samira b. cook, director dc women's business center
TRANSCRIPT
Samira B. Cook, DirectorDC Women's Business Center
Start-up Considerations“Good business leaders create a vision, articulate the vision, passionately
own the vision, and relentlessly drive it to completion.” ~Jack Welsh
Sponsored by: U.S. Small Business Administration
Operated by:
The Case of the Fantastic Artist
“You should start your own business”
…but should you?
Is Entrepreneurship for You?
There are NO guarantees in business• There is no way to eliminate ALL risks
You can improve your chances of success with:• Good planning• Preparation• Insight
Why Small Businesses Fail
Lack of experience
Insufficient capital
(money)
Poor location
Poor inventory management
The GOOD News!
For the right person, theadvantages of businessownership far outweigh the risks.
• You will be your own boss.
• Hard work and long hours directly benefit you, rather than increasing profits for someone else.
Questions to Ask Yourself
Are you a self-starter?
How well do you get along
with different personalities?
How good are you at making
decisions?
Questions to Ask Yourself
Do you have the physical and
emotional stamina to run a business?
How well do you plan and organize?
Is your drive strong enough?
How will the business affect your
family?
Entrepreneur Characteristics
Persistence High
energy level
Goal-oriented
Independent
Calculated risk taker
Creative Commitme
nt
Problem solving skills
Tolerance for
ambiguity
Management Skills
Organization skills
Competitive
Tolerance for failure
Desire to work hard
Luck
Questions About Your Business
• Is it practical?
-Is there a demand for my product or service?
-Can I create demand for my product or service?
-Have I considered all the investments necessary?
-Do I have support?
Business Planning Elements Vision or Mission Statement
Analysis of competition: your competitive advantage
Marketing Strategy
Name, license, legal structure
Financial analysis
Before You Act
Gather as much
information as you can
• Research• Read: Newspapers,
Trade Magazines • Talk with experts
Setting Up: Funding Your Idea
Sources of Funds
• Savings • Family, Angel Investors• Bank loans• Microfinance Organizations • Banks • Venture Capital Investors • Business Plan Competitions
Setting Up: Documentation
Business name License Legal Structure Employer Identification
Number (EIN) Insurance Location: lease or home-
based business?
Your Edge: Competitive Advantage
Study your competition
What can you offer that is better than established organizations?
How Will You Make Money? Pricing Income and revenue
forecasts Advertising/Marketing
strategy Internet resources Staffing Compensation
Dream it! Do it!
Mission Statement
• What do you want to achieve? • Who will this serve? • How will your business stand out?
• Write it last.
How Can We Help?Services for Start-Up Businesses
Business Assessment
Business Planning
Access to Capital
Connection to Mentors
How Can We Help?Services for Existing Businesses
Business Assessment
Business Growth Support: Counseling & Training
Access to Capital
Mentoring and Networking Opportunities
What’s Next? Vision 2 Action Orientation Series
• Upcoming series in September Business Planning Lab
• Upcoming series in September
Register with the Women’s Business Center for additional support.• Online: www.dcwbc.org• Telephone: 202.671.2144• Email: [email protected]