I’ve Got An Idea, Now What: A Recipe For Success

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Curtis Nelson, serial entrepreneur and President and CEO of the Entrepreneurial Development Center (EDC) in Cedar Rapids will address one of the most fundamental question in starting a business: How …

Curtis Nelson, serial entrepreneur and President and CEO of the Entrepreneurial Development Center (EDC) in Cedar Rapids will address one of the most fundamental question in starting a business: How To Start. This session will be based on his book The Recipe for Business Success. A recipe for success, whether business or culinary, requires a finite set of ingredients and specific execution. Each ingredient and amount is equally important as is their related quality, and all must be matched to the outcome desired. Also essential are the proper guidance, the talent to execute, and the required resources. Straying from the simplest of recipes creates results that range from mediocre to catastrophic. If you run your business “off-recipe,” success will be reduced with performance that is lower than your potential. If you execute a well-balanced business “Recipe,” success will be easier and net results will be greater.

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  • 1. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDIngredients & ExecutionCurtis R. NelsonSM
  • 2. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDAnother Speaker …• Who’s presenting?• Who’s engaging?• What do you want?• What can you take away?• Your challengeINTRODUCTION
  • 3. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDINTRODUCTION“Year 2000”
  • 4. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVED“It’s like baking a cake...”INTRODUCTION
  • 5. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDINTRODUCTIONIn the culinary world greatresults come from a greatrecipe!
  • 6. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDINTRODUCTIONA great recipe includes:Ingredients & ExecutionEach amount and quality of equal value!
  • 7. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDResultsQuality results come from a balance of:– Quality ingredients– Quality executionINTRODUCTION
  • 8. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDResultsQuality results come from a balance of:– Quality ingredients– Quality executionPoor results come from:– Missing or poor ingredients– Missing or poor executionINTRODUCTIONThe further “off-recipe” you get – theworse the results!
  • 9. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDOptimal Business RecipeIngredients:– Strategic Fit– Business PlanExecution:– Talent– Leadership– ResourcesINTRODUCTION
  • 10. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDStrategic FitPage 5Why you should get into businessWhy you should stay in businessFoundational componentCritical ingredient for successSTRATEGIC FITQuality ingredients require …
  • 11. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDWrong ReasonsLooks like fun …Can’t work for anyone else…I’ve invented a cool product…I want to be my own boss …We’ve always been in business…Reasons to start planning – not execute!STRATEGIC FIT
  • 12. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDRight ReasonOpportunity exists to:– Provide a product or service– Customers will buy from YOU– Adequate volumes– Profitable marginsWhat do you need to know?STRATEGIC FIT
  • 13. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDStrategic FitValid need:– How intense is the need?– Will they buy yours – is your baby prettier?– Can you get to market?Intensity of NeedSTRATEGIC FITSales&Marketing
  • 14. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDStrategic FitValid needValid opportunity:– Identifiable target market:• Demographics, Geographics• Psychographics, Behaviors*• Number and location– Ability to compete:• Differentiate, protect and sustainSTRATEGIC FIT
  • 15. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDStrategic FitValid needValid opportunity:Valid product:– Benefits needed to differentiate– Able to be producedSTRATEGIC FIT
  • 16. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDStrategic FitValid needValid opportunityValid productValid price:– Priced to sell and make moneySTRATEGIC FIT
  • 17. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDStrategic FitValid needValid opportunityValid productValid priceValid operation:– You can produce it effectively?– You can support it?STRATEGIC FIT
  • 18. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDStrategic FitValid needValid opportunityValid productValid priceValid operationValid environment:– Influences out of your control…STRATEGIC FIT
  • 19. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDStrategic FitValid needValid opportunityValid productValid priceValid operationValid environmentVALID REASONTO BE INBUSINESSSTRATEGIC FITQuality ingredients require …
  • 20. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDBusiness PlanProvides focus & direction:– Mission:• What you want to achieve• How you want to be measured– Elevator pitchQuality ingredients require …BUSINESS PLAN
  • 21. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDBusiness PlanProvides focus & directionIdentifies your brand & culture:– Mission should identify your brand– Principles will create your culture• Foundational beliefs that define• Values, ethics & operational characteristics• Guide your companies action…– Culture will create productivity• 50 / 150BUSINESS PLAN
