AgribusinessEntrepreneurs UserGuideto ResearchandPlanning inKentucky

Prepared April 1, 2009 Laura A. Powers and Richard K. Laing

in support of the Kentucky Department of Agricultures Agribusiness Entrepreneur Process Review

TableofContents
Introduction Part I How to Use the Internet and WEB Search Methods How Do Search Engines Work GOOGLE Search Engine Advance GOOGLE Search GOOGLE Short Cuts Additional Tips for Internet Research Part II Am I Ready to Start a Business Are you an Agribusiness Entrepreneur? Is My Idea Business Ready? Part III Research Business Assistance and Development Services and Resources The Business Creation Process Business Assistance Organizations in Kentucky Business Plan Development The Kentucky Secretary of State The Kentucky Cabinet of Economic Development Financial Statements and Record Keeping Appendix 1--Entrepreneur Founder Personality Profiles 3 3 4 4 7 7 9 12 12 13 14 15 16 16 17 17 18 18 20

Introduction
This publication serves as a guide for the prospective agribusiness entrepreneur through the business development and research process. There are four distinct parts of this guide. The first part will describe basic steps in conducting WEB based searches using the Internet. The second part will walk the agribusiness entrepreneur through the personal discovery phase of the business development process. It will help the individual examine his or her personal objectives and qualities to own and manage a business. The third part guides the agribusiness entrepreneur user through the research phase of business development. The Internet has become one of the most popular tools for research. Part III of this publication will list useful websites for anyone researching Kentucky agriculture and the business development process, providing insight on how to appropriately use the Internet for researching specific needs. Given the infinite possibility of ideas that people have and the vastness of the Internet, the focus on this section is to guide individuals in proper use of the Internet for research. After the agribusiness idea and entrepreneur have both been validated and determined feasible to move toward implementation, the next step is to begin the business creation process. The fourth part of this document guides the agribusiness entrepreneur through the technical process of business creation providing sources specific to start-up information and referral support and advisory organizations that can assist in the development and implementation efforts.

Part I. The Starting Point How to Use the Internet and WEB Search Methods
Searching the Web can be scary and overwhelming to any Web search agribusiness entrepreneur beginner who doesn't know where to start, what's the best stuff to look at, or even how to move through the Web successfully. The first thing you should realize is that the Web is huge and contains large amounts of information. Virtually any anything you can think of is covered in detail somewhere, and finding information about anything is easy if you know how and where to look. There are choices on the Web where you can go to retrieve this information that's somewhere out on the Web. These choices are services known as search engines. Search engines look through their own databases of information in order to find what it is that you are looking for. A search engines consists of a huge amount of information stored in what is called a databases.

Google is one of the most widely used search engines. The next section guides you through using Google. NOTE: If you cannot get to the Google Home page, ask someone to get you to that starting point.

Using the GOOGLE Search Engine

Be specific. GOOGLE is not an intuitive search engine (unfortunately, there aren't any!), and therefore cannot read your mind. Try to be as concise as possible; instead of "cheese", try "Farmstead Artisan cheese". All you need to do is just enter a word or phrase and hit enter. GOOGLE will only come up with results that contain all the words in the search word or phrase; so refining your search just means adding or subtracting words to the search terms youve already submitted. Goggles search results can easily be narrowed down by using phrases instead of just one word; for example, when looking for "cheese" made by hand on the farm, search for "Artisan Farmstead cheese" instead and you'll get much better results. Be selective. Use common words, such as and, if, not and numbers ONLY if you want them included in the search. If you want them included, use a phrase search by putting quotations around your search query, or include the common word by putting a space and a plus sign right in front of it. For example, if you are looking for the procedure for farmstead artisan cheese, type in procedure artisan farmstead cheese. Exclude extra results. If you want to narrow down your searches even further, focus your search by placing a "-" (negative sign) in front of words you want to avoid. For example, if you're searching for "cheese" and want to avoid commercially processed Kraft, you would type in "cheese -Kraft (without quotes). GOOGLE doesn't care about capitalized words and will even suggest correct spellings of words or phrases. GOOGLE also excludes common words such as "where" and "how", and since GOOGLE will return results that include all of the words you enter in, there's no need to include the word "and", as in "cheese and artisan."

