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Think like an entrepreneur

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Bringing a Product to Market

Published in: Business, Economy & Finance
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Think like an entrepreneur

  1. 1. Think Like an Entrepreneur Gary Bronga
  2. 2. General Course ObjectivesUpon the completion of this course the student will be able to:• Assess potential to become an entrepreneur;• Be aware of ways to generate ideas and how a fertile human mind can be an idea machine;• Identify changes and trends as a source of new business ideas• Discover career paths to develop entrepreneurial skills• Identify personal goals, background, hobbies, interests, experience, abilities and financial resources that impact the choice of business• Acquire knowledge about legal issues and ethical business choices.
  3. 3. Creative Thinking •Brian Levin’s Jerk Test •Brainstorming •Life Observations •Mechanisms to Generate Ideas
  4. 4. Self-Employment Pros/Cons •Job Security Issues •Rising Capital •Time management •Starting a Business while still employed
  5. 5. Developing Entrepreneurial Skills•Career paths that can help developentrepreneurial skills.•Study and read successful stories•Learn from life around you•The lifestyle entrepreneur•Web and social marketing
  6. 6. Teen Entrepreneurs •Expenses are low •Lack of skills •Capital •Experience•Our society has not toldthem they can not do it•They have the time andenergy
  7. 7. Protecting Your Idea•Patents•Trademarks•Copyrights•Non-Discloser Statements•Web domain and DBA•Sell the most the fasted for market share
  8. 8. Patents •Do you need a Patent? •Types of Patents; Utility and Design •Provisional Patents •Patent it yourself •Patent Pending •New Laws
  9. 9. Running a Business•Limiting personal liability-the business structure•Fanatical software and your customer list and funding•Business phases and cycles-start with the end in mind •Public Relations over advertising
  10. 10. PROTOTYPES •Locally •SBDC •Dun and Bradstreet Directory •Search engine •Local Inventor clubs
  11. 11. Finding a Manufacturer for Your Product •USA or Asia •More than one manufacturer •Non-disclosure forms •Ask for references and check them
  12. 12. Will my Product sell? •Trial period •Test prices •Colors and durability •Test for retail sales •Test for wholesale sales•Test, test and test some more
  13. 13. Early Marketing and PR •Friends and family •Niche marketing •Trade shows •Catalog buyers •Online sales and blogs
  14. 14. PR- The Benefits of Press Releases •Sales •Community awareness •Shipping rates •Banking benefits•Many advantages over advertising
  15. 15. Financing a New Business •Begin Small •Keep your day job •Avoid debt•Use your time and effort instead of money
  16. 16. Starting a Business in a Down Economy •The 1930’s •Less venture capital •Buyers have more time •Mail volume decreases•Everyone is open to negotiation
  17. 17. Negotiating •Everything is negotiable •Price negotiations •Quantity price maneuver •You got to do better than that•Everyone is open to negotiation •Win-win vs. win-lose
  18. 18. Persistence, Commitment and Integrity•Merchandise buyers•Dealing with mistakes •Customer service
  19. 19. How to Bring a New Product to Market in Three words •Read •My •Book

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