What Entrepreneurial Strengths Do I Have?

Anyone can start a business (yes, really).

But there’s no denying that some entrepreneurs have skills and strengths that help them achieve success.

As you pursue a path to becoming an entrepreneur, you’ll likely focus most of your attention on your business: your plan, your strategy and what you need to launch.

Yet it’s just as important to take some time and reflect on yourself, too. What strengths do you bring to the table as a business owner? And what are your weaknesses?

As you start thinking about your applicable skills and entrepreneurial strengths, let’s take a closer look at the importance of evaluating both your strengths and your weaknesses.

KNOW YOUR STRENGTHS

Starting a business is challenging. That’s why it helps to know going in what personal strengths you have that can help you be successful.

Maybe you’re a person who embraces challenges not as obstacles, but as opportunities. Perhaps you’re highly motivated and/or goal-oriented. Do you excel at meeting deadlines? What about your work style: do you prefer to operate at the 50,000-foot level, or do you thrive in the midst of details? Are you creative? A people-person? Competitive or disciplined (or both)?

Try this: think of your work history, your professional achievements and your new business. Then list your top 3 entrepreneurial strengths.

Once you’ve identified three of your biggest strengths, start to think about how those particular skills or strengths will help you launch and sustain your business. When you write a business plan, for example, you’re essentially creating a road map that will help guide you to your ultimate goal.

Identifying and embracing your entrepreneurial strengths can also help with that journey. It’s not uncommon to use a variety of tools and resources to help you get your business off the ground, and you can think of your entrepreneurial strengths as yet another resource to help your business go from dream to reality.

Consider a couple of examples. If you’re a people-person and love networking, tap into that skill to spread the word about your business and make valuable connections that can help you fill gaps or offer insight or feedback.

Is creativity among your strong suits? Not only can you use your creativity to help with key business elements like your personal vision, but it will also likely come in handy when you need to find solutions, whether to unexpected obstacles or the product or service you’re bringing to the market. How will you and your business stand out from the crowd?

It’s important to know, embrace and cultivate your strengths. And for both aspiring and established entrepreneurs, it can be just as vital to know your weaknesses.

RESPECT YOUR LIMITS

When you think about how to become an entrepreneur, juggling might be the first thing that comes to mind.

That’s because entrepreneurs have to wear a lot of hats, at least until the funding is there to build an employee base or outsource particular tasks and roles.

As an entrepreneur, be ready to multi-task. But at the same time, it’s so important to understand this key lesson:

“You can’t be good at everything.”

You may be nodding your head, or you might be cringing. That statement is no knock on your professional skills. Instead, it’s the truth. And by understanding your weaknesses, you’ll know what sort of help you need so that you don’t inadvertently constrain your business and instead set yourself up for long-lasting success.

Earlier, you identified three of your biggest professional strengths or skills. Now, let’s do the opposite. What are your weaknesses or things about running a business that you dislike?

Maybe you have trouble meeting deadlines. Or you’re befuddled by numbers and accounting. Do you shy away from managing others? Does the thought of writing anything about your business—a website, marketing content, etc.—make you want to run screaming in the opposite direction?

It’s not always easy to admit what you’re not good at, but think of it as yet another strength. Because you can’t be good at everything, it’s important to focus on the areas in which you excel. Then, view your weaknesses as opportunities: gaps you need to fill to unleash your full entrepreneurial potential.

This is typically where other professional services come in, including accountants, lawyers and marketers. If, for example, you’re not good with the business side of running a business, that doesn’t mean you’re doomed to failure. Instead, it simply means you need help—and there’s nothing wrong with that.

“IT GAVE ME THE CONFIDENCE…TO LAUNCH MY BUSINESS”

Speaking of help, here’s an idea. Are you struggling with isolating your entrepreneurial strengths and weaknesses? Or have you identified a particular area of need?

That’s where Kauffman FastTrac can help. The free, online business courses walk you through the process of starting a business while also giving you ample opportunity to recognize and build on your entrepreneurial strengths.

Or if you’ve spotted a possible weakness, FastTrac’s business courses can help you navigate that challenge.

Tom Paolini, founder of Paolini Garment Company, is an ideal example. He enrolled in FastTrac to help launch his luxury custom menswear company. And along the way, he got the push he needed to take the next step.

“FastTrac built my knowledge and provided a blueprint for business success,” he says. “It gave me the confidence necessary to launch my business idea.”

A lack of confidence is a common obstacle that many entrepreneurs face. And for good reason—it’s scary to go out on your own and start a business! But few things are as rewarding as being an entrepreneur. If you find you need a similar boost to launch your company, consider FastTrac your personal support system. All you need to do is register!

Plan, Prepare, and Project: Determining Startup Costs

Ask an aspiring entrepreneur their biggest obstacle to launching a business and the likely answer: money. 

Not only do you need adequate financing to get your business up and running; you also need to plan to cover expenses, such as payroll and production, until you start making a profit. 

