Presented by:

Ethan ChazinPresident & Founder

The Chazin Group, LLC

Going Out on Your Own: Is “IT” in You

ALL Entrepreneurs Share Common

Traits

• Take an assessment• Dogged Determination• Risk Takers/Embrace Chaos & the Unknown• Thrive in Uncertainty• Dare to Change the world• Love Setting Deadlines• Hate Working For others• Love Solving problems• Ask LOTS of questions• Self-awareness• Lifelong learners• Is ALL this in YOU???

Do You Have What it Takes

Business planning is

critical

• Speak to as many entrepreneurs as you can to pick their brain (lessons learned)

• Research, research, research.• Build a customer framework model.• Develop a business plan.• Starting Saving NOW!

Planning is critical

• Value proposition: the product/service, its features/benefits or uniqueness versus the competition; size of the market opportunity; and minimum viable product that best illustrates the product as quickly as possible to elicit customer feedback early. 

• Customer segments: who your customer is and what problems the product solves.

• Channels: how you’ll distribute/sell your product.

• Customer Relationships: how you’ll create demand for your product/service.

Customer Framework Model

• Cost Structure: the fixed and variable costs required to operate your business.

• Key Activities: the tasks the company must perform to succeed.

• Key Resources: suppliers, commodities, or other essential elements of the business.

• Key Partners: other enterprises essential to success of the business.

• Revenue Streams: revenue and profit sources and size.

Customer Framework Model

Obtain Funding

• Traditional:– Banks– Venture Capitalists, Angel investors

• Non-traditional–Micro-lenders

• Most funding for start-ups come from the entrepreneur, friends & family

Traditional & Non-Traditional

• All lenders require the following 6 “C”s:

1. Character: credit report, references, work experience.

2. Capital: personal investment into the business.

3. Capacity: cash flow, business plan, commitment.

4. Collateral: pledge of property or assets to bank in case

of default.

5. Cosigner: person who signs the loan contract with the

borrower.

6. Conditions: sector of business, competitive landscape,

growth and attractiveness of industry.

What’s required of you

Mentors/coaches Needed

• We all have blind spots• You can’t be an expert in everything but

need to oversee all the functions of your business

• Resources exist everywhere!– Score, SBA, private coaches, incubators,

business/merchant associations, faculty, fellow students

Mentors Needed

• It’s NOT for everybody.• You’ll NEVER work harder in your life.• It beats working for others.• Confirm your business idea can be

commercialized.• Have great credit.• Start building a war chest.• Pursue partnerships.

In Summary…

• T• X• X• X• X• X• x

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