mkpk : Hello, here is Cambridge International School signing in

Moderator : hello Cambridge International School!

mkpk : Hi, here is Inga, Ramogi and Angelo - hopefully, the others from our group have found you

Moderator : Welcome everybody to our chat on business plans! Our expert is Jim Hydock from the AGBC Berlin. Please submit your questions now.

rajczaknc : What resources might be available in the local public library?

jhydock : Aside from a variety of business magazines and books, there are many online data sources. Checking with the reference librarian for what is available is a good start.

mkpk : If you want to start your own business, but do not have money of your own, how can you get financing

jhydock : The best way to get financing is to write a solid business plan. The plan should answer all the questions about the business. A well written plan can convince a bank or financier that your business idea is strong.

jhydock : The more thorough you explain costs, the more convincing your plan will be.

rajczaknc : Heres is the rest of the Cambridge International school.

mkpk : hello

jhydock : These have all been good questions. I know that others of you have more.

mkpk : is their a specific age needed to start a business in USA (e.g. germany = 18)

hydock : In the US, I'm fairly sure there is no minimum age. I know of people who have started a business at the age of 12.

rajczaknc : For getting a bank loan, is it necessary to have a certain age, income etc

Röntgen-OS : hello, were the röntgen school from germany

mkpk : hello from cambridge school

Moderator : Why is it important to have a business plans?

jhydock : A business plan will help you examine all aspects before you start. A plan will help you look at finances, marketing, competition, personnel, and help you understand what makes your business different.

rajczaknc : Is it possible to get a GREEN CARD by starting a successful business in the U.S

jhydock : I don't think that one necessarily leads to the other. They are two different issues.

Röntgen-OS : did any one of you start his own business?

rajczaknc : no

jhydock : Yes, I started a market and technology research business in California in 1985.

mkpk : we understand that 8 out of 10 small businesses fail within the first few years, is it the same in Germany

jhydock : Wow. That is a high number, but unfortunately it is probably correct. I don't know the statistics for Germany, but I imagine failure rate is pretty high. That just emphasizes why you need a solid business plan.

rajczaknc : did you start as a sole trader?

jhydock : Yes, I started as a sole proprietor in the US, and then later incorporated.

rajczaknc : is it true one has to expect 20% additional costs in the first year of trading

jhydock : It is not unusual for costs to be higher than you plan. I normally use a figure of about 20% as a hedge against rising costs.

jhydock : I have a question for the students. How will you know that your business is something that people will want to use?

rajczaknc : By conducting market research

mkpk : is there any information you can give us how to write a short business plan

jhydock : A short business plan doesn't necessarily mean a GOOD business plan. Whether it's short or long, it has to be thorough.

mkpk : all the business plans tht we saw were 150 pages and more can you give us any information how to write a short one 8-10 pages long

jhydock : The plan that the AGBC gave to students, had 11 pages of text description, and about 10 pages of financial data. I think that is about as short as one could get.

Röntgen-OS : you can get the nfte book there informations about business plans

mkpk : is it easier to set up a business in the USA than in GERMANy

Röntgen-OS : we think its easier to set up a buisness in the usa

mkpk : =====>what makes you think this ???

Röntgen-OS : in germany there are many laws

jhydock : It probably is easier in the US. There is more of an atmosphere of entrepreneurship, where people are encouraged to start businesses.

mkpk : is it advisable to start working for a big company or starting off your own as a sole trader?

jhydock : Those are two different issues. If you work for a big company, it won#t be your own business.

mkpk : but it is very usefull to gain experience and contacts

jhydock : Working for a big company will definitely give you experience and contacts. It might be good training, prior to starting your own business. It depends on what you want to do.

mkpk : event management

poipoi : i think also because you learn also many things about organisation

Röntgen-OS : can we get a e-mail from the cambridge school to continue this discussion about nfte and other business plans?

Röntgen-OS : or can we get a other e-mail to talk about nfte ?

mkpk : give us your e-mail adress so we can contact you , because ours is getting changed!

Röntgen-OS : Berlin.08R05@t-online.de thats our e-mail we hope you write us anything about nfte or other business plans

mkpk : how can you protect yourself from financial difficulties if a partnership is getting acrimonious

jhydock : If you're having problems with your partner, you can protect yourself by both agreeing on partnership rules BEFORE you start.

mkpk : what is nfte?

jhydock : Network for Teachers Entrepreneurship

Röntgen-OS : nfte is an american non-profit organisation (nfte: national foundation for teaching enterpreneurship

Holly : nfte's web site is http://www.nfte.com/

mkpk : thank you very much

mkpk : was nice and very imfomative , good bye

Röntgen-OS : good bye

jhydock : Unless there are more questions, I'd like to thank you for joining us.

Moderator : This concludes today's chat. Thank you for joining us.