entrepreneurship resource guide
DESCRIPTION
A simple step by step guide for anyone thinking of starting a business.TRANSCRIPT
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ENTREPRENEURSHIP CENTER RESOURCE GUIDE
Prepared By: Ashish Rajadhyaksha, Graduate Assistant
Prepared For: William Paterson University,
Cotsakos College of Business
2
Entrepreneurship Center Resource Guide
Table of Contents:
Starting & Operating Activities Overview ..…………………………… 3
Planning Stage to Future Stage
Resources……………………......................... 4-14
Lessons for Lean Entrepreneurship ………….......………………………………………….. 15
This Resource Guide is designed to help individuals and small companies understand the steps needed to be taken and resources available to make all entrepreneurship dreams become a reality.
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Entrepreneurship Starting & Operating Activities Overview
Plan Build Run FutureConcept
Business Structure
Finance &Accounting
Human Resource Management
Legal & Compliance
Sales & Marketing Strategy
Operations
I.▪ Market Research ▪ Mentor Advisement▪ Business Strategy &
Plan Preparation
II.▪ Business Name
& Structure ▪ Build or Buy
X.▪ Staff Hire ▪ Payroll
Service ▪ Benefits & Training▪ Evaluations &
Promotions
XVI.▪ Mgmt. Team ▪ Succession
Planning
XIV.▪ Future
Name & Structure
IX.▪ Auditing ▪ Billing,
Accounts & Budgets▪ Taxes ▪ Working
Capital Funding
XV.▪ “As Is” ▪ Sale ▪Mezzanine ▪ IPO ▪ Taxes
VI.▪ Mailing Lists ▪ Website ▪ Sales Leads ▪ Launch
XII.▪ Product Development ▪ Pricing ▪ PR ▪ Sales & Marketing ▪ E-sales
,
V.▪ Insurance ▪ Leases, Permits &
Licenses ▪ Intellectual Prop.
XI.▪ DOL & Other Government
Disclosures, Filings
IV.▪ Management ▪ Staff Search▪ Employee
Benefits
VIII.▪ Revised Business
Name & Corporate Structure (If Needed)
VII.▪ Equipment▪ Facilities
XIII.▪ Inventory Control ▪ Logistics ▪ Procurement ▪ Production & Quality Control ▪ Service Issues
▪ Work Procedures
III.▪ Self & Family ▪ Loans ▪ Seed/VC ▪ CPA Hiring
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Plan Stage Resources
Plan Build Run Future
Concept
Actionable Steps Key Resources
Market Research: ▪ www.sba.gov ▪ www.census.gov▪ www.bls.gov▪ www.nj.gov/business▪ www.nyc.gov/business▪ www.google.com ▪ Family & Friends ▪ Focus Groups
Mentor Advisement: ▪ www.score.org
Business Strategy & Plan Preparation:
▪ www.entrepreneur.com▪ www.sba.gov
I.▪ Market Research ▪ Mentor Advisement▪ Business Strategy &
Plan Preparation
5
Plan Stage Resources (Continued)
Plan Build Run Future
Ownership Structure
Actionable Steps Key Resources
Business Name and Corporate Structure:Non- Profit, Partnership, Sole Proprietorship, LLC, S-Corp or C-Corp.
▪ www.entrepreneur.com▪ www.irs.gov/businesses▪ www.nj.gov/business▪ www.nyc.gov/business
Build or Buy Decision Options: New Concept, Buy Existing, License or Franchise Decision
▪ www.craigslist.org and www.cityfeet.com for real estate brokers ▪ www.entrepreneur.com
▪ www.sba.gov▪ www.njchamber.com &
www.chamber.com for storage facilities, equipment suppliers, etc.
