Introduction to
Business Ownership
111 Monument Circle, Suite 1950 Indianapolis, IN 46204
317-917-3266
www.businessownership.org
Introduction to
Business Ownership
This program is provided with thanks to our generous sponsors:
U.S. Small Business Administration
City of Indianapolis
The Fairbanks Foundation
The Glick Fund
PNC Bank
Agenda
• Discuss what planning goes into starting
a business and assess your readiness.
• Understand the world of a typical business
owner and determine if it’s right for you.
• What type of business is best for you.
• Identify next steps in business ownership.
Boi’s Top 10 Things You’ll Need To Start A
Successful Business
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Clear vision with measurable goals
Desire and commitment
Entrepreneurial character
Operational skills
Industry knowledge
Handle on finances
Resources
Support
A market
A plan
Clear Vision And Goals
You’ve got to see it
to believe it!
Look into your ideal future.
What does your business look like?
What role do you have in the business?
Clear vision and goals
Do your business goals support your life goals?
Why do you want to own your own business?
What will your business to provide for you?
What is the ultimate goal for your business?
Commitment and Desire
All goals are driven first by desire
• Do you really want it? What is your motivation?
• Are you conditionally or unconditionally committed?
Are you prepared to do the work to make it happen?
• How will you prepare for the lifestyle changes?
• How will you prepare for sacrifices?
Commitment and Desire
Successful entrepreneurs are:
Tenacious
Self-motivated
Focused on the goal
Patient
Persevering
Persistent
Entrepreneurial Character
Do you think like an entrepreneur?
Do you act like an entrepreneur?
How do your know?
WORKSHOP ACTIVITY
Complete the entrepreneur’s inventory.
Entrepreneurial Character
Which characteristics do your possess?
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Customer focused
Decision-making ability
Reliable
Integrity
Good judgment
Creative and flexible
Self-disciplined
Driven to improve
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Organized
Responsible
Independent
Problem-solver
Action-oriented
Calculated risk-taker
Always on the lookout
for new opportunities
Operation Skills
• Sales
•Accounting
• Marketing
•Communication
• Budgeting
• Manage people
• Negotiating
• Leadership
Skills
Complete an asset inventory.
Be honest with yourself.
What’s in your toolbox now?
What new tools do you need?
Industry Knowledge
You don’t just need to know how to
run A business, you need to know how
to run THIS business.
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What will it take to successfully run a business in the
industry you’ve chosen?
Where do your access industry experience and
information to assist your business?
A Good Handle On Finances
Money management skills are paramount!
You run a business right now – You, Inc.
• What is your money management style?
• How do you manage your personal finances?
A Good Handle On Finances
Know your current household budget
• What is your total income?
• What are your expenses? Are any negotiable?
• Does your current income cover your needs?
Define your financial goals
• What income will the business provide?
• What income will you need to replace or to cover your
current employment income and benefits?
• How much financial cushion do you need to cover your
living expenses until your business gets up-to-speed?
Resources
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What resources do you bring to the business?
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What are your strengths, experiences, expertise?
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Analyze your financial resources:
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What money can you contribute to the business?
How much are you willing to risk?
Are you willing and able to take on debt?
What’s your credit score? Impediments to starting?
Support Team
Identify and develop your support network:
• Friends and Family
(cheerleaders & challengers)
• Mentors
• Other Entrepreneurs
• Business Counselors
• Professional Advisors
A Thriving Market
A business will not survive without customers!
Market research can help answer these questions:
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Is there need or demand for your product or service?
Who is likely to buy your product or service?
Who is your competition?
What is your marketplace?
Is the time right to start a business in this industry?
A Workable Plan
How are you going to get to your destination?
Your business plan includes:
• Analysis of your market
• Marketing plan
• Start-up and operating costs
• Financial projections
• Operational details
What Kind Of Business Is Right For YOU?
Consider the following:
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What are your experience and skills?
What are your interests and passions?
What type of working environment is best for you?
What is the market opportunity for your business?
What aligns to your available financial resources?
What about a franchise or existing business?
Due Diligence
Can your business succeed?
Yes, if it is…..
Desirable
Feasible
Viable
BOI Can Help You Get Started
Free
Counseling
Microlending
Opportunities
Business
Planning
FastTrac
NewVenture
GrowthVenture
10 week training
program
Financial
Management
Sales &
Marketing
Skill
Coaching
Business
Networking
Legal
Issues
Taxes and
Insurance
Begin Your Entrepreneurial Journey!
Business Ownership Initiative of Indiana
workshops.businessownership.org
317-917-3266
[email protected]