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Entrepreneurialism & Product Development (3.5)

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This is the mildly updated version of the presentation delivered at Ann Arbor SPARK on Friday, 1/21/2011.

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Entrepreneurialism & Product Development (3.5)

  1. 1. Copyright 2010 J. T. Pedersen<br />
  2. 2. Copyright 2010 J. T. Pedersen<br />
  3. 3. According to the US Small Business Administration:<br />“Seven out of 10 new employer firms survive at least 2 years, half at least 5 years, a third at least 10 years, and a quarter stay in business 15 years or more.”  <br />This is much better than the ‘old rule’ suggesting 95% of businesses failed within 5 years.<br />Copyright 2010 J. T. Pedersen<br />
  4. 4. Copyright 2010 J. T. Pedersen<br />
  5. 5. Laying Your Foundation<br />Copyright 2010 - J. T. Pedersen – www.jtpedersen.net<br />
  6. 6. …to be an Entrepreneur<br />Copyright 2010 J. T. Pedersen<br />
  7. 7. Mix In Some…<br />Copyright 2010 J. T. Pedersen<br />Passion!<br />Photo Credit: www.sxc.hu #793479<br />
  8. 8. Add Some…<br />Copyright 2010 J. T. Pedersen<br />Guts<br />Photo Credit: Mitch Law<br />
  9. 9. Reinforce using a…<br />Copyright 2010 J. T. Pedersen<br />Team<br />Photo Credit: Sebastian Danon<br />
  10. 10. …Remain Fluid<br />Copyright 2010 J. T. Pedersen<br />Cash<br />Flow<br />Photo Credit: www.sxc.hu #1237498<br />
  11. 11. The Idea<br />Copyright 2010 - J. T. Pedersen – www.jtpedersen.net<br />
  12. 12. 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 />
  13. 13. 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 />
  14. 14. 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 />
  15. 15. 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 />
  16. 16. There is no everyone in your target market<br />Copyright 2010 J. T. Pedersen<br />Photo Credit: ~EL B~<br />
  17. 17. 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 />
  18. 18. Develop…your idea<br />Copyright 2010 - J. T. Pedersen – www.jtpedersen.net<br />
  19. 19. Build a plan<br />Clearly define your offering<br />Copyright 2010 J. T. Pedersen<br />
  20. 20. Build a plan<br />Understand <br />what it is not<br />Copyright 2010 J. T. Pedersen<br />Photo Credit: Flickr | The Commons<br />
  21. 21. Build a plan<br />Even a piece of string will do.<br />Copyright 2010 J. T. Pedersen<br />
  22. 22. Good Enough Trumps Perfect<br />Why build this…<br />Copyright 2010 J. T. Pedersen<br />Photo Credit: Boeing.com<br />
  23. 23. Good Enough Trumps Perfect<br />…or this…<br />Copyright 2010 J. T. Pedersen<br />Photo Credit: Boeing.com<br />
  24. 24. Good Enough Trumps Perfect<br />if...this…is what they need Now<br />Copyright 2010 J. T. Pedersen<br />Photo Credit: Boeing.com<br />
  25. 25. Keep a Grip on Scope<br />Accept input,<br />Make adjustments,<br />But stay on Target<br />Copyright 2010 J. T. Pedersen<br />
  26. 26. 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 />
  27. 27. Ann Arbor SPARK: Business Ideas & Product Development1/21/2011<br />J. T. Pedersen jt@jtpedersen.net @jtpedersen 734.516.0139<br />Copyright 2010- J. T. Pedersen – www.jtpedersen.net<br />
  28. 28. 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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