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Transcript of 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
First Stop Clearinghouse (Network Kansas--877-521-8600)
Do you need permission to do that?
The Three M's
If you build it, how do you get them to come?
Kansas Business Tax Application (CR-16)
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?
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
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)
Corporation (two types)
What is a partnership?
Entity selection and formation
Presented by the KU-KSBDC
How are we funded?
What do we do?
o you say you want to start
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?
generate tax revenues
quality of life!
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!)
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?
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
Many won't work with startups
What they look for
owner investment (cash) (20%)
Biz plan/cash flow
The Four F's
What's the difference between accounting and bookkeeping?
You need a system
What are the three financial statements?
Sole proprietor: Schedule C
Could be Schedule C
Could be form 1065 (p-ship)
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)
Market Analysis (do some research)
There is a BIG difference between research
Marketing Plan (an “M” we’ll cover in a few)
Operations Plan (Management)
Financial Projections (Money)