Entrepreneurialism & Product Development (3.1)

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Introductory discussion for new entrepreneurs considering going into business and launching new product or service offerings.

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  • Are you passionate about what you’re planning to do?You will face uncounted obstacles, distractions, and daily-living events. If you’re not passionate, they will overtake you, remove the luster, and make it harder to stick with.
  • When everything seems against you, everyone’s telling you how wrong you are, the bank won’t give you money, or you need to reconstruct your dream from scratchDo you have the Guts, the Fortitude, to stick with it?If someone’s not paying you (e.g. AR), do you have to guts to take them to court? If a landlord, the fortitude to evict?
  • No matter who the successful entrepreneur is, they are always surrounded by their team.Donald TrumpRobert KiyosakiYou need a CPA, Insurance Agent, AttorneyYour team will give you strength, support, you never knew you had. They will comfort you when the world seems to be going to hell in a hand basket.
  • The Top reason many businesses fail – Cash Flow.Do you have a source of cash (lot of savings, another job, a wealthy uncle…) sufficient to meet your needs?If not, do you know how to obtain the cash?Cash is king. It is the liquid that keeps your venture alive. With out it, you’re dead.
  • Listen, to your marketMarket | Customers, Interchangeable termsWhat are the problems they have. Remember, this is about them…not you! Which problems can you help with?Who else is doing what you might want to do?
  • Listen, to your marketMarket | Customers, Interchangeable termsWhat are the problems they have. Remember, this is about them…not you! Which problems can you help with?Who else is doing what you might want to do?
  • Listen, to your marketMarket | Customers, Interchangeable termsWhat are the problems they have. Remember, this is about them…not you! Which problems can you help with?Who else is doing what you might want to do?
  • Know who your customers are(1) Understand their needs, pain, problems.Case Study:Home DepotVendor invoices were being lost in the mail room. They handled 10s of 1000s of invoices daily. The losses increases Help Desk support activity, lowered vendor/partner satisfaction, increased angst for all.(2) What keeps your customers up at night?A powerful, focusing questionProductivity & Revenue: The sole driversHome Depot’s management lost sleep over meeting contractual requirements, uncontrolled costs, and a sincere desire to simply do better for their vendors.
  • Product Development is the process of simply taking your idea, and
  • Clearly define your offeringWhat must it do?How must it do it?Where is it done?When is it done?Why?Understand what it is notWhat must it not do (if only for now)How shouldn’t it be doneWhy not?How will you get there?What resources are needed? Can you access them?How long will it take (Will the need still exist?)
  • Clearly define your offeringWhat must it do?How must it do it?Where is it done?When is it done?Why?Understand what it is notWhat must it not do (if only for now)How shouldn’t it be doneWhy not?How will you get there?What resources are needed? Can you access them?How long will it take (Will the need still exist?)
  • Clearly define your offeringWhat must it do?How must it do it?Where is it done?When is it done?Why?Understand what it is notWhat must it not do (if only for now)How shouldn’t it be doneWhy not?How will you get there?What resources are needed? Can you access them?How long will it take (Will the need still exist?)
  • You need to get a product to market and sooner is always better than later.The age old argument between early (but buggy) verses delay (with better quality) will always haunt you.Accept that reality, recognize it is a necessary truth, and get moving.Know what you must have in order to startGet something out thereCollect feedbackAdjust as necessary
  • You need to get a product to market and sooner is always better than later.The age old argument between early (but buggy) verses delay (with better quality) will always haunt you.Accept that reality, recognize it is a necessary truth, and get moving.Know what you must have in order to startGet something out thereCollect feedbackAdjust as necessary
  • You need to get a product to market and sooner is always better than later.The age old argument between early (but buggy) verses delay (with better quality) will always haunt you.Accept that reality, recognize it is a necessary truth, and get moving.Know what you must have in order to startGet something out thereCollect feedbackAdjust as necessary
  • Collecting feedback is important. It helps you validate your idea; make sure it will serve the market’s needs. Getting feedback is another reason why ‘good enough’ for quick market entry is important.The sooner you find out what isn’t working, the sooner you can tweak it so it can work.But, be careful to avoid the dreaded, evil feature creep.This is the result of an uncontrolled, or poorly controlled product definition. If you keep adding on features, you’ll never ‘finish’ anything. Tight focus on what must be achieved is important if you want to deliver your product or service before your resources are expended.
  • Collecting feedback is important. It helps you validate your idea; make sure it will serve the market’s needs. Getting feedback is another reason why ‘good enough’ for quick market entry is important.The sooner you find out what isn’t working, the sooner you can tweak it so it can work.But, be careful to avoid the dreaded, evil feature creep.This is the result of an uncontrolled, or poorly controlled product definition. If you keep adding on features, you’ll never ‘finish’ anything. Tight focus on what must be achieved is important if you want to deliver your product or service before your resources are expended.
  • Entrepreneurialism & Product Development (3.1)

