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WHAT IS

???

Rebecca Knapp, MBA
Business Science Division
DEFINITION

Finding opportunity
 Innovation
 Starting a new business
 Effective management
 Bearing risk
 Creating value for your community

WHY GO INTO BUSINESS FOR
YOURSELF?
The desire for independence & destiny
 The willingness to find and accept a challenge
 Personal background
 “Had enough” of working for someone else
 Losing a job and deciding to start a business
 An idea for a new product
 An opportunity presents itself

101 – 102 = 1
101 –

2
10

=1
CHANGING PERSPECTIVE


Invention = NEW



Innovation = IMPROVING


Create a need for something that consumers
don’t even know they need.



Cure a “pain”
NEW NEEDS
WHAT IS THIS?
ENTREPRENEURSHIP


The average entrepreneur fails THREE times before
succeeding



The average business takes 3-5 YEARS to make a profit
KEYS TO SUCCESS


Don’t let naysayers stop you.



Share your idea with EVERYONE.



Expect jealousy.



Develop thick skin and
strong intestinal fortitude.
LET’S START A
BUSINESS!
IDEAS:
MISSION STATEMENT
To…
MISSION STATEMENT


A concise statement of







Target customers
Products & services
Markets served
Use of technology
Importance of public issues & employees
Focus on survival, profitability & growth
MISSION STATEMENT EXAMPLES


Aflac




To combine aggressive strategic marketing with quality
products and services at competitive prices to provide
the best insurance value for consumers.

Nike


To Bring Inspiration and innovation to every athlete in
the world.
MISSION STATEMENT EXAMPLES


Barnes & Noble


Our mission is to operate the best specialty retail business in
America, regardless of the product we sell. Because the
product we sell is books, our aspirations must be consistent
with the promise and the ideals of the volumes which line our
shelves. To say that our mission exists independent of the
product we sell is to demean the importance and the
distinction of being booksellers. As booksellers we are
determined to be the very best in our business, regardless of
the size, pedigree or inclinations of our competitors. We will
continue to bring our industry nuances of style and
approaches to bookselling which are consistent with our
evolving aspirations. Above all, we expect to be a credit to the
communities we serve, a valuable resource to our customers,
and a place where our dedicated booksellers can grow and
prosper. Toward this end we will not only listen to our
customers and booksellers but embrace the idea that the
Company is at their service.
OUR MISSION STATEMENT
Questions
What does our team want to be
known for?
How do we want to treat each other?
What kind of workplace do we want
to have?

What unique talents and skill does
each person bring to the team?
What do we want to achieve?
What unique contributions can we
make?

Answers
LEGAL ORGANIZATION
LLC or not to LLC, that is the question.
TYPES OF BUSINESSES
Sole Proprietorships
 LLC
 Partnerships
 Corporations


C Corp
 S Corp


Franchises
 Coops

FORMS OF BUSINESS OWNERSHIP
FRANCHISE CONTRACT
Branded
Product /
Service

Performance
Monitoring
$$$$$
$$$$$
CITY REQUIREMENTS


http://rebeccaknapp.webs.com/entrepreneurship.htm
MARKETING PLAN
Promotions and Social Media
LOGO
THE 4 P’S
•

•
Price

Promotion

•

Product

Place

•
PROMOTIONAL TACTICS
Personal Selling
 Sales Promotion
 Public Relations
 Direct Mail
 Coupons
 Demonstrations
 Exhibitions
 Social Media
 Special Events


Advertising
 Sponsorship
 Web Sites
 Trade Shows
 Sampling
 Sweepstakes
 Publicity Stunts
 In-store Displays
 Contests

PROMOTIONAL MIX & TACTICS
PRICE LIST AND
SALES PROJECTIONS
Sales Forecasting
SALES FORECASTING
FINANCES
START-UP CALCULATOR


www.entrepreneur.com/calculators
TOOLS &
RESOURCES
TOOLS & RESOURCES SPECIFICALLY
FOR INTERIOR DESIGNERS


Entrepreneur.com – Business Idea Center
http://www.entrepreneur.com/businessideas/interest
http://tinyurl.com/k3y5pzs



International Interior Design Association
http://tinyurl.com/mztc32e



Meetup.com
http://tinyurl.com/kgdcmhw
ARTICLES AND THOUGHTS FOR
INTERIOR DESIGN ENTREPRENEURS


Entrepreneurial flair: how to start and manage a creative
business
http://tinyurl.com/mck9umh



Are you an Entrepreneur, or is Interior Design your
Hobby?
http://tinyurl.com/3xp2jye



How to Find Ways to Market and Interior Design Business
http://tinyurl.com/mg5tkmz



Entrepreneurial Secret Sauce- Using Interior Design to
Increase Motivation and Productivity
http://tinyurl.com/keb9vql



Interior Design Entrepreneurship Certificate
http://tinyurl.com/lmjvbza
ORGANIZATIONS
SMALL BUSINESS DEVELOPMENT
CENTERS


Small Business Development Centers (SBDC)
http://www.sba.gov/aboutsba/sbaprograms/sbdc/index.html

Funded jointly by the federal government and
individual states.
 SBDCs are able to evaluate the feasibility of your
idea, develop your business plan and complete
your funding application – for no charge.

SCORE


SCORE Orange County: http://www.score114.org/

SCORE is a nationwide nonprofit organization
dedicated to the formation, growth and success of
small business.
 A resource partner with the U.S Small
Business Administration (SBA)

AMERICAN SOCIETY FOR
INTERIOR DESIGNERS


ASID Business Strategies Courses
http://www.asid.org/businessstrategies

Sustainability Action Plan
 Finance 101 for Interior Design Businesses
 Ethics and Ethical Businesses Practices

APPS
ENTREPRENEURSHIP APPS
BUSINESS MANAGEMENT APPS
MARKETING APPS
ACCOUNTING APPS
HUMAN RESOURCES APPS
FRANCHISING APPS
Entrepreneurship for Interior Designers

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