Basic Entrepreneur Seminar

"Companies don’t succeed because of ideas: they succeed because of execution""

I wrote The Basic Entrepreneur Seminar in 1994. At the time two partners and I were doing a 3 hour Saturday morning financial talk show on a Christian radio station. The radio station, along with 5 others, were owned by 2 Jewish brothers who were sponsoring the program and wanted to sponsor the seminars.

Session 1
The Business of Business
Why People Go Into To Business
To find a job
Don’t want to work for someone else
To get rich
To be in business for themselves
They have a vision, they’re on a mission, they have a specific idea and they want to develop it out.
Why God’s calling Christians to business
Survival Rate of Businesses
Failure rate of US businesses
76.1% left after 2 years
47.9% left after 2-4 years
37.8% left after 4-6 years
The U.S. Small Business Administration statistics show that nearly 62% of all businesses dissolve within the first six years.
Only 20% of all businesses survive 10 years.
Why Businesses Fail
Owner should not have gone into business or entered wrong business
Lacked sufficient knowledge
Failed to keep pace with changing marketplace
Not enough capital
Worked for the business and not on the business
No business plan
Planning For Success
People don’t plan to fail, they just fail to plan
Understanding the planning process
Planning to run business versus raise money
God’s Plan for Man
Plans for good, not evil
God’s plan cannot be thwarted
Jesus taught on planning
Jesus planned & prepared
Plan your work, work your plan

Types of Financial Plans
Personal Financial Plan
12 months
5 years
Strategic Plan
12 months
5 years
Annual Operating Plan
The budget
Monthly forecasts
Formal Business Plan
Creating Your Business
The business development process
Define
Standardize--build a system to run your business
Operate--teach people to run the system
Monitor
You either work for your business or on your business

Session 2
Blue Print For Success
 
Successful Entrepreneurs
Called by God
Have a Vision
Committed to Being the Best
Good Servants—
Customer Oriented
Value employees
Are realistic
Consistent  
Self-Motivated
Persevere
Called By God
Salvation
Jesus Christ
Eternal life
Christ, the foundation
Called according to His purpose
Called from the foundation
The hope of our calling
How To Get The Vision
The Mount Sinai Experience
Getting the blue print
The building
The equipment
The workers
The clothing
Job description
Financing
Rules & Regulations
How To Keep The Vision
“But the righteous man shall live by faith”
Faith vs sight and sound
Faith vs. hope
How faith comes
Faith must be confessed
Faith must be tested
Faith must be worked out                                                                                                                                                    Derek Prince
How To Implement The Vision
Write the “Vision”
Write your resume
Write Personal Financial Plan
Financial statements
Spending plan
Write Business Plan
Execute plan
How To Manage The Vision
Work on the business not in or for the business
Owner
Manager
Worker
Create a model of your business
Create a complete system for doing everything in your business — Standardization
Let the system run the business, teach people to run the system

Session 3
How To Develop Your Business Plan

The Business Plan
Executive Summary
The Company
Products/Services
Market Analysis
Business & Marketing Strategy
Management & Organization
Financial Data
Appendices and Exhibits
Executive Summary
Summarize all the sections of business plan
Vision & Mission Statement
Orient the reader to your plan and business strategies
Define your “Unique Selling Proposition”
Funds Required & Use of Proceeds
Describe exit
Write the summary last
The Company
Company Ownership
Company History
Products/Services
Location & Facilities
Present Situation
Goals & Objectives
Products/Services
Description
Describe Facilities
Product/Service Sourcing
Product Technology
Future Products
Product/Service Literature
Market Analysis
Industry Analysis
Distribution patterns
Competitive forces & buying patterns
Competition
Customers
Company
Market Forecast
Keys to success
Business & Marketing Strategy
Marketing Strategy
Target markets
Pricing strategy
Advertising & Promotional strategy
Distribution strategy
Marketing program
Sales Strategy & Forecasts
Strategic Alliances
Service
Milestones
Management & Organization
Organizational Structure
Management Team
Board of Directors/Outside Advisors
Personnel Plan
Management Gaps
Other Management Considerations
Financial Data
Financial Plan
Past Performance
Financial Projections
Budget
Income Statement
Balance Sheet
Cash Flow Statement
Financial Ratios
Break-even Analysis
Business Benchmarks
Funds Required & Use of Proceeds
Appendices & Exhibits
All background documents required to support the key points in the business plan.
Resumes of management
Financial History/Tax Returns for past 3 years
Data supporting ability to meet financial goals
Market surveys
Any information that will assist the reader in having a better understanding of what your business is all about.
Brochures
Architectural drawings
Testimonials

