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Starting a Business

King Saud University Entrepreneurship Center

By

Turki Faisal Al Rasheed

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Before starting a business

• Choose a business based on your skills and interests• Research the business idea• Write a business and marketing plan

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Starting a business

• Do not rush to a partnership• Know your cash flow• Know the market• Reduce risks• Be Flexible• Focus on your goals

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Do I need a business plan• Not everyone who starts and runs a business begins with a business plan, but it certainly helps to have one. • If you don’t you will pay a heavy price.

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What is a business plan

• A business plan should prove that your business will generate enough revenue to cover your expenses and make a satisfactory return for bankers & investors.

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Reasons for writing a business plan

• Improve chance of finance• Define and fix objectives• Identify a new business• Arrange agreement with partners• Evaluate a new product line, is it

promotion or expansion

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Who needs a business plan

• Bankers, Venture capitalist and Investors that your business plan is worthy.

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Contents of a business plan

• Executive Summary• Is it a Products or Services • Market Analysis• Strategy and Implementation• Financial Plan

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What makes a successful business plan

• A well reflect idea• Clear and brief writing • A clear and logical structure• Highlight the ability to make the business a

success• Shows profitability

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How to write a business plan• Hire a professional• Buy a book• Use business planning software• Present like a professional

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Finding customers

• Realize there is no one path of success• Be current be ready “The secret of success is to be ready

when your opportunity comes”. • Follow up after meetings• Give a little to get a lot• Work your personal network• Study your competition• Use multiple small ads instead of one big one• Ask for feedback when prospects don’t buy

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Pointers in succeeding your own business• Be true to yourself, customers and prospects• Find a need and fill it• Choose products or services that you can sell and make

a profit • Make realistic estimates of your expenses.. Then

double them• Effective marketing • Respect and appreciate your vendors, manufacturers

and service providers • Utilize the web

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Business failures

• Starting business for the wrong reasons• Incompetent Management• Insufficient Capital• Lack of Planning• Over expansion• Failure to embrace new technologies and new

developments• Poor human resource relations• Lack of clear objectives

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Entrepreneur• Entrepreneur is a person who organizes and

manages a business, usually with considerable initiative and risk.

• Entrepreneurs emerge from the population on demand, and become leaders because they perceive opportunities available and are well-positioned to take advantage of them.

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Summary

• Dream BIG but start small: a quote to reflect on

• More information check websites• http://www.entrepreneur.com/• www.businessweek.com/smallbiz• www.smallbiztrends.com/• www.startupbusiness.com/

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Thank you…

Ready to take your Questions

For more information Please visit my Website:

www.Tfrasheed.org