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Module 03 - Starting Where You Are

Author's Notes

When talking to enthusiastic individuals who are researching and writing their business plan I’m often asked the question, “where do I start?” Great question! Without exception the startup phase requires you to answer basic starting questions such as:

“What are my entrepreneurial resources?”
“What attributes do I possess?”
“Who are my mentors?”
“How do I get access to mentors?”

Please add your thoughts and ideas to complete this list. The startup phase is more than a passion. It’s about: “do I have what it takes to become a successful entrepreneur” (the right ingredients)?

Right ingredients are:

Persistence
Positive Realistic Outlook
Knowledge
Gentle Aggressiveness – ‘Go Get’er
Courage or Afraid?

I’m going to let you complete this list, also!

Reflecting on all the human emotions that an aspiring entrepreneur experiences, I believe the greatest one to overcome was:

Fear of Failure!!

I “walked a mile in the Beth and Bob Smith’s moccasins” experiencing the fears that they experienced during their startup phase.

Janet and I experienced similar fears in the start-up phase, too!

I can remember that she and I asked each other:

“What if we fail?”
“Should I plan to return to old job teaching school if the business does not meet the financial obligations?”
“What if we did not have the money to pay off the bank loan?” Since my in-laws co-signed the bank loan, they were obligated to pay the unpaid loan.
How will we ever be able to repay parents if we failed?
What will happen to our family relationship knowing we have this unpaid personal loan commitment?

Goals

To help spark the entrepreneurial spirit
To explain the risks and rewards of business ownership
To identify and measure the entrepreneurial resources
To introduce the balance sheet: assets, liabilities and equity
To introduce economic concepts
To define scarcity as an economic principle that is an underlying factor to business decision making

Case Study - Beth Starts Writing the Business Plan

Beth Smith, a faithful part time Corner Bakery employee was offered to take over the ownership of the bakery due to the owner’s terminal health. The owner, Nancy Jackson operated the successful family retail business as a sole proprietorship for more than twenty years. Unfortunately, due to Nancy’s unexpected health condition in August 2009 she was encouraged by her physician to sell or close the business. Beth and her husband, Bob saw the potential of operating the bakery with the family support-two college aged daughters and two sons in high school. Beth and her husband had many discussions concerning business ownership risks and rewards before committing to the Jacksons’.

Both families agreed to set January 1, 2010 as the date for transfer of ownership. This provided five months for Beth to prepare financial planning, marketing and other arrangements to be made. In the months prior to the Corner Bakery opening under Beth’s management she committed time to writing a business plan with the owners’ assistance since Nancy had years of experience.

FINANCIAL RISKS/FINANCIAL REWARDS

It was Beth’s idea that they use this opportunity to inform the four children of the risks and rewards of business ownership. Secondly, she thought it provided opportunity to teach them about personal and business finances. Family planning sessions after evening meals provided the parents an opportunity to explain that every aspiring entrepreneur must understand that there are no guarantees. None! A new business start up offers financial risks as well as financial rewards. The parents carefully instructed the children of both.

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