Startup costs can be tricky to calculate because they vary widely depending on your business, industry, location and other factors. Yet by understanding how much money you’ll need to start and maintain your business, you’ll increase your chances of success and longevity. 

If you’ve already written (or started writing) a business plan, you might have already spent time on your startup finances. If not—or if you want to dig a little deeper—let’s take a look at the three P’s that will help you determine your startup costs and what’s next.

PLAN

The critical first step when considering your startup costs is to get an idea of how much money you’ll need to get up and running.

According to U.S. Census data, more than 40 percent of small businesses started for under $5,000. Your business could vary, of course, depending on the specifics of your startup. And that’s why it’s so important to put pen to paper and crunch the numbers.

This isn’t the time to account for every single expense you might encounter. But consider the following four categories to help organize your startup finances.

1. Capital expenses—These are assets that add to your business’s value and are typically viewed as an investment on the part of your business. Examples include office equipment including computers and other technology, machinery and office and/or production space.
2. Operating expenses—These expenses are generated by the day-to-day operation of your business. Think of costs like utilities, insurance, inventory, supplies and salaries. Remember: it’s not only important to calculate the costs you’ll need to cover to start your business, but also to keep it financially solvent until you turn a profit (more on that in the next section).
3. Professional services—It’s unlikely you’ll start and maintain your company without any professional services. This is where you’ll factor in costs for things like legal assistance, accounting fees, website development and hosting, and marketing/advertising/PR.

Lastly? It’s important to also consider your personal financial situation. Will you need to pay yourself right away? Or can you afford to forego salary while you build your business? Understanding your own finances is just as critical to the success of your business as your startup finances.

Some of these numbers may come easy, and some may be harder to determine. Don’t hesitate to reach out to other entrepreneurs for their input on particular expense categories.

You can also use a handy tool like the Wall Street Journal’s startup calculator to better understand what you’ll need to start your business. Once you do that, it’s time to look ahead. 

PROJECT

We talked earlier about the importance of not only understanding what you need to start your business, but also the cost to keep your business running.

Here’s the deal: you probably won’t make a profit right away. If you do, that’s fantastic. But if you don’t, that’s OK, too. By projecting future expenses—and also understanding what profitability looks like for your business and how you’ll get there—you can better plan for your company’s financial future, which is especially important if you opt to pursue funding for a business startup.

Using the expenses you outlined in the previous section, you can project what it will cost to run your business for the next year. As you calculate your financial projections, be sure you’re considering both fixed costs like rent, utilities, salaries and professional services, as well as variable costs such as materials, supplies, labor and customer service.

Be realistic in your planning, it’s hard to know what the future holds – yet it’s important to understand how your startup’s financial future might evolve. This speaks not only to your understanding of your startup finances, but also the larger market.

You may also find it worthwhile to create two types of financial projections: one that’s conservative, and one that’s more aggressive. That way, you’ll have more of a financial baseline, but also a goal to work toward. 

PREPARE

By totaling the expenses you defined and using your financial projections, you should now have a better understanding of what it will cost to start and run your business. Now, you can prepare to meet that financial reality. 

First, review the expenses you’ve calculated. If you find yourself encountering “sticker shock,” take a harder look at your startup expense categories. Is there any way you can realistically cut back without having an adverse effect on the business?  

Here’s one example: office space. Do you need dedicated office space to launch your startup, or could you launch from a home office or somewhere less expensive, like a co-working space, and then grow into something larger? 

That said, you don’t necessarily want to cut corners on professional services or anything that would diminish the quality of your product or service. Keep in mind that it’s always easier to grow, rather than scale back, but you also shouldn’t feel pressured to launch with a lesser version of your vision.  

Once you’re comfortable with the startup costs you’ve calculated, then you can make a plan for how you’ll meet those costs, including getting a small business loan.  

There’s no doubt that funding for business startups has evolved to include a number of alternative sources to traditional funding, such as grants, crowdfunding, venture capital and angel investors. Of course, that makes deciding on the best financing option a little more tricky. This is another ideal time to reach out to other entrepreneurs and small business owners to get their advice. 

Another option? Kauffman FastTrac, an immersive, online curriculum designed to help you navigate your startup’s launch, including financing. The self-paced courses give you tips, tools and resources to help you fully plan and launch your business, including: 

1. Setting realistic financial goals
2. Determining the steps to profitability
3. Identifying potential funding sources

As you work on identifying and calculating both your startup costs and your financial projections, consider also enrolling in Kauffman FastTrac. The courses are free (take that, budget!) but offer invaluable peace of mind when it comes to ensuring you’ve created a comprehensive financial plan and the best path forward to meeting your specific funding needs. 

There’s no doubting that startup finances are tricky. Yet with Kauffman FastTrac, you’re supported by a partner who’s invested in your success. Talk about a dream team! 

Taking the First Steps, Building a Business Plan

You’ve made the decision: you want to start your own business. And that means you’ll need to write a business plan. As you consider the steps to starting a business, you might think that writing a business plan comes first. Not so fast.

