Exploit Your Passion

Exploit Your Passion : 

Exploit Your Passion Using Your Talent & Abilities to Create A New Life

Agenda : 

Agenda Entrepreneurship - Why? Benefits & Rewards Risks & Mitigation Basic steps for start-up Your Passion (Business Ideas) Financing Things to Ponder Call to Action Resources Next Steps

Entrepreneurship - Why? : 

Entrepreneurship - Why? Flexibility Currently possess necessary skills Changing economy Income potential Why not work hard for yourself? Create a legacy Only live once

Benefits & Rewards : 

Benefits & Rewards Benefits Freedom Invest in you Tax deduction Rewards Wealth creation Job creation Take charge of your time Economic contribution

Risks & Mitigation : 

Risks & Mitigation Choose nonviable business Research, research, research Speak to those already in business Utilize resources Financial Have at least 6 months expenses in savings Second form of income Keep job until business established Lost time in corporate Nurture network and new contacts Invite respected leaders to advisory board

Basic steps for start-up : 

Basic steps for start-up Understand your life mission List your talents, abilities & interests Research potential businesses & industries Develop a business plan Choose Business structure Partners (internal and external) Financing Advisory Board

Your Passion : 

Your Passion Services Consulting Web Development Planner Independent Contracting Real Estate Training Products Patents Wholesale distribution Retail Write a Book Speaking circuit Become industry expert

Financing : 

Financing Equity Savings Investments from family, friends Partnership Angel investors Venture Capital Debt Loan from family, friends Revolving debt Commercial loan SBA Community Express 7(a) Pre-qualification Microloans Specialized Programs

Financing Qualifiers : 

Financing Qualifiers Cash Flow/Capacity Capital Collateral Conditions Character Credit

Things to Ponder : 

Things to Ponder Change to Information/Knowledge Society Globalization Value of diversity Supplier diversity programs U.S. African-American Entrepreneurship One of fastest growing segments NC is eighth in number of African-American businesses Still only 6% of business ownership

Resources : 

Resources What Color is Your Parachute? (Richard Bolles) How to Succeed as an Independent Consultant (Herman Holtz, David Zahn) The Startup Company Bible for Entrepreneurs (Michael Stathis) 101 Best Businesses To Start (The Phillip Lief Group and Russell Roberts) Minority Business Development Agency www.mbda.gov www.Entrepreneur.com Fast Company Black Enterprise

Resources : 

Resources Business Plan Creation SCORE Financial Planning IRS CPA, Lawyer referred by colleagues Minority Certification SBA – 8(a) WBENC Government HUB/MWBE Courses Small Business Centers – Durham & Wake Tech

Resources : 

Resources NC Minority Business Development Center Business Consultation Financial Analysis Loan Packaging Procurement Assistance Small Business Technology Development Center Management Counseling & Education Export Financing Marine Trades Technology Commercialization

Next Steps : 

Next Steps Consider information presented Seek out resources Ask questions Take your time, but… Just do it! Contact us

Contact Info : 

Contact Info Yolanda Brown YB Consulting info@ybconsulting.biz www.ybconsulting.biz www.ybconsulting.net