Exploring Entrepreneurship:CWE Information Session

Your Vision. Our Mission.

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Class Introductions

• Your name• Business idea / company

name• Business stage • Experience/Background

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CWE Overview

• Non-profit organization, established in 1995

• Offices in Boston, Worcester and Providence

• Since 1995, we have:o Trained more than 16,000 clients (women &

men)o Fostered the creation of 18,000 new jobso Helped generate $537 million in wageso Secured $33 million for clients in business loanso Certified more than 400 women-owned

businesseso Provided legal counsel to more than 1,200

individuals

• In the past year we have:o Served 2,100 clientso Secured more than $704,000 for clients in

business loanso Provided business counseling to over 1,000

individuals

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Purpose & Focus

• Our Mission: To empower women to become economically self-sufficient & prosperous through entrepreneurship

• Our Goal: To provide the education, technical assistance and access to capital that women (and men) need to start and run their own business regardless of their economic status

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Exploring Entrepreneurship

• FACT: Before investing resources into your own business, you should carefully evaluate your business concept and yourself

– Can your idea become a profitable business?

– Are you ready, willing and able to be an entrepreneur?

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• Visionary• Competitiv

e• Perseverant• Disciplined• Organized

Successful Entrepreneurs Are…

• Adaptable• Persuasive• Risk-taking• Honest• Confident

Are your values in sync with these characteristics?

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• Cons• Business Failure Risk• Obstacles• Loneliness• Financial Insecurity• Long Hours

Pros & Cons of Being an Entrepreneur

• Pros• Independence• Satisfaction• Financial

Rewards• Self-Esteem• Self-

Discipline

Do Your Values Lean Towards Self-Employment?

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Who Becomes an Entrepreneur?

• Many successful entrepreneurs started life with very little money or education

• It is estimated that more than half of successful entrepreneurs had parents that owned a business

• Most entrepreneurs start businesses in areas in which they already have experience

• Personal savings is the method of financing used by most beginning entrepreneurs. Start-up money often comes from family and friends

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Who Are You?

• Background• Core competency (industry expertise,

education, certification)• Business experience (executive

management, budget management) • Entrepreneurial exposure (experience

with startups)

• Directly related experience• “Been there, done that” = firsthand• “Been there, seen that” = secondhand

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Make an Honest Appraisal of Your Skills

• What are your main STRENGTHS?

• What are your more serious WEAKNESSES?

• What TALENTS do you possess?o How would they be useful?

• What SKILLS and/or EXPERIENCE do you have?

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Do You Have a Good Business Idea?

• Is it viable?• Have you done any market

research?• Is there a NEED for your

business? • Will people pay for your

product or service?• Do you need a special

license?• Have you thought about the

location?• Do you have any funds to get

started?

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Why Do You Need a Business Plan?“The business that fails to plan, plans to fail.”

• The business plan serves as a guide

• Way to measure success (or failure)

• Step-by-Step roadmap

• Provides documentation for financing

• Professionally shares your business goals

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Research! Research! Research!

• Your Industry

• Trends

• Competition – yes, you do have competition!

• Products / Services

• Location

• Pricing

• Zoning

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Characteristics of Successful Businesses

• They are market-driven: continually build, market and sell products and services that are compelling and desirable

• They deliver high levels of expertise and customer service

• They develop a distinct and consistent way of doing business that is understood internally and externally

• They build win/win relationships with customers / business partners

• They rigorously practice operational excellence

• They build a strong brand personality

• They appeal to customers on an emotional level

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Operating a Successful Business Will Require:

• A practical plan with a solid foundation

• Dedication and willingness to make sacrifices to reach your goals

• Technical skills

• Basic knowledge of management, finance, record- keeping and market analysis

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CWE Course Objectives

• To ask you all the tough questions

• To provide the tools and techniques you need to get the answers that apply to your business

• To provide an environment for networking, information sharing and decision support

• To provide a proven, effective template for business planning

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CWE’s orientation programs:

• Choosing your Legal Entity: 1 hour session Learn the advantages and disadvantages of structuring

your business as a sole proprietorship, partnership, limited liability company or corporation.