The better starting point is your personal vision: what do you want to achieve? Then you can draft your business plan, which will serve as the road map to get you to your ultimate destination.

Here’s the thing: writing a business plan isn’t always easy, and that’s largely because it’s daunting. A business plan is, in essence, the guide for how you’ll create, launch and run your company. That means there’s a wealth of information to consider before you create your business plan—and then you’ve got to get it all on paper!

A business plan includes strategic, high-level information and tactical details. It also includes market research and analysis, as well as financial projections. Sitting down to create and compile that breadth of information is undoubtedly challenging, but it can absolutely be done.

If you’re ready to tackle your business plan, read on for some help through the process, including what to include and tips for success. If you prefer a more structured approach, we can help with that, too. Check out Kauffman FastTrac, a series of self-paced, online courses that help prepare you to launch a business—including writing a business plan.

Whichever path you choose, the most important thing is to simply get started!

WHAT’S IN A BUSINESS PLAN?

Before you dive in to creating a business plan, it’s helpful to get a handle on what’s included so you can do some prep work, including making notes and conducting research.

If you ask 10 entrepreneurs what elements should be included in a business plan, chances are good you’ll get 10 different answers. Business plans can absolutely be customized to better fit your particular business, but there are some common pieces to include:

1. An executive summary, which outlines your business plan
2. A business description, including your vision, mission and team
3. A market strategy, which details how you’ll launch and position your business
4. A competitive analysis
5. What you’ll offer, which could include: Product design and development, services etc.
6. Marketing and advertising
7. Business operations and management
8. Financial analysis and projections

Once you’ve outlined your business plan, then you can begin to fill in each of the sections. Give yourself time to do some research, especially about current and forecasted market conditions, your intended customer base, competitors and costs

As you start drafting your business plan, keep these tips in mind:

1. Save your executive summary for last. Ideally, your executive summary should be a one-page overview not just of your business plan, but also your business. This will be much easier to write once you’ve finished the rest of the document so that you can focus on the highlights.
2. Be thorough yet concise. It might sound like an oxymoron, but you don’t want to create a novel-length business plan. It’s important to provide detail and supporting facts or research where applicable, but you also want someone to be able to read and understand your business plan in a reasonable amount of time.
3. Don’t hesitate to reach out to experts. You may find yourself stumbling on certain sections of your business plan. For example, financial analysis and projections can be downright mind-boggling, especially for an aspiring entrepreneur. If you get stuck, reach out to an expert like an accountant to help ensure you’re including accurate information.
4. Set a schedule. Writing a business plan isn’t easy, which means it’s more likely to fall to the bottom of your to-do list. Combat possible procrastination with a schedule and deadlines so that you can stay focused and on track.

FASTTRAC: YOUR CURE FOR BUSINESS PLAN WRITER’S BLOCK

Of course, even with the best of intentions and the most thorough preparation, you may find yourself struggling to create a polished business plan or struggling with a particular section. The good news? There’s a solution!

Business plans are just one of several topics covered in Kauffman FastTrac, an immersive series of online courses designed for aspiring and established entrepreneurs.

The self-paced modules offer a deeper dive into starting and running a business. You’ll start with foundational elements such as your personal vision, market opportunity, financial goals and branding and marketing—in short, the information you’ll need to draft your business plan.

After Liz Forkin Bohannon decided to pursue her entrepreneurial dream of designing, sourcing and marketing handcrafted items made by Ugandan women, she turned to FastTrac to help launch her business.

“FastTrac gave me tools and encouragement that empower me to empower others, and introduced me to valuable tools and relationships that helped get our business off the ground,” Bohannon says.

Even if you’ve already drafted a business plan, FastTrac can ensure you’re on the right path to business success. Whatever stage your business and business plan are in, there’s a FastTrac course for you. Your business plan is a living document, after all, and is likely to evolve just as your company will.

When you’re ready, simply register for FastTrac and start courses anytime. That’s one of the advantages of FastTrac—it happens on your schedule. Let’s get to work.

There’s nothing like the blank slate feeling of a new year. And that sense of a fresh start can be even more exhilarating if you’ve had this thought:

“I want to start a business.”

Of course, that exhilaration may be tempered by doubt, nervousness—even anxiety. Before you become overwhelmed by what’s ahead, let’s take a deep breath and start with the most important step: determining your personal vision.

WHY DO YOU NEED A VISION?

Your personal vision is what guides your entrepreneurial journey. It’s the very foundation of your business. And a vision is especially important because it will inform critical business elements like your business plan, market strategy and messaging, to name a few.

When you’re flooded by the burst of energy that comes from imagining yourself as a business owner, it’s easy to rush into a business plan, or building a website, or looking for office space.

In this moment, don’t worry about any of that. Those steps will come later. First, it’s time to focus on your personal vision and document it.

