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Roadmap To Entrepreneurial Success (5.0)
 

Roadmap To Entrepreneurial Success (5.0)

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Global Entrepreneurship Program

Global Entrepreneurship Program
- Roadmap To Entrepreneurial Success

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    Roadmap To Entrepreneurial Success (5.0) Roadmap To Entrepreneurial Success (5.0) Presentation Transcript

    • WELCOME!• Roadmap To Entrepreneurial Success• Creating Your Start-Up Strategy• We Will Get Started Soon!• Robert W Price, Executive Director• Global Entrepreneurship Institute
    • Todays Agenda• Learn About Us• Creating Your Start-Up Strategy• Four Cornerstones to Success• Learn What You Can Do Now!• Let’s Have Fun!
    • Todays Agenda• We will have a questions and answer period at the end our Presentation• But please feel free to ask a question if you need clarification on the talking points in our Presentation.• GCASE Members will have full access to our Online Course, Materials, and online help!
    • About Us• Founded in 1998, Non-profit educational organization• Trusted Source for Educating and Supporting Entrepreneurs• Top 10 MBA Entrepreneurial Programs• Online Incubator and Online Courses• We have helped entrepreneurs raise over $100 Million!
    • Creating Your Start-Up Strategy• "I attended one of your seminars way back in the day while I was an undergrad. I founded SocialVibe.com, which has since received over $12M in two rounds of VC funding and is healthy and growing with 30 employees and offices in LA and NY! Thanks for igniting the spark!"• - Brandon Mills, SocialVibe.com
    • Creating Your Start-Up Strategy• Learning Objectives• We discuss how entrepreneurship has changed since the global economic crisis• We describe entrepreneurial management practices• We introduce the entrepreneurial lifecycle
    • Creating Your Start-Up Strategy• Learning Objectives• We discuss the business plan, its importance and uses• We review the business planning process and the writing of the business plan• We discuss the “venture drill process” which is getting financing
    • Creating Your Start-Up Strategy• Identifying the Problem and the Solution• The problem is entrepreneurship has been rebooted and the rules of launching and financing a venture have changed.
    • Creating Your Start-Up Strategy• The global economy has been struggling along and there is no shortage of geopolitical tensions.
    • Creating Your Start-Up Strategy• The drivers of uncertainty in the financial world are both numerous and diverse.
    • Creating Your Start-Up Strategy• Tony Sun, a Venrock partner: "Historically, the best companies are started in the down times, because during those periods entrepreneurs are very focused on creating core value and building enduring businesses."
    • Creating Your Start-Up Strategy• Solution: Back-to-Basics Approach• Our program helps you identify and analyze the right strategic steps, and leads you through in the right sequence.• Our solution is based on a "back-to-basics" approach to entrepreneurial discipline.
    • Creating Your Start-Up Strategy• The rebooting of entrepreneurship leaves entrepreneurs running a business today with some vexing questions:• What has changed?• What is the next milestone?
    • Creating Your Start-Up Strategy• Are we jumping ahead too fast or taking too long?• How do we manage this process?• How does entrepreneurial management and practices differ from the management practices we know in the corporate world?
    • Creating Your Start-Up Strategy• Entrepreneurial Management Practices• We define entrepreneurial management as the practice of taking entrepreneurial knowledge and utilizing it for increasing the effectiveness of new business venturing as well as small- and medium-sized businesses.
    • Creating Your Start-Up Strategy• The heart of entrepreneurial management is juggling these vital management issues:• What is this venture about? (mission and values statement)• Where should it go? (goals and objectives)• How will it get there? (growth strategy)• What does it need to get there? (people and resources)
    • Creating Your Start-Up Strategy• What structure is best? (organizational capabilities)• How much money does it need and when? (financing strategy)• How will it recognize the final destination? (vision of success)
    • Creating Your Start-Up Strategy• The Entrepreneurial Life Cycle• It was once said that entrepreneurship is a lot like driving fast on an icy road.• We prefer to think of entrepreneurship as less reckless and more methodical.• Entrepreneurship is a continual problem- solving process.