  • 22. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDBusiness PlanProvides focus & directionIdentifies your brand & cultureOutlines objectives & goals:– What you want to attain– When you will attain themBUSINESS PLAN
  • 23. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDBusiness PlanProvides focus & directionIdentifies your brand & cultureOutlines goals & objectivesClarifies strategies:– Marketing*– OperationsBootsBUSINESS PLAN
  • 24. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDBusiness PlanProvides focus & directionIdentifies your brand & cultureOutlines goals & objectivesClarifies strategiesQuantifies resource requirements:– Financial, human, technical– Information, environmentBUSINESS PLAN
  • 25. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDBusiness PlanProvides focus & directionIdentifies your brand & cultureOutlines goals & objectivesClarifies strategiesQuantifies resource requirementsMakes actions accountable:– What, who and when…BUSINESS PLAN
  • 26. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDBusiness PlanIncreases your odds of success!Quality ingredients require …BUSINESS PLAN
  • 27. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDQuality TeamNecessary disciplinesQuality execution requires …TALENT
  • 28. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDQuality TeamNecessary disciplinesApplicable experience & capabilitiesTALENT
  • 29. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDQuality TeamNecessary disciplinesApplicable experience & capabilitiesBalanceTALENT
  • 30. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDThe ability to build, develop,and motivate a team of diverse,talented individuals toeffectively attain goals &objectives.LeadershipLEADERSHIPQuality execution requires …
  • 31. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDManagers vs LeadersManagers administer and maintainLeaders innovate and developManagers rely on processes and controlsLeaders rely on people and trustManagers seek compliance / guide in own imageLeaders seek results through collective capabilitiesManagers do things rightLeaders do the right thingFortune Magazine – roughly 1988LEADERSHIP(Bosses)
  • 32. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDLeadersProvide passion, vision, and focus:– See where they want to go & set direction– Communicate clearly, consistently, & often– Keep the team on focus / on track– Reduce roadblocks– Focus on strategyLEADERSHIP
  • 33. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDLeaders KnowPeople are the most important resource:– People create the best IP / differentiation– Work enjoyment = company performance– People are individuals*– Put their trust in people over processes– Celebrate mistakes*LEADERSHIP
  • 34. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDLeaders KnowCustomers are the company’s lifeblood:– They listen to their customers regularly– Support their customers with every resource– They build a company culture that rewardsunwavering support of their customersLEADERSHIP
  • 35. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDLeadersSurround themselves with talent:– Understand their own weaknesses– Listen to & seek challenge from their team– Know their success is in the hands of their team• “winning from the dugout”LEADERSHIP
  • 36. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDCompany principles andresulting culture meaneverything!Leaders KnowLEADERSHIP
  • 37. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVED“I came to see, in mytime at IBM, that cultureisn’t just one aspect ofthe game – it is thegame. In the end, anorganization is nothingmore than the collectivecapacity of its people tocreate value”LEADERSHIP
  • 38. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDResourcesTools needed to execute effectively:– Technical– Environmental– Human– Informational– FinancialQuality execution requires …RESOURCES
  • 39. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDResourcesFinancial resources:– Debt:• Bank• Government• Investor– Equity:• Love money• Angels• Angel funds• Venture fundsQuality execution requires …RESOURCES
  • 40. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDRecipe Report CardProper Ingredients:– Strategic Fit– Business PlanProper Execution:– Talent– leadership– ResourcesSUMMARY
  • 41. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDBusiness ResultsQuality results come from a balance of:– Quality ingredients– Quality executionINTRODUCTION
  • 42. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDBusiness ResultsQuality results come from a balance of:– Quality ingredients– Quality executionPoor results come from:– Missing or poor ingredients– Missing or poor executionINTRODUCTIONThe further “off-recipe” you get – theworse the results!
  • 43. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDYour ChallengeTaking an honest look at your Recipeand doing something about theopportunities identified!INTRODUCTIONFor the entire content – you may purchase the book atwww.recipeforbusinesssuccess.com
  • 44. © 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVEDThank YouCurtis R. Nelsoncurt@recipeforbusinesssuccess.comSM