You’ve probably heard stories of wildly successful businesses starting from a few hasty scribbles on a bar napkin, or sketches on whatever scrap paper was in reach. No matter the medium, these are expressions of a personal vision: or, in other words, what you’re going to accomplish. Because when you’ve identified that key information, then you can start to plan how you’ll get there.

PERSONAL VISION VS. BUSINESS VISION

Before we dig more deeply into determining your personal vision—and where you go from there—let’s briefly examine the difference between your personal vision and your company’s vision.

Your company’s vision will likely be similar to your personal vision. A company vision serves as part of your business roadmap. The vision, in essence, is your destination. Then, you can define how to get there.

A personal vision, too, is the destination you want to reach, or the goal you want to accomplish. But your personal vision may be, well, more personal.

After all, your personal vision is what drives you, what pushes you, what motivates you during long days, late nights and as you navigate various obstacles and challenges.

Take Rachel Young, for example. She’s the founder of New Ocean Health Solutions, which empowers users to manage all aspects of their physical, emotional and financial health with ease, embracing long-term, meaningful lifestyle changes and chronic condition management.

Before she built her business, she defined a vision and passion, drawn from heart-wrenching personal circumstances.

“New Ocean is a passion that was prompted by pain—namely, the health struggles of my three younger brothers, who all died from a rare genetic kidney ailment,” she says.

The inspiration for your personal vision may also be one of loss, or of triumph, or simply of fulfilling a longtime need. Focus on your vision first; then, build that vision into your business and let it guide everything you do.

ANSWER THESE 3 QUESTIONS

If you’ve dreamed of becoming an entrepreneur, chances are high that you’re well on your way to defining your personal vision. But if you need help putting your personal vision on paper, start with these three questions:

1. What do you dream of doing?
2. Why?
3. What’s your biggest motivation?

Remember: the time to figure out the “what” and “how” comes later. This is a time to simply think big. Effective personal visions start with a 50,000-foot view. Then, as you start to create a course of action, you can consider narrowing the scope of your personal vision.

One other tip? Don’t be afraid to get personal. Again, your personal vision will overlap with your company’s vision, but they aren’t the same thing. This is the time to examine and identify what drives you. What keeps you up at night? What do you want to do, so much so that your life will feel incomplete if you don’t pursue this idea?

Now that your personal vision development is well underway, let’s take it to the next level.

EXPLORE YOUR PERSONAL VISION IN FASTTRAC

You’re well on your way to determining your personal vision. Feels pretty great, right?

Now it’s time to dig deeper into your vision and start to build the roadmap that will guide how you actually achieve that vision. That’s exactly what you’ll do with Kauffman FastTrac.

FastTrac is an immersive curriculum that’s designed for entrepreneurs in all stages, including aspiring entrepreneurs. The free courses are available online, which means you can learn at your own pace.

During each course, you’ll have a chance to immerse yourself in a particular topic. You’ll use tips, exercises and tools to think about your personal vision and your business idea, then identify how they match and how you’ll build your business.

It’s not always easy to make the jump from defining your personal vision to creating and launching your business. As she prepared to launch New Ocean Health Solutions, Rachel found herself in a similar struggle. That’s when she turned to FastTrac.

“In a business world full of noise, complex infrastructures and ‘sophisticated’ financing, FastTrac gave me—a full-time nurse and working mom/wife—the building blocks required to pursue my passion and my vision,” she says. “I give FastTrac credit for helping me move from crayon drawing to commercialization—one step at a time.”

Now, it’s your turn. Grab your lists, your notes, your crayon drawings—whatever you’ve got. Then, register for Kauffman FastTrac and start your journey to making your personal vision your personal reality.

Make Every Day “Black Friday” at Your Business: Use Financial Information to Focus On Profitability

The precise origin of the name “Black Friday” for the day after Thanksgiving is unclear, but the modern meaning of the holiday for retail and small businesses couldn’t be more obvious: an opportunity to generate revenue and profit during one of the best shopping periods of the year.

The National Retail Federation estimates that Black Friday will remain one of the busiest retail days of 2017 with 115 million Americans pulling out their wallets. With that many potential customers in the market, it is no wonder that so many new businesses focus on ways to reach their target customers and push their financials “into the black.”

For many other new and small businesses, where the owners are less than comfortable with “the numbers” and financial management, they’ll have no idea how they did on Black Friday until they talk to their accountant (if they ever do).

Unfortunately, financial information is the elephant in the room for many—even those who have been running their businesses for some time.

As an entrepreneur, it is critical that you understand the financial dynamics of your new business. You can and should get advice from qualified professionals, but in the end, the decisions are yours to make.

As the leader of your business, this puts you firmly in the driver’s seat, allowing you the opportunity to grow your business and know when your business is profitable.

Consider the following five strategies to increase profit for your business:

BECOME NUMBER SAVVY

Understanding key financial concepts and financial statements affects your ability to successfully run a business. If you feel unsure of your capabilities, take a class, read a book or conduct research on the internet. There are numerous free resources available to you, including the practical content within FastTrac that explains the “Financial Management Cycle” in plain English. Take advantage of these resources. Consider it an investment in building and growing your business.

