Moving from Opportunity to Operation: Taking the Entrepreneurial Plunge

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Most people seem to be worried by the global economic crisis. The forecast for job growth is slow. But in actuality, this is a paradigm shift. Creating an opportunity for massive number of entrepreneurs to arise. You and I, as entrepreneurs, are the innovators and problem solvers which will make the difference. Everyone has the potential to be an entrepreneur. Its up to you to decide whether or not you will take the journey.

This seminar is a 1.5-hour overview for our workshop series by the same name. The focus of the series is to get you from the "idea" of doing business to "implement" a business idea. The topics covered in this seminar are:

- Unique Competitive Space
- Business Opportunity Identification and Prioritization
- Positive Cash-Flow Business Model and Implementation
The full series involves an additional four workshops, which walk you through the entire process of taking a business idea to implementation. At the end, you will have a plan to start your new business or new plan for an existing business immediately!

Hold on for the ride!

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Moving from Opportunity to Operation: Taking the Entrepreneurial Plunge

  1. 1. Moving from Opportunity to Operation<br />The Art of Making Business Happen<br />Lauri Elliott<br />Conceptualee INC<br />10/11/2009<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />1<br />
  2. 2. MOO: Workshop Series<br />Moving from Opportunity to Operation: An Overview<br />Unique Competitive Space Profiling<br />Opportunity Identification & Prioritization<br />Business Model Development<br />Immediate Start-Up Plan (ISUP) Development<br />10/11/2009<br />2<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  3. 3. Seminar Topics<br />Unique Competitive Space<br />Business Opportunity Identification & Prioritization<br />Positive Cash-Flow Business Model & Implementation<br />10/11/2009<br />3<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  4. 4. Unique competitive space<br />Moving from Opportunity to Operation<br />10/11/2009<br />4<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  5. 5. What is UCS?<br />It is the space for which you are uniquely designed to create value, which inherently gives you competitive advantage over others.<br />10/11/2009<br />5<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  6. 6. Abundance versus Scarcity<br />Unlimited versus not enough<br />Origin of scarcity mentality in business<br />Operation of control versus authority<br />Concept of freedom<br />Concept of invisible to visible<br />Impact of abundance paradigm on business environment<br />Change in landscape of competition<br />10/11/2009<br />6<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  7. 7. What is an Entrepreneur?<br />A person who creates things based on his or her uniqueness.<br />We are all creators. We are all entrepreneurs.<br />In business, entrepreneurs create value to create wealth while serving others.<br />The process of creating value involves the spirit, mind (soul) and body.<br />Every good thing. Everything with potential starts with your spirit.<br />10/11/2009<br />7<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  8. 8. What is an Entrepreneur? (cont’d)<br />Lives the life of an entrepreneur. Sees it as a journey.<br />Understands that our unique competitive space is more about serving others than ourselves.<br />10/11/2009<br />8<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  9. 9. Value Creation Process<br />10/11/2009<br />9<br />Dreams and ideas are seeds planted in your spirit.<br />Seeds grow into plants. <br />Plants produce fruit (value) with new seed.<br />New seeds now produce more plants, which produce more fruit (value) and seeds. (Multiplication)<br />Multiplication evolves until it overflows, bringing profit.<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  10. 10. “Power Push” for Progress <br />Serve and seed to others.<br />Identify principles and values. Keep them.<br />Compassionate Samurai by Brian Klemmer<br />Live and operate in the abundant entrepreneurial worldview.<br />Focus on creating value first, not making money.<br />Be a warrior – bold, strategic, flexible, relentless.<br />Operate out of your strength.<br />Seek knowledge and learn. Use it.<br />10/11/2009<br />10<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  11. 11. “Power Push” for Progress (cont’d)<br />Collaborate with others.<br />Act with urgency.<br />Know when to sit back and reflect.<br />Use what you have.<br />Work on a shoestring budget. (Bootstrapping)<br />Stay out of debt.<br />Aim at getting clients to start business, not financial assistance.<br />10/11/2009<br />11<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  12. 12. Business Development<br />Unique competitive space assessment<br />Idea generation<br />Concept development<br />Concept validation<br />Evolutionary development, or pilot<br />Implementation<br />10/11/2009<br />12<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  13. 13. UCS Assessment<br />Passion, personality and abilities (DNA) point to purpose.<br />Capital is important, but goes beyond finance.<br />Spiritual<br />Intellectual<br />Asset<br />Resource<br />Social<br />Physical<br />Financial<br />10/11/2009<br />13<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  14. 14. UCS Assessment (cont’d)<br />Understanding your environment is essential.<br />Social/Cultural<br />Technological/innovation<br />Ethical<br />Economic<br />Political<br />Legal<br />Environmental<br />10/11/2009<br />14<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  15. 15. UCS Assessment (cont’d)<br />Understanding your competitive landscape is also essential.<br />Strengths<br />Weaknesses<br />Opportunities<br />Threats<br />10/11/2009<br />15<br />
