EntrepreneurshipEntrepreneurship WorkbookWorkbook
Entrepreneurship WorkbookEntrepreneurship InstituteNew Mexico State University Arrowhead CenterLeading Economic Development for New Mexico State University
Table of ContentsThe Entrepreneurship Institute at Arrowhead 1Why Entrepreneurship? 2What is an Entrepreneur? 3Entrepreneurial SelfSelf--Assessment 4What are the risks of Entrepreneurship? 5How do I start the planning process? 6How do I start researching my market? 7Knowing your target market 9Assessing competitors 11Conducting market research 14What does a business plan consist of? 15Writing an executive summary 16Market analysis 19Writing your industry description, outlook, and identifying your target market 20Market tests and lead times 21
Competitive analysis and regulatory restrictions 22Federal and State Resource Guides and Assistance 23Helpful articles on starting a small business 24Writing a market analysis . 25Sample market analysis 28Company description 34The elevator pitch 35Sample elevator pitch 36Sample company description 37Organization and management 39The organizational chart 40Sample organization and management section 42Marketing and sales management 44Outline your marketing and sales management section 45Sample marketing and sales management strategy 48Service or product line 50Product development life cycle 51Sample product line 53
Funding request 55Sample funding request 57Financial projections 59Financial projections advice . 60What’s a pro forma income statement, anyways? 61The basics of a pro forma income statement 62Sample income statement 63What’s a pro forma cash flow projection? 64Sample cash flow projection 65Sample cash flow assumptions 66What’s a pro forma balance sheet? 68Sample balance sheet 70Appendix 71Resume tips and examples 74Sample resume 75Small business resource list 76References 80
The Entrepreneurship Institute at ArrowheadThe entrepreneurship Institute is an initiative of ArrowheadCenter, a leader in economic and business development atNew Mexico State University (NMSU). The Institute is a grantfunded provider of entrepreneurial education, training, andnetworking opportunities.Some of the Institute’s programs include: Innoventure— a youth program designed for middle and high school students throughoutNew Mexico that inspires innovation and creative scientific solutions while applying math, science, business, and engineering skills. Entrepreneurship Laboratory— a physical and virtual space for aspiring entrepreneursto test the feasibility of their business ideas using interactive simulation software. This Workbook is a component of the Entrepreneurship Laboratory that helps entrepreneurs with theplanning, research, and business plan stages of their startstart--up business. The laboratory also provides active mentorship and guidance from staff at the instituinstitute. Entrepreneurship Library— a physical research library stocked with journals, businessmagazines, newspapers, books, iPads, and reference guides for entrepreneurs at every stageof their development.1
Why Entrepreneurship? Y ouget to be your own boss and takeresponsibility for your own success A bilityto choose your own clients and projects O ffersyou the chance to be challenged in new ways E nablesyou to set your own schedule and make your ownrules P rovidesan opportunity to work collaboratively with businesspartners G ivesyou a sense of pride and self -accomplishment A llowsyou to reap the benefits of your own creative ideas2
What is an Entrepreneur? S omeone Aconfident, self-motivator S omeone An Awho is resourceful and creativeoptimist with feasible goalsplanner with a clear vision S omeone Awho recognizes opportunities and gaps in the marketwho is comfortable with riskleader who works well with clients and business partners3
Entrepreurial SelfSelf--AssesmentTake this selfself--assessment that will help you identify areas of strength and1areas that may need some work . Choose the number that fits you best:Strongly Disagree0Somewhat AgreeAgree—Most of the Time1ScoringStrongly Agree2326-36You already share many keytraits of entrepreneurs. If youhaven’t yet decided to becomean entrepreneur you shouldconsider it.Nobody has to tell me to get to work. I figure out what has to be done and do it before I’masked.I like to be in control of whatever jobs I’m doing.I’m rarely satisfied with the ways things are. I want to change them, make them better.I’m good with people. I enjoy creating teams of people to tackle a challenging task.I rarely take no for an answer. I am known to be very persistent because I know I can’taccomplish much on the first try. I just keep trying.13-25If I’m told something is impossible to do, I often can’t resist seeing if it’s true. I don’t mindfailing if I learn something in the process.You have a good foundationon which to develop your entrepreneurial skills and characteristics. Look over the areaswhere you scored low andthink about why you answeredthe way you did. Are you opento changing your attitudes orapproach in these areas?Whatever job I have, I need to feel that I’m accomplishing something, not just putting intime.More than anything else, I love to earn money. It gives me freedom and power.When I’m working for someone else, I’m always thinking of how I’d change things if itwere my business.I’m willing to accept responsibility and take the heat if my decisions are wrong, but I wantthe credit (or rewards) when I make decisions that produce the right results.When I’m doing work I really like, I don’t mind working hard for long hours. In fact, itdoesn’t even seem like work.I have dreams I want to pursue, and I won’t be satisfied until I find out whether or not I canachieve rme.html0-12You are not yet particularlyentrepreneurial. Look overyour answers and ask yourself how you can start takingsmall steps to improve in theareas you scored low on. Areyou ready for the challengingroles and responsibilities thatcome with starting a smallbusiness?4