SET CLEAR FINANCIAL GOALS

Your business must generate profits in order to cover your overall financial goals. Running a business that merely pays you a salary is not a sound business practice. Your business must be profitable enough to cover its own expenses, pay you a salary and allow you to reinvest in the business. The new Kauffman FastTrac course has modules focused on projecting costs and projecting sales, the two key elements of setting goals relative to your business’s performance.

REMEMBER THAT CASH IS KING

Without cash, it is impossible to cover the expenses incurred when running a business. Many businesses close within a few years of opening, and poor cash management is often the culprit. Sometimes this takes the form of not having enough cash on hand, poor inventory management, over-investment in fixed assets, poor credit arrangements or a general lack of planning. Kauffman FastTrac devotes an entire module to cash flow management. It’s that important.

CLOSELY MONITOR YOUR BUSINESS FOR WAYS TO INCREASE PROFITABILITY

You might have heard the phrase “If you’re not moving forward, you’re moving backward.” That definitely applies to small businesses. To keep up with growing costs, you must find ways to stay (or become even more) profitable. That might mean increasing your customer base, selling more product, adjusting your pricing structure or finding ways to control expenses. Inside the FastTrac course, there are six topics packed with ways to measure and optimize your financial performance.

DEVELOP A BUDGET

Having a budget can help you evaluate your operational efficiency, monitor the financial health of your business and build a company that will help you reach your financial goals. Every decision you make throughout the business development process—every change, every goal—affects your financial outcomes. Budgeting is a reflection of the goals and strategies you have for your business. Kauffman FastTrac gives registered users a simplified financial model in each user’s Workspace that will result in an income statement and provide the information necessary to understand profitability, cash flow, and your funding needs.

As you move through your entrepreneurial journey, you will need financial savvy to make daily financial decisions that affect the profitability of your business. Your ability to evaluate financial concepts and make decisions will be a key success factor in keeping your business “in the black.”

If you still have questions about how to improve your financial savvy, register for FastTrac. With open online access to practical tools, FastTrac has great resources that can help you with your businesses finances and beyond.

Article adapted from the original available at Thinking Bigger Business Inc. 

If your post-Thanksgiving weekend plans include supporting small businesses, you’re not alone.

But what if Small Business Saturday isn’t just a chance to support your favorite local companies and brands?

What if it’s the start of something momentous, something incredible, something life-changing?

What if this is the year you start your entrepreneurial journey and bring your small business dream from idea to reality?

Last year’s Small Business Saturday — the initiative’s seventh year — saw an estimated 112 million consumers shop at small businesses, according to a report from the National Federation of Independent Businesses and American Express.

That’s a 13 percent increase from 2015 — pretty incredible, right? And even better — PwC is forecasting a 6 percent increase in holiday spending in 2017, compared to 2016.

The numbers tell a compelling story about Small Business Saturday’s effectiveness. And the awareness is likely to grow further in the coming years.

What if you could take advantage of this annual #ShopSmall opportunity to drive traffic to your new business?

Start now, and this time next year, your Small Business Strategy plans could look very different. We’ll show you how.

EDUCATION CREATED FOR ENTREPRENEURS

We get it — starting a business is hard. It’s challenging. And often, it’s downright scary.

That’s why Kauffman FastTrac does everything it can to equip entrepreneurs with the resources they need to get started, then support them as their entrepreneurial journey unfolds. FastTrac is an immersive, flexible curriculum that guides you through the topics, tips and best practices you need to start your business or, if you’re an established entrepreneur, grow your brand.

The best part? Kauffman FastTrac is now available for free online, meaning you can learn at your own pace.

It’s not always easy to find time for continued education, especially if you’re juggling an already-hectic schedule. Yet FastTrac courses are designed to be informative and actionable. You won’t be inundated with dry, generic “Business 101” information. Instead, you’ll have a chance to really think about your business idea with outcomes that include identifying a real market opportunity, finding a target market, defining your brand and marketing, and determining the steps to profitability.

Just ask Brian Kearns, founder of HipHire, a Kansas City-based startup that reduces employee acquisition costs and turnover through an online service that connects businesses with qualified, part-time job candidates. Brian founded HipHire in 2013 after graduating from Kauffman FastTrac and says the opportunity to more thoroughly explore his business idea was key to his success.

“FastTrac validated my vision and the need to establish a better solution to help small businesses find and hire quality, part-time people,” he says. “It also solidified the importance of continuing education. I recommend FastTrac for those who think they have a good business idea. It’s less costly to validate in the classroom than on the street.”

ENTREPRENEURS EMPOWERED

Sometimes businesses start with an idea. Other times, they begin with a problem. And in the case of Liz Forkin Bohannon, founder of SSeko Designs, they start with a goal.