  16. 16. SWOT Analysis<br />10/11/2009<br />16<br /><ul><li> Strengths/weaknesses focus on your internal issues.
  17. 17. Opportunities/threats focus on your external issues.
  18. 18. Goal is to match your strengths to opportunities for success. At the sametime, finding ways to overcome or transform weaknesses to strengths and threats to opportunities.
  19. 19. Also, generate SWOT for key competitors. Then, compare.</li></ul>© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  20. 20. Business opportunity identification & prioritization<br />Moving from Opportunity to Operation<br />10/11/2009<br />17<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  21. 21. What is an Opportunity?<br />A possibility due to a favorable combinationof circumstances.<br />10/11/2009<br />18<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  22. 22. Opportunity Insights<br />“We are all faced with a series of great opportunities brilliantly disguised as impossible situations.” Charles Swindoll<br /> “Luck is what happens when preparation meets opportunity.” Seneca, Ancient Roman Philosopher<br />10/11/2009<br />19<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  23. 23. Opportunity Insights (cont’d)<br />Don&apos;t wait for extraordinary opportunities. Seize common occasions and make them great. Weak men wait for opportunities; strong men make them.” Orison SwettMarden<br />“Opportunity is missed by most people because it is dressed in overalls and looks like work.” Thomas Alva Edison<br />10/11/2009<br />20<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  24. 24. Opportunity Risk & Reward<br />10/11/2009<br />21<br />Reward<br />High<br />Risk<br />Low<br /><ul><li> Best scenario is high reward and low risk, which is rare.
  25. 25. Typical scenario is high reward opportunities also carry high risk.
  26. 26. Should always try to aim for high reward, but re-configure strategy, business model, practices, operations, etc. until risk is minimized, manageable, or low.
  27. 27. You may have to build on increments, e.g., steps, phases, that are good reward with managed risk toreach the end goal of high reward.</li></ul>© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  28. 28. Opportunist Types<br />Beached whale<br />Tip-Toer<br />Wader<br />Grabber<br />Catcher<br />10/11/2009<br />22<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  29. 29. Key Areas for Opportunities<br />Take advantage of market.<br />Look at existing business.<br />Enter manufacturing or assembly.<br />Become agent or distributor.<br />10/11/2009<br />23<br />Info extracted from “Business Development Concepts” by Small Business BC<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  30. 30. Ways to Take Advantage of Market<br />Take advantage of a market switch.<br />Capitalize on a growth trend.<br />Take advantage of new fashions or fads.<br />Cover market gaps or shortages.<br />Imitate a successful product or idea.<br />Find a good product that has failed.<br />10/11/2009<br />24<br />Info extracted from “Business Development Concepts” by Small Business BC<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  31. 31. Ways to Take Advantage of Market (cont’d)<br />Transfer a concept from one industry to another. <br />Invent a new product or service. <br />Create a market demand.<br />Serve unique client groups.<br />Take advantage of circumstances. <br />Find people with under-used skills. <br />10/11/2009<br />25<br />Info extracted from “Business Development Concepts” by Small Business BC<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  32. 32. Prioritization Criteria<br />Provide value to client.<br />Can implement using existing resources & capital.<br />Can deliver with excellence and quality with available capacity.<br />Can implement within 3 to 6 months.<br />Is easy to implement.<br />Take business to the next level.<br />Generate positive cash flow within 3 to 6 months.<br />10/11/2009<br />26<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  33. 33. Business Opportunity Prioritization Matrix<br />10/11/2009<br />27<br />Use a scale of 1-5 to score each criteria. Five is the highest.<br />Total the score for each opportunity. The opportunity with the highest score considered the best option.<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  34. 34. Positive cash-flow business model & implementation<br />Moving from Opportunity to Operation<br />10/11/2009<br />28<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  35. 35. Business Model Definition<br />(How do you logically create that value?)<br />“…Defines the value-creation priorities of an actor in respect to the utilization of both internal and external resources. It defines how the actor relates with stakeholders, such as actual and potential customers, employees, unions, suppliers, competitors, and other internal groups. It takes account of situations where the actor’s activities may (a) affect the business environment and its own business in ways that create conflicting interests, or impose risks on the actor; or (b) develop new, previously unpredicted ways of creating value.”<br />Business Orchestration: Strategic Leadership in the Era of Digital Convergenceby Johann Wallin<br />10/11/2009<br />29<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  36. 36. Where Does the Business Model Fit?<br />10/11/2009<br />30<br />Corporate Strategy<br />Strategy<br />Business Model<br />Operations<br />Business Process Model<br />Organiza-tional<br />Model<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  37. 37. Central Question for Business Model<br />10/11/2009<br />31<br />How do we fulfill our purpose to serve our clients in a sustainable way while making a profit and sharing the benefits with our stakeholders?<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  38. 38. Some Characteristics of a Sustainable Model<br />Growth<br />Multiplication<br />Adaptation<br />(R)evolution<br />10/11/2009<br />32<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  39. 39. What is Profit?