II.▪ Business Name &
Corp. Structure ▪ Build, Buy, Franchise
or License Decision
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Plan Stage Resources (Continued)
Plan Build Run Future
Finance & Accounting Human Resource Management
Actionable Steps Key Resources
Finance & Accounting:Funding Options - Self Funding, Family & Friends or Angel Investors / VC’s; CPA for Taxes
SBA Express Lenders: Valley National Bank, TD Bank, JP Morgan Chase, etc.▪ www.newyorkangels.com▪ www.fundingpost.com ▪ www.gaebler.com▪ www.irs.gov for Federal Tax ID# ▪ www.njchamber.com▪ www.chamber.com
Human Resource Management:Management Team, Staff Search, Employee Benefits
▪ www.craigslist.org ▪ www.adp.com▪ www.paychex.com▪www.heartlandpaymentsystems.c
om/ payroll
III.▪ Self & Family▪ Loans ▪ Seed/VC▪ CPA Hiring
IV.▪ Management ▪ Staff Search▪ Employee
Benefits
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Plan Stage Resources (Continued)
Plan Build Run Future
Legal & Compliance
Actionable Steps Key Resources
Insurance: General Liability, Workmen’s Compensation, Disability, Property, Unemployment Insurance
▪ www.nj.gov ▪ www.travelers.com▪ www.insurewithbb.com▪ www.chubb.com▪ www.statefarm.com▪ www.labor.state.ny.us▪ www.lwd.dol.state.nj.us
Leases, Permits, Licenses & Intellectual Property:Leases, Permits, Resale Certificate and Business Licenses, Intellectual Property
▪ www.lawyers.com▪ www.legalmatch.com▪ www.legalzoom.com ▪ www.nj.gov▪ www.nyc.gov for sales tax
application, permits & licenses by type of business ▪ www.uspto.govfor patents, trademarks & copyrights
V.▪ Insurance▪ Leases, Permits
& Licenses ▪ Intellectual Prop.
8
Plan Stage Resources (Continued)
Plan Build Run Future
Sales & Marketing Strategy
Operations
Actionable Steps Key Resources
Sales & Marketing Strategy: Mailing Lists, Website, Sales Leads, Launch
▪ www.craigslist.org▪ www.4over4.com for promo
materials ▪ www.GoDaddy.com for webhosting plans
▪ www.ebay.com▪ www.paypal.com for credit card
processing ▪ www.etsy.com to list hand-made
products ▪ www.google.com for online mktg. ▪ www.nj.gov/business &▪ www.nyc.gov/business for
Government certifications and contracts
Operations:Equipment and Facilities
▪ www.njchamber.com & www.chamber.com for storage facilities, equipment suppliers, etc.
VI.▪ Mailing Lists ▪ Website ▪ Sales Leads▪ Launch
VII.▪ Equipment▪ Facilities
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Build & Run Stage Resources
Plan Build Run Future
Ownership Structure Finance & Accounting
Actionable Steps Key Resources
Ownership Structure:Revised Business Name and Corporate Structure: Non-Profit, Partnership, Sole Proprietorship, LLC, S-Corp or C-Corp.
▪ www.entrepreneur.com▪ www.irs.gov/businesses▪ www.nj.gov/business▪ www.nyc.gov/business
Finance & Accounting:Auditing, Billing & Accounts, Budgets, Taxes, Working Capital Funding
SBA Express Lenders: Valley National Bank, TD Bank, JP Morgan Chase, etc.▪ www.newyorkangels.com▪ www.fundingpost.com ▪ www.gaebler.com▪ www.irs.gov for Federal Tax ID# ▪ www.njchamber.com▪ www.chamber.com
VIII.▪ Revised Business
Name & Corporate Structure (If Needed)
IX.▪ Auditing ▪ Billing,
Accounts & Budgets▪ Taxes ▪ Working
Capital Funding
10
Build & Run Stage Resources (Continued)
Plan Build Run Future
Human Resource Management
Legal & Compliance
Actionable Steps Key Resources
Human Resource Management: Staff Hire, Payroll Service, Benefits & Training, Evaluations & Promotions
▪ www.craigslist.org ▪ www.adp.com▪ www.paychex.com▪www.heartlandpaymentsystems.com/ payroll
Legal & Compliance:Income & Sales Tax Payments, DOL and other Audits, Regulatory Filings
▪ www.lawyers.com▪ www.legalmatch.com▪ www.legalzoom.com▪ www.nj.gov▪ www.nyc.gov for sales tax issues,