A former journalist, Liz also counts social enterprise, creative leadership, gender equity, risk-taking and empowering women among her passions. She believes that business is a powerful platform for social change and that girls are our future. That belief led to the founding of Sseko Designs, which designs, sources and markets sandals and other handcrafted items made (and sometimes co-designed) by Ugandan women who would otherwise face lives of poverty.

Liz launched Sseko Designs after graduating from FastTrac in 2008 and now, 9 years later, the company has grown from three women making sandals together under a mango tree to 50 women employed across Uganda. One reason for Sseko Designs’ success? Kauffman FastTrac.

“FastTrac helped me build a strong business foundation on which my dreams of empowering African women can grow,” Liz says. “It gave me tools and encouragement that empower me to empower others, and introduced me to valuable tools and relationships that helped get our business off the ground.”

IT’S YOUR TIME

Now, it’s your turn. As you take advantage of Small Business Saturday events and promotions, seize the opportunity for entrepreneurial inspiration.

What do you want to do?

What’s lacking in the market?

What keeps you awake at night?

The busy holiday season might seem like a perplexing time to start to organize your entrepreneurial plan, yet it makes perfect sense. Many of us choose this time of year to look ahead to the new year and start to outline goals and plans. Maybe you’ve been haunted by that lingering question: “What if?”

Well, there’s no better time to find out what happens next.

Just think: the entrepreneurs mentioned earlier started in similar situations. They had an idea, and to bring it to life, they took the big step of signing up for and completing Kauffman FastTrac.

Just think what you could do by taking a similar path.

And even more exciting? Imagine the possibilities of what’s ahead.

You’re participating in this year’s Small Business Saturday. Next year, perhaps you could be planning your own Small Business Saturday promotion, drawing the eyes and attention of some of the 72 percent of U.S. consumers who are now aware of the day.

Your first step? Register for Kauffman FastTrac and pick a few courses. We’ll be there to help along the way.

And when you’re joining in future Small Business Saturday events after you’ve launched your business, we’ll be there to cheer you on and, of course, buy local.

The time to get started is now!

Start Now to Help Your (Future) Small Business Cash in on Cyber Monday Success

Cyber Monday is here, and your email inbox is likely being inundated with promotions, sales, and coveted discount codes.

There’s no doubt that the Black Friday / Small Business Saturday / Cyber Monday trifecta can be an incredible revenue opportunity for small businesses.

Yet these hotly anticipated annual shopping days also mean big competition, including from big brands with global reach (and the budgets to match).

So how do you cut through the noise to reach your current and target customers for optimal Cyber Monday results? The key is strategic planning. And that’s where Kauffman FastTrac comes in.

‘WHEN ARE YOU GOING TO DO THIS FOR YOURSELF?’

Starting a business isn’t easy, but it just might be one of the best decisions you make. As your entrepreneurial journey unfolds, FastTrac’s with you, supporting you with the resources, tools and insight you need to not only launch your business, but to also help your company thrive.

The FastTrac course curriculum is immersive, flexible and freely available online so you can learn at your own pace. Whether you simply have a business idea, a fully formed business plan or have already brought your idea to market, FastTrac can help you understand where you are, where you’re going and what you need to do next.

Melanie Coleman’s story is an ideal example. During a trip to Alaska with her daughter in 2010, Melanie took advantage of a much-needed break to contemplate her 25-year career in corporate finance.

On that same trip, Melanie and her daughter visited several small art studios, where Melanie had a chance to meet the artists and learn their stories, something she finds as compelling as the pieces each artist create.

And when their trip drew to a close, Melanie’s daughter posed the million-dollar question: “When are you going to do this for yourself?”

As the concept for her business, TallulahBelle’s, came together, Melanie enrolled in FastTrac. After graduating in 2011, she launched TallulahBelle’s that same year as a destination for an extraordinary collection of exquisitely designed and handcrafted jewelry, handbags, textiles, blown glass, woodworks and more, all created by local, regional or national artists.

The omnichannel business, with both a brick-and-mortar location in Leawood, Kansas, and an eCommerce component, continues to thrive, and Melanie credits FastTrac as the sounding board that helped her bring her vision to life.

“FastTrac provided a structural format in which I could fully develop and vet business concepts,” she says. “The program, trained facilitators and other participants were supportive and offered insightful questions and opinions.”

YOUR CYBER MONDAY MARKETING UNLEASHED

A key part of a small business’ success during a national event like Cyber Monday is strategic marketing that includes a relevant, impactful and actionable message tailored to a carefully defined target audience.

In other words? Think of marketing like this: the right message delivered to the right people at the right time and in the right format.

Consider your own inbox, for example. What messages or brands prompt you to open, click and even buy? Which ones do you send straight to the trash?

Part of the FastTrac curriculum includes defining your company’s brand and marketing, finding your target marketing and identifying your competitive advantage. With those key elements, you’ll have much of what you need to develop a strategic marketing plan that can be used year-round and also tailored for events like Cyber Monday.