Session 4
How To Raise Capital  
 
Starting Questions
How much money do you need?
Where will you get the money?
How will you pay the money back?
How much of the company are you willing to give up to get the money?
How much are you willing to suffer (sacrifice) if you can’t get all the money you think you need?
How far can you go on less?
How Much Capital Do You Need?
The amount you think you need must be balanced by the amount your company is qualified to raise.
Family budget
Living Expenses Worksheet
Personal Cash Flow Worksheet
First year business budget
Estimated Business Cash Outlays Worksheet
Estimated Business Cash Inflow Worksheet
Summary of Cash Requirements Worksheet
Sources of Financing
Self Funded Sources
Family & Friends
Individual Investors
Banks
Commercial
Investment
Venture Capital
Strategic Partnering
Government Funded Sources
Types of Financing
Debt
Single payment loans
Installment loans
Lines of credit
Standby letters of credit
SBA loans
Equity
Why bring investors into your company
Selecting the amount of the total investment
Offering documents
Registration of the offering
Selling the offering
Stages of Financing
Seed Financing
Start-Up Financing
Expansion
First Stage Financing
Second Stage Financing
Mezzanine Financing
IPO
Selling your Business
How Investors Operate
The First Review
The Interview
Due Diligence
The Term Sheet
Contracts
What Investors Look For
Management
The Marketplace
Unique Selling Proposition
Financial History & Projections
Funds Required & Use of Proceeds
The Exit
Getting The Investors Attention
Initial contact
Telephone
Correspondence
Personal visit
Script your story
Business Plan
Cover Letter
Executive Summary
The Business Plan
The Financial Projections
Follow-up procedures

Session 5
How To Effectively Market Your Business  
 
Create An Image
We all work at creating an image
We all have preferences
The Tabernacle in the Wilderness
Market yourself as well as your product or service
Business Identity
Business name
Logo
Color scheme
Style
Quality
Printed Materials
Business cards
Letterhead
Brochure/Flyer
Press release
Ads
Other material
Office/Business Location
Location
Decor
Staff
Personality type
Appearance
Equipment
Have the proper perspective
Do not despise small beginnings
God uses the foolish things of this world
Know Your Target Market
Your target market helps define or determine your business identity
Your business identity helps determine your target market
Know what your market wants
Know what your market needs
Carriage Trade vs. The Trade
Define Your Marketing Strategy
Where to market
How to market
When to market
Who to market to
Why market?
Marketing Methods—Inexpensive
Distributing samples or literature
Direct Mail
Brochures and flyers
Signs on Bulletin Boards
Yellow Pages
Classified Ads
Internet
Telephone Marketing
Marketing Methods—Expensive
Newspapers
Magazines
Radio
Television
Seminars and Demonstrations
Sponsoring of Events
Trade Shows
Outdoor Signs
Pricing Your Product/Service
Your competition’s price
Your target market
Your desired market perception
Your costs
Your sales volume
Your expected profits
Customer Service
Customer satisfaction
Friendly service
Easy ordering
Prompt delivery
Customer confidence
Fulfilling your commitments
Summary
Pick the identity you want for every aspect of your business
Price the identity you want and can afford
Implement your business image
Evaluate your image
Refine your image
Session 6
Legal Issues Affecting Business
 
