copyright © 2003 by south-western/thomson learning. all rights reserved. o'malia and whistler...
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Copyright © 2003 by South-Western/Thomson Learning.Copyright © 2003 by South-Western/Thomson Learning.All rights reserved.All rights reserved.
O'Malia and O'Malia and WhistlerWhistler
Welcome to Welcome to
The Entrepreneurial The Entrepreneurial JourneyJourneyCh. 3: Finding Your IdeaCh. 3: Finding Your Idea
The Entrepreneurial JourneyO'Malia & Whistler 2
Good Of The Order . . .Good Of The Order . . .
G O T OG O T O
The Entrepreneurial JourneyO'Malia & Whistler 3
Let’s review our Let’s review our journey to datejourney to date
The Entrepreneurial JourneyO'Malia & Whistler 4
This SessionThis Session
Customer vs. product drivenCustomer vs. product driven
Four stages of an entrepreneurial Four stages of an entrepreneurial companycompany
The idea and recognizing opportunityThe idea and recognizing opportunity
Protecting your ideaProtecting your idea
Up Front & Personal: ‘Food from the Up Front & Personal: ‘Food from the HoodHood
Journey: Kiyonna KlothingJourney: Kiyonna Klothing
The Entrepreneurial JourneyO'Malia & Whistler 5
The search for The search for the idea that is rightthe idea that is rightfor youfor you
The Entrepreneurial JourneyO'Malia & Whistler 6
Customer vs. Product DrivenCustomer vs. Product Driven
Start with a customerStart with a customer
The Entrepreneurial JourneyO'Malia & Whistler 7
Four StagesFour Stages
The journey is typically The journey is typically undertaken in stagesundertaken in stages
The Entrepreneurial JourneyO'Malia & Whistler 8
Stage 1—idea to firstStage 1—idea to first
Focus on customerFocus on customer
Never assume you are like Never assume you are like the customerthe customer
Your market is not your Your market is not your customercustomer
Big guys fail 99% of the timeBig guys fail 99% of the time
The Entrepreneurial JourneyO'Malia & Whistler 9
Stage 2—first Stage 2—first to multipleto multiple
Initial customers provide Initial customers provide credibilitycredibility
Growing from one to Growing from one to manymany
From “I” to “We”From “I” to “We”
The Entrepreneurial JourneyO'Malia & Whistler 10
Stage 3—multiple Stage 3—multiple to multipleto multiple
Establish needs and fulfill themEstablish needs and fulfill them
Don’t revert to managementDon’t revert to management
The Entrepreneurial JourneyO'Malia & Whistler 11
Stage 4—multiple Stage 4—multiple to harvestto harvest
Policies and proceduresPolicies and procedures—necessary evil—necessary evil
Two primary options—Two primary options—sell or reinvent and sell or reinvent and repositionreposition
The Entrepreneurial JourneyO'Malia & Whistler 12
Get physical fast!Get physical fast!
The Entrepreneurial JourneyO'Malia & Whistler 13
Very few pure, Very few pure, new ideasnew ideas
The Entrepreneurial JourneyO'Malia & Whistler 14
Start in own Start in own backyardbackyard
The Entrepreneurial JourneyO'Malia & Whistler 15
Food from the ‘HoodFood from the ‘Hood
The Entrepreneurial JourneyO'Malia & Whistler 16
Are you an organizational Are you an organizational entrepreneur?entrepreneur?
The Entrepreneurial JourneyO'Malia & Whistler 17
New vs. needNew vs. need
The Entrepreneurial JourneyO'Malia & Whistler 18
Structure your searchStructure your search
The Entrepreneurial JourneyO'Malia & Whistler 19
Be wary of . . .Be wary of . . .
Fads . . .Fads . . .Shooting stars burn outShooting stars burn out
New inventions . . .New inventions . . .Long time to marketLong time to market
The Entrepreneurial JourneyO'Malia & Whistler 20
Journey Three: Journey Three: Kiyonna KlothingKiyonna Klothing
The Entrepreneurial JourneyO'Malia & Whistler 21
CreativityCreativityFreedom fosters creativityFreedom fosters creativity
Start a creativity labStart a creativity lab
Meet StrangersMeet StrangersRecord your conversationsRecord your conversations
Form a round table of expertsForm a round table of experts
The Entrepreneurial JourneyO'Malia & Whistler 22
Create OpportunitiesCreate Opportunities
Visit every booth at a trade Visit every booth at a trade showshow
Ask questions of competitors?Ask questions of competitors?
Why are businesses for sale?Why are businesses for sale?
The Entrepreneurial JourneyO'Malia & Whistler 23
Protecting Your IdeaProtecting Your Idea
Legal vs. tactical approachLegal vs. tactical approach
Legal protection is not Legal protection is not always clear cutalways clear cut
The Entrepreneurial JourneyO'Malia & Whistler 24
What opportunities What opportunities can you create? can you create?
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