In addition to actionable content, FastTrac also welcomes entrepreneurs into a far-reaching network that instantly expands their connections and learning opportunities. That type of peer-to-peer learning — sort of a startup focus group, if you will — can be just as effective as classes when it comes to planning and executing business ideas.

“It didn’t take long after I started Stir and Enjoy to realize that, while I was confident in my branding expertise, I needed to learn the ins and outs of running my own business,” says Brent Anderson, a 2010 graduate of FastTrac and founder of Stir and Enjoy, a food and beverage-focused brand experience firm. “FastTrac provided the opportunity to share and learn from the experiences of others in the same position. The information I learned and the relationships I formed during FastTrac continue to be important to my success.”

START YOUR ENTREPRENEURIAL JOURNEY IN 3 STEPS

As you plan this year’s Cyber Monday shopping strategy, why not take that one step further and consider your business strategy? And if you haven’t yet launched your business, that’s just fine. The key is to use this (admittedly busy) time of year to look ahead and identify what you need to do to launch or grow your business.

After all, the possibilities are captivating. Cyber Monday sales in 2016 clocked in at an incredible $3.45 billion, according to Adobe Digital Insights (as reported by CNBC). That’s a 12.1 percent increase compared to 2015, and as omnichannel retail continues to thrive, the numbers likely have nowhere to go but up.

Here’s an approachable, actionable 3-step plan that you can apply to your own start-up planning:

1. This Cyber Monday, stay alert. Where are you spending your money and why? Are there any gaps in your Cyber Monday experience that your start-up could fill? Take notes!

2. Register for FastTrac and make a plan to incorporate the informative, manageable coursework into your weekly schedule.

3. Set some goals. Where do you want to be by this time next year? And how can FastTrac help you get there?

Change is daunting. And starting a business can be, too. But sometimes, all you need is a push. And that’s why FastTrac is here.

Your professional life could look very different by the time Cyber Monday 2018 rolls around. Are you ready to start a new chapter as an entrepreneur?

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Take Your Business Strategy to the Next Level with Purpose, Structure & Measurement

As you prepare to launch your company (or while your business is in its early stages), it’s important to build on strategic foundational elements like your business plan, vision and goals with your company’s purpose, structure and measurement.

These three elements are more nuanced than, say, your company’s three-year vision, but they’re just as important. Organizations thrive when they’re clear about three things:

1. What needs to get done
2. Who needs to do it
3. How it should get done

With clarity, everyone can pull together for a common cause. Without clarity there is wasted effort, even chaos.

In his analysis of Ewing Kauffman’s company, Marion Laboratories, Gerald W. Holder attributed the organization’s success to an entrepreneurial leadership team that focused significant energy on creating clarity throughout the work force.

The leaders of Marion Labs followed three imperatives: clarity of purpose, structure, and measurement.

CLARITY OF PURPOSE

People need to know why your organization exists. They want a reason to give their enthusiastic support. They want to be part of an organization that is the first or best at something, does what no other organization has ever done, helps people solve problems, or helps people lead better, safer, healthier or more productive lives.

A word of caution as you’re formulating your purpose? Don’t expect anyone else to get excited about “making you rich.” As one entrepreneur put it, “I want my people to get rich because I have set up a system whereby if they get rich, so do I.”

What you can do: Have a clear sense of what you want your company to stand for and accomplish. Communicate your vision regularly. Ensure that goals and decisions are consistent with this vision. Remind your management team and employees that decisions and actions need to be consistent with the overarching vision and purpose.

CLARITY OF STRUCTURE

People need to know their roles and responsibilities, as well as those of others in the organization. This knowledge and confidence allows them to concentrate on their own job and give it their full energy while recognizing the importance of working as a team and understanding how their individual contributions fit into the larger picture of the company’s operational success.

What you can do: Ensure that job roles support your company’s direction. Job descriptions should include goals and performance objectives aligned with the vision of the company.

In a rapidly growing venture, the opportunities for promotion are likely to be great. For example, a sales representative may become a manager in a short time. Discuss the organization’s structure and possibility for advancement opportunities with potential employees. Some may accept a low-paying position at first if they will be given more responsibility and compensation in the near future.

CLARITY OF MEASUREMENT

Knowing how to measure your business results is essential. Explain to people within your organization what’s being measured, how it’s measured, and why it’s measured. This clarity lets them know where to focus their effort and have a greater understanding of what success actually looks like.

What you can do: Develop clear sets of performance measurements for each area of your company and for each individual. Acknowledge and reward individuals for meeting those goals.

WHETHER YOU’RE JUST STARTING A BUSINESS OR READY TO GROW TO THE NEXT LEVEL, KEEP YOUR COMPANY ON THE PATH TO SUCCESS WITH INSIGHT, TIPS AND RESOURCES FROM KAUFFMAN FASTTRAC.

Why All Entrepreneurs Need an Exit Strategy (and How to Plan Yours)

If you’re just starting a company — or your business is in the early stages — it’s likely you haven’t yet thought of an exit strategy. After all, why think about the end of the journey when you’re just getting started?

