Today’s Theme
After a great concert, a fan rushed up to famed violinist Fritz Kreisler and
gushed:
"I’d give my whole life to play as beautifully as you do"
Kreisler replied,
"I did".
LFGSM Learning Outcomes
Develop an idea into a marketable product or service
Determine market potential
Define and communicate the concept to obtain financing
Develop financial and operational plans
LFGSM Learning Outcomes
Understand the importance of risk
Be able to create an outline of a new product or business and present key
ideas
Course Topics
The entrepreneurial decision
Recognizing Opportunities
Intrapreneurship
Your USP
Financing (4 weeks)
Avoiding Trouble, Harvesting
Building Personal Wealth
My Teaching Objectives
Gain a full understanding of both risk and value - where they exist, how to
manage them
Know the keys to succeeding in your own business or corporation
Save you some $
Important topics that we will probably not cover
Taxes – planning, administering, etc.
Income, employment, property, excise, duty, estate, etc.
Accounting and administrative systems
Employees – hiring, managing, finding, retaining, employment law, etc.
Type of entity to choose
Fringe benefit planning
Retirement planning
Important topics that we will probably not cover
Government requirements – licenses, permits, laws, etc.
Franchises
Selling your product or service
Pricing your product or service
Home office issues
Working with professionals
Do you need a partner? How to deal with partners.
Business Law – contracts, etc.
Your Learning Objectives
?
What is Entrepreneurship?
Creative act of business start-up
Source of innovation and economic progress
Search for capitalizing on superior opportunities
The creation of value
A behavior - pursuit of opportunity without adequate resources
The way to have it all!
Owning your own business is the American Dream
Our culture has always stressed it:
Puritan Ethic
Horatio Alger
Robber Barons and Industrial Revolution
Bill Gates
Our tax laws favor the self-employed, and our immigration laws favor
business owners.
Entrepreneurship is part of American pride
Entrepreneurs are the source of American prosperity, innovation, progress,
world economic leadership
Entrepreneurs give the USA the power to dominate competition
Our challenge is to remain flexible and still compete on a large scale.
Reality
Less than 50% of businesses survive for 5 years
Of those that do survive, less than 5% survive to a second generation of
owners
Most small business owners work longer hours and make less money
Reality
Reasons:
Few quality training programs
Complex tax laws
One-sided labor laws
Red tape everywhere the owner turns
Attitude that business should pay all the country’s taxes and provide
lifetime care to employees.
Definitions
Being an entrepreneur means having the freedom to worry all the time, go
without a paycheck, do everything yourself, work 70 hours a week, and risk your
marriage and the house.
What do Entrepreneurs need to succeed?
?
To Succeed, Entrepreneurs Need
A feeling for risk
Total commitment
Stamina
Patience
To know how to sell
A self-employment opportunity
A single minded focus
More needs
Tolerance for ambiguity and uncertainty
Opportunity obsession
Energy, health, emotional stability
Creative ability
Intelligence
Good people skills
Optimism
Willingness to sacrifice
Leadership ability and management skills
Even More Needs
The right skill sets
Enough Experience
Motivation
Desire
Great attitude
Determination
Holistic preparedness
Functional Skills Needed
Marketing
Sales
Personnel
Administrative
Operations
Finance
Technical
Management
Planning
Fund-raising
Training
Team Leadership
Entrepreneurial Skill Windows
Age
7 years to create winners
Seasons of an entrepreneur’s life
pages 200 - 201 NVC
You also need an opportunity
Brainstorming
Identifying anomalies
Market viability tests
Purchasing a business
Licensing a service, technology, or process
creating an unfair advantage
There must be a market need for you
Will anyone pay for it?
Will anyone buy another one?
Will you have enough cash flow to survive?
What value are you providing?
Is there a suitable exit plan for you to cash out?
One More Need
Cash, or an amazing ability to do without it.
Which are most important factors
?
How do you define:
Success?
Failure?
Risk?
Value?
SUCCESS AND FAILURE ALL REVOLVE AROUND BOTH VALUE AND VALUES
Know what you want
Short-term economic gain
Ability to make big money quickly
Long-term economic security
Quality of the people you work with.
Autonomy
Ability to fulfil your dreams
The Two Things That Drive Entrepreneurs
FAITH
FEAR
Are entrepreneurs made or born?
Which comes first, the entrepreneurial idea or the desire to become an
entrepreneur?
Why do you want to become an Entrepreneur
?
Entrepreneurship is a journey.
It is not about being the richest person in the cemetery.
| 
Michael Goldman & Associates, L.L.C. - Consulting
& CPA Services 