Entry Procedure
Select the Internet explorer icon on the home page of by depressing the START Green Key in the lower left hand corner of the PC screen. NOTE: If you cannot locate the icon or start key, ask one of the Extension employees to locate you on the GOOGLE WEB page. When you have properly accessed the GOOGLE WEB page, the screen display should look similar to the screen below.

The flashing cursor should be at the left hand side of the box above the two bars that read GOOGLE Search and Im Feeling Lucky. Type in your first search phrase as described in How to Use Goggles Search Engine above found on page 1 and 2 of this document. The example below displays the first results for the search phrase roddy mcdowall.

If you do not find what you are searching for on the first screen page, you may go to the next page by clicking on Next located on the bottom of the screen in the center lower right. Continue to go the additional pages by clicking Next until you have located your information.

Advanced Search
You may conduct a more specific search using the GOOGLE Advanced Search function. You may select from a variety of options as displayed on the screen below. The most common method is to use the selection found in the blue highlighted area titled Find results that allows you to focus on different combinations of words and phrases.

Short Cuts
GOOGLE allows you to use various short cuts while entering words and phrases to save time and help pinpoint your desired search. The list of these short cut options can be found on the following page. 7

GOOGLE Shortcut
nokia phone sailing OR boating love me tender printer cartridge Toy Story +2 ~auto define:serendipity how now * cow + * / % of ^ old in new (conversion) site:(search only one website) link:(find linked pages) #...#(search within a number range) daterange:(search within specific date range) safesearch: (exclude adult content) info: (find info about a page) related: (related pages) cache: (view cached page) filetype:(restrict search to specific filetype) allintitle: (search for keywords in page title) inurl:(restrict search to page URLs) site:.edu (specific domain search) site:country code (restrict search to country) intext:(search for keyword in body text) allintext: (return pages with all words specified in body text) book(search book text) phonebook:(find a phone number) bphonebook: (find business phone numbers) rphonebook:(find residential phone numbers) movie:(search for showtimes) stocks:(get a stock quote) weather:(get local weather)

Finds Pages That Have...

the words nokia and phone either the word sailing or the word boating the exact phrase love me tender the word printer but NOT the word cartridge movie title including the number 2 looks up the word auto and synonyms definitions of the word serendipity the words how now cow separated by one or more words addition; 978+456 subtraction; 978-456 multiplication; 978*456 division; 978/456 percentage; 50% of 100 raise to a power; 4^18 (4 to the eighteenth power) 45 celsius in Fahrenheit site:websearch.about.com invisible web link:www.lifehacker.com nokia phone $200...$300 bosnia daterange:200508-200510 safesearch:breast cancer info:www.websearch.about.com related:www.websearch.about.com cache:GOOGLE.com zoology filetype:ppt allintitle:nike running inurl:chewbacca site:.edu, site:.gov, site:.org, etc. site:.br rio de Janeiro intext:parlor allintext:north pole book The Lord of the Rings phonebook:GOOGLE CA bphonebook:Intel OR rphonebook:Joe Smith Seattle WA movie:wallace and gromit 97110 stocks:ncesa weather:97132

Additional Tips for Using the Internet for Research:

1. You should keep in mind that anyone can put information on the Internet. Think critically about what is read on the Internet. When looking up commodity specific information, it would be wise to see who sponsors the website. 2. Search engines are very powerful and useful tools. As you become more familiar and comfortable with WEB based searched, you should consider using more than one search engine. Different search engines will yield different results, even when using the same key word or phrases. Be certain to use different key words or phrases when searching. Furthermore, look beyond just the first page of hits. Website owners can often manipulate where their sites land on a results page. Just because something is listed first, it does not mean it is the best result for your particular request. 3. Some search engines offer advanced searching tools as described on page 4 of this document. Take advantage of these. 4. Below are a list of some search engines to start with: a. www.GOOGLE.com b. www.yahoo.com c. www.business.com d. www.ask.com e. www.dogpile.com f. www.searchengineguide.com/searchengines.html

g. www.agrisurf.com h. www.agfind.com 5. Below are tips to assist you when you have identified a specific reason or approach for your search efforts: a. Browse a subject area - use Yahoo, Lookmart or the Open Directory

b. Search as much as the Web as possible - use Google or AlltheWeb.com c. Search every word on a site or in a document - use AltaVista, or HotBot d. Locate a fairly popular site or easy-to-find document - use Webcrawler or Yahoo e. Locate an obscure or hard-to-find document - use AltaVista 9

f.

