Show:
Major Road Blocks
Skill Set and Mentality
The Good, the Bad & the Ugly
Business Stages
Key Principles - Tricks of the Trade
100
Greed and _____ Kill business
What is Cash flow
100
As an entrepreneur, it is important to have good morals and set the expectations high so that _____ will follow
What are your employees.
100
The Good: Name the top 3 most successful entrepreneurs in 2014, as per Forbes magazine.
Bill Gates - Microsoft - Net Worth 72 Billion Warren Buffett - Berkshire Hathaway - 58.5 Billion Larry Ellison - Oracle - 41 Billion As per Forbes Magazine
100
You've decided to to put your idea into action by starting your own business. What document must you write to pitch your idea to investors?
What is a business plan.
100
You have more skills than you realize. _______ is everything!
What is Management.
200
What is a major fear that many entrepreneurs initially face when contemplating starting their business?
What is Fear of Failure
200
What are three key character traits of a successful entrepreneur?
• Passionate • Committed • Willing to Sacrifice
200
The Bad: According to Bloomberg report, what percentage of Entrepreneurs fail in their first 18 months of operation?
• 8 out of 10 • As per Prof. Phil McCully, at McGill University, one main reason for the high rate is peoples inability to fully understand their business and educate themselves.
200
Finding investors can be challenging but it is important to know that involving the right people is key. Entrepreneurs are encouraged to find these type of investors
What is value added.
200
Go talk to people. The most valuable tool you have is __________
What is your face
300
What are three effective ways to raise capital for your entrepreneurial venture?
• Family, Friends • Bank • Investors
300
Thomas Edison, famous inventor and entrepreneur once said: "I have not failed. I've just found 10,000 ways that won't work." What mentality best relates to this quotation, that every entrepreneur should possess.
Resiliency - the willingness to never give up and overcome obstacles to be successful.
300
The Good: According to Forbes Magazine, there was a record number of North American adults involved in start ups businesses in 2012. What was this percentage?
• 13% • This was a record high, since the Magazine started keeping statistics in 1999. This increased percentage shows the current trend that start ups are on the rise.
300
According to Mystery Shopping C.E.O, Michael Glazer, what are three financial principles to live by?
• Operate within your budget – “live and act cheap” • Re-invest in your business and yourself • Learn the time value of money
300
What are two effective ways to get feedback on a your potential business idea
• Conduct a survey • Go to trade shows
400
Starting your own business is challenging. What are two ways to deal with your competition?
Find a niche and differentiate yourself. Be the best at what you do.
400
Name 5 important interpersonal skills you need to be a successful entrepreneur?
• Communication skills • Well mannered • Patient • Creative / Innovative • Leadership
400
The Ugly: Name three hardships that an entrepreneur might be forced to face as they start their business.
• Takes on average 2 full years to create • Work countless hours, beyond the typical 9-5 work day • Sacrifice time, money, and relationships
400
What is the cardinal rule which relates initial investment and to sales?
• Don't confuse the two! • A sale is only as good a as re-sale.
400
As an Entrepreneur, effectively managing your finances is crucial. It is important to balance doing business right while doing things cost effectively, so that everyone along the way can benefit. A key principle states "Make the ____ bigger" Hint - looks and tastes like cake
What is the pie
500
What are four fundamental questions every entrepreneur needs to know about their business?
• Who am I? • What business am I in? • Who is my customer? • Who is my competition?
500
A wise man once said "Excellence without arrogance, ethics without compromise." This quotation refers to the importance of ethics in business. Who said it?
Who is Phil McCully
500
The Bad: What are three major risks that entrepreneurs could face?
• Personal Debt • Competition • Market fluctuation
500
As a market changes and competition emerges over time, successful entrepreneurs must be able to ____ and _____
What is adapt and evolve.
500
What are 4 key end goals of an successful entrepreneur?
1) Be your own boss 2) Get paid for other peoples work 3) Resale of your business, have a viable exit strategy 4) Innovate & Create for good, meaningful purpose