OASIS –Let’s Startoasisatt.org/wp-content/uploads/2017/03/OASIS_ERG_LetsStart... · Event On...

OASIS – Let’s StartIntroduction to youth Entrepreneurship & Leadership

OASIS is an Employee Resource Group at AT&T

March 22nd 2017

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Disclaimer:This is a very high level overview and should not be considered as

comprehensive, legal, tax related or accounting advice. You should seek

professional advice for legal, tax, accounting and other aspects of a business.

Your local SBA office should be able to guide you further and locate local

resources.

The Pursuit of Happyness

Maya's Ideas provides environmentally sustainable, fashionable accessories and clothing - designed in her home studio outside of Atlanta and sold to customers all over the world.

16 year old CEO, designer and activist and founded

Maya's Ideas in 2008 at the age of 8

10-20% of the profits go to local and global charities.

Maya's advice for young girls is to step back, explore and imagine. She wrote a book – “You got this!”

Why start a business?Because you can!

10 reasons to start your own business

Control your destiny!

Change the

CreateJobs

Get Experience

Financial $$$

Freedom

Follow Passion

Tax Benefits

Build a Network

Give BackRecognition

Objectives

• Business Idea

• Value Proposition

• Research

• Business Models

• Marketing, Pricing and Sales

• Funding and Finances

• Strategy

• Leadership

• Business Structure & Resources

Your Strengths as an Entrepreneur

• Innovation + Creativity

• Persistence + Resiliency

• Flexibility

• Passion

Business Idea

Coming up with a Business Idea

What do you have to offer?

What do you love to do?

Are there opportunities out there?

What do you want out of it?

Did you know how Taxis work?:

Tap the app, Get a Ride!• One tap and a car comes directly to you• Your driver knows exactly where to go• Payment is completely cashless

• Request• Ride• Pay

Value proposition

Value Proposition

Problems your product solves

Describe Features & Benefits

Advantages for customer

Better or Best solution

Needs met & for whom

Research

Market Opportunity

Know your

Customer

yourCompetition

Know your

industry

Business ModelsHow to get your products to the customer!

Home-basedBusiness

Online Business

Top 3 Popular Business Models

Low costsLow ExpensesLow Investment

Needs TrafficCustomer contactDifferent Laws

Saves RentLow ExpensesLow Investment

Work LifeUnprofessionalZoning Laws

Part timeNo office neededNo Investment

LonelyUncertaintyOther Laws

Freelancing

Pricing PlanAre you going to make money?

Common Costs Product Costs Other Costs

Know your COSTS

Property –Rent/Lease Equipment Utilities Transport Loans + Interest

Cost of Goods Sold (COGS) Inventory Damages Markdowns

Salaries Discounts Promotions

Cost + small profit

Advantages:• Easy to find prices

• Less Risky and Simple

Disadvantages:

• Ignores customers

• Ignores competitors

Pricing Models

Price by Customer

Advantages:• Flexible pricing

• Maximize profits

Disadvantages:• Unhappy customers

• Competitors will benefit

Study the competition

Advantages:• Easy to use

• No research, analysis

Disadvantages:• Prices may be wrong

• Products may be different

CompetitionCustomer

Based on:

Marketing PlanTell the customers about your products!

•Where can customers buy them?Place

4 P’s of Marketing

•How you will reach the customers?Promote

•How much will it cost?Price

•What are you selling?Product

Competition &Budget

PromotionPlacePriceProductTarget Market

Marketing Plan

Where, Who, Why?

Customer Types

Income, Lifestyle, Education

What is it?What does it

do for the customer?

How will it look? How will you package it?

Warranty, and other information – MEET the NEEDs

High prices, Sell Less for profits

Low prices, Sell more for profits

Volume Discounts?

Seasonal Discounts?

What are the costs of living & spending habits in the target area

Where will you sell products?

Sell Direct? Or through someone? Who are they?

How does the product get to the locations?

Air, Land or sea? Costs?

How will you store the product?

How will you deliver to Customers?

