Session #1 of the Entrepreneur Development Program (EDP)

1. Session #2: Getting Started
Presented by
Glenn Alpert
Entrepreneur Development Seminar

2. Entrepreneur Development Seminar
Setting Up Operations
• To register your business, or not?
• Either register only when you need to or file right away
• Sole proprietorship, partnership, LLC, corporation (do your homework)
• Many online services to register a company
• Operating agreement – include bank account authorization
• Bank account – need a minimum deposit
• Web presence / phone setup

3. Entrepreneur Development Seminar
$ Fees $
• Advice: If you’re not ready financially, don’t register your company yet
• Corporation ~ several hundred dollars
• Annual renewal ~ over $100, registered agent renewal fees
• Sole proprietorship ~ usually under $100
• Business bank account ~ minimum deposit around $100, copy of
operating agreement, incorporation documents
• Website hosting / email service ~ $5 per month
• Automated phone service / business line ~ up to $15 per month

4. Entrepreneur Development Seminar
Where to Start
• Brainstorming starts with a set of ideas – what do you want to do?
• Collect a series of YouTube videos related to your subject
• Books by thought leaders – if you are serious about your desire to
succeed, read 30 books related to your subject (buy the used versions)
• Industry trends
• Market knowledge
• Personal experience
• Creative thinking process – don’t impose limits on yourself

5. Entrepreneur Development Seminar
What is Innovation?
A Few Definitions:
• The process of translating an idea or invention into a good or service that
creates value or for which customers will pay.
• To be called an innovation, an idea must be replicable at an economical
cost and must satisfy a specific need.
• Innovation involves deliberate application of information, imagination and
initiative in deriving greater or different values from resources, and
includes all processes by which new ideas are generated and converted
into useful products.
Credit: Businessdictionary.com

6. Entrepreneur Development Seminar
What is Innovation?
2 Categories of Innovation:
• Evolutionary innovations (continuous or dynamic evolutionary innovation)
that are brought about by many incremental advances in technology or
processes and revolutionary innovations (also called discontinuous
innovations) which are often disruptive and new.
• Innovation is synonymous with risk-taking and creators of revolutionary
products and technologies take on greatest risk because they create new
markets.
• Imitators take less risk because they will start with an innovator's product
and take a more effective approach. Examples are IBM with its PC against
Apple Computer, Compaq with its cheaper PC's against IBM, and Dell with
its still-cheaper clones against Compaq. Credit: Businessdictionary.com

7. Entrepreneur Development Seminar
Innovation Tradeoffs
There is little correlation to the size of
the problem you are trying to solve
and the amount of effort required.
Given the choice, you might as well
try to solve big problems because the
payoff for your time is potentially
much higher than solving a small one.
Anyone willing to innovate can do so,
but ADOPTION is a major challenge.
Can you successfully market and sell
your innovation?
Degree of Difficulty
Monetary Potential
Personal Sacrifice
Importance of Networks
Time
Stress
Levelofinnovation

8. Entrepreneur Development Seminar
Adoption is Challenging
Think about the degree of difficulty of
adoption before you being generating
ideas.
The Robertson Screw is much more
efficient than the Phillips head screw.
Why isn’t it adopted widely?
Phillips head screwdrivers and
screws are big sellers and the
switching costs are disruptive
and expensive.

9. Predictability
Profitability
Scalability
Repeatability
Validation
Creation
Confirmation
Ideation
Entrepreneur Development Seminar
Roadmap
Reduce Risk
IncreaseValue
Credit: Harvard i-Lab

10. Predictability
Profitability
Scalability
Repeatability
Validation
Creation
Confirmation
Ideation
Entrepreneur Development Seminar
Sample Roadmap
Reduce Risk
IncreaseValue
Consulting Case Studies
Customer Feedback
Assessment of results
v1.0 Technology Build
Test Demo version
Seed Investment?
First Subscriber
Business Model
5 Subscribers in Similar Market Segment
Go-to-Market Strategy
Further Penetration of
Market Segment
Expand to Other
Segments
Refine / finalize
ideas
Credit: Harvard i-Lab

11. Predictability
Profitability
Scalability
Repeatability
Validation
Creation
Confirmation
Ideation
Entrepreneur Development Seminar
Design Your Roadmap
Reduce Risk
IncreaseValue
Credit: Harvard i-Lab

12. Entrepreneur Development Seminar
TCP Cycle
• Theoretical – brainstorming / idea-generation
Bridge – A senior subject matter expert evaluates the pros / cons and
cannot comment further until you develop a test model or case example.
• Commercialization – taking the idea into a sellable product or service
Bridge – “Hook or Crook” (by any means necessary): 1st buyer / customer
• Production – delivering that product or service and receiving feedback
Bridge – Evaluate results: delivered value as originally claimed?
• (Repeat the cycle for continuous learning and improvement)