Retrieve a large number of results - use AltaVista or a metasearch engine such as Savvy Search or Metacrawler.

g. Retrieve few but relevant results - use Webcrawler h. Search only titles, urls or keywords - use Webcrawler, Yahoo OR Alta Vista i. Specify in what part of a site your search terms will occur (including titles, urls and summaries) - use AltaVista (adv) or InfoSeek Search reviewed and evaluated sites - use Looksmarts select directory)

j.

k. Search Newsgroups - use Yahoo, Google Newsgroups, AltaVista, HotBot l. Include older gopher files in your search - use Webcrawler or Altavista

Evaluate WEB Sites - Research Options Beyond the Standard Internet Approach
Good reference service is knowing when to stick with the books and when to get wired. Search engines aren't always the best place to start. Providing great service requires keeping up with the latest resources online or offline.

Use Reliable Local Online Sources

Before you jump into an Internet search that may turn up marginally useful or commercially biased information, use the reliable online sources available to you. For example, The University of Kentucky Library www.uky.edu/Libraries/ offers databases in a variety of categories. Western Kentucky University www.wku.edu/library/ houses The Kentucky Library , that contains in excess of 70,000 volume collections of printed materials about Kentucky. Eastern Kentucky www.library.eku.edu/ and Northern Kentucky library.nku.edu/ Universities also offer on-line libraries.

Try an Internet Index or Directory First

Let somebody else do the work! Try using a Web subject guide site (e.g. Open Directory Project or Librarians' Index to the Internet) to get started. These subject guides cover fewer resources but have been selected by reviewers, sorted into categories, and are a good place to start.

One Search Engine Is Not Enough

If a subject guide or directory doesn't work and you need a general Web search, remember that not all search engines perform the same way or cover the same number of sites. Use the most appropriate search engine. If you can't find anything, try a metasearch engine to search several engines at a time. Search engines don't all search the same sites or have the same rules for retrieval. Know how a search engine lets you select "any words" or "all words," for example, and how to do phrase searching. 10

Use Recommended Resources

In addition to keeping up with search engines, you will need to keep track of the latest and best online resources. Lists of recommended reference web sites: MARS Best of Free Reference Web Sites is an annual selection, with a combined index, to recognize outstanding reference sites on the Web. The 'Best of the Best' Business Web Sites is organized by subjects. The Internet Public Library has many useful sites organized by traditional library categories. Librarians Index to the Internet is a searchable, annotated subject directory of more than 10,000 Internet resources selected and evaluated by librarians for their usefulness. It is considered a reliable and efficient guide to Internet resources.

11

Part II. Am I ready to start a business?

The quest to start a business can find its start in one of two ways. First, one may develop a particular hobby or skill set that they truly enjoy and decide to build a business around that hobby or skill. Secondly, there are some people that may not have a specific business idea , but they know they want to work for himself or herself and not for anyone else. Regardless of which category one may find themselves in, individuals in both categories must have be able to identify their personal business aptitudes (and deficiencies) as well as a properly vet their business idea. This section will provide resources to guide the hopeful entrepreneur through both of these steps, concluding with the completion of a feasibility study. Are you an agribusiness entrepreneur? Owning and operating ones own business is not a task to be entered into lightly. One must have a serious conversation with themselves (and those close to them, such as a spouse) about the time, energy and dedicated commitment required. Many books have been written about entrepreneurs but the following websites have quizzes and surveys one can take to test their entrepreneurial aptitude. 1. The Center for Rural Entrepreneurship. (http://www.energizingentrepreneurs.org/) After Entering the website, select the Library option then choose Tools for Practitioners. The Entrepreneurs Self Test is a tool to examine ones entrepreneurial skills. Most of the other links on this site focus on entrepreneurial development in communities.