    • Creating Your Start-Up Strategy• The Entrepreneurial Life Cycle• It is like putting together a huge jigsaw puzzle; at first pieces will seem to be "missing," obscure, or not clearly recognizable.
    • Creating Your Start-Up Strategy• Stages in the entrepreneurial life cycle:• Stage 1. Opportunity Recognition• Stage 2. Opportunity Focusing• Stage 3. Commitment of Resources• Stage 4. Market Entry• Stage 5. Full Launch and Growth• Stage 6. Maturity and Expansion• Stage 7. Liquidity Event
    • Creating Your Start-Up Strategy• Your Business Plan: The Roadmap That Guides You to Success• General Dwight D. Eisenhower once said, "Plans are nothing. Planning is everything."• Planning is a great exercise to help you think through all the business aspects and forces you to know your business.
    • Creating Your Start-Up Strategy• Eugene Kleiner says, "A plan shows how youll run your business. Without a plan, you dont know where youre going, and you cant measure your progress."
    • Creating Your Start-Up Strategy• Critical Elements of a Business Plan• The business plan is perhaps the most important written document an entrepreneur can ever create.
    • Creating Your Start-Up Strategy• It describes all critical internal and external elements and strategies for guiding the direction of the ventures first several years as well as giving potential investors an idea of the ventures structure, objectives, and future plans.
    • Creating Your Start-Up Strategy• It communicates important entrepreneurial management practices, such as how the venture will mitigate risk, and how the venture will manage uncertainty.
    • Creating Your Start-Up Strategy• Most importantly, new business venturing is now about focusing on creating sustainable value.• But which elements of your venture are capable of creating value?
    • Creating Your Start-Up Strategy• And which elements, if not properly managed, are capable of destroying value?
    • Creating Your Start-Up Strategy• Business planning is the process of uncovering and identifying what creates and drives value in your business• The business plan is the document that communicates your Value Drivers.
    • Creating Your Start-Up Strategy• The Ten Value Drivers:• 1. Solid Opportunity and Industry Analysis• 2. Business Strategy and Sustainable Competitive Advantage• 3. Proven Venture Team and Sound Organization• 4. Control of Critical Capital Resources• 5. Strategy for Market Entry and Traction with Customers
    • Creating Your Start-Up Strategy• The Ten Value Drivers:• 6. Strategy for Marketing and Sales• 7. Strategy for Managing Rapid Growth• 8. Strategy for Managing a Networked Enterprise• 9. Sound Financing Strategy• 10. Viable Exit Strategy
    • Creating Your Start-Up Strategy• Internal Uses of a Business Plan• Business planning helps you become the "value manager."• A value manager focuses on "long-run cash flow returns" while having the perspective of an "outsiders view of the business" and "a willingness to act on opportunities to create incremental value."
    • Creating Your Start-Up Strategy• Internal Uses of a Business Plan• Entrepreneurship is about selling your ideas, your mind, your labor, your skills, and your teams.• Your business plan will help you develop immediate "sales momentum," or what we call traction.
    • Creating Your Start-Up Strategy• External Uses: The Venture Drill• It is very hard to have a dialog about financing without a business plan.• Without a convincing business plan, no one will seriously consider your business idea.• The preferred mode of communication between entrepreneurs and potential investors.
    • Creating Your Start-Up Strategy• The three steps to the venture drill:• 1. Packaging is researching and writing an effective business plan.• 2. Placing is skillfully introducing the opportunity before the best investors.• 3. Presenting is communicating and making the deal in a formal meeting.
    • Creating Your Start-Up Strategy• Mastering the Business Planning Process• Eugene Kleiner shares sage advice, "Writing a business plan forces you into disciplined thinking if you do an intellectually honest job. An idea may sound great in your mind, but when you put down the details and numbers, it may fall apart."
    • Creating Your Start-Up Strategy• Starts with Storytelling• According to David Berkus, a past- president of the Tech Coast Angels, one of the largest angel investment groups in the United States• The first step to writing a business plan is fleshing out your "talking points" and weaving them into a storyline.
