Secrets Of Start Up Success

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Useful summary of key issues to be addressed by people considering self employment and setting up a business.

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Secrets Of Start Up Success

  1. 1. The Secrets of Start Up Success
  2. 2. Key factors for Start-Ups1. First customer2. Know your market3. Product Innovation4. Marketing5. Sales6. Business Model7. Financial Control8. Management9. Business Plan 2
  3. 3. One view of a business Customers Sales Suppliers External Operations HREnvironment Product / Competitors Service Economy Lenders Finance ManagementGovt Policy Shareholders 3
  4. 4. The Irish Start-upEach year there are many new businesses launched in Ireland - In 2009 over 13,300 (over 300 in Clare) - Bank of Ireland Start Up Barometer1,183 Start-Ups were incorporated in Jan 11 - CRO82% of enterprises in Ireland are <10 people – CSO 4
  5. 5. Some Entrepreneur traits?• Self-confident all-rounder – The person who can make the product, market it and count the money• The ability to bounce back – The person who can cope with making mistakes and still has the confidence to try again• Innovative skills – Not an “inventor” in the traditional sense but one who is able to carve out a new niche in the market-place, often invisible to others• Results-orientated – To make the business successful requires a drive that only comes from setting goals and targets and getting pleasure from achieving them• Professional risk-taker – To succeed means taking measured risks. Often the successful entrepreneur exhibits a step by-step approach to risk-taking, at each stage exposing him/herself to only a limited, measured amount of personal risk and moving from one stage to another only as each decision is proved 5
  6. 6. Why do people become entrepreneurs?Research suggests four motives:• Dramatic change in personal situation (unemployment, recession)• Availability of resources (idea, money)• Certain entrepreneurial skills• Example of another successful entrepreneur. 6
  7. 7. Success StoriesLocal examples Global – all started as an ideaLoyalty Build Salesforce.comBMS Ireland ApplePedigree Cattle McDonaldsManageCO2 Tesco VirginResourceKraft Amazon.comOff We Go GoogleDocumatics MircosoftModaNode NokiaWiseloads DELLClarefocus.ie IntelEpisensor Pfizer 7
  8. 8. 1. First customer The power of testimonials 8
  9. 9. 2. Market Knowledge1. Customer orientation – Listen and talk to customers – Attend trade shows, industry association events, read the trade magazines2. Know all about your competition 9
  10. 10. 3. Product Innovation1. Intellectual Property2. Staff expertise3. Customer service – Systems and processes and training 10
  11. 11. ** The Big Idea1. Background - Profession/Current Job or Hobby … see a problem and can devise a solution2. Improve an existing product or service - Research3. Franchise Opportunity 11
  12. 12. 4. Marketing1. Awareness of your product in the market2. Message to generate interest ... pulls in the customers and makes the phone ring.3. Delivery – Customer Satisfaction4. Repeat Customers 12
  13. 13. 5. Sales1. In current environment Sales have to be won2. Key is 1. managing the Sales Pipeline and 2. understanding the Sales Cycle. 13
  14. 14. 6. Business Model1. Business Model is how a business makes money.2. Factors include Price, Range of Product and Services3. Cost to deliver the Products and the margin that can be achieved4. Key for start ups is niche focus 14
  15. 15. 7. Financial Control1. Keeping up to date accounts2. Using accounts to support Decision Making 15
  16. 16. 8. Management + Team• Leadership – #2. Market knowledge & Customer focus = Business vision• Business Skills – Plus commitment – Need for family support – Play to your strengths 16
  17. 17. 9. Business Plan Setting up a business is not easy. There will be many strands that must be managed in unison. The process of putting a business plan together helps to address all the issues. The document is important. The planning is vital. 17
  18. 18. Key questionWhat is your competitive edge..... Why would a potential customer buy from you rather than someone else? 18
  19. 19. Secrets of Start Up Success – RecapThree key questions for every start up to answer• So what? ... Can you explain in a few lines what exactly you are offering• Who Cares? .... Who is the target customer and what is the problem that they need solved that will make them buy from you• Why You? .... And why are you the person that they will buy from So what, who cares, why you is the title of a Workbook by Wendy Kennedy www.wendykennedy.com 19
  20. 20. This presentation was delivered by Donncha Hughes, Head of Development Services, Bridgewater Management at a Clare County Enterprise Event in February 2011 – Starting a Business: The Essentials . I am going to write a blog post on this topic soon.See www.bridgewatermcg.com/blogDUBLINALEXANDRA HOUSE, THE SWEEPSTAKESBALLSBRIDGE, DUBLIN 4, IRELANDT + 353 1 660 4300LIMERICKENTERPRISE CENTRE, MOYLISH PARKLIMERICK, IRELANDT +353 61 325 600www.bridgewatermcg.com
  21. 21. Bridgewater Management•Finance •VAT, Payroll, Year End A/cs and Financial Control•Planning •Marketing, Business Plans, Feasibility•Training •Start Your Own Business Programmes•Mentoring 21
  22. 22. Track Record 22

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