<br />Is a gain or positive increase.<br />Can include:<br />Financial<br />Social<br />Spiritual<br />Resource<br />Intellectual<br />Political<br />Physical<br />10/11/2009<br />33<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  40. 40. Who are the Stakeholders?<br />10/11/2009<br />34<br />Community<br />C5 Stakeholder Spheres©<br />Customers<br />Channels<br />Collaborators<br />Corporate<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  41. 41. Business Model Elements<br />10/11/2009<br />35<br />Customer<br />Financials<br />Process<br />?<br />Network &<br />Channel<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  42. 42. Customer Element<br />Who are our customers?<br />What do we offer each of our customer segments?<br />How do we relate to our customers over time?<br />10/11/2009<br />36<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  43. 43. Process Element<br />What key activities are involved in running the business?<br />Who will be the people/groups responsible for the key activities involved in running the business?<br />What are the outputs from the key activities involved in running the business?<br />What resources do we use to run the business?<br />10/11/2009<br />37<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  44. 44. Network & Channel Element<br />With whom do we partner, align and/or collaborate?<br />What and who do we use to reach our customers?<br />10/11/2009<br />38<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  45. 45. Financial Element<br />What are the key costs (fixed, variable, direct and indirect) of running the business?<br />How do we generate revenue?<br />10/11/2009<br />39<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  46. 46. Business Model Development Process<br />Write down what you know now.<br />Research to improve and fill gaps.<br />Generate your first business model draft.<br />Pass around to trusted, key stakeholders for input.<br />Review and update several times.<br />Finalize your first business model.<br />Develop an immediately, implementable version of business model, if possible.<br />10/11/2009<br />40<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  47. 47. Aim of Implementation<br />Take business to a new level.<br />Develop a transformative path, leading to new success.<br />Build value to draw paying clients, thereby producing steady and increasing cash flow.<br />10/11/2009<br />41<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  48. 48. Components of Implementation Plan<br />High-level strategy<br />Goals<br />Objectives<br />Milestones<br />Activities<br />Timeframes<br />10/11/2009<br />42<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  49. 49. Components of Implementation Plan (cont’d)<br />People responsible<br />Resources needed<br />Obstacles and ways to overcome<br />10/11/2009<br />43<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  50. 50. Review & FEEDBACK<br />Moving from Opportunity to Operation<br />10/11/2009<br />44<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  51. 51. Review Process<br />Pull out review packet.<br />If you are at a location with a facilitator, he or she will walk you through the packet and debrief the responses of the group.<br />Complete the review packet. <br />If you are local, the facilitator will respond to any question you have. If you are completing on your own or without a facilitator, post comment(s) in the discussion area or send an email based on instructions in review packet.<br />10/11/2009<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />45<br />
  52. 52. Next steps<br />Moving from Opportunity to Operation<br />10/11/2009<br />46<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  53. 53. Follow-Up Workshops<br />Unique Competitive Space Profiling<br />Opportunity Identification & Prioritization<br />Business Model Development<br />Immediate Start-Up Plan Development<br />10/11/2009<br />47<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  54. 54. Next Steps<br />Start count down for implementing a business opportunity within six months after first workshop.<br />Complete one follow-up workshop a week over the next month.<br />Turn in completed tasks for review each.<br />Participate in weekly feedback conferences for workshops.<br />Set up schedule for regular feedback for this six-month period.<br />10/11/2009<br />48<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />
  55. 55. Deliverable for Next Workshop<br />Deliverable will be for both the Unique Competitive Space Profiling and Business Opportunity Identification & Prioritization workshops.<br />Walk through and write down results from Unique Competitive Space Assessment<br />Passion, skills, experience, natural abilities, personality, etc.<br />Capital or strengths<br />STEEPLE analysis<br />SWOT analysis<br />10/11/2009<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />49<br />
  56. 56. Deliverable for Next Workshop (cont’d)<br />Walk through and write down results from Business Opportunity Analysis<br />Business opportunity identification<br />Business opportunity prioritization<br />Come away with two or three business opportunities you would pursue based on your understanding of your unique competitive space at this moment, as well as the prioritization criteria for business opportunities mentioned in this seminar.<br />10/11/2009<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />50<br />
  57. 57. Any questions?<br />Have facilitator send a list of group questions to us. The facilitator will have the correct contact information.<br />Schedule a feedback conference with us.<br />10/11/2009<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />51<br />
  58. 58. Thank You! Keep Moving Forward!!!<br />Moving from Opportunity to Operation<br />10/11/2009<br />52<br />© 2009 by Lauri E. Elliott. All Rights Reserved Worldwide. Contact at www.conceptualee.com.<br />

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