2. Forbes.com: Are you ready to be an Entrepreneur? Interactive Quiz. (http://www.forbes.com/2005/11/15/entrepreneur-personalityquiz_cx_bn_1116quiz.html) 3. The Entrepreneurial Self Assessment: The Business Development Bank of Canada. This short quiz takes about 5 to 10 minutes to complete. Results are computed to show where one compares to an average entrepreneur. 4. What kind of entrepreneur are you? Nine types of entrepreneurial personality profiles are described. (Please refer to the attached Appendix 1) 5. I want to start a business, now what? Article at www.entrepreneur.com Are you ready to manage? While determination is one of the key characteristics for being an entrepreneur, there are different skills needed to be an effective manager. Management can be summarized as composing five functions: planning, directing, staffing, organizing and controlling. The websites below outline top qualities of managers and provide detail of the functions of managers. 1. For a detailed description of the five functions of management, see Dr. Bernie Ervens work at The Ohio State University. 12

2. Management for the Rest of Us. A collection of articles with various segments of managing. 3. About Management. Provides links to a variety of management topics. Is my idea business-ready? A critical component of business development is defining the purpose of that business. Questions such as what will you do and what hole is missing in the marketplace that you will fill must be addressed. One must think critically about their business idea and study its potential in the market. Below are some resources to guide the hopeful entrepreneur through this process as well as specific questions that should be asked and answered. 1. PRIMER for Selecting New Enterprises for your Farm Business. University of Kentucky. This publication outlines the decision making process for examining starting a new enterprise on the farm or family business.

2. Preparation for Planning a Business Venture. This website covers topics such as personal aptitudes, and how well you have thought out your business idea. 3. Can you answer the following questions? a. Why doesnt this business already exist? b. Can you describe your product/service in one minute or less? c. What are the barriers to entry? d. What is the expected pay-back period? e. Who are my competitors? f. Who are my customers/clients?

g. Why would your customers/clients choose you? What can you provide that those in a similar business cannot provide? Have you completed a feasibility study? A feasibility study is an investigation into starting a new business or making a change to an existing business or project. The websites below outline the components of a feasibility study. 1. Is There Really a Need for Your Business? Compiled by www.managementhelp.org

2. Kentucky Small Business Development Centers: Market Research 3. Conducting a Feasibility Study, by the University of Wisconsin, Center for Cooperatives. 13

Part III. Research

The business development process is a time when many decisions must be made. The best decisions are often made when analyzing the best information. Consequently, research is a critical component to not only starting a business but also for continued business operations. The Internet has become perhaps the most used research system. The websites below cover two main areas. First are lists of Kentucky based organizations that can be useful to those starting and running an agricultural business. Secondly, there are tips offered to aid ones use of the Internet for research. Basic Information Sources for Kentucky Agriculture 1. University of Kentucky College of Agriculture. (www.ca.uky.edu) Either use the search option or choose a Department/Unit to find the information for which you are looking. If you are know which department may have the information you seek but would like to speak with a person and are unsure of which person to contact, you can contact the Department Chair of the relevant department and they can help direct you to the right individual.

2. University of Kentucky/ Kentucky State University Cooperative Extension Service. (ces.ca.uky.edu/ces) Offices are located in each of Kentuckys 120 counties. 3. Kentucky State University. (www.kysu.edu/landGrant) Includes their Cooperative Extension Programs and Aquaculture Programs 4. Kentucky Department of Agriculture. (www.kyagr.com) KDA has many programs beneficial to Kentucky agricultural entrepreneurs. They offer grant opportunities, manage the Kentucky Proud marketing program and can offer technical assistance in a variety of areas. 5. Governors Office of Agricultural Policy. (agpolicy,ky.gov) Has financing (grants and loans) opportunities for Kentucky agricultural efforts. 6. Kentucky Agricultural Finance Corporation. (kafc.ky.gov) Offers low-cost financing for projects meeting certain criteria. 7. Kentucky Agricultural Council. (www.kyagcouncil.org) The KAC seeks to promote Kentucky agriculture through several means such as education at all levels and the promotion of agricultural events and knowledge among Kentucky agricultural agencies. 8. The Kentucky Virtual Library AGRICULTURE. (www.kyvl.org/html/gia/ssagriculture.shtml) Provide statistical information for all aspects of Agriculture in Kentucky. 14