    1. 1. Copyright 2010 J. T. Pedersen<br />
    2. 2. Copyright 2010 J. T. Pedersen<br />
    3. 3. Do You Have It In You?<br />Copyright 2010 - J. T. Pedersen – www.jtpedersen.net<br />
    4. 4. …to be an Entrepreneur<br />Copyright 2010 J. T. Pedersen<br />
    5. 5. …to be an Entrepreneur<br />Copyright 2010 J. T. Pedersen<br />Passionate<br />Photo Credit: www.sxc.hu #793479<br />
    6. 6. …to be an Entrepreneur<br />Copyright 2010 J. T. Pedersen<br />Guts<br />Photo Credit: Mitch Law<br />
    7. 7. …to be an Entrepreneur<br />Copyright 2010 J. T. Pedersen<br />Team<br />Photo Credit: Sebastian Danon<br />
    8. 8. …to be an Entrepreneur<br />Copyright 2010 J. T. Pedersen<br />Cash<br />Flow<br />Photo Credit: www.sxc.hu #1237498<br />
    9. 9. The Idea<br />Copyright 2010 - J. T. Pedersen – www.jtpedersen.net<br />
    10. 10. Listen<br />To your market<br />“Market” = “Customers”<br />What are the problems they have?<br />Which ones can you help with?<br />Who else is doing what you might do?<br />Copyright 2010 J. T. Pedersen<br />Photo Credit: Flickr | The Commons<br />
    11. 11. Test Your Ideas<br />Plenty of free resources<br />Open discussions<br />Test objections<br />Market research<br />Copyright 2010 J. T. Pedersen<br />Photo Credit: Respective Trademark Owners<br />
    12. 12. Test Your Ideas<br />Plenty of free resources<br />…some not in the ‘mainstream’<br />Copyright 2010 J. T. Pedersen<br />Photo Credit: Respective Trademark Owners<br />
    13. 13. Know who your customers are<br />Understand their needs, pains, problems.<br />What keeps your customers up at night?<br />Copyright 2010 J. T. Pedersen<br />Photo Credit: Nara Vieira da Silva Osga<br />
    14. 14. There is no everyone in your target market<br />Copyright 2010 J. T. Pedersen<br />Photo Credit: ~EL B~<br />
    15. 15. Know who your customers are…not<br />Copyright 2010 J. T. Pedersen<br />You have very finite resources; don’t spread yourself too thin<br />Photo Credit: ~EL B~<br />
    16. 16. Develop…your idea<br />Copyright 2010 - J. T. Pedersen – www.jtpedersen.net<br />
    17. 17. Build a plan<br />Clearly define your offering<br />Copyright 2010 J. T. Pedersen<br />
    18. 18. Build a plan<br />Understand <br />what it is not<br />Copyright 2010 J. T. Pedersen<br />Photo Credit: Flickr | The Commons<br />
    19. 19. Build a plan<br />How will you get there?<br />Copyright 2010 J. T. Pedersen<br />
    20. 20. Good Enough Trumps Perfect<br />Why build this…<br />Copyright 2010 J. T. Pedersen<br />Photo Credit: Boeing.com<br />
    21. 21. Good Enough Trumps Perfect<br />…or this…<br />Copyright 2010 J. T. Pedersen<br />Photo Credit: Boeing.com<br />
    22. 22. Good Enough Trumps Perfect<br />if...this…is what they need Now<br />Copyright 2010 J. T. Pedersen<br />Photo Credit: Boeing.com<br />
    23. 23. Keep a Grip on Scope<br />Accept input,<br />Make adjustments,<br />But stay on Target<br />Copyright 2010 J. T. Pedersen<br />
    24. 24. Keep a Grip on Scope<br />Accept input,<br />Make adjustments,<br />But stay on Target<br />Otherwise, things can happen<br />Copyright 2010 J. T. Pedersen<br />Photo Credit: Chicago Show<br />
    25. 25. Ann Arbor SPARK: Business Ideas & Product Development10/14/2010<br />J. T. Pedersen jt@jtpedersen.net @jtpedersen 734.516.0139<br />Copyright 2010- J. T. Pedersen – www.jtpedersen.net<br />
    26. 26. Slides Available<br />www.jtpedersen.net<br />jt@jtpedersen.netwww.jtpedersen.netTwitter: @jtpedersen<br />Just click on ‘slideshare’ tag.<br />Copyright 2010 J. T. Pedersen<br />

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