How do I become an entrepreneur?

Starting the journey to business ownership

www.karensouthallwatts.com

Why do we start businesses? Be my own boss, independence, flexible

hours Making the money from my ideas and

efforts—not lining the pockets of others Layoff, downsizing, firing—last chance Retirement is not enough

How do I define success?Success is a subjective term…

Are you looking to just make “extra” money?

Do you have dreams of wealth?

Is work/home life balance the most important thing in your life?

My typical customer

My customers… Where do they live, work, shop? What’s their cultural identity? Do they have unmet needs? How about hot button issues…

Financial Check-up Credit Report Personal Records Start-up amount Cost to produce one

unit or Market value for my

time Debts and Assets

Quick view financial exerciseStuff I own—assets Stuff I owe—debts

Paid for cars, real estate Loans, mortgaged items

Do I need a business plan? Seeking funds from a lender or investor Plans for start-up, marketing and daily

operations Evaluating your competition and target

market Measuring success

What do I do next? Check out the resources in

your community; SBC, SCORE, Chamber

Invest in your personal growth library

Seek a mentor, coach or other support