What are the Risks of Entrepreneurship? FailureFailure——The Small Business Administration (SBA) reports that approximately twotwo--thirdsof new businesses survive at least two years, with about 44% making it at least four2years. This is something to consider when starting a new business. Having a feasiblebusiness plan can help you reduce this risk. Financial TroubleTrouble——There is no business contract where you are guaranteed a set salary, a retirement fund, health benefits, and overtime benefits. Ask yourself if your comfortable living without these benefits. Long Hours—You will need to put in long hours to get your business upand running. You may have to work seven days a week to accomplishyour business goals and give up recreational time spent with family andfriends. Lack of Support—There’s a chance you may not have support fromfamily and friends in starting your new business. If this is the case, yourun the risk of feeling alone in the process of starting up your new business.2 http://www.sba.gov/sites/default/files/sbfaq.pdf5
How do I Start the Planning Process?Creating a Business Plan will help you voice your business ideas to potential investors, and provide you with a manual to guide the startstart--up of your business.A good place to start is to begin researching the Market for your product. Amarket consists of those groups of consumers who possess the resources, interests, and time to purchase your product or service.3According to the SBA, Market Research Helps You:3 Minimize Business Risk Locate current and upcoming issues in the market Recognize sales opportunities Create a plan of earch6
How do I Start Researching my Market?Market Research can also help you:4 Understand the Environment or industry in which yourtrade or service is located Know your Target MarketAssess your Competitors Consider these Questions about your EnvironmentEnvironment::1. What is the Environment of my product or service?A. It is a new product or service with few or no others out there like itB. It is a mature product or service with many others out there like itC. It is a declining service or product, where the need for the product or service is beginning to sinkD. Other:4 7research/2587--1.html7
2. Is there an existing or growing Need for my product or service?A. Yes, there is and I see evidence of this need in . I have already conducted some marketresearch to support my confidence that there is a need for my product or service.B. I think there’s a need but I need to do some market research to find out for sure.C. There may be a need but I really don’t know. I have market research I need to do to find out ifthere is a need for my product or service.D. I know there isn’t a need because . I need to think about changing my product orservice to meet the needs of a new market.3. What are the environmental Challenges surrounding my product?For exampleexample,, some environmental challenges might include: A declining need for my product or service;Export issuesissues——in getting my product to the its target market; Cost problemsproblems——my product will cost toomuch to produce or service, and my market will not be willing to pay a higher price for my product or service; Too many competitors selling the same product or service as me.A. There are many, and they are:B. There are some, and they are:C. There are very few, and they are:D. I really don’t know what environmental challenges I’m facing. I need to conduct market research to figure this out.8
Knowing your Target MarketTarget Market: a target market is made up of those people orgroups who are prone to purchasing your product or service. Forexample, if your are selling hand painted baby bottles at 20 perbottle — your target market would likely consist of middlemiddle--upperclass families, expectant parents, mothers, and grandparents.Consider the following Demographics when identifying your targetmarket: Age range or ages of your target market Gender or genders of your target market Income level or levels of your target market (low, lowlow-middle, middle, middlemiddle--high, and high) Race or races of your target market Marital Status (single, in a relationship, engaged, married,divorced)9