Selection of a Business Entity
Asset protection considerations
Tax considerations
Cost considerations
Estate Planning considerations
Best form of ownership
Types of Ownership
Sole Proprietorship
Partnerships
General Partnerships
Limited Partnerships
Joint Venture Partnerships
Strategic Partnership
Corporations
C Corporations
S Corporations
Professional Corporations
Limited Liability Companies
The Red Tape Jungle
Choosing a name for the business
Registering the name
Tax ID number
Local business licenses
State licenses
Federal licenses
Other considerations
Patents, trademarks, copyrights
Businesses with employees
Checking accounts
Incorporating Your Business
Articles of Incorporation
Bylaws
Minutes of meetings
Stock books
Classes of stock
Ownership
Records of official activities and written evidence of contracts and business transactions.
Annual Registration
Franchise Tax
The Attorney/Client Relationship
When to use an attorney
How to select the right attorney
What to expect from your attorney
What your attorney expects from you
How much will it cost?
Risk Management
Types of risk
Loss of income
Loss of property
Law suit
Bad business decisions
Options to managing risk
Reduce exposure
Insure risk
Self-insure risk
Combination of self-insured & insurance coverage


Session 7
Accounting For Success
Learn To Count
Count the Costs
Count on Uncle Sam
Count It Correctly
Count on Failure
Count on Success
Count on God                                             
Accounting Fundamentals
Calendar or Fiscal Year-end
Financial decisions
Cash or Accrual
Leverage
Lease or buy
Chart of Accounts
Bookkeeping & accounting systems
Record keeping
Accounting Systems
Informal System-Single Entry
Advantages
Disadvantages
Formal System-Double Entry
Advantages
Disadvantages
Management Information Systems
Accounting software packages
Entry level accounting programs
Mid-level accounting programs
High-end accounting programs
Customized templates
Recordkeeping
Filing system
Record retention
One to three years
Seven years
Permanently
Storage
Paper
Computer
Back it up!
Financial Statements
Balance Sheet
Income Statement
Cash Flow Statement
Notes to Financial Statements
Financial Information
General Information
Cash on hand
Accounts Receivable
Accounts Payable
Inventory
Payroll
Financial Ratios
Current ratio
Quick ratio
Leverage ratio
net profits ratio
Average collection period
Inventory turnover
Tax Considerations
Sole Proprietorships
Partnerships
General
Limited
Corporations
S Corporation
C Corporation
Limited Liability Companies
The CPA/Client Relationship
When to use a CPA
How to select the right accountant
What to expect from your accountant
What your accountant expects from you
How much will it cost?
Session 8
Managing Your Business

How To Manage
Time
People
Places
Things
Money
Yourself
How To Manage Time
Time to plan
Learn to prioritize
Goals
Daily, weekly, monthly, yearly schedule
Time to prepare
Time to work
Time to rest
How To Manage People
Learn to serve
Learn to be a problem-solver
Learn the right time to approach people
“Do unto others...”
Hiring & Firing
Paying a fair wage
Managing your advisors
When & how to be assertive
How To Manage Places
Jesus went where the people were
Location, location, location
Image
How To Manage Things
Idolatry
Covetous
Buying the best “your” money can buy
When to repair
Things to do
To do list
Delegate
How To Manage Money
What is money for?
Giving
Sharing
Storing
Spending
How To Manage Yourself
Body
Soul
Spirit
Prioritize
Your relationship with God
Your relationship with your family
Your relationship with your business
Do all for the glory of God!
Computerizing Your Business
Hardware
Software
Office suites
Accounting
Desktop publishing
Other
What to buy
Where to buy
Basic Entrepreneur Seminar
Closing Remarks
Resources
Other Seminars & Workshops
Audio Tapes
Workbooks
Newsletter