Lecture_2v.1_summer.pptx

Your Great Adventure Exploring Your Options Business Skills for Sport and Fitness Professionals  Anatomy of Business Business Major Org. Divis...

Your Great Adventure Exploring Your Options Business Skills for Sport and Fitness Professionals  Anatomy of Business Business Major Org. Divisions Systems Accounting Cardioresp. Finance Digestive Marketing Nervous Operations Muscular Managemen Brain t Business Skills for Sport and Fitness Professionals  What is a Small Venture? An independently owned & operated firm, not dominant in its field Employer of 1 to 20 employees Like 85% of businesses in Canada Any venture you want to start Any idea you want to bring to the marketplace Any business with spirit Business Skills for Sport and Fitness Professionals  The Profitable Venture THREE MAIN COMPONENTS Find a need. Make more Tell the than worldyou Fillspend. a need. Business Skills for Sport and Fitness Professionals  Small Business? Small Business Vs. Self Employment The entrepreneur can, be the leader of a small business or be self employed In a small business, though valuable, the entrepreneur’s presence is not needed When self employed the entrepreneur is the business and nothing can happen without Business Skills for Sport and Fitness Professionals  Why Start a Business? Reasons for starting a business differ: Love what you do Love why you’re doing it Love who you’re doing it for Love how you’re doing it Business Skills for Sport and Fitness Professionals  Why Start a Business? Reasons for starting a business differ: Desire to do something you love Seeking independence in professional life Potential for a huge income Desire to build a legacy To experience the thrill of developing an innovative service or product To be a force for change Business Skills for Sport and Fitness Professionals  Values a person’s principles, the degree of importance that something holds serve as guideposts for your actions once crystallized, become the basis for your vision Business Skills for Sport and Fitness Professionals  Purpose What you do What is your role What do you provide Business Skills for Sport and Fitness Professionals  Meaning why you do what you do Job-pay bills to do something else Career- have a goal state in mind path to reach it Calling-love what you do, money not important Business Skills for Sport and Fitness Professionals  Small Business: The Numbers Canada has twice the percentage of self-employed people as the U.S.! Most of our self-employed (60%) have a post-secondary education About 1/3 are serial entrepreneurs:  they own or have owned more than one business Business Skills for Sport and Fitness Professionals  Small Business: The Numbers 2.6 million Canadians are self- employed 37% female vs. 63% male 98% of employer businesses have fewer than 100 employees 68% of employer businesses are micro businesses: 1 to 4 employees Business Skills for Sport and Fitness Professionals  Small Business: The Numbers Almost 1/2 of our labour force work for small enterprises About 79% of small business employees work in the service sector Small business accounts for about 25% of our Gross Domestic Product (a key measure of economic production) Entrepreneurship is a good way to get rich Business Skills for Sport and Fitness Professionals  Small Business Entrepreneurs Are... Agents of change: Doers who see a market need & satisfy that need by translating it into a successful business Fuel for private enterprise Passionate, Opportunistic & Business Skills for Sport and Fitness Professionals Persistent  Successful Entrepreneurs Are…  Passionate  Opportunistic  Persistent  Visionaries  Goal-oriented  Independent thinkers  Idea generators  People-oriented  Sharing  Doers  Moderate risk-takers  Sale oriented... Are you?  Hard and smart working  Competitive Business Skills for Sport and Fitness Professionals  Entrepreneurial Thinking Table¹ Typical Employee Thinking Master Entrepreneur® Thinking I need to... I want to... Thank God it’s Friday! It’s Friday already? Why? Why not? I stay in my comfort I expand my comfort zone... zone I need money to make I create money with no money money...Which kind of thinker are you?...Which kind of thinker are you? ¹ Source: www.MasterEntrepreneur.com, Copyright © 2006, 2009 Chris Castillo. Business Skills for Sport and Fitness Professionals  The Up Side 40% of Canadians think being your own boss is the most rewarding career decision 80% of all entrepreneurs say that starting a business was their best career decision Those who own their Business Skills for Sport and Fitness Professionals own businesses report  The Down Side 55% of small business owners work 50+ hrs per week Only half took 1 week vacation in 3 years 90% say running a business is stressful Business Skills for Sport and Fitness Professionals  Success and Happiness Success the favorable or prosperous termination of attempts or endeavors success= work + luck Luck=preparation + opportunity Happiness is a sense of well-being, joy, or contentment happiness= pleasure + meaning Business Skills for Sport and Fitness Professionals  Covey’s 7 Habits of Highly Effective People Habit 1: Be proactive Work from the center of your influence and constantly work to expand it. Don't sit and wait in a reactive mode waiting for problems to happen before taking action Business Skills for Sport and Fitness Professionals  Covey’s 7 Habits of Highly Effective People Habit 2: Start with the end in mind Envision what you want in the future so you can work and plan towards it. To be effective you need to act based on principles and constantly review your mission statement. Business Skills for Sport and Fitness Professionals  Covey’s 7 Habits of Highly Effective People Habit 3: Put first things first Talks about what is important and what is urgent. Priority should be given in the following order o Quadrant I. Urgent and important – important deadlines and crises o Quadrant II. Not urgent but important – long-term development o Quadrant III. Urgent but not important – distractions with deadlines o Quadrant IV. Not urgent and not important – frivolous distractions Business Skills for Sport and Fitness Professionals  Covey’s 7 Habits of Highly Effective People Habit 4: Think win win Genuine feelings for mutually beneficial solutions or agreements in your relationships. Value and respect people by understanding a "win" for all is ultimately a better long-term resolution than if only one person in the situation had gotten their way. Business Skills for Sport and Fitness Professionals  Covey’s 7 Habits of Highly Effective People Habit 5: Seek first to understand then to be understood Use empathetic listening to genuinely understand a person Compels them to reciprocate the listening and take an open mind to being influenced by you. This creates an atmosphere of caring, and positive problem solving. Business Skills for Sport and Fitness Professionals  Covey’s 7 Habits of Highly Effective People Habit 6: Synergize Combine the strengths of people through positive teamwork. Achieve goals that no one could have done alone. Business Skills for Sport and Fitness Professionals  Covey’s 7 Habits of Highly Effective People Habit 7: Sharpen the saw Balance and renew your resources, energy, and health to create a sustainable, long-term, effective lifestyle. Exercise for physical renewal, good prayer (meditation, yoga, etc.) and good reading for mental renewal. Service to society for spiritual renewal. Business Skills for Sport and Fitness Professionals  Your Chances of Success Some small businesses fail Slightly more than 80% of small businesses survive their first year On average, a company will be in business about 6 years Only about 30% make it for 10 years Research & a business plan will help you beat the odds Business Skills for Sport and Fitness Professionals