Consider these Questions about your Target Market:1. What’s the age range of your target market? Circle all that apply.A. ChildrenB. PrePre--teens and TeensF. Retirement age adults, 6060--69C. Young adults, 1818--29E. Older adults, 70D. Adults, 3030--44E. Middle Age adults, 4545--59 2. What gender or genders make up your target market?3. What’s the income level(s) of your target market?A. Low incomeF. Other:B. LowLow--middle incomeC. Middle incomeD. MiddleMiddle--high incomeE. High income4. What’s the race of your target market? Circle all that apply.A. Latina/Hispanic AmericanD. Asian AmericanB. Caucasian/European AmericanE. Middle Eastern AmericanC. Black/African AmericanF. Native AmericanG. Non American/InternationalE. Other:5. How much does your target market typically spend on products or services likeyours?6. How does your target market usually purchase your productor service? Circle all that apply.A. Retail StoreB. A product sold at a big retail chain store (e.g. Walmart or Target)C. OnlineD. At a street market (e.g. Farmer’s Market)E. Consultative sales (e.g. MaryKay cosmetics beauty consultant who visits clients at their homes to sell make up)F. Infomercial (e.g. the Snuggie is often sold this way)G. Other:10
Assessing CompetitorsDirect Competitors: A competitor who is sellingessentially the same product you’re selling. For example, if you are Reebok and you’re selling brandname athletic sneakers then some of your direct competitors would include: Adidas , Nike , KK--Swiss ,and PUMA .Indirect Competitors: A competitor who sells asimilar product that’s fulfilling the same need asyour product. If you are Reebok then some ofyour indirect competitors would include: companiesselling knockknock--off versions of brand name sneakers,such as generic sneaker companies, and other tennis shoe companies like Keds and Converse which are tennis shoe companies but not specifically athletic tennis shoe companies. A Company likeCrocs could also be considered an indirect competitor because Crocs are another type of comfortable, casual shoe.11
Consider these Questions about your Competitors:1. Who are your Direct competitors?A. I have direct competitors and they are:B. I don’t have any direct competitors because .C. I’m not sure if I have direct competitors. I need to assess my competitors to figure this out.2. Who are your Indirect competitors?A. I have indirect competitors and they are:B. I don’t have any indirect competitors because .C. I’m not sure if I have indirect competitors. I need to assess my competitors to figure this out.3. How Big are your competitors? Are they?A. International CompetitorsB. National CompetitorsC. StateState--wide CompetitorsD. Local CompetitorsE. A Combination of these, specify which competitors fall into which categories:F. Other:4. How much do your competitors Charge for their product or service? Draw a chartwith all of your direct and indirect competitors and list the following:CompetitorsPrice of Product or ServiceComparison (what is thePrice of my Product or Servicedifference?)Competitor 1: Whose product costs less?Competitor 2: Whose product costs less? * This chart will help you determine if your prices are competitive in relation to your competitors.12
5. What’s your Competitive Edge? What makes your product or service differentfrom your Competitors? Circle all that apply.A. My product or service typically costs less than my competitors’ product or service. Make sure your productor service isn’t too low cost so that you are able to make a profit on your product or service.B. My product or service is convenient and easily accessible to its target market. The way that I plan to sellmy product or service is a way that my target market already uses with frequency and ease. For example, ifyour target market consists of young, middlemiddle--upper class online gamers who spend many hours of their dayonlineonline——then selling and advertising your product online would be a convenient way to both reach and sell toyour target audience. Remember to meet your target market where they are, not where you are!C. My product or service is very unique, it is a highhigh--end specialty item with very few or no competitors. Itspeaks to an unfilled need of my target market, or a need of my target market that would be better fulfilledwith the use of my product or service. Convenience will be a big factor here! Be sure your product or service isconvenient for your target market to see and purchase.D. I circled more than one of the competitive edge options above. I believethat my product or service is competitive in more than one way. This iswhat you want to havehave——multiple competitive edges!E. My product or service is competitive in another way, and that way is:F. I’m not sure what my competitive edge is. I need to conduct market research to figure this out.13