13. Entrepreneur Development Seminar
TCP Cycle
Theoretical
Commercial-
ization
Production
Customer
Validation ($)
Strategic
Management

14. Entrepreneur Development Seminar
T - Idea Generation
• Brainstorming starts with a set of ideas – what do you want to do?
• Collect a series of YouTube videos related to your subject
• Books by thought leaders – if you are serious about your desire to
succeed, read 30 books related to your subject (buy the used versions)
• Industry trends
• Market knowledge
• Personal experience
• Creative thinking process

15. Entrepreneur Development Seminar
T – Idea Report
• Refine your idea and get it down on paper.
• Write out your idea in a report format. Include an executive summary.
10 pages is appropriate. Break it down into sections if necessary.
• Include any relevant news articles, quotes by experts, citations, or
evidence that a need and a market exist for your idea.
• Have the finished product reviewed by a professional editor.
• Don’t cut corners – this is the foundation of your business
• Be extremely thorough in your research and writing efforts

16. Entrepreneur Development Seminar
T - Red Team
• Ask 20 people to review your report – include experts with different
perspectives who can give you honest feedback and make themselves
accessible for you. Professors, subject matter experts, industry
professionals, businesspeople, other entrepreneurs, thought leaders,
etc. Make sure you have a level of trust and they truly want to help you.
• No NDA (nondisclosure) suggested yet – idea is still very raw
• Print out reports, place in a red folder, print name labels, include red
pen, mail in an envelope with another self-addressed envelope for them
to return the folder to you.
• Include a feedback form for additional comments and questions besides
the document markup. Ask for a 30-minute phone review session.

17. Entrepreneur Development Seminar
T - Red Team
• After 30-minute phone review session with 20 individuals, you will have
more questions than answers. You must now synthesize all of the
feedback and create materials which can communicate the basis of your
product or service to others. This is not a “sales” presentation, but the
basis of your business, called the “Idea Deck”.
• You may have to go back to the drawing board in a number of areas or
consider issues you had not thought about before. Take the time and
diligence to go through this process.
• You are being evaluated by your Red Team as mentors according to
how well you listen to their feedback and incorporate it into your Idea
Deck.

18. Entrepreneur Development Seminar
T - Idea Deck
• Title page
• Bottom Line Up Front – what, why, and for who – short and sweet
• Vision
• Mission
• Values
• Business case
• Comparisons to any commonly mentioned competitors
• Competitive advantage – ask an expert to define this for you
• Explain your product / service (this will take several slides)
• Your way vs. the other ways
• Your company’s capabilities
• Problem you are solving
• Solution you are providing

19. Entrepreneur Development Seminar
T - Idea Deck
• Service or product delivery methods / cycles
• Value provided to your customers
• Why choose your company over others?
• Summary
• Your next steps
• Contact information
Ask your Red Team to review your slide deck (send via email) and provide
some basic feedback. They should see you are making progress. Some
will volunteer more time than others to review your slides. Make
corrections according to all of their points and run your slide deck through
a professional editor when you have finalized their suggested changes.
The final product sets you up for building your first website.

20. Entrepreneur Development Seminar
C - Website
• At this point, you will need a website and a PDF brochure that you can
send out to give people more information about your company.
• Option 1: Do-it-yourself on WordPress or other website designer.
• Option 2: Pay a professional web designer / graphic artist
• This is just version 1.0, when you actually have revenue you can rework
the website. Just do the best job you possibly can with what you have.
• Ask others, including your Red Team, for feedback on your website, and
have an editor review the final version. Much of the text material from
your slide deck can go right onto your webpage.

21. Entrepreneur Development Seminar
C - Website
• Homepage
• What you do and for who in 1 sentence
• What you do, why, and how you do it in 1 paragraph
• Your company’s primary objectives
• Mission / Vision / Values
• Personal letter or statement from the founder or co-founders
• Team
• Headshots and bios or separate link to bios
• Solutions
• Solutions you provide

22. Entrepreneur Development Seminar
C - Website
Home Team

23. Entrepreneur Development Seminar
C - Website
Solutions Methods Contact

24. Entrepreneur Development Seminar
C - Website
• Methods
• How do you provide your product/service?
• How do others do it / what is the “traditional way”
• How is your way better / different / innovative?
• What are the future trends which you align with?
• What are the advantages you supply to your customers?
• Contact page

25. • Brochure – create a trifold PDF brochure that you can send over email.
• For a few dollars, print out a few copies to carry with you for key people.
Entrepreneur Development Seminar
C - Brochure
Message from
the Founders
………………
………………
………………
………………
………………
………………
………………
………………
………………
………………
……………...
Why Choose
Our Company?
• Reason #1
• Reason #2
• …………..
Our Solution
…………
…………
…………
Contact
Information
Graphic
___________
Company Name
Logo
1-sentence
description
_____________
Graphic
Outside Panels
Vision
………………..
Mission
………………..
Values
• …
• …
• …
• …
• …
Customer Value
………………….
Competitive
Advantages
• …
• …
Graphic
Products/
Services List
(in graphic
format)
Your Method
vs. Other
Method
___________
Graphic
comparison you
vs. others
_____________
Interesting
Infographic
Inside Panels

