Entrepreneurial Edge Series Entrepreneurial Planning Guidebook, Volume I
Dream to Reality
Entrepreneurial Planning Guidebook Step
1
Step
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Be Your own Boss
What’s Your EQ?
Step
3
Goal Setting
Next Additional Guides
Last
4 5
Certificate of Completion
Dream to reality. Making your business dreams come true! Includes: Discover your EQ ~ Entrepreneurial Quotient 3 Factors of Entrepreneurial Goal Setting Discover your Strengths
Tiffany McVeety, MBA
Entrepreneurial Edge Series www.girandolapress.com
Dream to Reality
Entrepreneurial Planning Guidebook
Entrepreneurial Planning Guidebook, Dream to Reality, Volume I Tiffany McVeety, MBA
Copyright © 2007 by Girandola Press www.girandolapress.com All rights reserved. Cover design, interior design, and production: Girandola Press Permissions Articles or inserts, if applicable, have been reprinted with permission. Notice of Rights All rights reserved. No part of this publication may be re-produced or transmitted in any form by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the author. For information on getting permission for reprints and excerpts, contact Girandola Press at publishing@girandolapress.com. Notice of Liability The information distributed in this publication is on an “As Is” basis, without warranty. While every precaution has been taken in the preparation of this publication, the author, nor its employer, or related entities, shall have any liability to any person or entity with respect to any loss or damage caused or alleged to be caused directly or indirectly by the instructions or information contained herein.
Message from the Author
Author, Tiffany McVeety (3rd from left) with United States Small Business Administration (SBA) Advisor (Jim Thomas), Administrator (Steven C. Preston), and Regional Director, (Norman Proctor).
As director of a program developed by the United States Small Business Administration to help entrepreneurs find success in their businesses, my entrepreneurial center rose to the top in the nation. This simply meant we were helping thousands of business owners through counseling and training, to start, buy, manage and sell their businesses in record numbers. Managing this program provided me with the opportunity to consult, learn from, and train over 1,000 small business owners each year. Through this process, I found that planning for a successful small business has been made more difficult than it needs to be! There are some basic steps, and even a simple way to write a business plan, that makes the whole start-up process (and staying in business process) much simpler than you might think! Whether you are just planning to start a business, or have already made the leap (but skipped that planning part), the Entrepreneurial Edge Series is made for you! This Series is designed with micro-entrepreneurs in mind (businesses with fewer than 20 employees). The series is full of simple business planning tools that work! Simple is the key! I hope you enjoy the series! Author, Entrepreneurial Edge - Tiffany
McVeety
Dream to Reality
Entrepreneurial Planning Guidebook
Step
1
Step
2
So You Want to Be Your own Boss
What’s Your EQ? Self Assessment
Step
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Goal Setting
Next Additional Guides
Last
4 5
Certificate of Completion
Step
1
Be Your Own Boss!
So you want to be your own boss? Do you have what it takes to be an entrepreneur? Only you can answer that question, but this guidebook will help you figure it out. You'll learn about the qualities of successful entrepreneurs as well as the qualities that can hinder your business, plus ways to determine if you're really meant to run your own business. There's even a test you can take to assess your entrepreneurial potential. So what are you waiting for?
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Dream to Reality Business Planning Guidebook
Step
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Be Your Own Boss!
The Entrepreneurial Personality Every year, hundreds of thousands of people make the transition from employee to entrepreneur. How do you know if the entrepreneurial life is for you? Self-assessment tests such as the one in this guidebook can be used to measure your potential success.
Confidence
But even if a test indicates you have got the right personality for entrepreneurial success, that doesn't necessarily mean you're ready right now. Many questions remain: Do I have enough money? Is my family ready for this? Do people need a product or service like mine? Do I have clear business ad personal goals? Do I have a business plan? If the answers to these (or most of these) questions are yes, Congratulations! You may be on your way to becoming a business owner. If you don’t have a business plan yet, check out the “Start Up Success� Guidebook in this series for the Quick Plan - a modern one page business plan!
Through surveys and research, experts have found that entrepreneurs share some common personality traits, the most important of which is confidence. They possess confidence not only in themselves but also in their ability to sell their ideas, set up a business, and trust their intuition along the way. Exercise your confidence by interviewing business owners to see what they feel is most important to their success!
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Step
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Be Your Own Boss!
Entrepreneur Interview One of the best ways to determine whether you are ready to become an entrepreneur is to meet with other entrepreneurs and see what they do. Looking at their lifestyles and talking about entrepreneurship can help you figure out whether you are really suited for life as a business owner. Now it’s your turn! You will have the opportunity to interview an entrepreneur! It’s not as scary as it seems! You may have a family member or a neighbor who owns a business. You may choose to interview a business owner you have always admired, or just wanted to get to know better. Once you complete your first entrepreneur interview, you will want to do another one! It may surprise you how open and willing business owners are to sharing information! The Entrepreneur Interview exercise that follows has been one of the favorites by dozens potential entrepreneurs and business owners alike! Whether you are an artist or a product sales person, interviewing an entrepreneur will surely be an eye-opener for you as you expand your own business planning and goal setting journey.