9. AG Manager. (www.agmanager.info) contains case studies, feasibility calculators, and other tools for analyzing various agribusiness scenarios and value added opportunities. 10. Kentucky Market Maker (http://ky.marketmaker.uiuc.edu/) An interactive mapping system that locates businesses and markets of agricultural products in Kentucky, providing an important link between producers and consumers. 11. University of Kentucky New Crops Opportunities Center (http://www.uky.edu/Ag/NewCrops/). Provides production and marketing information on new
crops and value-added versions of current crops. Also has links to Decision Tools which can be very useful.

Kentucky and Federal Based General Business Assistance and Development Resources: Kentucky Center for Agriculture and Rural Development. (www.kcard.info) KCARD has offices in Elizabethtown, Somerset, and Lexington Kentucky and serves the entire state. The main offices phone number (in Elizabethtown) is 270-763-8258. Kentucky Small Business Development Centers. (www.ksbdc.org) KSBDC has fourteen locations across Kentucky, covering every county. The KSBDC main office is on campus at the University of Kentucky, Gatton College of Business and Economics. Their phone number is 859-257-7668. The Center for Rural Development. (www.centertech.com) The Center is located in Somerset, Kentucky and serves 42 counties in the central and eastern parts of the state. Has a link for Kentucky agricultural resources. Their phone number is 606-677-6000. The Kentucky Highlands Investment Corporation. (www.khic.org) Their office is located London, Kentucky, serving 22 counties in Southeastern Kentucky. KHIC provides an on-site business incubator accelerator, providing product development, office and laboratory space for area entrepreneurs. Their phone number is 606-864-5175 Kentucky Entrepreneurship Coaches Institute University of Kentucky. (www.uky.edu/Ag/CLD/KECI/) The center is located on the University of Kentucky campus. Their mission is to develop entrepreneurial leaders, advocates and coaches in Kentuckys 41 tobacco-dependent counties as a response to declining tobacco income. by strengthening both the entrepreneurial culture and infrastructure. Their phone number is 606.563.6291. The Innovation and Commercialization Center. (www.startupkentucky.com/?78) The ICC serves as a comprehensive business accelerator focused on helping Kentucky entrepreneurs perfect their business strategies to build successful technology businesses. There are four regional centers throughout Kentucky. Their phone number is (859) 246-3233.

15

The Service Corps of Retired Executives (SCORE) Kentucky District - 457. (www.scorekentucky.org) SCORE is made up of volunteer business executives and professionals that provide Entrepreneurs and small business owners with FREE counsel, advice, and education. Their business counseling centers are typically aligned with Kentuckys Area Development Districts Their phone number is (502) 582-5976.

Mountain Association for Community Economic Development (MACED). (www.maced.org) MACED office is located in Berea, Kentucky. Service area includes eastern Kentucky and central Appalachia. Their phone number is 859-986-2373. Small Business Administration. (www.sba.gov) The Kentucky District Office is located in Louisville and their phone number is 502-582-5971. Kentucky Cabinet for Economic Development. (www.thinkkentucky.com/SMBD) Covers a wide variety of topics from financial statements to taxes to licenses and permits. Kentucky Secretary of State. (www.sos.ky.gov) Contains information for the technical business creation process (licenses, permits, naming your business, tax forms etc).

Part IV. Business Creation Process

The technical process of starting a business can be cumbersome. There are several organizations in Kentucky that can assist one through this process. It is recommended that anyone considering starting a new business should contact one of these groups (they are listed below) to improve the efficiency and effectiveness of their business idea. One of the most critical decisions that must be made by the new agribusiness entrepreneur is what type of business organization is best (refer to The Kentucky Center for Rural and Agriculture Development: Business Development Tool Kit Business Structure hyperlink for a quick reference list). A misinformed decision at this critical point could limit the scope of business and can be expensive to correct later down the line. The business assistance groups listed below (or a knowledgeable attorney) can walk the entrepreneur through decisions such as these and more. The organizations websites list the types of services available. Please call or see their website for additional information. General Business Assistance Organizations in Kentucky Kentucky Center for Agriculture and Rural Development. (www.kcard.info) KCARD has offices in Elizabethtown, Somerset, and Lexington Kentucky and serves the entire state. The main offices phone number (in Elizabethtown) is 270-763-8258. Kentucky Small Business Development Centers. (www.ksbdc.org) KSBDC has fourteen locations across Kentucky, covering every county. The KSBDC main office is on campus at 16