AdvertiseBOGO salesFree samples

Publicity - Media, Bloggers, Famous persons to endorse

MONITOR your promotions – make sure you know which ones WORK

Know, Study and Learn from your

competition

What do they do well? And don’t

Repeated strategies? They work!

Budget $ to

Research Advertise Promote

Salesnot marketing

People do not buy what you sell. They buy what has value to them.

Sales Strategies

Communicate Customer Relations

Improve SalesMedia, Social Media, Flyers, Word of mouth and so on

Sales Calls – Cold Calls

Track results/approach

Treat your customers and employees well

Track all customer interactions and LEARN from them

Give away free samples

Buy one Get one Free

Send email Coupons

Funding and Finances

Pieces of the Financial Pie

Build a budget &

Breakeven Analysis

Funding Sources

AccountingFinancial

Statements

Payroll

Financial Ethics

Sale of products and services

Interest from loans given to customers

Cash from loans, other sources

IncomePurchases

Rent, Utilities

Supplies

Employee Compensation

Legal, Insurance, Taxes

Debt Service (Interest)

Expenses

Budget And Breakeven Analysis

What is the breakeven point?Income = Expenses

Bootstrapping Crowdfunding Loans

Top 3 Financing Options

You have controlCons:

You take most of the RISK

Easy to set upTest your ideaCheap financingCons:

Lot of rules + may not reach goal

SBA loan (micro)Less RiskCons:

Up to $50,000Credit HistoryNot many lenders

Cash Flow Income

Statement

Balance Sheet

Where the money comes from

Where the money is spent

Also called Profit & Loss (P&L)

Income VS Expenses

Profitable OR Not

What you OWN

What you OWE

Top 3 Statements you need to know about

Employee Compensation

Pay your people

“Start up” benefits (free food, signing bonuses, car leases)

Subsidized healthcare

401K (matching), Pensions

Stock Options

Paid time for vacation, comm. service, training

Commuter benefits

Strategy

Strengths Weaknesses opportunities Threats

Strategy (SWOT analysis tool)

• Items that the businesswill NOT focus on

• Items which are NOT it’s strengths

•Business Strengths

• Items that no one else can do, or do well

•Possibilities out there

•Plan future growth

•Competition

•Market Changes

Leadership

Top Qualities of a Leader

IntegrityHonestyRespectFairTrustMentor

How to find help

Lots of resources

SBA Learning Center

SBA Community

OnlineFree Guidance

SBA Local Offices

In-person More Organizations

Chamber of Commerce

Local Govt. SBDAs

Industry Groups

LocalSomeone to guide you

Family, Friends and Community

Join Networks

MentorsResources

Business Plan

Planning = Success

UpdateMini PlansWhatFocusSuccess

Basic Business Plan

What do you want?

How will it look like?

Target Market

Not Target Market

Core Product/s

Real Goals

List Steps

Set Deadlines

Track & Measure

Strategy

Marketing Things Change

Plans should too!

Business Structure

OthersPartnershipSole

Proprietorship

Top 3 Popular Business Structures (resources)

Simple + most commonOwner BusinessSame IncomeYou keep profitsYou owe the

Debts LossesLiabilities

Two or more OwnersMust contribute

MoneySkillsPropertyLabor

$ shared by % ownedMust have written

agreementDecide Together

Partnership + CorporationOwners (Members):

One or moreOther LLCs

Profits + LossesPass through

Provides Limited Liability to members

Limited Liability

Company

Corporations Non-Profits Co-operatives

Registering Your Business (resources)

•State and Local Taxes

•Employer Identification NumberEIN

•Permits & LicensesPermits

•“Doing Business As” NameDBA

Proven Skills – Not just good grades!

ProcurementLogistics & PlanningCustomer RelationsFinancing AccountingRisk ManagementMarketingPricing

Strategic ThinkerProblem SolverCommunicatorLeader MentorResource Manager

What are your Strengths and Experience?

What problems can you solve for the business?

Why you?

What’s your Value Proposition

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