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#mybusiness
an Entrepreneurship Workshop
Carl Holliday
The conversation we should be having is not about whether you should start your own business or not. The true conversation is about your life and how you are going to live it. Who will make your life decisions? Will you allow someone else to decide for you? Or are you going to decide for yourself?
Owning your own business has at least three important benefits:
• it allows you to choose your own destiny, to become the best version of yourself;
• it forces interaction and cooperation with other individuals;
• it promotes the production of goods and services required for an improved existence;
Why start a business? The world has shown that private enterprise generates wealth the most efficiently.
Household Final Consumption Expenditure (HFCE) is measured at purchasers’ prices which is the price the purchaser actually pays at the time of the purchase.
https://www.statista.com/forecasts/1156460/real-consumer-spending-per-capita-bycountry
https://en.wikipedia.org/wiki/List_of_sovereign_states_by_household_final_consump tion_expenditure_per_capita
Business is practical, it is neither academic nor theoretical. It is intentional.
New. Different. Better. Buy a Franchise.
The term startup refers to a company in the first stages of operations. Startups are founded by one or more entrepreneurs who want to develop a product or service for which they believe there is demand. These companies generally start with high costs
and limited revenue…
A business that produces goods has at least the following sequential steps:
R&D, Manufacture (Production), Logistics, Warehousing, Retail (Sales)
These can be handled in-house. At the same time a business may exist to provide any of these services to other businesses (B2B), such as Logitcs: transport.
A Good Business Idea
From inspiration to success. Inspiration is means of opening up the problem or opportunity space through research activities. Ideation is the process of generating, developing, and testing ideas. Implementation is the path that leads from the project stage into people’s lives. Iterate, iterate, iterate. Fail early.
How to recognize a Good Business Idea
• Solves problems
• At arms length
• Can be repeated
• Can be structured
• Can be standardized
• Typically has a separate identity
• Can be monetized
Characteristics of an Entrepreneur
Everybody wants to be rich, but who wants to work hard?
The Jeff Bezos case study, from university to Amazon.
Jeff Bezos went to university, planning to obtain a degree in physics, and win the Nobel Prize. You’ve probably heard the origin story before: Jeff Bezos was seven years out of college when, in 1994, he started an online bookstore from his garage and grew it into a business empire that made him the second richest man in the world. But behind his mythic origins is a journey that shows the
power of education to inform and inspire.
The importance of education was instilled in Bezos from a young age. Bezos was born to a single teen mom who completed high school and later brought her baby along when she attended night classes. Growing up, Bezos attended public schools in Texas and Florida.
In high school, Bezos worked the breakfast shift at McDonald’s as a short-order cook. He was a high-achieving student…
https://www.bestcolleges.com/news/2021/10/29/did-jeff-bezos-go-to-college/
https://nypost.com/2018/11/17/inside-amazons-jeff-bezos-meteoric-rise-toriches/
https://en.wikipedia.org/wiki/Jeff_Bezos
https://en.wikipedia.org/wiki/History_of_Amazon
Be humble, be hungry, and always be the hardest worker in the room. -Dwayne Johnson.
Business Management Concepts
The Beehive model is a visual tool which allows us to group management concepts
together to form a better understanding of what is required. Central to the model
should be Operations, that which we will actually do. Each of the other blocks
describe groups of issues which can be considered as a whole.
The Beehive model can be used as a first step towards drafting a business plan.
The Business Plan
A business starts with a business plan.
Business of all size should use a business plan. A business plan is a policy document that provides guidance when making decisions. A written business plan may be as short as 1 page, with most business plans covering 15-25 pages. A business plan should contain enough detail to be useful, without being boring.
The business plan should answer specific questions, such as
• Why we are in business?
• What the business will do?
• Who will do it?
• How will it be done?
• Where will it be done?
Business Plan templates are readily available on the internet.
