Starting a new venture: What's in it for new entrepreneurs?
-Financial Stability
-Survival
-Flexibility
-Independence
-Survival
What are many entrepreneurs uninterested in?
Growth
What percentage of entrepreneurs have no interest in growth?
More than 25%
What are important entrepreneurial characteristics?
-Tolerance of failure
-Vision
-Tolerance of uncertainty
-Confidence
-Energy
-Self-reliance
What are funding options for small business?
-Personal Resources
-Loans
-Love Money
-Angel investors
-Government grants
-Venture capital
-Kickstarters
What are the different opportunities available for small businesses?
-Market niches
-Personal customer service
-Lower overhead costs
-Technology ( selling online)
What is an overhead cost?
Expenses
What are threats for small businesses?
-High failure rate
-Lack of knowledge
-Lack of experience
-Too little money
-Bigger regulatory burden
What is regulatory burden?
The administrative costs necessary to pass regulations
What percentage of Canadian small businesses survive less than a year?
92.9%
What percentage of Canadian small businesses survive 6-10 years?
30.7%
Which three household names of entrepreneurs found success by originally failing?
Walt Disney, Ray Kroc and Steve Jobs
What are the three launch options?
-Starting from scratch
-Buying an existing business
-Buying a franchise
What are the pros of starting from scratch with a new company?
-All you
-No need to deal with a prior owner
What are the cons of starting from scratch with a new company?
-Pressure
-Hard to get credit
-Challenging logistics
-Building a customer base
What are the pros of buying an already established business?
-Everything in place
-Established relationships
-Easier to obtain finances
What are the cons of buying an already established business?
-Not as fun with someone else's ideas
-Having to deal with prior owner's past mistakes
What are the pros of buying a franchise?
-Partnering with an established brand
-Assistance with $ and management
-Low failure rate
What are the cons of buying a franchise?
-Expensive
-Less creativity
-Negative halo effect
What is a business plan composed of?
-Executive Summary
-Description
-Competitive industry research
-Marketing
-Operating Procedures
-Personnel
-Financial projections
What percentage of small businesses provide services?
79%
How much does small business contribute to Canada's GDP?
30%
What are minipreneurs?
Army of individuals launching super small-scale enterprises