Statistics

• 80% of new businesses fail within the first 2 years
• 74% of millionaires started and building their own business
• There are over 7 million millionaires in the U.S.
• Only 5% of people are cut out to be entrepreneurs. Biggest motivation is freedom
• Works 60 hours a week 6 days a week

Is Entrepreneurship Right For You?

• Only 5% of individuals are suited to start and build their own businesses
• The other 95% are much more happy or effective working in larger organizations with other people
• The primary motivation for being an entrepreneur is freedom, not money
• Average entrepreneur works 60 hours a week, 6 days a week
• Need to work 4-7 years before achieving the success you desire
• 80% of people who leave the security of a salaried position decide that it's not the right career choice for them

Select the Right Business for You

• "Nothing succeeds without enthusiasm" – Ralph Waldo Emerson
• Look for something that is an improvement on an existing product vs. something brand new
• An idea only needs to be 10% newer or better to grab substantial market share

Planning

• Estimates cost 2x more and take 3x more than you think they will
• Define your target customer
• Build a business plan and review it with others
• Set goals
• Evaluate using a direct vs distributed sales force
• Build sales presentation

Setting & Achieving Goals

1. Decide what you want
2. Write it down. A goal not in writing is merely a wish or fantasy
3. Set a deadline and sub-deadlines if goal is big enough
4. Make a list of everything you'll need to do to achieve your goal
5. Organize list into plan by setting priorities. What should you do 1st, 2nd, etc.
6. Take action immediately
7. Do something every day that leads you to achieving your goal. Develop momentum

Marketing

The 5 P's

1. Price
2. Product
3. Place
4. Promotion
5. Positioning

Competitive Advantage

• A new idea only needs to be 10% newer or better to gain substantial market share
• Great advertising has immediate results
• Hire slow, fire fast
• Get going and keep going
• Successful entrepreneurs start a business without guarantee of success

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