to create articles of incorporation. What should be in the articles is unique from state to state. For an LLC you will create articles of organization. Bylaws Bylaws are important to corporations. They detail the way the organization is going to be run, which officers are responsible for running it and more. LLCs often have operating agreements instead. Employer Identification Number, Tax & License Forms Your employer identification number is like a social security number for your business. This is easy to get on the IRS website. Fill out necessary tax and license forms. These will be different by state, the types of businesses your are forming, and the legal structure of your business. Stock & Ownership Stock is a piece of ownership in your company. Corporations can issue stock (consult and attorney) and LLCs issue a percentage of ownership in a company. This allows you to distribute ownership and raise money in multiple ways.
39 Forming Your Organization: Forming Articles of Incorporation Your Non-Profit Non-profits are corporations as well so they will also need articles of incorporation Bylaws Non-profit bylaws are similar to corporate bylaws. They detail how the organization is supposed to conduct business. Employer Identification Number, Tax & License Forms Non-profits also need an EIN number and in some cases tax & license forms depending on what services and products they are selling. 501C3 Non-profits technically don t need a 501c3. However most pursue this IRS designation because it makes it easier to get funders.
40 Forming Your Organization: Quick Hits 1. Why many small companies are starting as LLCs. LLCs are currently the trendy form of organizing your company. Most small businesses like them because they are easy to set up, they are taxed like a sole-proprietorship but still have the corporate protection. Also, instead of selling stock in an LLC you can designated percentage of company owned in the operating agreement. 2. Non-Profits and Boards of Directors 1. Non-profits are governed by boards you will initially select. Make sure you pick board members with skills that you will benefit the organization. 2. Remember, you don t own a non-profit. This means that a board can technically vote you off of an organization that you created. 3. Funders often look closely at who is on your board.
41 Funding Your Business
42 Funding Your Business Three Forms of Funding Sources 1. Capital 2. Credit 3. Gifts
43 Funding Your Business: Capital Capital is money that is paid into the company and with the exception of a non-profit organization, the owner expects to get a return on investment (ROI) from the dollars he or she puts in. It is not required to be paid back, and if the company loses money, or goes out of business, the investor loses money.
44 Funding Your Business: Capital Sources 1. Your Pocket Book Your personal savings, or dollars that you have set aside to put into your business. 2. Friends, Family, Fools Individuals that you know or who believe in your idea for the business. 3. Angel Investors Larger dollar personal investors (usually $150, 000 to $2 Million or above) that invest in a company for an ownership percentage. 4. Venture Capitalist Much larger dollar ($2 Million or above) investors who are very systematic and organized in how they invest in companies.
45 Funding Your Business: Credit Credit is debt that you borrow from someone else with an expected pay back period. Unlike capital, the company that provides you with credit does not receive a percentage of ownership from the company, or is entitled to more money if the company is profitable.
46 Funding Your Business: Credit Sources 1. Personal Credit Home equity, credit cards, personal loans 2. Business Loans term loans, lines of credit, real estate 3. Micro Loans Community based lenders with loan funds to small businesses
47 Funding Your Business: Gifts Gifts are usually provided to non-profits only. They are giving based upon the givers belief in the organization and (typically) don t require any payback (like a loan) or ownership percentage given (like capital).
48 Sources Funding Your Business: Gifts 1. Government Grants Grants set aside for community agencies to serve the greater community 2. Foundation Grants Grants from entities put together exclusively for providing funds to non-profit organizations 3. Donations Individual gifts (such as church offerings) to an organization 4. Personal Gifts Like donations, these are provided by individuals who support the role of your organization 5. Endowments A large gift by a philanthropist to an organization, whereby the interest on the gift perpetually funds the organization
49 Funding Your Business: Quick Hits 1. There is no such thing as Business Credit where you can form a company and your personal credit doesn t matter. At least this is true for a small business. 2. There are very few grants for profit businesses. While there are some, they are few and far between and usually for specific types of businesses.
51 The Four Components of Business
52 The For Core Components of Business: You Need to Understand Everyone What We Will Cover 1. Management 2. Marketing 3. Operations 4. Finances
53 The Four Components of Business Management Operations Marketing Finance
54 The Four Components of Business: Wearing All the Hats In virtually all startup companies the founders are tasked with wearing all the hats in the company. They have to have some skills or knowledge in all the four areas of business. It is important to really reflect on where your skills are in the four areas and what skills you need to develop in order to be an effective owner.
