Funding Resources
- Family
- Friends
- Rinancial Institutions
What Funding Sources Want to Know
- Character
owner's personal integrity
- Capacity
company's financial strength
- Capital
Company debt versus equity
- Credit
personal financial obligations
- Collateral
secondary source of repayment
Entrepreneurship
Key tips in Starting a business!
Steps to Starting a Business
- Chossing the right location
- Determining your Capital needs
- Identifying financing sources
- Structuring your marketing plan
Professional Consultants
- Attorney
- Accountant/CPA
- License Agencies
- State Agencies
- Business Advisor
Legal Structure Options
- Sole Proprietorship
- Partnership
- C-Corporation
- Limited Liability Corporation
- Limited Liability Partnership
Getting Great Ideas
- Personal experiences such as hobbies and interest
- Work related experiences
- Friends, family, teachers, coaches
- The internet
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Benefits of Self Employment
- Financial independence
- Utilize knowledge & skills
- Provide a service or product that you have a passion for
- Freedom from routine
- Be your own BOSS
Downside of Self Employment
- Wearing several "hats"
- Demanding workload
- No steady paycheck with benefits
- Use personal savings
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Business Plan Checklist
Business Questions to Consider
- What services and / or products will I sell?
- Is my idea practical, and will it fill a need?
- Can I deliver a better quality services?
- Where will I be located?
- What skills and experience do i bring to the business?
- What will I name my business?
- What equipment or supplies will I need?
- How much money will it cost to start my business?
- Will I need financing?
- What are my resources?
- What is my competition?
- How will I compensate myself?
NC Minority Demographic and Business Statistics
Source: 1997 MBDA Survey of Minority Business Enterprises
Total NC Firms
Total firms: 570,484
Annual sales: $518.6 billion
Hispanic Owned
Total firms: 7,270
Annual sales: $1.1 billion
Minority-Owned
Total firms: 61,551
Annual sales: $6.7 billion |
American Indian & Alaska Natives Owned
Total firms: 7,148
Annual sales: $911.9 million
African American Owned
Total firms: 39,901
Annual sales: $2.3 billion
Asian & Pacific Islander Owned
Total firms: 8,050
Annual sales: $2.5 billion |
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