• How to Obtain Bank Financing: 1 hour sessionReview lenders’ primary considerations when reviewing a

loan request, the information that a lender will require to consider a loan application, the loan types and typical terms and conditions that are available and key loan vocabulary

• The In Transition Series: 1-2 hour sessionsBecome an entrepreneur of your life! The In Transition

Workshop Series is designed to provide assistance to those who are unemployed or underemployed during these difficult economic times.

**Next: Tuesday, July 28, 12-2pm Networking your Way Back to Work

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Entrepreneurship Stage 1:If you are in the beginning stages of starting a business, CWE can help you develop a strong business plan and fully prepare you for the

challenges of entrepreneurship.

COMMUNITY ENTREPRENEURS PROGRAMS (CEP):

• Visioning o 4 week class, 3 hours each weeko Goal: to clarify your business

vision, star-up action plan

• Business Planning: Getting Startedo 14 week class, 3 hours each

weeko Goal: to write a business plan

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Entrepreneurship Stage 2: Get Ready to “power up” and take your business to the

next level by strengthening your financials.

• Power Up!o thirteen 3-hour sessionso Goal: write a business plan, find

and access to capital, develop revenue projection and more

• QuickBookso Four 2-hour sessionso Goal: Learn how to set up and

maintain your bookkeeping system and master shortcut keys, entering invoices, paying bills, preparing invoices for your customers, and reconciling bank statements.

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• Building your Business Workshops: 2-hour long topic-specific sessions are taught by experts who focus on areas essential for launching and running your business, with peer-to-peer feedback.

This Fall join CWE for our Get Digital series:o “Get LinkedIn” and learn how to use basic social

networking site like Facebook, LinkedIn and Twittero Get Digital I: learn how to use web 2.0 to market

your business and build customer loyalty.o Get Digital II: learn the difference between natural

search and paid search and how to optimize your search engine.

o Learn how to Build a Basic Website for your business

Entrepreneurship Stage 3:As an established entrepreneur you can continue to strengthen

your business through marketing and targeting customers online or certifying your company as a woman owned business.

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One-on-One Consulting: For start-up and existing business

owners

Legal Consulting: For start-up and existing business

owners

Consulting for your Business:

Through CWE’s consulting program you will:

• gain access to subject matter experts with years of experience.

•brainstorm, strategize, and develop solutions to your business challenges.

Through our assessment process, CWE pinpoints your specific business needs and learning style. Our goal is to match you with a consultant whose expertise best fits your needs.

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CERTIFYING YOUR BUSINESS: Women's Business Enterprise National

Council (WBENC)

• CWE is the New England affiliate for WBENC national certification program

• For those whose businesses are 51% woman owned, managed and controlled, you could qualify for this vital certification

• WBENC certification means that your business will be recognized by over 700 Fortune 1000 companies and will gain access to corporate markets

• CWE offers monthly WBENC information sessions

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CWE Venture Center:

• Coffee & Capital: The Equity Breakfast Series

Intimate introduction to area VC firms and angel groups. Roundtable discussion with investor and recently funded entrepreneur telling both sides of the funding story.

** Next: Wednesday, October, 28, 8-10am

Northbridge Venture Partners

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Clases en Español

• Para más información sobre nuestros clases en Español favor de llamar a la oficina de CWE más cercana a usted.

Boston: 617-536-0700, info@cweonline.orgProvidence: 401-277-0800,

info.providence@cweonline.orgWorcester: 508-363-2300,

info.worcester@cweonline.org

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To register for any of these programs… Visit our website at www.cweonline.org

or contact:

Christina DorobekMarketing Coordinator

617-532-0257cdorobek@cweonline.org

Sarah WintersProgram Coordinator

617-532-0224swinters@cweonline.org