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Dream to Reality Business Planning Guidebook
Step
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Be Your Own Boss!
Entrepreneur Interview Sample Questions: 1. What made you want to run your own company?
2. How did you get into this business?
3. Before you started, did you write a business plan?
4. Since starting your business, have you written a business plan or marketing plan? How has it helped you?
5. What personality trait or characteristic has served you well?
6. What has been the most fun part of your business?
7. What has been the most difficult part of business ownership?
8. If you have one piece of advice for a “budding” entrepreneur what would it be?
“Thank you for your time!” (Don’t forget to write a thank you note! They may be an advisor to you in the future - or investor - or...)
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Step What’s Your EQ?
Determine your Entrepreneurial Quotient
Each business owner, artist, and entrepreneur is different from the other, even if the businesses they own and operate are the same. Really. If there are two businesses that do pet portraiture, could you assume they have the same earning or income potential? Could you assume they have the same ‘perfect customer’ or even the same financial goals? Of course not!
Question: Do you have a hobby business that you want to take to the next level?
Each business is different because of the business owner. Each of us has unique reasons that drive us to go into one form of business ownership or artistic endeavor. The Entrepreneurial Quotient Quiz is a fun way to get the business planning ball rolling. Are you interested in starting a business but aren’t sure if you’ve “got what it takes”? Do you have a hobby business that you are considering taking to the next level? This small business ownership self-assessment might help you decide if starting a business is right for you.
Take the quiz to determine your Entrepreneurial Quotient.
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Dream to Reality Business Planning Guidebook
2
Step
2
What’s Your EQ?
Questions
Yes
Maybe or Unsure
No
I am passionate about my business idea. I am persistent. I am willing to bring in all the help I can get to make it happen. I have the savings to invest on my own. If something can’t be done, I find a way. I have adequate experience. I am competitive. I am prepared to work long hours every day for an indefinite period. I have a unique service or product. My family is supportive of me. I am willing to make short-term sacrifices in return for long-term success. I am an excellent communicator. I have access to more money if I need it. I know this business inside and out. TOTAL
TIP: Analyze your totals. Are you where you want to be? if not, how can you get there?
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Step What’s Your EQ?
Answers
Self Assessment Yes Maybe/Unsure No I am passionate about my business idea.
Yes
Maybe or Unsure
No
?
I am persistent.
I am willing to bring in all the help I can get to make it happen.
?
I have the savings to invest on my own.
If something can’t be done, I find a way.
? ?
I have adequate experience. I am competitive. I am prepared to work long hours every day for an indefinite period.
?
I have a unique service or product. My family is supportive of me.
??
I am willing to make short-term sacrifices in return for long-term success.
?
I am an excellent communicator. I have access to more money if I need it.
?
I know this business inside and out. TOTAL
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Dream to Reality Business Planning Guidebook
On the other hand... Entrepreneurs are a breed in and among themselves! We are all unique! Many of you won’t fit this EQ mold... and that’s okay too!
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Step
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Self Assessment
Entrepreneur Assessment
Taking the Plunge Not all entrepreneurs have all the knowledge, support, or financial backing to make a business a “success”. Most successful entrepreneurs recall a sense of urgency that made starting their own business not just a desire but a necessity. And what about success? Success to a venture capitalist can look very different than success to a poet who just self-published their first book. So, what becomes more important, especially if we need “buy in” or financial support from someone other than our closest three “F’s” (Friends, Family and Fools) is how we share the strengths that we do have.
It's rare that one person has all the qualities needed to be successful in business. Everyone has strong suits and weak points, and the same is true of business owners. What's important is to understand those strengths and weaknesses. And to understand that we need to mitigate, or overcome, any weaknesses that we might have!
Evaluate the major achievements in your personal and professional life as they relate to your new business venture and the skills you used to accomplish your goals. In three simple steps you will be able to clearly state your business goals, and how you are the right person to make the dream come true. 1. Analyze your strengths and weaknesses 2. Create a professional bio 3. Write your goals down
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Step
2
Self Assessment
Entrepreneur Assessment Every entrepreneur will need some expertise in each of the functional business areas (management, marketing, operations, sales, and financial management). You may have personal experience gained from past business ownership or management, work as an employee or an entrepreneur, or through a past job or training. Experience may come from someone other than you like a relative, employee, board member, friend, or advisor).
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Dream to Reality Business Planning Guidebook
Step
2
Self Assessment
The Professional Bio
Entrepreneur Assessment
Okay. Now you know your strengths (and possibly some weaknesses) with regard to your entrepreneurial capacity to plan to start and grow your dream of a business. To help you turn this dream into a reality, a professional bio can be a useful tool! A professional bio (biography) is more than a resume. It describes in as little space as a paragraph, but no more than a page, how you are the person to make this company happen. Now it’s your turn!