Conducting Market ResearchAllBuisness.com, the world’s largest online resource for small busi5nesses, explains that there are two kinds of market research: Primary Research — research gathered directly from the source. Interviews with people in your target market (in(in--person or phone) Focus groups with members of your target market Surveying your target market (online, inin--person, or phone) Researching your competitors stores and locations Getting to know your target market by observing their behavior and shopping habits Secondary Research — research that’s been gathered by other sources. Reading articles in business or trade journals, online publications, and industry websites Visiting a reference library to help you research your market Internet searches that look at current and prospective trends in your market Reading government reports and searching government websites, such as SBA.gov* Try some or all of these market research strategies and see what you can find out about your market. Makesure to keep an organized log or notebook documenting your research — a three ring binder with dividers maybe the best way to do this. This research log will come in handy when you start writing your business plan.5 7research/2587--1.html14
What does a Business Plan consist of?According to the SBA, a Business Plan should be an ongoing project or work in progress, that’s flexibleenough to help your business grow over time. Keep in mind, that your business will be affected by external conditions, such as the economy, technological advances, rival businesses, public policy changes,local weather, ect. A business plan helps to keep you in the know about such conditions that could potentially affect your business.6The SBA presents the following Essential Features of a Good Business Plan: Executive Summary Market Analysis Company Description Organization and Management Marketing and Sales Management Service or Product Line Funding Request Financial Projections Appendix6 --elelementsementsementsgoodgood--busines15
Writing an Executive SummaryThe Executive Summary is the first part of your business plan that a reader sees and thereforethe most important part of your plan. The executive summary needs to grab the reader’s attention so they will see the potential for your business’s success and want to read the rest of yourplan.This should actually be the last section
Entrepreneurship Laboratory— a physical and virtual space for aspiring entrepreneurs to test the feasibility of their business ideas using interactive simulation software. This Work-book is a component of the Entrepreneurship Laboratory that helps entrepreneurs with the planning, research, and business plan stages of their start-up business.
others are just rough paths. Details are given in a document called the Hazard Directory. 1.3 Signals Most running lines have signals to control the trains. Generally, signals are operated from a signal box and have an identifying number displayed on them. Signals are usually attached to posts alongside the track but can also be found on overhead gantries or on the ground. Modern signals tend .
Counselling and therapy theoretical approaches may be viewed as possess-ing four main dimensions if they are to be stated adequately. In this context behaviour incorporates both observable behaviour and internal behaviour or thinking. The dimensions are: 1 a statement of the basic concepts or assumptions underlying the theory; 2 an explanation of the acquisition of helpful and unhelpful .
Rumki Basu, Public Administration: Concepts and Theories, Sterling Publishers, New Delhi, 2009. 20. S.P. Naidu, Public Administration: Concepts and Theories, New Age International, New Delhi, 2015. 21. Abdul Quayum, Nazmo Nasq-e-Amma, Nisab Publishers, Hyderabad 2018. CBCS BA Public Administration 2020 MANUU, Department of Public Administration 4 Course Code Course Title Semester BAPA201CCT .
Born to Run: Artificial Selection Lab - Student Handout 2. Photographs of mouse femurs, either digital or printed (see above under MATERIALS). TEACHING STRATEGY This lesson is best used as a culminating activity that links the concepts learned during the study of evolution with the skills outlined in the investigation and inquiry standards. Required prior knowledge This lesson presumes that .
Boeing BSS 7230 Airbus AITM 2.0002 SAE J369 DIN 75200 ASTM D5132 FAR Part 25 Appendix F Part 1 The Thermtech Test-Rite Flammability Test Chamber provides testing laboratories with the most functional test enclosure on the market. Each unit is supplied with our unique specimen holder design that is equipped with four (4) threaded studs and wing nuts to allow the specimen to be .
herbal 37,55%), Pakistan US 10,71 juta (36,76%), Malaysia US 2,67 juta (9,17%), Vietnam sebesar US 1,19 juta (4,12%) dan Jepang sebesar US 806 ribu (2,77%). nilai ekspor obat Herbal indonesia 2009-2013 (Us ribu) Produk Utama ekspor obat Herbal indonesia Sumber : Badan Pusat Statistik Indonesia. Warta Ekspor Edisi September 2014 5 Tajuk Utama Pasar Impor Obat Herbal Nilai impor obat herbal .
CHEMISTRY There shall be three written papers and a practical examination as follows: Max. Marks Paper – I Inorganic Chemistry 50 Paper – II Organic Chemistry 50 Paper – III Physical Chemistry 50 TOTAL 150 PRACTICAL 50 GRAND TOTAL 200 Candidate will be required to pass in Theory and Practical Separately. B.Sc. – I Chemistry (Paper-I) Inorganic Chemistry : Unit – I I. Atomic Structure .
the expected effects of climate change on water resources and water programs. This knowledge will help us to prepare for and adapt to the effects of climate change. The information in this module is organized by the following questions: 1. Climate Change 101: How is the global climate changing and what are the causes?