    • Creating Your Start-Up Strategy• Writing Your Business Plan• Crafting an excellent business plan is a very arduous task that involves hundreds of fully committed, heads-down hours, and seemingly endless periods of researching, drafting, discussion, writing, editing, and rewriting.
    • Creating Your Start-Up Strategy• Writing Your Business Plan• You need to have in mind the purpose of the business plan• The intended audience• The orientation of your approach to writing it
    • Creating Your Start-Up Strategy• Writing Your Business Plan• Set an overall schedule and then start work on writing the plan following the action steps we provide here.
    • Creating Your Start-Up Strategy• Writing Your Business Plan• Step 1. Brainstorming• Step 2. Organizing• Step 3. Outling and Storyboarding
    • Creating Your Start-Up Strategy• Writing Your Business Plan• Step 4. Drafting an Executive Summary• Step 5. Flight Testing• Step 6. Focused Writing and Editing• Step 7. Revising, More Flight Testing, Reworking
    • Creating Your Start-Up Strategy• Designating Responsibilities• It is best that you do not work alone on your business plan, because working alone can get very frustrating and lead to many errors.• 1. Strategists• 2. Tacticians• 3. Field Support
    • Creating Your Start-Up Strategy• Why Some Business Plans Fail• The cold reality is that no one is going to read the plan with the intensity you had when you prepared it.
    • Creating Your Start-Up Strategy• Why Some Business Plans Fail• So knowing this, most entrepreneurs focus on just getting the plan done rather than on getting the right plan done.
    • Creating Your Start-Up Strategy• But what is the perfect plan?• As Carl Jung pointed out in Modern Man in Search of a Soul, "The shoe that fits one person pinches another; there is no recipe for living that suits all cases."
    • Creating Your Start-Up Strategy• Simply remember this, that the probability of your success is directly related to the extent that your business plan is accurate and complete.
    • Creating Your Start-Up Strategy• So it is never a good idea to make your reader wade through typos, balance sheets that do not balance, upside-down slides, or "other troubling signs of inattention to detail."
    • Creating Your Start-Up Strategy• William A. Sahlman, professor of entrepreneurship at Harvard Business School, says, "All opportunities have promise; all have vulnerabilities. A good business plan doesnt whitewash the latter. Rather, it proves that the entrepreneurial team know the good, the bad, and the ugly that the venture faces ahead."
    • Four Cornerstones of Success• Reviewing the Four Cornerstones of Entrepreneurial Success• 1) Commitment to the Opportunity• 2) Strategic Leadership• 3) Organizational Capability• 4) Persistence
    • Four Cornerstones of Success• 1) Commitment to the Opportunity• Sam Walton: “Commit to your business. Believe in it more than anybody else.”• Len Bosack, Co-founder of Cisco Systems: “Sincerity begins at a little over 100 hours a week.” It is only beyond 110 hours that one gets to what Len call “commitment.”
    • Four Cornerstones of Success• 2) Strategic Leadership• Long-term strategic vision, with ten to fifteen years of very hard committed work• Using a North Star Polaris for guidance• Must know how to choose which mountains to climb, which seas to cross, and how to inspire their team to keep going
    • Four Cornerstones of Success• 3) Organizational Capability• Financial: how to make a profit, make wise investment decisions, and providing a return to investors• Marketing: building the right products, close relationships with customers, and know-how in the chosen industry• Technological: innovations in business space, R&D, product launch
    • Four Cornerstones of Success• 4) Persistence• Steven Jobs: “these overnight successes sure take a hell of a long time.”• Persistence is to an entrepreneur what courage is to warriors• John Wooden, UCLA basketball coach won ten championships, including seven in row! He was at UCLA for thirteen years before he won his first!
    • Business Plan Review Service• Do you have a business plan and need us to review it?• How does it compare to other business plans that are out there now?• Would you like to have your business plan “flight tested” before submitting to potential investors?
    • Questions and Answers• Type your Questions to Presenters now!• Reminder: GCASE Members• We can continue discussions in our Online Course• We will have the video recording of this presentation posted in our Online Course
    • Dream It! Plan It! Do It!• Thank you for attending!• This event is ending soon.• See you online!