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Entrepreneurial Know How!

11:24 AM, Sep 6, 2011   |    comments
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Video: Tips for start-ups!

About Rebecca J. White
Dr. White is Professor, Entrepreneurship and James W. Walter Distinguished Chair of Entrepreneurship; Director, Entrepreneurship Center at the University of Tampa.

Dr. White is a 2006 Athena® Award finalist, a 2005 recipient of the Freedoms Foundation Leavey Award for Excellence in Private Enterprise Education and was named Ernst and Young Entrepreneur Supporter of Entrepreneurship in 2003. Under Dr. White's leadership the NKU program was named one of the top 25 undergraduate entrepreneurship education programs in the country by Princeton Review and Entrepreneur Magazine and one of the Top 50 MBA programs for entrepreneurship by Women 3.0. In addition, the program won the Global Consortium of Entrepreneurship Centers (GCEC) 2007 Excellence in Entrepreneurship Teaching and Pedagogical Innovation Award and in 2004 the AACSB Innovation in Leadership of Business Education Award. Dr. White has been awarded several distinguished research and service honors, and she currently serves on the Executive Council of the National Consortium of Entrepreneurship Centers and the Executive Board of the United States Association of Small Business and Entrepreneurship.

Dr. White is founder and director of the Women's Entrepreneurship Institute, an educational program for female entrepreneurs offered jointly by NKU and the New York Times. She has also started several companies including RiskAware LLC, www.riskaware.com, a risk mitigation company for higher education and adEsse LLC, a consulting company specializing in helping startup ventures and established firms integrate and utilize an entrepreneurial mindset.

Here are Dr. White's 5 tips for starting a new buisness!
In today's economy with more people looking for jobs than actually exist, entrepreneurs are born everyday. If you're thinking of creating your own job, here are some tips.

1. Evaluate your opportunity.  Your great idea for a business becomes an opportunity if you have a viable market and an acceptable margin.  When you consider your market - make sure you know who your customers will be and how to reach them.  In most markets there is a customer base that is easier to reach than others - go after them first and prove your business opportunity in the market and then expand.

2. Starting a new company involves balancing a great opportunity with the resources necessary to succeed.  Resources include people and money.  Entrepreneurs are great at bringing together resources and they do that through their networks.  Make sure you take advantage of a broad, diverse network as you build your business. Take every chance you can to connect. You never know who will be able to help you pull together the right people and financial support you will need to succeed.

3. Assemble your team.  The third element in building a new venture in addition to the evaluating the opportunity and securing resources is building your team.  You will need good financial, legal and marketing assistance.  A team that has a good diverse skill set is critical to success.

4. Plan to plan.  Many businesses fail because the owners are always working in the business and never on the business.   As the business owner you need to be able to take a step back and examine where you have been and plan for the future of your business. If you are always working in your business you won't have time for important assessment, planning and visioning.

5. Take advantage of free resources.  There are many other free resources available from government groups like the SBA to private foundations like the Ewing Marion Kauffman Foundation.  At the University of Tampa our students gain valuable experience working with entrepreneurs while getting credit through internships and practicums.  Student assistance can include helping you research your market and competition and develop a business plan and investor presentation.  Send an email to UTEC and we'll see if we can help you develop your plan.

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