Samira B. Cook, DirectorDC Women's Business Center

Start-up Considerations“Good business leaders create a vision, articulate the vision, passionately

own the vision, and relentlessly drive it to completion.” ~Jack Welsh

Sponsored by: U.S. Small Business Administration

Operated by:

The Case of the Fantastic Artist

“You should start your own business”

…but should you?

Is Entrepreneurship for You?

There are NO guarantees in business• There is no way to eliminate ALL risks

You can improve your chances of success with:• Good planning• Preparation• Insight

Why Small Businesses Fail

Lack of experience

Insufficient capital

(money)

Poor location

Poor inventory management

The GOOD News!

For the right person, theadvantages of businessownership far outweigh the risks.

• You will be your own boss.

• Hard work and long hours directly benefit you, rather than increasing profits for someone else.

Questions to Ask Yourself

Are you a self-starter?

How well do you get along

with different personalities?

How good are you at making

decisions?

Questions to Ask Yourself

Do you have the physical and

emotional stamina to run a business?

How well do you plan and organize?

Is your drive strong enough?

How will the business affect your

family?

Entrepreneur Characteristics

Persistence High

energy level

Goal-oriented

Independent

Calculated risk taker

Creative Commitme

nt

Problem solving skills

Tolerance for

ambiguity

Management Skills

Organization skills

Competitive

Tolerance for failure

Desire to work hard

Luck

Questions About Your Business

• Is it practical?

-Is there a demand for my product or service?

-Can I create demand for my product or service?

-Have I considered all the investments necessary?

-Do I have support?

Business Planning Elements Vision or Mission Statement

Analysis of competition: your competitive advantage

Marketing Strategy

Name, license, legal structure

Financial analysis

Before You Act

Gather as much

information as you can

• Research• Read: Newspapers,

Trade Magazines • Talk with experts

Setting Up: Funding Your Idea

Sources of Funds

• Savings • Family, Angel Investors• Bank loans• Microfinance Organizations • Banks • Venture Capital Investors • Business Plan Competitions

Setting Up: Documentation

Business name License Legal Structure Employer Identification

Number (EIN) Insurance Location: lease or home-

based business?

Your Edge: Competitive Advantage

Study your competition

What can you offer that is better than established organizations?

How Will You Make Money? Pricing Income and revenue

forecasts Advertising/Marketing

strategy Internet resources Staffing Compensation

Dream it! Do it!

Mission Statement

• What do you want to achieve? • Who will this serve? • How will your business stand out?

• Write it last.

How Can We Help?Services for Start-Up Businesses

Business Assessment

Business Planning

Access to Capital

Connection to Mentors

How Can We Help?Services for Existing Businesses

Business Assessment

Business Growth Support: Counseling & Training

Access to Capital

Mentoring and Networking Opportunities

What’s Next? Vision 2 Action Orientation Series

• Upcoming series in September Business Planning Lab

• Upcoming series in September

Register with the Women’s Business Center for additional support.• Online: www.dcwbc.org• Telephone: 202.671.2144• Email: Samira@dcwbc.org