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Bringing Vision To Reality

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a) Clear view of yourself – you are your businessb) View of what you can doc) Clear view of what you’re trying to dod) Understanding of your target markete) What are legitimate obstacles?f) Clear view of your goals. How else will you know

you’re successful?

You and Your Business

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Balancing Talent and Time1. 2 Critical components of effective business2. You are 2 Parts a) Talent - Unique skill, ability, resources or service you are able to provide for a fee. b) Time – Amount of time it takes for you to perform talent or service Example: If you cook, how long? If you cut hair? How long? If you repair cars? How long? If you sew clothes? How long?3. Mismanagement of time drastically affects your business effectiveness and profitability.

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Are You Multi -talented?1.) You can multiply talents but you can only divide your time!2.) The more talented you are the more your time becomes a factor3.) Questions that must be asked to effectively prioritize and balance time and talents a.) Do you have time to perform all your talents professionally? b.) If not, which talent is most profitable? c.) Which talent is most time consuming? d.) What is most valuable to me, my time or my talents?

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Chain Effect – Links to a Vision Becoming a Successful Business

Vision

Conceptualization

Initialization

Stabilization

Innovation

Profitability

Replication

Diversification

• My business plan is not necessarily my concept• My concept can be in my plan but they are not the same Example: Ford motor cars business plan is to introduce new hybrid cars in 2014. Before they can initialize that plan they have to develop a concept car. The plan and the concept car are two distinctive plans. The business staff develops the plan, engineers develop the concept car.• The concept shows the others what you are doing• It shows you where you need to improve.• The real work is at the conceptualization level: research, comparison, costs, etc., must be done at this level.

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Understanding Conceptualization

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1996 Business Vision for NewspaperVision- To produce a multi-cultural Christian newspaper focusing on

major issues in the body of Christ and the community at large

Conceptualization – What are the distinctions and why are they important?

1.) Multicultural/Diverse – Non-existent at that time 2.) Issues and needs based – Approach was fresh distinct for others 3.) Free- Important for saturation- Guarantees advertisers that product will reach target market.

Problems – New, untested, issues can’t be offensive- must be informative. 4.) We sold our concept to businesses (Ads)

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Critical Factors for Success1) Insure deliverables – Product must print and must be

delivered to base2) Start where you are most successful – your base.3) Know your base. In this case church and community4) What is your business base? Church and businesses

within the community.5) Is there overlap?6) Can it help or hurt you? For example: Pictures of yourself on the business or in marketing formats.

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Financial Breakdown• Costs – Printing- .10 per copy; Fuel cost, overhead, rent, phone,

secretary, etc.• 10,000 copies - $1000.00• Rent -$400.00• Utilities - $100.00• Phone - $50.00• Fuel -$100.00• Part-time Secretary- $400.00• Total operation cost - $2200.00 - $2500.00• Ads- $6000.00/month Pay self $1600/month• Approximate Expenses - $4000.00 • Kept $2000.00 per month buffer

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Living 2 Steps Behind your Business

• If you project $100,000’s in business

• You should operate in increments of $10,000 or less

• You should live in increments of $1000 or less

• Manage your hunger and appetite , you cannot eat the business which feeds you! Watch your lifestyle.

• 1998 Personal Business Goal to develop $100K income through 4 streams.

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1998 Vision for Consultant Firm

• Vision – to develop a consulting, marketing, professional service firm as a go between for contractors and their target

markets. Goal was to improve professional services and increase revenue for African Americans businesses.

• Concept – None existed and could not be formed without initialization.

• Problems – 1.) no working concept existed 2.) No control over contractor’s abilities or services. 3.) My company had to assume liability 4.) My business name and reputation was at stake with untested businesses.

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1999 Revised Vision for Consultant Firm• Alternate Vision – to develop a consulting, marketing,

professional service firm for a go between for non-profits and their target markets. Goal was to improve professional services and increase revenue for African Americans non-profit.

• Concept None existed

• Problems 1.) no working concept existed

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1999 Businesses –Time- Personal Income Breakdown

Eric Davis

Ministry#1 Priority

Remain Flexible Non-Profit5-10 hrs/wk$30 – $35K

Vending Business3 hrs every – 10 days

$15-$25K/yrContract 312K

4hrs/wk

Contract 2$24K

1-2 hrs/wk

Contract 1$50K

5 -10 hrs/wk

Consulting Firm

Business income 131K - $146KProfessional Time Approx. 28 – 30hrs/wkPersonal Income from Businesses Approx. $35K/moPlus spouse Approx. 60K total

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Business Model Test

• $50K to provide services 4hr/day - 5 days/week - 40 wks• Minimum 2 employees required• On site - no overhead• Weekly supplies approximately $250/week

How would you disperse these resources?