26. • Print out several copies to keep with you for Gold Team reviews or other
VIPs, but mostly send this out through email in PDF format
Entrepreneur Development Seminar
C - Brochure
Outside Panels Inside Panels

27. Entrepreneur Development Seminar
T – Gold Team
• Gold Team – 20 additional expert reviewers (more senior than Red Team)
• Prominent experts in their field, may not be local. Choose strategically.
• Probably harder to get a hold of or they have schedulers / secretaries
• Ask for 30 minute review session of “Idea Deck”. If they want to go
more than 30 minutes, let them. Otherwise, respect their time.
• Will probably request the PDF brochure ahead of the Idea Deck
• Current or retired business executives (director level or higher)
• Authors of books you have read
• Leading scientists
• Former managing director / expert at a major consulting company
• Former government officials who are recognizable in your industry
• Think tanks / policy experts
• Technology luminaries or visionaries, others in high-level leadership

28. Entrepreneur Development Seminar
T – Gold Team
• Incorporate all of the Gold Team’s feedback into the Idea Deck. Some
members may give you tasks to perform or ask you to update them on
your progress after you break through to revenue. Follow through.
• Any revisions to the idea deck should also be updated on your website
and brochure
• Former managing director of major consulting company:
Ask this person to help you define your competitive advantage
• Current or retired business executives in your industry:
• Ask to help you determine exactly what the customer’s needs are and
the types of problems that are not being solved in the industry
• You MUST have this information to develop a solid value proposition

29. Entrepreneur Development Seminar
C – Value Proposition Deck
• Find key member of Gold Team to give you the customer’s perspective in
order to develop a strong value proposition. Identify who on the Gold
Team that really desires to mentor you in this phase and begin creating
your Value Proposition Deck.
• Overview – what you do in 1 slide
• What customers need plus 3 sub-bullet points – from Gold Team
• Customer vision – what if you could ______?
• Uniqueness – 3 or 4 points – from Gold Team
• Operating protocol (principles you operate by to serve the customer)
• Customer challenges (as specific as possible) – from Gold Team
• Customer solutions (as specific as possible) – what you will provide

30. Entrepreneur Development Seminar
C – Expert Evaluation
• After validating and finalizing your value proposition and competitive
advantage / uniqueness with your chosen Gold Team mentor, you should
have your updated Idea Deck and Value Proposition evaluated by an
expert in the field.
• You may have to pay this individual for ~2 hours of work, but it is worth the
cost. Ask them to provide an objective evaluation of the value and
potential of your idea and to make recommendations. Have the expert
sign an NDA, since you are paying.
• You don’t have to share this evaluation with others, but use it to help you
move to the next level. Most likely the expert will recommend that you
build your prototype or perform a test case so he can evaluate the results.

31. Entrepreneur Development Seminar
C – Pitch Deck
• The purpose of the Pitch Deck is to take EVERYTHING you have worked
on and boil it down to a few slides that can be communicated quickly and
efficiently without overwhelming people with information.
• Particularly, this will be important for sales presentations, if you are
meeting with an investor, recruiting board members, or showing your
company to new people without deep knowledge of your space.
• Title slide
• The big picture
• The problem
• Your way vs. the traditional way
• The solution
• The solution – 2 more support slides
• Competitive advantage
• Results
• Team
• Mission/Vision/Values
• Next steps

32. Entrepreneur Development Seminar
C – Explainer Video
• Create an audio recording of you narrating your pitch deck.
• Write out your transcript ahead of time, read off the script as you record
yourself and move through the slides.
• Do NOT just read off the slides, provide additional context and information
about each concept on the slide.
• No more than 20 minutes.
• Use a free multimedia / audio recorder program (Camtasia)
• Upload to YouTube, post the video on your homepage along with your
Pitch Deck and the transcript of your video

33. Entrepreneur Development Seminar
C – Advisory Board
• Recommend 10 Advisory Board members (unpaid volunteers) who believe
in you and want to mentor you to see you succeed. Recruit Advisory
Board from your Red Team or Gold Team. Chemistry is important.
• 1-year appointment, only ask for 3 meetings per year. Request that they
sign the NDA and an Advisory Board Member Agreement
• Choose the appropriate board members depending on your needs.
• Do not ask too much of them, schedule any “advice-seeking” phone calls
ahead of time. Since they are not paid, do not ask them for mentally
strenuous work other than giving you advice or guidance.
• List your advisory board and their bios on the website and pitch deck.

34. Entrepreneur Development Program
Q&A
Questions?
edpjhu@Hotmail.com