Becoming an Entrepreneur

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FastTrac® | Planning the Entrepreneurial Ve

ENTREPRENEUR

1

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ENTREPRENEURS

Entrepreneurs are people drawn to

pursuing a passion.

1_A

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1_B

ENTREPRENEURS

 Recognize opportunities.

 Meet the needs/wants of others.

 Manage risk.

 Identify customers.

 Take action.

 Find resources.

 Build a team.

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1_C

ENTREPRENEURS

A process through which people and teams pursue

opportunity, use

resources, and

initiate change to

create value.

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Entrepreneurial Character Traits

1_D

 Desire

 Energy

 Thrive on uncertainty

 Determination

 Responsibility

 Persuasiveness

 Self-discipline

 Self-confidence

 Social responsibility

 Ethics

 Value appropriate control systems

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1_E

Entrepreneurial Skills, Knowledge, and Abilities

 Problem solving

 Market awareness

 Low support needs

 Business knowledge

 Good people judgment

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Personal Vision Lifestyle Criteria

1_F

 Work hours

 Flexibility

 Desired location

 Travel

 Morals, beliefs, and standards

 Physical requirements

 Family involvement

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Personal Vision Professional Criteria

1_G

 Power or status

 Involvement in daily operations

 Expertise, skills, and preferences

 Job security

 Future professional goals

 Growth or lifestyle business

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Personal Vision Financial Criteria

1_H

 Personal financial obligations

 Future personal income

 Business profit

 Personal investment

 External money sources

 Exit strategy

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Planning Documents

Business Concept Statement

Summarizes a set of cohesive ideas about how to create and deliver value to a market.

Business Plan

Articulates business concept, opportunities, entry strategy, entrepreneur’s role, management team, potential market, and financial requirements.

Identifies potential problems, risks, and trade-offs.

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Value of Business Planning

1_J

 Guides the start-up process.

 Forces entrepreneur to consider all aspects of feasibility.

 Exposes flaws in business concept.

 Serves as tool for raising money.

 Provides road map for operating business.

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Why Write a Business Plan?

 To prove the business is feasible.

 To identify

– Amount of funds needed.

– Management team and infrastructure.

– Product and service prototypes.

– Customers and market-penetration methods.

– Cash break-even on new venture.

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Start-Up Business Plan

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 Cover Page

 Table of Contents

 Executive Summary

 Product/Service Plan

 Management/Organization Plan

 Marketing Plan

 Financial Plan

 Appendix

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Run KC

1. Based on the Scenario 1.4.4, what entrepreneurial characteristics does Tim possess and what evidence in the scenario supports this?

2. What steps has Tim taken to prepare himself to take on this business venture?

3. What are the lifestyle, professional and financial objectives Tim has identified in his personal vision?

4. What should Tim’s next steps be?

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