(1.0) Module Overview
Module Overview
You are beginning your journey toward entrepreneurship. Along this journey there will be many bumps and detours. However, this course is designed to help introduce you to many online resources that will help you overcome the many obstacles and succeed at your entrepreneurial endeavors.
Business Plan Template
Click here to download the SCORE Business Plan Template. We'll be using this throughout the course, so save it where you wont lose it.
`
We'll be referencing the SBA Business Plan template as well, but we won't use that one for coursework.
The most important resources in your toolkit will be the Small Business Administration (SBA), the SCORE (Service Corps of Retired Executives), and the many training tools available on their platforms. We will be using the SCORE Business Plan template throughout the course to help you build you design and build your business. See that little sticky note on the side? We’ll be using those to pass along important information like documents, external resources, and definitions.
You won’t be required to set up any online accounts for this course, but we’ll include helpful information on signing up and working with SBA and SCORE after the course should you decide you’re ready to become a young entrepreneur.
What is the Small Business Administration (SBA)
Find out more about the SBA at https://SBA.gov/
What is the SCORE (Service Corps of Retired Executives)
Find out more about the SCORE at https://SCORE.org/
Author’s Notes
When talking to enthusiastic individuals who are researching and writing
their business plan I’m often asked the question, “Where do I start?”
Great question! but to answer that we first need to answer a couple more frequently questions asked such as:
- “What are my entrepreneurial resources?”
- “What are my strengths and weaknesses?”
- “Who are my mentors?”
- “How do I get access to mentors?”
The startup phase requires more than a passion. It’s about determining if you have the “necessary ingredients” to become a successful entrepreneur?
The “necessary ingredients” are:
- Persistence
- Positive/Realistic outlook
- Knowledge
- Gentle Aggressiveness – Go get ’em!
- Courageous/Fearful attitude
Janet, my four-month pregnant wife, and I purchased a small established general insurance agency from a retiring part-time agent. Guess who became the secretary and bookkeeper? Your answer is correct!! The Connelly Insurance Agency was started on a ‘shoestring’ budget. We operated the business from our spare bedroom with used office furniture purchased at an auction. That bitter cold January date is as vivid memory as if it were yesterday. The residual commission income provided cash flow monthly but absolutely no guarantees. None!!
Two months later a another agency became available – due to a sudden death of the competitor agent. His widow put the agency up for sale. There was fierce bidding among the neighboring agencies, and not telling how high the purchase price might be. We approached our bank about the opportunity, and they were very agreeable. Eventually they offered us a line of credit. Success!!
Well there’s a little more to it than just that, my in-laws co-signed the banknote. Of course they firmly believed that we were committed to the long-term repayment obligation. Even though everything was going well Janet and I experienced similar fears in the start-up phase. I can remember what was going through our heads:
“What if we fail?”
“Should I plan to return to previous job teaching school if the business
does not meet the financial obligations?”
“What if we did not have the money to pay off the bank loan?”
“Since my in-laws co-signed the bank loan, they were obligated to pay the unpaid loan.
“How will we ever be able to repay her parents if we failed?
“What will happen to our family relationship knowing we have this
unpaid personal loan commitment?”
Reflecting on all the human emotions that an aspiring entrepreneur experiences, I believe the greatest one to overcome was: The Fear of Failure!
Prior to this endeavor, and to risking all of our personal assets, I had five years of experience selling insurance at a direct writer insurance company. That proved to be excellent training in the early years of our new business.
The Path to Entrepreneurship
In this module you’ll be introduced to Beth and Bob Smith. A lovely family who will be starting down the road to business ownership. The Smith family will be dealing with many issues that are common to all aspiring entrepreneurs as they begin this journey. Beth and Bob are the parents of four children. This introduction, the “Author’s Notes”, was to let you in on my own story. I’ve walked down the path of entrepreneurship, I’ve walked a mile in the Smith’s moccasins, and I’ve experienced the same fears that they and millions of other small business owners have/will face during the startup phase.
Don’t Be Afraid to Fail
You’ve failed many times, although you may not remember. You fell down the first time you tried to walk. You almost drowned the first time you tried to swim, didn’t you? Did you hit the ball the first time you swung a bat? Heavy hitters, the ones who hit the most home runs also strike out a lot. R. H. Macy failed seven times before his store in New Your caught on. English novelist John Creasy got 753 rejection slips before he published 546 books. Babe Ruth struck out 1,330 times but he also hit 714 home runs. Don’t worry about failure. Worry about the chances you miss when you don’t even try.
This poem, Don’t be Afraid to Fail, was published in the Wall Street Journal as part of an advertisement from United Technologies Corporation.