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Business Practices for Entrepreneurs

Business Practices for Entrepreneurs. Moderated by: Chris Lopez. Hosted by: Westbank Community Library. Few Announcements. Morgan Spurlock – Cyber Spying/Big Data – 11 pm Friday Tosh.o – New Tonight at 9 pm on comedy central ch 59

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Business Practices for Entrepreneurs

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  1. Business Practices for Entrepreneurs Moderated by: Chris Lopez Hosted by: Westbank Community Library

  2. Few Announcements • Morgan Spurlock – Cyber Spying/Big Data – 11 pm Friday • Tosh.o – New Tonight at 9 pm on comedy central ch 59 • HLN Viral Videos “Right This Minute” Saturday and Sunday 12 pm ch 47 • Tonight Goldbergs Star Wars Episode 8 pm ch. 3

  3. Let’s Build a Team

  4. Wait, how do you build a team?

  5. It Depends on the company • Common Mistakes Taken on First Time startups • Starting a business with Friends • Starting a business with family members • Starting a business with co-workers from a previous job • Starting a business with loans from a bank • Starting a business with no customers (but it’s the best idea in the world!) • Starting a business with no homework done

  6. It Depends on the company • You first need to know what kind of company you are starting • If you are starting a baking company, who are the main employees you will need starting off? • A tech company? Who do you need starting off? • A brick and mortar company? What’s the bare minimum of staff you need? • A service company? Who are the skilled employees? • An online company? How much can you outsource? Bare # of employees? • A starter company (practice company)? What can you do without? • A bank? • A restaurant? • An international company? • etc

  7. Man, is it really that hard to start a business?

  8. I just want to hangout with my friends and try to make some money on the side

  9. Sure, But there’s a shark swimming and you’re not paying attention to it.

  10. Who’s the shark swimming?

  11. Who’s the shark swimming? - Consumers - Marketers - Coworkers - Business Partners - Investors

  12. Who’s the shark swimming? - Consumers - Marketers - Coworkers - Business Partners - Investors

  13. Who’s the shark swimming? - Consumers - Marketers - Coworkers - Business Partners - Investors

  14. Who’s the shark swimming? - Consumers - Marketers - Coworkers - Business Partners - Investors

  15. Who’s the shark swimming? - Consumers - Marketers - Coworkers - Business Partners - Investors

  16. There is a long history of business partners stealing business ideas and plans

  17. Business is Business • When Creating your team, do the following right away • Sign nondisclosure agreements (if your company depends on a special way of doing something) • Assemble a team based on talents, not personal relationships • Determine when business will be conducted and stick to that routine (even if you are homebased) • Create contracts for admin staff, do not use verbal contracts • Create expectations for everyone so they know what is expected of them at any moment in their job • Keep Personal and Business Life separated as much as possible

  18. Ready to build your Team now?

  19. The 3 People You Need Right Away And then some • Malcolm Gladwell said it great in his book, “The Tipping Point.” • He explained there are three types of people • Connectors – They are the ones who find other people for you • Mavens – They are the brains and just know tons about everything • Salesmen – They can sell anything, even the clothes on your back • But you also need a few more people

  20. The 3 People You Need Right Away And then some • Standards include • Finance Person (try to outsource if you can) • Social Media (hire HS to college level person, there are no degrees yet for this field so don’t be taken by flashy titles) • You need the following • Video • Microblogging • Blog • Interaction • Front Line (only if you are a brick and mortar or expanding and need the help)

  21. Finding those 3 People • Connectors are hard to come by, especially for hire, their talent is natural and scales based on connections. • Salesmen who know they are great are hard to hire, you need a connector to find one for you. • Mavens are the hardest to hire since they know it all. It’s extremely difficult to pull a fast one on them since they are always 30 steps ahead of you. If the Maven doesn’t want control, pay them well with a comfy job and you will be rewarded with great things.

  22. Which one are you? Are you any of those three types of people?

  23. If not, what do you have to offer?

  24. What role do you play as an entrepreneur for your company?

  25. Or do you need to have one?

  26. Remember the 4 hour work week rule? • If you are a hands on entrepreneur, how much time are you going to put in in the beginning? • Determine your time in the beginning vs payoff • If you are NOT a hands on entrepreneur, did you hire the right people to take over the operation? • If so, pay quality level to get quality service back. • Pay scale determines quality service and leveraging tool • Check up throughout the week, which should only at MOST 4 hours a week

  27. How big should your staff be? • As large as you need to meet daily operational demands PERIOD • Do not hire over that; that is money wasted. • If it only takes 2 people to run the business, then each person will serve multiple titles. • If it takes only 1 person, make sure their personal comforts are met in order to do their job. Do NOT skip or ignore this rule.

  28. Structure of Work Flow • Daily Check up • What number do you need to see everyday to ensure you are operating profitably • Who are the key people in your business that know any obstacles encountered the day before • Do you need to have meetings? (Meetings are the most wasteful expense for companies) (i.e., 5 minute standing only meetings) • Who manages the books at the end of the day? Again, what is your number you need to see each day? • What are the daily expectations, weekly expectations? Monthly?

  29. A few things to think about Single Founder Bad Location Marginal Niche Derivative Idea Obstinacy Hiring Bad Programmers Choosing the Wrong Platform Slowness in Launching Launching too early Having No Specific user in mind Raising too little money Spending too much Raising Too much Poor Investor Management Sacrificing Users to supposed profit Not wanting to get your hands dirty Fights between founders A half hearted effort No assessment of competition

  30. Ready to start that business now?

  31. If any of this was new to you today and your about to start a business, you haven’t done your homework yet.

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