Entrepreneurship presentationforlibraryforapril16

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  • If you are making a profit, most would judge your business as successful, as long as you are working toward growth as well. The Income Statement only “cares” if your company is making extra money (profit) to make the owners rich after paying for everything. It doesn't “care” about when and how things are paid for.
  • Negative net worth will not make you rich.
  • Now, go move mountains!-Dr. Sauers
  • Entrepreneurship presentationforlibraryforapril16

    1. 1. Boot Camp 4 Entrepreneurs Session 2: April 16, 2012 5-6:30Feasibility Testing & Agile Business Planning: Getting to a Minimum Viable Product
    2. 2. Agenda – Session 2 Entrepreneurship Introductions Business Map Bonus: E-Myth Steps Homework Review • SBA Pitch Your Prospect Strategy Business Model • Art of the Start Activity Scoreboard • Lean Startup RERO Crossing the • Analysis Paralysis GTD the SCRUM Emotional Solution Chasm Way Customer Pain Get Out of the Target Niche MVP Point Building2
    3. 3. Company: Version: Emotional Solution/ Customer Pain Value Proposition How to communicate Agile Business Plan WorksheetMonetize & Make Process Prototype & Sell Today Better
    4. 4. • Space in lifecycle that can mean death • Valley of death between first customers and the rest • Entrepreneur’s dip in the roller-coaster4
    5. 5. • Win the target customer • Bowl over the first bowling pin • Celebrate the niche target market • Listen to the customer pain point5
    6. 6. • A complaint • “Too hard” • “Takes too much time” • Wish there could be more of Target • It is a problem for you Customer • Feel need is unmet Pain • Guilt • Emotional need • Google “complaints”6
    7. 7. Age/Family Stage Ethnicity Income/SES Generation Aspirations Gender Location7
    8. 8. Entrepreneurship Steps Target Meaningful, Prototype & Business Customer Emotional Sell Model Pain Solution • Would you • How will you • Guilt • Save your use? make $ • Google loved ones • Would you • Wheel “complaints” • They’ll love recommend? • Breakeven • Takes too you • How much • 3 statements much time • Saves you should I sell it and effort time for? • Google tools8
    9. 9. Business Map Mission Vision Strategy What can Values you sell today?9
    10. 10. Company: Version: Copy a Solution/ Customer Pain Value Proposition How to communicate Agile Business Plan WorksheetMonetize & Make Process Prototype & Sell Today Better
    11. 11. “I never want to build something that nobody wants to buy.” Thomas Edison11
    12. 12. Build Sell/Measure /Prototype Learn & Refine12
    13. 13. Prototype a Minimum Viable Product (MVP)13
    14. 14. • Extreme uncertainty • Don’t know what we don’t know • Make unknowns known – Fast! • List your best guesses • Test your guesses • List your learnings • Refine your offerings14
    15. 15. List your Guesses to Test Target Customer Pain/Unmet Need Growing Niche Target Value Proposition - Product/Service Offering Communicated How? Delivered How? Revenue Model/How will you make $ Breakeven Point15
    16. 16. “‘Nothing but perfection’ may be spelled, ‘P-A-R-A-L-Y-S-I-S.’” Winston Churchill • Beware analysis paralysis • Release early, release often • Get to MVP and test assumptions16
    17. 17. 17
    18. 18. “Get Out of the Building!” Pitch your Prospect Target Customer Pain Emotional Solution/Value Proposition Record Learnings18
    19. 19. Key to Success: Execute Getting Things Done (GTD) The SCRUM Way • Do every task that comes at you in 2 min or less GTD • Anything else is put on the calendar with start and end dates • You are allowed to “renegotiate” • Be accountable to someone else weekly SCRUM • 3 Questions: 1) What did I accomplish, 2) What am I going to accomplish next, 3) What I’m stuck on19
    20. 20. Company: Version: Emotional Solution/ Customer Pain Value Proposition How to communicate Agile Business Plan WorksheetMonetize & Make Process Prototype & Sell Today Better
    21. 21. 6 out of 10 businesses shut down in first 4 years. Why? 1. Poor Execution 5. Picking a Niche That is 2. No Viable Market too Small 3. Too Much 6. Breakup of the Leverage/Debt Founding Team 4. Lack of Competitive 7. Poor Pricing Strategy Advantage 8. Growing too Fast21
    22. 22. When will you Breakeven?22
    23. 23. Financially Feasible:Why do I need the Big 3?• Smart business people know• Do projected and actual statements monthly for 1-3 years• Don’t be a “bean counter,” but do count your beans• If you dont know how your money is moving, you wont know how you are doing• 3 views on the financial health of your business
    24. 24. What’s the dif?• "Big 3" Review to Remember:1. Income Statement shows profit for the period of time displayed2. Cash Flow shows if you have cash to pay your bills for the period of time displayed3. Balance Sheet shows how much your company is worth as a snapshot in time
    25. 25. What is an Income Statement?• IncomeStatement (or Profit and Loss or P&L) shows how profitable your company is• Profit = all of your revenue - all of your expenses• Profit matters because any profit that is gained goes to the businesss owners
    26. 26. What is a Cash Flow Statement?• Shows if you have the cash to meet your bills when you need to• Different from the Income Statement • Cash flow is not “interested” in profit • Cash flow is “interested” in cash • Any kind of cash from anywhere• Shows the cash coming in for the month and the cash going out for the month• If you subtract the cash going out and come up short, you will need to get more cash
    27. 27. What is a Balance Sheet?• Snapshot in time of how much your company is worth• What your company owns, which are its assets• What your company owes, which are its liabilities• Gives your owners equity or net worth • Net worth = assets (own) - liabilities (owe).
    28. 28. Let’s Review•3 views of your company’s financial health are important:1. Income shows whether your company is profitable (revenue – costs) (leaving money for you, the owner)2. Cash shows whether your company has money to pay its bills when needed (any cash – bills)3. Balance sheet shows how much your company is worth (own – owe)
    29. 29. Company: Version: Copy a Solution/ Customer Pain Value Proposition How to communicate Agile Business Plan WorksheetMonetize & Make Process Prototype & Sell Today Better
    30. 30. E-Myth Love what you do Check the Franchise running of Building prototype the checklists Something Customers Want Checklist Top 5 Manifesto Processes30
    31. 31. Brainstorm List to Exceed Expectations Core Value Proposition Building Something Customers Want More Perceptions • Website • Brand/logo • Friendly Greetings • Payment Process31
    32. 32. Agenda – Session 2 Entrepreneurship Introductions Business Map Bonus: E-Myth Steps Homework Review • SBA Pitch Your Prospect Strategy Business Model • Art of the Start Activity Scoreboard • Lean Startup RERO Crossing the • Analysis Paralysis GTD the SCRUM Emotional Solution Chasm Way Customer Pain Get Out of the Target Niche MVP Point Building32

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