Cliff Robbins Sr. Business Advisor

MSBDC

Ambition is the fuel that can drive life-changing events.

Don’t’ repress the future the way you may have repressed the past.

Create a BIG dream: But beware; a nightmare is also a dream What are you passionate about? ◦ If no one will pay you to do it, you only have a

hobby.

Just because you have some technical skills doesn’t

mean you’re ready to run your own business …

To create a successful business you must master the basics: ◦ Management, Marketing, Finance, Operations, etc.

Job ONE? Create customers! Marketing plan USP Marketing Mix: ◦ Product ◦ Price ◦ place ◦ promotion

Keep your day job!

Planning Organizing Leading Staffing Controlling

Business Plan ◦ Required for borrowing ◦ 5 Cs of credit

Financial statements: ◦ Income (P&L) ◦ Balance Sheet ◦ Cash Flow

Sales have to exceed expenses Collect your bills Take care of your customers Take care of your people Let’s break them down…

The One Minute Entrepreneur

Making a profit is only necessary if you want to stay in business!

You’re in business for THREE reasons: ◦ You need a job ◦ You deserve a profit ◦ You’re building an asset

If you don’t like selling, keep your day job!

CFIMITYM Don’t be a bank for your customers. ◦God bless Jenny!

Take care of your numbers and your numbers will take care of you. ◦ THREE Financial Statements

You can’t manage what you don’t measure!

You can get what you want if you help others get what they want. Ziz Ziglar

Lead with your ears -- 2:1 ◦ Listen to your customers to create the kind of

experience they want.

Look for Moments of Truth. ◦ Lifetime value Jan Carlzone

Loyal customers drive success for your organization. ◦ CRM

Passionate people drive success for your organization.

Don’t create a company full of ‘ducks.’ ◦ Empowerment

Everyone should be encouraged to be a leader.

Management includes day-to-day coaching. ◦ Servant leadership

Performance evaluations shouldn’t just rate or berate; they should help them get all 5s.

Owners Concentrating on the Technical, Rather

Than the Strategic Work at Hand Lack of Management & Systems Lack of Vision, Purpose, or Principles Failure to Establish and/or Communicate

Company Goals Poor Market Segmentation and/or Strategy Competition or Lack of Market Knowledge Lack of Financial Planning and Review Inadequate Capitalization Absence of Standard Quality Program Over-dependence on Specific Individuals in the

Business

Entrepreneurial Self Assessment

20 Questions…

Motivation- drive, energy to succeed Enthusiasm- excitement, involvement Confidence- sure of your own abilities Risk taker- willingness to take chances

Competitiveness- wanting to win Perseverance- refusal to quit a task Creativity- imaginative thinking Organization- keeping things in order

Vision/Leadership- knowing where you want to be

Persuasiveness- ability to convince others Honesty- truthfulness Adaptability- can handle new situations ◦ pivot

Understanding- can sense peoples’ feelings Self-discipline- sticking to a plan or

schedule Independence- belief in oneself Purposefulness- doing things for a reason

Goal oriented- work steadfastly toward the goal

Problem solver- think of solutions to problems

Drive- desire to work hard Optimism- positive attitude

160-200 = Strong Entrepreneur 120-159 = Mildly Entrepreneurial 120 & below = You'll find entrepreneurship

undesirable and difficult

OK That ends the math test…BUT:

Do you have a lot of personal drive? Are you willing to work whatever hours it

takes? Are you willing to give up the perks and

invest & run your own business? Are you self-reliant, possess an internal locus

of control?

Can you work without support? Are you healthy? You have the physical ability and stamina? Can you handle the stress?

Do you have patience when working and interacting with others?

Do you communicate well? Can you be a leader: A trainer of your staff? Can you be the front person for your business

Can you maintain a positive relationship with

the people who work for you? Can you meet the needs of your customers? Do you have an ability to sell yourself and

your products or services?

Do you have the support of your family and friends?

Can you afford to start your own business? ◦ Can you afford not to?

Visionary Ambitious Communicative Innovative Resourceful Purposeful Problem-solving Confident Curious Focused

Risk-Taking Salesmanship

Oriented Optimistic Leadership Oriented Integrity Based Adaptable Self-motivated Strategic Determined Team Oriented

Continually seek the advice of your advisors and mentors. Have fun!

Rather than be a person of

success, strive to be a person

of value.

CLIFF ROBBINS SR. BUSINESS ADVISOR MASSACHUSETTS SMALL BUSINESS

DEVELOPMENT CENTER ISENBERG SCHOOL OF BUSINESS @ UMASS AMHERST WWW.MSBDC.UMASS.EDU 508-673-9783