permits & licenses by type of business
▪ www.uspto.gov for patents, trademarks & copyrights
X.▪ Staff Hire ▪ Payroll Service ▪ Benefits & Training▪ Evaluations &
Promotions
XI.▪ DOL & Other Government
Disclosures, Filings
11
Build & Run Stage Resources (Continued)
Plan Build Run Future
Sales & Marketing Strategy
Operations
Actionable Steps Key Resources
Sales & Marketing Strategy: Product Development, Pricing, PR, Sales & Marketing, E-Sales
▪ www.craigslist.org▪ www.njchamber.com▪ www.chamber.com▪ www.linkedin.com/groups▪ www.merchantcircle.com▪ www.facebook.com▪ www.twitter.com
Operations: Inventory Control, Logistics, Procurement, Production & Quality Control, Service Issues & Work Procedures
▪ www.sba.gov ▪ www.osha.gov▪ www.craigslist.org▪ www.entrepreneur.com▪ www.ups.com ▪ www.fedex.com
XII.▪ Product Development ▪ Pricing ▪ PR ▪ Sales & Marketing ▪ E-sales
,
XIII.▪ Inventory Control ▪ Logistics ▪ Procurement ▪ Production &
Quality Control ▪ Service Issues ▪ Work Procedures
1212
Future Stage Resources
Plan Build Run Future
Ownership Structure
Finance & Accounting
Actionable Steps Key Resources
Ownership Structure: New corporate name and structure (if change of ownership)
▪ www.irs.gov for Federal Tax ID# ▪ www.njchamber.com▪ www.chamber.com
Finance & Accounting: As Is,Sale, IPO, M&A, Mezzanine, IPO
SBA Express Lenders: Valley National Bank, TD Bank, JP Morgan Chase, etc., Investment Bankers,▪ www.newyorkangels.com▪ www.fundingpost.com ▪ www.gaebler.com ▪ www.lawyers.com▪ www.legalmatch.com▪ www.legalzoom.com▪ www.nj.gov ▪ www.nyc.gov
XIV.▪ Future Corp.
Name & Structure
XV.▪ “As Is” ▪ Sale ▪ M&A ▪ Mezzanine ▪ IPO ▪ Taxes
13
Future Stage Resources (Continued)
Plan Build Run Future
Human Resource Management
Legal & Compliance
Actionable Steps Key Resources
Human Resource Management:Management Team(s), Succession Planning
Your CPA, Advisory Board or Board of Directors
Legal & Compliance: Stop in case of a sale of business, or Income & Sales Tax Payments, DOL and other Audits, Regulatory Filings
▪ www.lawyers.com▪ www.legalmatch.com▪ www.legalzoom.com▪ www.nj.gov▪ www.nyc.gov for sales tax
issues, permits & licenses by type of business
▪ www.uspto.gov for patents, trademarks & copyrights
XVI.▪ Management Team ▪ Succession Planning
XI. ▪ Repeat from
BUILD & RUN Stage If NO SALE
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Future Stage Resources (Continued)
Plan Build Run Future
Sales & Marketing Strategy Operations
Actionable Steps Key Resources
Sales & Marketing Strategy:Stop in case of a sale of business, or Product Development, Pricing, PR, Sales & Marketing, E-Sales
▪ www.craigslist.org▪ www.njchamber.com▪ www.chamber.com▪ www.linkedin.com/groups▪ www.merchantcircle.com▪ www.facebook.com▪ www.twitter.com
Operations: Stop in case of a sale of business, or Inventory Control, Logistics, Procurement, Production & Quality Control, Service Issues & Work Procedures
▪ www.sba.gov ▪ www.osha.gov▪ www.craigslist.org▪ www.entrepreneur.com▪ www.ups.com▪ www.fedex.com
XII.▪ Repeat from
BUILD & RUN Stage If NO SALE
XIII.▪ Repeat from
BUILD & RUN Stage If NO SALE
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Lessons for Lean Entrepreneurship
Identify What
Customers Are Looking
For
Create Value-Added
Solutions
Tap Free Resources,
Write A Business
Plan, Obtain
Funding
Chase Those Customers!!!
Lean & Agile Entrepreneurship = Active development of products and services, need to come to market quickly, and equipped with creative, stealthy marketing buzz.
Here are quick action steps for Lean & Agile Entrepreneurship. Pages 4-14 provide more detailed resources available.