How to Start a Business and Write a Business Plan John C. Kelly, PhD.
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Transcript of How to Start a Business and Write a Business Plan John C. Kelly, PhD.
![Page 1: How to Start a Business and Write a Business Plan John C. Kelly, PhD.](https://reader033.fdocuments.in/reader033/viewer/2022061305/5514021a550346e2488b4966/html5/thumbnails/1.jpg)
How to Start a Business How to Start a Business and and
Write a Business PlanWrite a Business Plan
John C. Kelly, PhDJohn C. Kelly, PhD
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CourseCourseMission StatementMission Statement
Each student to write a Each student to write a
business planbusiness plan
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Topics by WeekTopics by Week
►What is a business?What is a business?► FinancialFinancial► FinancialFinancial
►MarketingMarketing►OperationsOperations►Wrap UpWrap Up
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Instructor ProfileInstructor Profile
►Owned a computer software company for 17 Owned a computer software company for 17 yearsyears
► Served on company boardsServed on company boards► Business consultantBusiness consultant► SCORE VolunteerSCORE Volunteer► Angel investorAngel investor►Degrees in math, computer science, Degrees in math, computer science,
industrial engineering, business industrial engineering, business administrationadministration
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Student ProfilesStudent Profiles
►NameName►EducationEducation►Work ExperienceWork Experience►Computer ExperienceComputer Experience►Business ExperienceBusiness Experience►Business IdeaBusiness Idea►Main concerns/questionsMain concerns/questions►Business description if existingBusiness description if existing
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Discussion QuestionDiscussion Question
What is a business?What is a business?
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What a Business is What a Business is not?not?
Something to keep you Something to keep you BUSYBUSY
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What a Business is?What a Business is?
An organization created to An organization created to MAKE MONEY!MAKE MONEY!
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Fundamental Business Fundamental Business FormulaFormula
Profit = Revenue – ExpensesProfit = Revenue – Expenses
TerminologyTerminology
►Profit ~ Earnings ~ IncomeProfit ~ Earnings ~ Income►Revenue ~ Sales ~ IncomeRevenue ~ Sales ~ Income
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Classification of BusinessesClassification of Businesses
► Service versus productService versus product► Product: retail / wholesale / manufacturingProduct: retail / wholesale / manufacturing► Consumer versus B-to-BConsumer versus B-to-B► Vision: independence/wealth/life style/impactVision: independence/wealth/life style/impact► Growth: fast versus slow Growth: fast versus slow ► Size: large versus smallSize: large versus small► Capitalization: cash vs debt vs investorsCapitalization: cash vs debt vs investors► Risk: high versus lowRisk: high versus low► Legal Structure: proprietorship / partnership / Legal Structure: proprietorship / partnership /
corporationcorporation► Ownership: single vs multiple - public vs privateOwnership: single vs multiple - public vs private► Tax Structure: separate or individualTax Structure: separate or individual
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Consumer versus B-T-BConsumer versus B-T-B
AttributeAttribute ConsumerConsumer BTBBTB
Work hoursWork hours Erratic: nights, WEErratic: nights, WE Normal: 8-5Normal: 8-5
Profit MarginProfit Margin LowLow HighHigh
BuyerBuyer EmotionalEmotional RationalRational
DistributionDistribution ExpensiveExpensive CheapCheap
Marketing Marketing CostCost HighHigh LowLow
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Discussion Question:Discussion Question:
What core skills should a What core skills should a
business owner have?business owner have?
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Core SkillsCore Skills
►Professional/Technical (product/service Professional/Technical (product/service knowledge)knowledge)
►PersonalPersonal►BusinessBusiness►OperationalOperational
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Personal SkillsPersonal Skills
►AttitudeAttitude►Time ManagementTime Management►Money ManagementMoney Management►Communication Skills Communication Skills
(speaking/writing)(speaking/writing)►Quantitative thinkingQuantitative thinking
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Business SkillsBusiness Skills
►Accounting/FinancialAccounting/Financial►SalesSales►MarketingMarketing►Personnel ManagementPersonnel Management►AdministrativeAdministrative
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Operational SkillsOperational Skills
►OrganizationalOrganizational►AdministrativeAdministrative►ManagerialManagerial►ComputerComputer►Project ManagementProject Management
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Reasons Businesses FailReasons Businesses Fail
►Lack of skillsLack of skills►Lack of planningLack of planning►Lack of commitmentLack of commitment►Lack of focusLack of focus►Lack of moneyLack of money
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What is a Business What is a Business Plan?Plan?
Explanation of how Explanation of how you will make you will make
moneymoney
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SWOT AnalysisSWOT Analysis
PositivePositive NegativeNegative
InternalInternal StrengthsStrengths WeaknessesWeaknesses
ExternalExternal OpportunitiesOpportunities ThreatsThreats
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Discussion QuestionDiscussion Question
What makes a good What makes a good
mission statement?mission statement?
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Mission StatementsMission Statements
►ShortShort►MemorableMemorable►MotivationalMotivational►FocusedFocused►RealisticRealistic
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Mission Statement ExamplesMission Statement Examples► To enrich women’s lives through an unequalled business To enrich women’s lives through an unequalled business
opportunity opportunity ► To organize the world’s information and make it universally To organize the world’s information and make it universally
accessible and usefulaccessible and useful► To discover, develop, and deliver novel medicines and To discover, develop, and deliver novel medicines and
vaccines that can make a difference in people's lives. vaccines that can make a difference in people's lives. ► To be the most essential global internet service for consumers To be the most essential global internet service for consumers
and businessand business► To provide innovative, customized promotional products for To provide innovative, customized promotional products for
corporate America, delivering the highest quality product on corporate America, delivering the highest quality product on time – every time.time – every time.
► To help people and businesses throughout the world realize To help people and businesses throughout the world realize their potentialtheir potential
► To maximize the performance of computer systemsTo maximize the performance of computer systems
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Mission StatementsMission Statements► To enrich women’s lives through an To enrich women’s lives through an
unequalled business opportunity unequalled business opportunity ► To organize the world’s information To organize the world’s information
and make it universally accessible and make it universally accessible and usefuland useful
► To discover, develop, and deliver To discover, develop, and deliver novel medicines and vaccines that novel medicines and vaccines that can make a difference in people's can make a difference in people's lives. lives.
► To be the most essential global To be the most essential global internet service for consumers and internet service for consumers and businessbusiness
► To provide innovative, customized To provide innovative, customized promotional products for corporate promotional products for corporate America, delivering the highest America, delivering the highest quality product on time – every quality product on time – every time.time.
► To help people and businesses To help people and businesses throughout the world realize their throughout the world realize their potentialpotential
► To maximize the performance of To maximize the performance of computer systemscomputer systems
► Mary KayMary Kay► GoogleGoogle► MerckMerck► YahooYahoo► G&G OutfilltersG&G Outfillters► MicrosoftMicrosoft► DatametricsDatametrics
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HomeworkHomework
►Business DescriptionBusiness Description►SWOT AnalysisSWOT Analysis►Find an example of a company like Find an example of a company like
yours and analyze its web site yours and analyze its web site ►Write a mission statementWrite a mission statement►Be prepared to share with classBe prepared to share with class