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

© 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVED
Ingredients & Execution
Curtis R. Nelson
SM

Another Speaker …
• Who’s presenting?
• Who’s engaging?
• What do you want?
• What can you take away?
• Your challenge
INTRODUCTION

INTRODUCTION
“Year 2000”

“It’s like baking a cake...”
INTRODUCTION

INTRODUCTION
In the culinary world great
results come from a great
recipe!

INTRODUCTION
A great recipe includes:
Ingredients & Execution
Each amount and quality of equal value!

Results
Quality results come from a balance of:
– Quality ingredients
– Quality execution
INTRODUCTION

Results
Poor results come from:
– Missing or poor ingredients
– Missing or poor execution
INTRODUCTION
The further “off-recipe” you get – the
worse the results!

Optimal Business Recipe
Ingredients:
– Strategic Fit
– Business Plan
Execution:
– Talent
– Leadership
– Resources
INTRODUCTION

Strategic Fit
Page 5
Why you should get into business
Why you should stay in business
Foundational component
Critical ingredient for success
STRATEGIC FIT
Quality ingredients require …

Wrong Reasons
Looks 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

Right Reason
Opportunity exists to:
– Provide a product or service
– Customers will buy from YOU
– Adequate volumes
– Profitable margins
What do you need to know?
STRATEGIC FIT

Strategic Fit
Valid need:
– How intense is the need?
– Will they buy yours – is your baby prettier?
– Can you get to market?
Intensity of Need
STRATEGIC FIT
Sales&Marketing

Strategic Fit
Valid need
Valid opportunity:
– Identifiable target market:
• Demographics, Geographics
• Psychographics, Behaviors*
• Number and location
– Ability to compete:
• Differentiate, protect and sustain
STRATEGIC FIT

Strategic Fit
Valid need
Valid opportunity:
Valid product:
– Benefits needed to differentiate
– Able to be produced
STRATEGIC FIT

Strategic Fit
Valid need
Valid opportunity
Valid product
Valid price:
– Priced to sell and make money
STRATEGIC FIT

Strategic Fit
Valid need
Valid opportunity
Valid product
Valid price
Valid operation:
– You can produce it effectively?
– You can support it?
STRATEGIC FIT

Strategic Fit
Valid need
Valid opportunity
Valid product
Valid price
Valid operation
Valid environment:
– Influences out of your control…
STRATEGIC FIT

Strategic Fit
Valid need
Valid opportunity
Valid product
Valid price
Valid operation
Valid environment
VALID REASON
TO BE IN
BUSINESS
STRATEGIC FIT

Business Plan
Provides focus & direction:
– Mission:
• What you want to achieve
• How you want to be measured
– Elevator pitch
BUSINESS PLAN

Business Plan
Provides focus & direction
Identifies 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 / 150
BUSINESS PLAN

Business Plan
Identifies your brand & culture
Outlines objectives & goals:
– What you want to attain
– When you will attain them
BUSINESS PLAN

Business Plan
Outlines goals & objectives
Clarifies strategies:
– Marketing*
– Operations
Boots
BUSINESS PLAN

Business Plan
Clarifies strategies
Quantifies resource requirements:
– Financial, human, technical
– Information, environment
BUSINESS PLAN

Business Plan
Clarifies strategies
Quantifies resource requirements
Makes actions accountable:
– What, who and when…
BUSINESS PLAN

Business Plan
Increases your odds of success!
BUSINESS PLAN

Quality Team
Necessary disciplines
Quality execution requires …
TALENT

Quality Team
Applicable experience & capabilities
TALENT

Quality Team
Applicable experience & capabilities
Balance
TALENT

The ability to build, develop,
and motivate a team of diverse,
talented individuals to
effectively attain goals &
objectives.
Leadership
LEADERSHIP

Managers vs Leaders
Managers administer and maintain
Leaders innovate and develop
Managers rely on processes and controls
Leaders rely on people and trust
Managers seek compliance / guide in own image
Leaders seek results through collective capabilities
Managers do things right
Leaders do the right thing
Fortune Magazine – roughly 1988
LEADERSHIP
(Bosses)

Leaders
Provide 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 strategy
LEADERSHIP

Leaders Know
People 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

Leaders Know
Customers are the company’s lifeblood:
– They listen to their customers regularly
– Support their customers with every resource
– They build a company culture that rewards
unwavering support of their customers
LEADERSHIP

Leaders
Surround 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

Company principles and
resulting culture mean
everything!
Leaders Know
LEADERSHIP

“I came to see, in my
time at IBM, that culture
isn’t just one aspect of
the game – it is the
game. In the end, an
organization is nothing
more than the collective
capacity of its people to
create value”
LEADERSHIP

Resources
Tools needed to execute effectively:
– Technical
– Environmental
– Human
– Informational
– Financial
RESOURCES

Resources
Financial resources:
– Debt:
• Bank
• Government
• Investor
– Equity:
• Love money
• Angels
• Angel funds
• Venture funds
RESOURCES

Recipe Report Card
Proper Ingredients:
– Strategic Fit
– Business Plan
Proper Execution:
– Talent
– leadership
– Resources
SUMMARY

Business Results
INTRODUCTION

Business Results
Poor results come from:
– Missing or poor ingredients
– Missing or poor execution
INTRODUCTION
The further “off-recipe” you get – the
worse the results!

Your Challenge
Taking an honest look at your Recipe
and doing something about the
opportunities identified!
INTRODUCTION
For the entire content – you may purchase the book at
www.recipeforbusinesssuccess.com

Thank You
Curtis R. Nelson
curt@recipeforbusinesssuccess.com
SM

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

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