the University of Kentucky, Gatton College of Business and Economics. Their phone number is 859-257-7668. The Center for Rural Development. (www.centertech.com) The Center is located in Somerset, Kentucky and serves 42 counties in the central and eastern parts of the state. Has a link for Kentucky agricultural resources. Their phone number is 606-677-6000. Mountain Association for Community Economic Development (MACED). (www.maced.org) MACED office is located in Berea, Kentucky. Service area includes eastern Kentucky and central Appalachia. Their phone number is 859-986-2373. Small Business Administration. (www.sba.gov) The Kentucky District Office is located in Louisville and their phone number is 502-582-5971. Kentucky Cabinet for Economic Development. (www.thinkkentucky.com/SMBD) Covers a wide variety of topics from financial statements to taxes to licenses and permits. Have you completed a business plan? Many of the above groups will encourage (strongly) that new businesses write a business plan. The business plan outlines the who, what, where, when and how of a business. Some section of this document (such as the financial statements and budgets) should be updated annually. Other section should be reviewed annually and changed as needed. The websites below will walk one through the business plan creation process. The Kentucky Center for Rural and Agriculture Development: Business Development Tool Kit Business Plan Small Business Administration: Small Business Planner. Kentucky Small Business Development Centers: Business Plan Assistance Kentucky Cabinet for Economic Development: Business Plan Assistance What can the Kentucky Secretary of State help me with? (www.sos.ky.gov/business) The Secretary of States Office can be very helpful for both the start-up business and for the ongoing business. One starting a new business should become familiar with this website. The following services can be completed through the SOS website: Under the Business Filings office, one can: File their annual reports and locate required forms Learn more about any required license or permits Find web links relevant to Kentucky State Statutes. 17

Under the Online Services option, one can: o Search if the business name of their choosing is available or if it is already in use by another entity File their annual report Search for trademarks and service marks registered in Kentucky

o o

What can the Kentucky Cabinet for Economic Development help me with? (http://www.thinkkentucky.com/BIC/ebpermits.aspx) Additional information about types of business structures. Links to apply for an EIN (Employer Identification number) number from the IRS. Links to apply with the Kentucky Department of Revenue and describes various business taxes in Kentucky. Answers questions about the differences between employees and contractors. Links regarding environmental regulations and necessary permits.

At www.thinkkentucky.com/SMBD, there is a list of resources on the right side of the website that cover a variety of topics for both new businesses and on-going businesses. What do I need to know about financial statements and recordkeeping? Most people do not start and operate a business because they like keeping records. This is perhaps one of the least enjoyed aspects of business management. However, it is one of the most important parts of a business. Not only are records important for tax purposes; they are the only way for the manager to analyze business performance and determine profitability. There are three basic types of financial statements: balance sheet, cash flow statement and income statement (or profit and loss statement). One can search the Internet for information about these financial statements. The websites below offer a place to start in the search: The Kentucky Center for Rural and Agriculture Development: Business Development Tool Kit Financial Statements http://www.toolkit.com/tools/index.aspx#Business_Finance (under Business Finance) http://www.sec.gov/investor/pubs/begfinstmtguide.htm http://www.farmdoc.uiuc.edu/fasttools/index.asp Many financial analysis tools for the agricultural business.