55 The Four Components of Business: Management Management serves as the brain of the organization. In small startup businesses this typically is the owner(s). As you grow bigger it could be key staff that you hire on to manage specific pieces of your business. You being a good manager and having good managers around you if you are a bigger company is one of the most important thing you can do. Don t take developing your skills for granted. Management includes who is going to run the company (typically the owner), what are their credentials and skills, and who is their support team (IE mentors, do they have an accountant, banker, attorney).
56 The Four Components of Business: Management When you are thinking through management ask yourself: 1. Have I created a strong mission for the company 2. What are my short and long term objectives 3. What attitudes and skills do I need to develop to be successful 4. Do I have the right people and resources around me to accomplish what I need 5. Am I effectively managing my time and energy to grow the company
57 The Four Components of Business: Operations The operations are the who, what, when, where, and how you make, build, buy, and house your products or services. If you are a manufacturer it would be assembly lines, where you get your materials, etc. If you are a retailer is would be who your supplier is, how do you manage inventory, etc.
58 The Four Components of Business: Operations When you are thinking through operations ask yourself: 1. What kind of location and equipment do I need 2. How do I design and build my products 3. What kind of staffing do I need to do all the things I need done in the business 4. What is my process for receiving and delivery my product pieces and products from my suppliers and to my customers.
59 The Four Components of Business: Marketing Marketing is THE MOST IMPORTANT PART OF BUSINESS. It is understanding who will buy your product, why they will buy their product, how many of them are out there that will buy your product, and how to effectively communicate to them about your product. If I was going to pick one thing to focus the majority of my time on as a startup it would be understanding my market.
60 The Four Components of Business: Marketing When you are thinking through marketing ask yourself: 1. What value am I providing to my customers? 2. How do I make the people who would buy my product aware that I am out there? 3. What do I want people to think about when they think about my product or service? 4. How do I get people who know about my product to buy it?
61 The Four Components of Business: Non-Profit Note Marketing Non profits have two markets, they have both the market for people that will use their services and they the market for individuals who will fund their organization. Both of these should be planned for
62 The Four Components of Business: Finance Finance consists of what you are projecting your sales and expenses to be. What type of equipment you own, what type of debt do you owe, how much is the company worth, how much money do you need to start it and keep it running and growing. This is usually done in the form of financial statements, income statement, balance sheet, and cash flow.
63 The Four Components of Business: Finance Software like QuickBooks is great for helping you prepare your finances. There are many software training classes available. If this isn t a big skill of yours I recommend a good book keeper.
64 The Four Components of Business: Business Planning 1. Planning is necessary. It helps you stay in line with your vision, and it make sure you have a sound understanding about how you are going to be profitable. 2. Most non-profits don t start with a business plan. I encourage you too. The same classes that work for businesses will work for you. 3. Do the best you can, do your homework, gain a true understanding of your business. It will help you be successful.
65 Wrap Up 1. Mind Before Money: The Inner Game of Entrepreneurship is the Most Important Part 2. The Different Forms of Entrepreneurship: Which One Fits You? 3. Legal Structure: What is The Difference & Which One is Right For you 4. Forming Your Organization: How to Get it Going 5. Funding Your Organization: What Types Are Out There 6. The For Core Components of Business: You Need to Understand Everyone
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BUSINESS ENTITIES IN COLORADO Types of Colorado Business Entities When starting a business there are many different formats available. In fact, there are so many choices it can be quite dizzying. In general
How to Assess Your Financial Planning and Loan Proposals By BizMove Management Training Institute Other free books by BizMove that may interest you: Free starting a business books Free management skills
Setting Up the Right Business Entity Deborah S Sweeney, Esq. Jeffrey Bradley, CPA 1 Objectives 1. Discuss Incorporations & Online Business Filings for Accounting Professionals 2. Understand Business Entity
2015 10 Reasons To Learn More About Charitable Giving and Tax Reduction NOVEMBER 2015 LOWENBERG GROUP Every few days I come up with a list of 10 ideas on a topic I have been thinking about. Usually they
One of the most important decisions facing a new business owner is the selection of the most appropriate legal entity for their new business. There are several options including C Corporations, S Corporations,
THEME: UNDERSTANDING EQUITY ACCOUNTS By John W. Day, MBA ACCOUNTING TERM: Equity Equity is the difference between assets and liabilities as shown on a balance sheet. In other words, equity represents the