Launching a Business Start Up
-
Upload
liennehongria -
Category
Documents
-
view
215 -
download
0
description
Transcript of Launching a Business Start Up
![Page 1: Launching a Business Start Up](https://reader030.fdocuments.in/reader030/viewer/2022020401/56d6befc1a28ab3016946803/html5/thumbnails/1.jpg)
LAUNCHING A BUSINESS START
UPThe Entrepreneurial Process
![Page 2: Launching a Business Start Up](https://reader030.fdocuments.in/reader030/viewer/2022020401/56d6befc1a28ab3016946803/html5/thumbnails/2.jpg)
ENTREPRENEURIAL PROCESS
![Page 3: Launching a Business Start Up](https://reader030.fdocuments.in/reader030/viewer/2022020401/56d6befc1a28ab3016946803/html5/thumbnails/3.jpg)
ENTREPRENEURIAL PROCESS
• Starting a new venture.
• An entrepreneur must find, evaluate, and develop an opportunity by overcoming the forces that resist the creation of something new.
![Page 4: Launching a Business Start Up](https://reader030.fdocuments.in/reader030/viewer/2022020401/56d6befc1a28ab3016946803/html5/thumbnails/4.jpg)
DISCOVERY
• Decide to go into business
• Assess your potential
![Page 5: Launching a Business Start Up](https://reader030.fdocuments.in/reader030/viewer/2022020401/56d6befc1a28ab3016946803/html5/thumbnails/5.jpg)
DISCOVERY
• Find an appropriate product/service idea a. Buy a business b. Acquire a franchise c. Start a business
![Page 6: Launching a Business Start Up](https://reader030.fdocuments.in/reader030/viewer/2022020401/56d6befc1a28ab3016946803/html5/thumbnails/6.jpg)
ASSESSMENT
• Conduct a feasibility study a. Technical feasibility b. Market acceptability c. Financial viability
![Page 7: Launching a Business Start Up](https://reader030.fdocuments.in/reader030/viewer/2022020401/56d6befc1a28ab3016946803/html5/thumbnails/7.jpg)
ASSESSMENT
• Choose a business structure a. Sole-Proprietorship b. Partnership c. Corporation
![Page 8: Launching a Business Start Up](https://reader030.fdocuments.in/reader030/viewer/2022020401/56d6befc1a28ab3016946803/html5/thumbnails/8.jpg)
ASSESSMENT
• Organize legal requirements
• Protect your idea
![Page 9: Launching a Business Start Up](https://reader030.fdocuments.in/reader030/viewer/2022020401/56d6befc1a28ab3016946803/html5/thumbnails/9.jpg)
DEVELOPMENT
• Arrange the necessary financing
• Develop a comprehensive business plan
![Page 10: Launching a Business Start Up](https://reader030.fdocuments.in/reader030/viewer/2022020401/56d6befc1a28ab3016946803/html5/thumbnails/10.jpg)
TIPS ON STARTING A BUSINESS
![Page 11: Launching a Business Start Up](https://reader030.fdocuments.in/reader030/viewer/2022020401/56d6befc1a28ab3016946803/html5/thumbnails/11.jpg)
TIP #1
• Know what you know, what you don't know and who knows what you don't.No one knows everything, so don't come off as a know-it-all. Surround yourself with advisors and mentors who will nurture you to become a better leader and businessman. Find successful, knowledgeable individuals with whom you share common interests and mutual business goals that see value in working with you for the long-term.
![Page 12: Launching a Business Start Up](https://reader030.fdocuments.in/reader030/viewer/2022020401/56d6befc1a28ab3016946803/html5/thumbnails/12.jpg)
TIPS #2
• Focus. Focus. Focus.Many first-time entrepreneurs feel the need to jump at every "opportunity" they come across. Opportunities are often wolves in sheep's clothing. Avoid getting side-tracked. Juggling multiple ventures will spread you thin and limit both your effectiveness and productivity. Do one thing perfectly, not 10 things poorly.
![Page 13: Launching a Business Start Up](https://reader030.fdocuments.in/reader030/viewer/2022020401/56d6befc1a28ab3016946803/html5/thumbnails/13.jpg)
TIP #3
• Say it in 30 seconds or don't say it at all.From a chance encounter with an investor to a curious customer, always be ready to pitch your business. State your mission, service and goals in a clear and concise manner. Fit the pitch to the person. Less is always more.
![Page 14: Launching a Business Start Up](https://reader030.fdocuments.in/reader030/viewer/2022020401/56d6befc1a28ab3016946803/html5/thumbnails/14.jpg)
TIP #4
• Act like a startup.Forget about fancy offices, fast cars and fat expense accounts. Your wallet is your company's life-blood. Practice and perfect the art of being frugal. Watch every dollar and triple-check every expense. Maintain a low overhead and manage your cash flow effectively.
![Page 15: Launching a Business Start Up](https://reader030.fdocuments.in/reader030/viewer/2022020401/56d6befc1a28ab3016946803/html5/thumbnails/15.jpg)
TIP #5• Learn under fire.
No business book or business plan can predict the future or fully prepare you to become a successful entrepreneur. There is no such thing as the perfect plan. There is no perfect road or one less traveled. Never jump right into a new business without any thought or planning, but don't spend months or years waiting to execute. You will become a well-rounded entrepreneur when tested under fire. The most important thing you can do is learn from your mistakes--and never make the same mistake twice.