Entrepreneur Skills & Traits Required for Gabrielle's Business…
Entrepreneur Skills & Traits Required for Gabrielle's Business Venture
Desire and Passion
Have persistence to push through even the tough days with positivity
Feeling of excitement and satisfaction for what you are doing
Exhibit dedication to the business and employees
Ability to Thrive on Uncertainty
Ability to take risks and expect reard
Ability to thrive in busy and chaotic enviornment
Do not allow chaos to cloud vision
Ability to hold self and others accountable
Prove you hold yourself accountable to other staff to inspire self accountability
Determination and Resiliency
Continue to persevere even when the world seems to be against you
Continue to be productive during stress
Ability to foresee a problem
Able to execute an action plan to correct a problem
Take a normal problem and exhibit an extraordinary solution
Knowing that the business has what it takes to succeed
Having a Go-Getter attitude when marketing the business
Understanding of the Bottom Line
Able to complete accounting equation to determine profit/loss
Sticking to a Budget
Creating new relationships to push the business to success
Maintain relationships that will be beneficial to the business
Being aware of demographics
Being knowledgeable about culture in the area
Knowing location and when the busy sections of the day will be
Understanding business clearly or ability creating relationships to learn the business
Utilize LinkedIn or other sites to grow connections
Utilize Connections to help grow business
Freedom to be flexible and focus on tasks most important
Convenient location, ability to have somewhat grounded lifestyle
Home office (base) and ability to sell many places (i.e. stores, on foot, door to door)
Minimal travel requirements
Travel for conferences or educational seminars to continue to expand knowledge base and network
Travel only when required - ability to sell and be focused on moving the product
Life and medical Insurance coverage to protect in case of accident
Ability to continue to remain physically fit and capable of daily duties
Level of Family Involvement Required
Family business is a must
Ability to compartmentalize and know when business is business and personal is personal is imperative
Joint partnership - ability to compartmentalize and focus on daily tasks while working
Level of Social Interaction Needed
Network needed and how to continue to grow network
Personal Involvement in Daily Operations
Ability to delegate activities
Focus on most important tasks of daily operations
Expertise, skills, and preferences
Skills required to operate and function daily operations
Focus on Specialists (baristas) - not generalists(servers)
Remember to delegate tasks that are not imperative to be overseen personally
Ability to continue to network and gain business
Strategic Advantage on competitors
Life Insurance and self funded Medical Insurance coverage is a must for security
Future professional goals
Continue to operate business daily or sell business?
Sell of give business away to family?
Growth business or lifestyle business?
Choice to continue to grow business or maintain and satisfy loans and personal equity
Comfortable with grown channels and business plan
Future personal income
Set Number of bottom Line for business to begin accepting profits
Number business can function with and forfeit as salary or equity to owner
Initial Investment - Any continuing Investments
Investment required to begin business functions
Investment required to continue business functions
Can business gain profits to self fund processes?
Be clear on Cut Bait number as a family
Maintaining majority share
Ability to utilize profits and reinvest into the business to avoid multiple contributions
Spouse ability to maintain personal finances while money is being risked for entrepreneurial activities.
Why do you want to create a business?
My goal is to create a business to assist the community with transportation services that are needed to get to medical appointments, surgical procedures, chemotherapy, radiation treatment, and other forms of treatment.
I strive to consistently perform to the best of my ability and become an ethical and trust worthy business that can be trusted by the community and the State of Indiana. I would like a legacy to leave behind and help my children be more financially stable.
How will creating a business help you achieve your personal, professional, and financial goals?
Help build a company in the community to help the community and give back
Build a legacy in Indiana and be trusted by seniors
Build relationships with Insurance companies to grow business further
Flexibility to focus on tasks I find important
Opportunity to work remotely and have increased time with family
Added financial contributions for the future
Ability to draw equity off the business when successful
Opportunity to offer children business knowledge
Does this idea fit my personal vision?
This idea is perfectly aligned with my personal vision
Will allow me to make a difference in the community
Will provide opportunity to build a brand and legacy to leave to my family and assist the community with needs
Do I have the talents and skills to implement this idea (or the ability to put together a team that can)?
Will have required talents and utilize business connections and IHCP for learning opportunities
Extensive experience in team building and confident in ability to form a team
I have the business knowledge and connections to become successful in this industry
Are the rewards (personal growth, satisfaction, self-expression, financial, recognition) adequate to offset the risks associated with this venture?
Rewards are adequate enough to offset risks
Insurance coverage and safeguards in place to ensure coverage from loss
Will allow personal growth and provide feeling of accomplishment.
Are the risks associated with this type of venture acceptable to me?
Rewards will significantly outweigh the risks
Will ensure to have insurance coverage to eliminate as much risk as possible.
