Starting a Business King Saud University Entrepreneurship Center By Turki Faisal Al Rasheed
Before starting a business • Choose a business based on your skills and interests • Research the business idea • Write a business and marketing plan
Starting a business • Do not rush to a partnership • Know your cash flow • Know the market • Reduce risks • Be Flexible • Focus on your goals
Do I need a business plan • Not everyone who starts and runs a business begins with a business plan, but it certainly helps to have one. • If you don’t you will pay a heavy price.
What is a business plan • A business plan should prove that your business will generate enough revenue to cover your expenses and make a satisfactory return for bankers & investors.
Reasons for writing a business plan • Improve chance of finance • Define and fix objectives • Identify a new business • Arrange agreement with partners • Evaluate a new product line, is it promotion or expansion
Who needs a business plan • Bankers, Venture capitalist and Investors that your business plan is worthy.
Contents of a business plan • Executive Summary • Is it a Products or Services • Market Analysis • Strategy and Implementation • Financial Plan
What makes a successful business plan • A well reflect idea • Clear and brief writing • A clear and logical structure • Highlight the ability to make the business a success • Shows profitability
How to write a business plan • Hire a professional • Buy a book • Use business planning software • Present like a professional
Finding customers • Realize there is no one path of success • Be current be ready “The secret of success is to be ready when your opportunity comes”. • Follow up after meetings • Give a little to get a lot • Work your personal network • Study your competition • Use multiple small ads instead of one big one • Ask for feedback when prospects don’t buy
Pointers in succeeding your own business • Be true to yourself, customers and prospects • Find a need and fill it • Choose products or services that you can sell and make a profit • Make realistic estimates of your expenses.. Then double them • Effective marketing • Respect and appreciate your vendors, manufacturers and service providers • Utilize the web
Business failures • Starting business for the wrong reasons • Incompetent Management • Insufficient Capital • Lack of Planning • Over expansion • Failure to embrace new technologies and new developments • Poor human resource relations • Lack of clear objectives
Entrepreneur • Entrepreneur is a person who organizes and manages a business, usually with considerable initiative and risk. • Entrepreneurs emerge from the population on demand, and become leaders because they perceive opportunities available and are well-positioned to take advantage of them.
Summary • Dream BIG but start small: a quote to reflect on • More information check websites • http://www.entrepreneur.com/ • www.businessweek.com/smallbiz • www.smallbiztrends.com/ • www.startupbusiness.com/
Thank you… Ready to take your Questions For more information Please visit my Website: www.Tfrasheed.org