ENTREP 2nd lesson (4.1)

3 most common mistakes to avoid in planning own business

• not enough cash

• inadequate planning

• inflexibility

in inflexibility, team should include

• banker

• accountant

• attorney

• business consultant

common personal characteristics of entrepreneurs

1. drive

2. strategic thinking

3. technical knowledge

4. resilience

5. risk taking

how to start ?

more about money

• excellent credit history

• saving money/ cobbling together enough monet

• make a business plan

under making a business plan

executive summary

detailed company description

market analysis

cash flow

competition

what kind of practice will you have

species of patients originates from your training and interests

where should you put your clinic ?

• competition

• number of households

• household income

• pet ownership rates for that area

• housing - rental or own home?

where: education

the more highly educated a population, the more they tend to spend on the Healthcare of their pets

married versus singl owners

married couples tend to spend more on pets and pet health

statistically, age that spends on vet services

35-44

second most that spends on vet services, most on pet-related supplies (including medicine)

35-44

who; begin partnership or a joint venture

1. develop an operating agreement with an attorney

2. address

• how expenses are paid?

• how revenue is distributed

WHO? *How to dissolve the business relationship that includes at least these scenarios:

• Decision by a partner to leave

• Death of a partner

• Divorce or marriage of a partner

• Mental or physical incapacitation of a partner

• Retirement of a partner

• If a partner loses their veterinary license

• If a partner files for personal bankruptcy

• If a partner defaults on a personal loan

professional development plan

Can enhance your employee retention program and employee performance evaluation. Useful for succession planning purposes and can be incorporated into both your annual and longterm strategic plans for your practice.

basic competencies

• integrity

• trust

• loyal

• Client orientation

• teamwork

• process orientation

• problem solving

• interpersonal communication

advanced competencies for higher-ranking staff

• leadership

• project management

• adaptability

• change management

• developing self

• developing subordinates

how to motivate your staff

staff training

advantages of staff training

Personal improvement (skills)

Professional improvements (skills, knowledge, techniques)

Expansion of existing services as specialist services

Introduction of new services

Staff satisfaction and motivation

Increase in income

Increase in profitability per staff

Increased service quality

Increased efficiency and effectiveness of staff and work processes

Multi-tasking of staff

disadvantage of staff training

1. Money

2. Enter Definition

3. Time

4. Start typing your definition here

5. No return on investment if staff is leaving the practice 19

6. Dissatisfaction and jealousy of other staff

7. Rivalry to get training course

8. Poor staff attitude and unwillingnes

9. No interest in training course subject