When comparing risks against rewards, the risks are acceptable
Good Sign Questions
Does this solve real, market-based problems?
Yes, this business venture helps solve medical transportation needs
Provides benefits to community they were not aware of before in many cases
Will this result in Significant Savings?
Yes, will save time riding with public transportation and solve opportunity cost
Will save loved ones time and money from missing work to transport elderly to appointments
Does this fit current customer behaviors?
Everyone needs transportation
Will fit current customer behavior and in many situations eliminate worry
Things To Do to continue Good Idea
Talk to People
Network with local doctors and hospitals
Network with IHCP and create relationships with become the first choice.
Make sure there is a real need in the market
Public Transportation is a multi-million dollar business
IHCP has made reimbursement seamless and electronic to speed up payment
According to our local hospitals in Lafayette, IN - the no show or missed appointments for lack of transportation is 65%
Who are the customers?
Anyone who requires transportation
Anyone with medicare or medicaid as this is a reimbursable service
Specifically elderly or low income population that lack their own transportation.
Does this avoid obsolescence
Tremendously avoids obsolescence - there will always be people who require public transportation.
Is not a fad and will continue to be a need
What is the customer problem that you are solving?
Transportation to medical appointments, surgical procedures, chemo, radiation, and dialysis.
How does your product/service solve this problem for your customer?
Provide the transportation needed and that is desperately needing covered.
How is it different from other products/services?
Similar to cab services; however, not covered by insurance companies at most cab companies.
What is your competitive advantage?
Similar to cab services; however, not covered by insurance companies at most cab companies. .
Largest Advantage - insurance provider will cover instead of client paying out of pocket for filing for reimbursement themsevles
Who will buy it?
Low Income with Medicaid
Elderly with Medicare
Community members who are not fortunate enough to have a car
Why will they buy it from you?
Reliable and trustworthy company in the community with reputation
Friendly staff and specialized drivers that have received proper training
An attention-grabbing first line
Are you tired of missing medical appointments, surgical procedures, chemo, radiation, and dialysis?
Do you have Medicare or Medicaid Insurance?
A description of your product or service and its market
Necessities Transportation can offer you transportation where you need to go, when you need to get there and file the reimbursement with your insurance directly so you pay NOTHING out of pocket.
Market would be anyone requiring transportation - specifically with Medicare or Medicaid insurance
A description of the people behind the business
Drivers are drug screened regulatory, complete yearly exams and physicals, and attend several training courses per year to keep their driving skills sharp
Courteous and knowledgeable office staff capable of scheduling, dispatching, and routing drivers accordingly
The benefits of investing in your business
Insurance covered transportation
Reliant transportation with courteous and professional drivers
Will allow other loved ones the chance to rely on someone to help with transportation with necessary
A call to action
(Potential Client) - Do you have any medical appointments upcoming we can help you with
(Potential Investor) I am going to leave the business plan with benefits you can expect for you to review.
(Potential Client) - Have you missed any medical appointments due to transportation that we can attempt to help you schedule and go to?
(Potential Investor) - Do you know any nursing facilities or members of the community that could benefit from these services?
The You Factor
Being positive in every encounter whether it is clients or investors is imperative.
I am passionate about helping the community and assisting them to where they need to get to go safely.
Remember sometimes people will have positive and negative outlooks and accepting all feedback with an open mind.
Build a skilled team
Select people with similar goals
Be diverse and ensure to have different skills in appropriate areas
Ensure to involve the people who have yours and the businesses best interest in mind
Growth plan and rate
it takes time to design, test, market, and develop and grow the a business and the market for the business
Allow proper timelines for things to be achieved
Know when it is time to grow and when it is time to maintain business
Rapid growth can result in financial struggles, knowing when you are able to expand is imperative
Start small and work your way slowly through your goals
Business Plan and Design
Have proper financial information organized and available for investors
Build a business plan that you can present and have readily available
Include all necessary information in the business plan and focus on the benefits and advantages the business has on the community
When to reach out for help
Have a circle of individuals that are not directly involved in the business you can rely on for advice
Ensure there are also people directly involved with the business that can help give a closer look and mentor
Take time to talk to customers about experiences to know where you need to focus help
What does your company need that you are not good at or unable to do? Who can help with it
Office team to help dispatch and route appropriately
Office manager position to help hold office staff accountable and provide room for growth
Technical Support Team to help with problems as they arise with technology
Personal CPA to oversee certain bookkeeping aspects
Providers that work directly with medicaid and can provide trips
When considering your entrepreneurial characteristics and personal vision, What characteristics and priorities in teammates would complement yours
Diligence and Determination
Self Motivated and Independent
Passionate about helping community