18

Choosing the proper recordkeeping system is an important decision. The type of business may help determine the best type of system. For some small business, hand kept paper records may be a good option. However many may choose a computerized system. It is suggested to spend some time with a Certified Public Accountant to help make this decision. Some managers may be able to develop their own system by using computerized spreadsheet (such as Microsoft Excel) or one may choose a specialized recordkeeping program. Authors of this document do not endorse any of the products below. These options are offered only as examples of popular record keeping systems. Intuits Quicken (http://quicken.intuit.com/) Intuits QuickBooks (http://quickbooks.intuit.com/) Microsoft Money (http://www.microsoft.com/money/) Peachtree (http://www.peachtree.com/) www.findaccountingsoftware.com can help one make the software decision by answering a few questions. This requires the user to enter their company name and address but CPA Online lists it as a free service. The Internal Revenue Service (www.irs.gov) has a very good website to answer tax related questions. To begin, select the Businesses option along the top menu bar and choose an option. Or, use the search feature to find a specific topic. Tax forms, tables and instructions can be downloaded directly from the site.

19

Appendix 1

Entrepreneur Founder Personality Profiles

1. The Improver: If you operate your business predominately in the improver mode, you are focused on using your company as a means to improve the world. Your overarching motto is: morally correct companies will be rewarded working on a noble cause. Improvers have an unwavering ability to run their business with high integrity and ethics. Personality Alert: Be aware of your tendency to be a perfectionist and over-critical of employees and customers. Entrepreneur example: Anita Roddick, Founder of The Body Shop. 2. The Advisor: This business personality type will provide an extremely high level of assistance and advice to customers. The advisor's motto is: the customer is right and we must do everything to please them. Companies built by advisors become customer focused. Personality Alert: Advisors can become totally focused on the needs of their business and customers that they may ignore their own needs and ultimately burn out. Entrepreneur example: John W. Nordstrom, Founder Nordstrom. 3. The Superstar: Here the business is centered around the charisma and high energy of the Superstar CEO. This personality often will cause you to build your business around your own personal brand. Personality Alert: Can be too competitive and workaholics. Entrepreneur example: Donald Trump, CEO of Trump Hotels & Casino Resorts. 4. The Artist: This business personality is the reserved but highly creative type. Often found in businesses demanding creativity such as web design and ad agencies. As an artist type youll tend to build your business around the unique talents and creativities you have. Personality Alert: You may be overly sensitive to your customers responses even if the feedback is constructive. Let go the negative self-image. Entrepreneur example: Scott Adams, Creator of Dilbert. 5. The Visionary: A business built by a Visionary will often be based on the future vision and thoughts of the founder. You will have a high degree of curiosity to understand the world around you and will set-up plans to avoid the landmines.

20

Personality Alert: Visionaries can be too focused on the dream with little focus on reality. Action must precede vision. Entrepreneurial example: Bill Gates, Founder of Microsoft Inc. 6. The Analyst: If you run a business as an Analyst, your company is focus on fixing problems in a systematic way. Often the basis for science, engineering or computer firms, Analyst companies excel at problem solving. Personality Alert: Be aware of analysis paralysis. Work on trusting others. Entrepreneurial example: Intel Founder, Gordon Moore. 7. The Fireball: A business owned and operated by a Fireball is full of life, energy and optimism. Your company is life energizing and makes customers feel the company has a get it done attitude in a fun playful manner. Personality Alert: You may over commit your teams and act to impulsively. Balance your impulsiveness with business planning. Entrepreneurial example: Malcolm Forbes, Publisher, and Forbes Magazine. 8. The Hero: You have an incredible will and ability to lead the world and your business through any challenge. You are the essence of entrepreneurship and can assemble great companies. Personality Alert: Over promising and using force full tactics to get your way will not work long term. To be successful, trust your leadership skills to help others find their way. Entrepreneurial example: Jack Welch, CEO GE. 9. The Healer: If you are a Healer, you provide nurturing and harmony to your business. You have an uncanny ability to survive and persist with an inner calm. Personality Alert: Because of your caring, healing attitude toward your business, you may avoid outside realities and use wishful thinking. Use scenario planning to prepare for turmoil. Entrepreneurial example: Ben Cohen, Co-Founder Of Ben & Jerrys Ice Cream.

Each business personality type can succeed in the business environment if you stay true to your character. Knowing firmly what your strong traits are can act as a compass for your small business. If you are building a team, this insight is invaluable. For the solo business owners, understand that you may need outside help to balance your business personality. 21