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Exploring Entrepreneurship

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by

Will Katz

on 11 September 2017

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Transcript of Exploring Entrepreneurship

KU Small Business Development Center
Exploring Entrepreneurship
photo credit Nasa / Goddard Space Flight Center / Reto Stöckli
Can you sell it at a profit?
Who would buy it?
If you can't make a profit, you can't stay in business
BIG challenge for most new businesses
Is there a market for your
business idea?
Licensing, permits
First Stop Clearinghouse (Network Kansas--877-521-8600)
www.kansas.gov
Tax ID?
www.irs.gov
www.uspto.gov
Do you need permission to do that?
Bookkeeping Basics
The Three M's
Advertising/Marketing strategies
Sales strategies
If you build it, how do you get them to come?
Kansas Business Tax Application (CR-16)
Sales tax
Income tax
Self-employment tax
Payroll tax
How to figure out the tax picture
The journey of finding funding for your business
Many businesses don't get off the ground for this reason
Might be your biggest challenge
Wait--this is going to cost how much?
Business Planning
how to self-assess your entrepreneurial potential
do you have the ability to manage the enterprise?
Many start-ups are in this sub-category we call "microenterprise"--1 to 5 employees, $35K
Technician Entrepreneurs
Do you have what it takes?
It's easy to do business in Kansas!
You don't have to do anything--Sole Proprietor with DBA (fictitious name)
LLC
Corporation (two types)
What is a partnership?
Entity selection and formation
Presented by the KU-KSBDC
How are we funded?
What do we do?
S
o you say you want to start
a business?
How many businesses in Douglas County?
how many large businesses?
how many small businesses?
What's the BIG deal with SMALL business?
What do small businesses do?
create jobs
generate tax revenues
quality of life!
Management
Market
Money
your critical success factors
Management: Can you run the business or put together a team that can?
Market: Will people buy the product? Will they pay a price that allows you to make a profit?
Money: Can you actually get the money you need? (harder than it looks!)
Evaluation sheets (we really do listen!)
Business cards (so you can take the next steps)
information (oops, I almost said PPT slides!)
Housekeeping issues
Follow us!
facebook.com/kuksbdc
twitter.com/kuksbdc
1) How risky is the business or industry?
2) What do you have to lose?
3) Which entity lets you keep the biggest portion of your dollars?
Three questions:
Evidence or anecdote?
Ring studies...how do the big businesses do it?
How to drive revenues
Bootstrapping is common
To quote the Stones: "You can't always get what you want"
Basically, two types of finance:
Debt: you borrow money and agree to pay it back
Equity: you take money in exchange for a percentage of ownership
Bank financing
Many won't work with startups
What they look for
owner investment (cash) (20%)
collateral
Biz plan/cash flow
your credit?
The Four F's
Founders (you!)
Family
Friends
FOOLS!
What's the difference between accounting and bookkeeping?
You need a system
What are the three financial statements?
Sole proprietor: Schedule C
S-Corp: 1120S
LLC
Could be Schedule C
Could be form 1065 (p-ship)
Corporate form
Fortunately, it's not as intimidating as it might seem
Email me for sample plans, outlines
Yes, you really need to write one!
Two main reasons:
Help keep you on track
You may well need it for funding
Executive Summary (write last)
Description
Market Analysis (do some research)
There is a BIG difference between research
and anecdotes!
Marketing Plan (an “M” we’ll cover in a few)
Operations Plan (Management)
Financial Projections (Money)
Business Plan
Full transcript