Yet no matter what stage your company is in, now’s the time to not only consider an exit strategy, but also create a plan. Think of it this way: your business is an asset in which you have invested money. It has a revenue stream that supports your salary and possibly a sizable distribution of yearly profit. It should be increasing in value so that when the time comes, you will be able to harvest additional wealth.

Planning an exit strategy is the most commonly overlooked consideration of a business strategy, yet the exit strategy plays a key role in determining the strategic direction for your company. By not proactively planning an exit strategy, business owners, their heirs or their successors may find that future options are limited.

Some entrepreneurs think of their exit strategy as the means by which the business transitions to the next major stage. From this perspective, entrepreneurs don’t necessarily leave the business, but their role changes significantly. This is why it’s important for you to carefully evaluate your business plan, strategy and vision and determine what a favorable exit strategy looks like for you and your business.

EXITING MEANS ACHIEVING YOUR HIGHEST GOALS

“I began to see my exit strategy less as a termination and more as a logical part of the high goals I had set for both my company and myself,” says Jennifer Lawton, owner of Just Books, Inc.

“I may pursue an acquisition, take the company public, merge with another company, methodically increase sales to a higher level or shoot for rapid 200 percent growth,” she says. “In achieving any of these goals, I will have, in fact, ‘exited.’ My company will have moved from one phase to the next, its ‘exit’ from one level becoming its ‘entrance’ to the next. The reality is that unless you define that end or change, your business may change in a way that wasn’t in your plan.”

Choose an exit strategy that aligns with your business and personal goals. “You should be thinking about your exit strategy the day you start your business,” says attorney Garrett Sutton, author of How to Buy and Sell a Business. “By keeping the issue of exiting in mind as you build your business, you will have the flexibility to handle the exact strategy at the appropriate time.”

To prevent your business from taking a path other than the one you intended, you can integrate an exit strategy into your business’s vision, goals and strategy. Just because you define your exit strategy now doesn’t mean you have to execute it anytime soon. Some entrepreneurs use their exit strategy three, five, even 20 years later. As the owner, you should determine the expected outcome, parameters and results before you exercise the strategy.

BENEFITS OF AN EXIT STRATEGY

Besides having peace of mind that you can exit the business profitably, other benefits of having an exit strategy in place include:

• Protecting the value of the business you’ve built
• Creating a smooth transition for your management team and other stakeholders
• Generating a potential income for retirement or disability
• Enhancing the future worth of your business
• Reducing or deferring the potential tax impact on your estate, spouse or family
• Creating a strategic direction for your business’s growth

TYPES OF EXIT STRATEGIES

A successful business builds wealth for its owners by accumulating assets and building future profit potential. The most common favorable exit strategies are to sell the business, sell the assets of the business, merge it with another business or sell shares in the business to the public at large.

Unfortunately, those entrepreneurs who do not plan an exit strategy will, at some point, exit from their businesses unprepared. Some entrepreneurs exit the business for reasons other than wealth, retirement or the desire to pursue other goals. Death, disability, family circumstances, and divorce from partners sometimes lead to an early exit.

Without an exit plan, entrepreneurs who want a favorable outcome for themselves, their heirs or their employees may find that their exit isn’t what they envisioned.

AN EXIT STRATEGY IN ACTION (AND THE IMPORTANCE OF A SECOND CHANCE)

Mo Siegel, founder of Boulder, Colo.-based Celestial Seasonings, faced some challenges when planning to exit his company. Siegel had grown Celestial Seasonings to become the largest herbal tea manufacturer in the U.S. Siegel purposefully created an entrepreneurial culture that encouraged new ideas for tea flavors from employees, established a fun and family-like work environment and was rated one of the most socially responsible companies in the U.S.

When Kraft bought Celestial Seasonings in 1984, Siegel watched his company’s culture change significantly. Much of the staff, many of whom Siegel had personally recruited, left. The quality of life and passion that he had created for so many people slowly disappeared. Even though the company met all of its business goals, Siegel felt his exit had not accomplished what he wanted for himself, his staff or the community.

When Kraft was negotiating to sell Celestial Seasonings to Lipton in 1988, Siegel decided to buy it back from the corporate giant. And in 2000, Siegel merged Celestial Seasonings with Hain Pure Foods to form The Hain Celestial Group. He had found a company that shared Celestial Seasonings’ vision, not only for the business but for its people, and knew he could finally retire to pursue another personal dream — hiking the last set of 14,000-foot Colorado mountains he had yet to climb. To ensure he had made the right decision for his company and staff, he stayed on for two years to oversee the transition between the companies.

LEARN MORE ABOUT STRATEGIC BUSINESS PLANNING, INCLUDING EXIT STRATEGIES, WITH KAUFFMAN FASTTRAC, A SERIES OF COURSES DESIGNED FOR ASPIRING, EARLY-STAGE AND ESTABLISHED ENTREPRENEURS.