My Professional Bio
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Step
3
Goal Setting
Know Your Personal Goal In addition to evaluating your strengths and weaknesses, it's important to define your business goals. As an entrepreneur may times you are your business. So, your personal goals are very important! For some people, the goal is the freedom to do what they want when they want, without anyone telling them otherwise. For others, the personal goal is financial security.
How to Set a Business Goal When setting business goals, aim for the following qualities: Be Specific Be Positive Be Realistic Think in the short (6 months) and long term (three years). The most important rule of self-evaluation and goal-setting is honesty.
3 Factors in Setting Entrepreneurial Goals When setting entrepreneurial goals, think about the following three factors: Income Lifestyle Type of Work
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Dream to Reality Business Planning Guidebook
Step
3
Goal Setting
How to: Use the following guide to help you assess your own income, lifestyle, and type of work goals. Income Goals
Income: Many entrepreneurs go into business to achieve financial security. Consider how much money you want to make during your first year of operation and each year thereafter, up to five years.
Lifestyle Goals
Lifestyle: This includes areas such as travel, hours of work, investment of personal assets and geographic location. Are you willing to travel extensively or to move? How many hours are you willing to work? Which assets are you willing to risk?
Type of Work Goal
Type of work: When setting goals for your type of work, you need to determine whether you like working outdoors, in an office, with computers, on the phone, with lots of people, with children and so on.
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Next
4
Additional Lessons
Next Steps! Additional Resources - More Guidebooks! Start-up Success - 2nd Entrepreneurial Edge Certificate
Quick Plan (Modern One Page Business or Personal Plan)
Executive Business Plan (One + Page Business Plan)
Plan to Start, Plan to Grow - 3rd Entrepreneurial Edge Certificate
Cash is King! (Know when you can pay yourself!) - 4th Entrepreneurial Edge Certificate
Visit: Girandola Press online at www.girandolapress.com for a catalog, to learn more, and for order information.
Entrepreneurial Edge Series www.girandolapress.com
Dream to Reality Business Planning Guidebook
Last
5
Certificate of Completion
Please find on the following page your Certificate of Completion. Sometimes we fail to celebrate our successes! Not this time! Simply print out the Certificate of Completion, fill in your name and the date completed and Frame Hang on your office wall Add to a scrap book Add to your professional portfolio It’s up to you!
BONUS: Email us your completed worksheets for possible inclusion on our website as a resource for others! This is a great opportunity to show us your stuff! Did you add your own special touch? Did you add special graphics or logos?
This is a promotional opportunity too! Do you want to get the word out about your business? Your business business goals could be added to our website for others to see! Just know that all information sent to us is no longer “confidential” and it may be posted on our website or used in future publications.
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Tiffany McVeety, MBA Tiffany McVeety has trained, coached, and counseled thousands of entrepreneurs to help them achieve their dreams. Since 1994, when Tiffany McVeety wrote the first business plan for the non-profit organization Washington Works, a program that helps women get off welfare and into the workforce, she has been committed to women’s professional and entrepreneurial development. That organization is still around today! Since that time, Tiffany has continued to serve women and entrepreneurs in roles with the Forum for Women Entrepreneurs as both a board member and their Interim Executive Director; as a volunteer with the Center for Women and Democracy, where she had the fortune of meeting and learning from Gloria Steinam; and with Seraph Capital, the all-woman angel investing group and the first of its kind in the United States, where she served on the investment committee. While working with Seraph Capital, Tiffany was able to advocate for women entrepreneurs who would compete to get a chance to present to the angel group for their attention – and potential an equity investment. Later Tiffany became the third director of a U.S. Small Business Administration program, the Northwest Women’s Business Center. During her tenure, she helped the Center grow and become nationally renowned for serving women entrepreneurs, the Native American business community, and Veterans seeking to become small business owners. Today she is host of BizLine Radio, a business talk radio show she coowns with her husband, that showcases entrepreneurs and their success stories. BizLine Radio is in its 4th season as of this publishing and is heard on KKNW 1150 AM throughout Western Washington and is heard via iTunes (www.BizLineRadio.com). Tiffany has developed and taught workshops and classes for the U.S. Small Business Administration, the U.S. Small Business Development Centers, Women’s Business Centers, the U.S. Navy and at colleges, conferences, and Chamber of Commerce nationwide. Highlights from some of her workshops have been made available through the Entrepreneurial Edge Business Planning Series.
This Business Planning Guidebook will take you to the next level in business planning ~ it will help you focus your time, energy, and financial resources on what will drive us to achieve our entrepreneurial goals. This unique series of tools, templates, worksheets, and workshops were created with the entrepreneur in mind. Dream to Reality includes: The Entrepreneur Interview Find out Your EQ (Entrepreneurial Quotient) 3 Factors of Entrepreneurial Goal Setting Certificate of Completion
Dream to Reality Entrepreneurial planning is Personal planning. If you think entrepreneurship is for you...
Start Here .
This workshop is designed as a guide to help you think, plan, and put down on paper your values, dreams, and goals ~ for your personal life or your business life.
Dream to reality. Making your business dreams come true! Start Here.
Entrepreneurial Edge Series www.girandolapress.com