Starting Your Own Business

Turning an Avocationinto a Vocation

Jim ShankleManaging Director

71 Ventures LLCwww.71Ventures.com

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The Secret to Success?

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The Secret to Success

Do What You Love“Childhood Dreams are the Incubators for Adult Success”

If You’re Not Passionate About It, Do Something Else

Awareness of an Opportunity That Fits Your Passions is the Ignition

Motivation is the Accelerator

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The Best Book Ever Written for Entrepreneurs

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The Dream Giver

Every Action Moves You One Step Closer to Success– Every Failure Moves You One Step Closer to Your Dream– Never, Ever Quit

Impediments Are Fear & Negativity– “I don’t Know How”– “It’s Not That Good”– “I’ve Never Made Anything Before”– “I’m Too Busy”– “I Don’t Have the Money”– “If It Was Such a Good Idea, Someone Else Would Have Already Done It”– and on and on…..

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Step 1: Create a Life Plan

85% of Success is Based on Knowing Yourself– Your Personality– Your Gifts– Your Purpose

Plan Your Life, Then Plan Your Business– The most successful and happy people are

entrepreneurs who created a business that’s in perfect synchronicity with what they want out of life

– If you do what you love, you’ll work harder, better and more happily

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Elements of Your Life Plan

Your Current Status Your Ideal Life Your Loves: What You Really Like Doing Your Skills & Capabilities: What You Do Well Your Track Record: What You Have Experience Doing Your Ideal Work Style Your Personal Mission Statement Key Moves to Get You Where You Want to Go

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Internal Analysis

What Are Your Talents? What Do You Like To Do? What Experience Do You Have? What Are Your Interests? Do You Have Managerial Skills? Are You A Decision-Maker? What Is Your Energy Level? Are You A Self-Starter? Are You Self Motivated? Are You Willing To Take Risks? Is Your Spouse?! What Is Your Financial Situation?

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Your Ideal Work Style

Full-time or part-time At-home or on the road working behind the scenes or interacting with

lots of people Another way to look at this is, what level of risk

do you want to take? – You may want a relatively low-pressure first-go at

entrepreneurship.

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Your Personal Mission Statement

Consists of– Your Values– What Drives You Forward– All Wrapped Up Into A One-page Statement

To Write This– Draw On Everything You’ve Discovered About Yourself

Bring It All Together Into A Clear Statement of – Your Principles– Your Priorities

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Key Moves to Get You Where You Want to Go

Develop Action Items To Transform a Life Plan – From A Self-Assessment Into An Action Plan

At This Point In Life Planning, You Know – Where You Want To Go– What Skills You Already Have– What Type Of Work Suits You Best

Draw From That Information – A List Of Moves That Help You Achieve Your Ideal Life

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Using your Life Plan

Print Your Life Plan And Keep It In Plain View. – Constantly Remind Yourself

What You Want What’s Important What To Do Next

– Revisit Periodically Measure Your Success Make Adjustments & Additions Where Appropriate It’s Okay If Things Change Over Time

– Life Is Dynamic and Your Life Plan Should Be Too!

– Use To Provide Context For Strategic Decisions You Make—including What Niche You Choose To Operate In, What Business Model You’ll Use, Whether You’ll Have Lots Of Employees Or A Home-based, One Person Operation.

– Most Importantly, Your Life Plan Will Position You To Do What You Love And That Always Brings Out The Best In An Entrepreneur.

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Step 2: Choosing a Business Model

Home-based Brick-and-mortar e-Commerce eBay Franchising Licensing your product Multi-level marketing

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Step 3: Create a Business Plan – Some Defining Questions

What’s Your Business Idea? How Does Your Idea Address A Need? What’s So Different About What You Offer? How Big Is The Market? How Big Will You Grow? Who Is Your Customer? How Much Will They Pay? How Will Customers Buy From You?

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…and More Questions

Can I Make A Living From My Business? Who Is The Competition? What Can I Do Better Than My Competition? Is There Room In The Market Place For Me? What Are Your Key Milestones? How Will You Measure Success? What’s Your Role Going To Be? Who's On Your Team?

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…and More Questions

What Are The Employee Needs? Where Will I Locate The Business? Are There Legal Restrictions? What Legal Form Of Operation Should I

Choose? What Type Of Records Do I Need To Keep? What Taxes Will I Owe?

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…and Yet Again, More Questions

How Do I Locate My Suppliers? What Will My Equipment Needs Be? What Will I Name My Business? Who Can Help Me Get Started? Where's The Startup Money Coming From? What Do They Want for Their Money? …etc., etc., etc.

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Step 4: Select a Business Structure

Sole Proprietorships

Partnerships

Corporations

Limited Liability Companies

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Step 5: Create Key Business Assets

Website Address Trademarks Copyrights Patents Provisional Applications for Patents Inventor's Logs Confidentiality Agreements

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Step 6: Find the Funding

Bootstrapping Debt Financing Grants Friends and Family Angel Investors Factoring Venture Capitalists

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Step 7: Organize Logistics

Accounting Legal Services Insurance Banking Information Technology Website Development Merchant Accounts / e-Commerce Real Estate

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Step 8: Find Great People

Understanding The Power Of People

Find The Stars To Bring Onto Your Team

Keep Your Stars

Importance Of A Mentor

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Step 9: Establish a Brand

Draft Your Brand DNA Or Essence Define And Relate To Your Target Audience Choose A Brand Name Create A Logo Make A List Of All Your Other Touch Points Create A Demand For Your Brand

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Step 10: Market and Sell

Research & Strategy

Marketing Materials

Marketing Methods

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Treasure Troves of Practical Advice

www.LuckyNapkin.com www.DrDoug.com www.ObsidianLaunch.com www.SmallBusinessTechnology.com www.MillionaireBlueprints.com www.StartupNation.com www.Entrepreneur.com

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Start Your Own Business?

Questions?

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