Determining Your Entrepreneur Potential. Martha D. Soffer U.S. Small Business Administration

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1 Determining Your Entrepreneur Potential Martha D. Soffer U.S. Small Business Administration

2 Who is an Entrepreneur? A a person who organizes and manages a business and assumes risk for the sake of making a profit. A person who may not necessarily upfront have all of the proper skills, but fills the gap with knowledge through education, mentoring or training. A person who hires the right consultants, employees, and managers, professionals and suppliers

3 Characteristics of a Successful Entrepreneur Guts and Willingness to Fail An overwhelming desire to have and succeed in your own business. Personal responsibility and devotion to the business. Patience and the ability to hang-in during the roller coaster phases. Trial and error will be one of your mantras, but error will never used as an excuse to fold-up and call it a day.

Personal responsibility and devotion to the business.

4 Characteristics of a Successful Entrepreneur Brains While appropriate educational credentials are important, you ll need a working knowledge about the business before you start it. Common sense, experience, cautiousness, follow through and attention to detail will make or break you.

5 Characteristics of a Successful Entrepreneur Ability to Raise Capital Your own money plus sufficient capital to maintain a positive cash flow for at least one year. (Savings, loans, investors, crowd funding, friends and family) Click on Financing and Local Resources

6 Are you a self starter? It will be up to you to develop projects, organize your time and follow tasks through to completion.

7 How well do you get along with different personalities? Know Thy Self Your answer will determine what type of business you should start. Customers Vendors Employees Bankers Lawyers Accountants Consultants

8 Are you a good decision makers? Business owners needs to make decisions constantly; Quickly Independently Under Pressure

9 How well do you plan and organize? Poor planning might result in business failure Good organization of financial, inventory, schedule and production can help an Entrepreneur be successful.

10 How will the business affect your family? The first few years are the hardest for you and your family. Are you prepared to balance the two? Family members need to know what to expect and their support and buy in are vital.

11 Traits Necessary for Successful Entrepreneurs Creativity: able to create new ideas and ways of solving problems Adaptable High self-confidence Challenge-oriented Idea-oriented

12 Traits Necessary for Successful Entrepreneurs Innovative: ideas/products/services Idea Generation: --Imagination and Vision and Brainstorming --Trial and Error and Problem-solving --Books, Articles, Websites, Blogs, Industry Publications, --Workshops, Conferences, Industry Publications. --Business Advisors, Mentors (SBA Resource Partners).

Problem-solving --Books, Articles, Websites, Blogs, Industry Publications,

13 Positive Attitude Successful entrepreneurs Are optimistic View problems as opportunities Know that a positive mental attitude is the key to success Your thoughts have power.

14 Vision and Purpose What type of business should you start? It all depends upon: Experience Interests A Market Need

15 Preparation How well are you prepared? Business Plan Know and Research Your Competition Trade Magazines, Books- Industry Trends Professional Business Assistance: SBA Resource Partners Click on Local Resources

Magazines, Books- Industry Trends Professional Business

16 Know Your Individual Style Highly organized? Energetic and action oriented? Steady and persistent? Goal-oriented? Hard working? Need to be in control? Risk taker or risk adverse?

17 Know Your Individual Style? Dependable? Self-motivated? Cooperative and team player? Flexible? Alert to challenges and opportunities? Strong leader? Effective communicator? Willing to ask for help?

18 What are Your Practical Skills? Capable writer? Creative and original thinking? Bookkeeping, accounting, financial management? Strategic and analytical problem solving? Street smart and school of hard knocks?

19 Do you have what it Takes? Conduct real-life research by taking field trips to your competitors. --What are the biggest signs of success in this field? --What are your products most important feature? --What does your competition charge? --What s special about them and their customer service?

--What are the biggest signs of success in this field?

20 TOP TEN DO s Live economically and begin saving your pennies for your business Gain experience by first working for someone else in the same business Consider keeping your job and moonlighting Consider the option of a family-owned business. Objectively measure your skills and training against potential competitors.

Consider keeping your job and moonlighting Consider the option of a

21 TOP TEN DO s If you are manufacturing a product, consider subcontracting to low cost suppliers. Test market your product or service before starting or expanding Make a pros and cons list describing the business you are considering Talk to lots of people for advice Make a comparative analysis of all the opportunities and businesses you are considering.

22 TOP TEN DON TS Don t quit your job before you have completed start-up plans Don t consider operating a business in a filed you do not enjoy Don t risk all the family assets. Limit your liabilities to a predetermined amount. Don t compete with your employer in a moonlight business Don t be in a hurry to start. Take your time to plan it right and get proper advice..

23 TOP TEN DON TS Don t select a business that is too high risk Don t operate a business in which you must have the lowest price to succeed Don t neglect to learn the negative aspects of an intended business Don t permit illusion, wishful thinking and desire outweigh careful diligence. Allow the promise of a conceptual high reward deter reality testing first.

24 In Conclusion NOW GO HOME AND THINK ABOUT IT. IS BEING AN ENTREPRENEUR RIGHT FOR YOU?

25 U.S. Small Business Administration SBA Resource Partners Local Resources SCORE, SBDC, Women Business Centers SBA Financing Financing Programs Visit website or call

THINKING OF STARTING A SMALL BUSINESS? Martha D. Soffer U.S. Small Business Administration (212) 264-9487 [email protected] www.sba.

THINKING OF STARTING A SMALL BUSINESS? Martha D. Soffer U.S. Small Business Administration (212) 264-9487 [email protected] www.sba.gov/ny/ny 1 REASONS FOR STARTING A SMALL BUSINESS? 2 REASONS FOR