entrepreneurialism & product development (3.5)
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Copyright 2010 J. T. Pedersen
Copyright 2010 J. T. Pedersen
Copyright 2010 J. T. Pedersen
According to the US Small Business Administration:
“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.” This is much better than the ‘old rule’ suggesting 95% of businesses failed within 5 years.
Copyright 2010 J. T. Pedersen
Copyright 2010 - J. T. Pedersen – www.jtpedersen.net
LAYING YOUR FOUNDATION
Copyright 2010 J. T. Pedersen
Mix In Some…
Passion!
Photo Credit: www.sxc.hu #793479
Copyright 2010 J. T. Pedersen
Add Some…
Photo Credit: Mitch Law
Guts
Copyright 2010 J. T. Pedersen
Reinforce using a…
Photo Credit: Sebastian Danon
Team
Copyright 2010 J. T. Pedersen
…Remain Fluid
Photo Credit: www.sxc.hu #1237498
CashFlow
Copyright 2010 - J. T. Pedersen – www.jtpedersen.net
THE IDEA
Copyright 2010 J. T. Pedersen
Listen
To your market
“Market” = “Customers”
What are the problems they have?
Which ones can you help with?
Who else is doing what you might do?
Photo Credit: Flickr | The Commons
Copyright 2010 J. T. Pedersen
Test Your Ideas
Plenty of free resources
Open discussions
Test objections
Market research
Photo Credit: Respective Trademark Owners
Copyright 2010 J. T. Pedersen
Test Your Ideas
Plenty of free resources
…some not in the ‘mainstream’
Photo Credit: Respective Trademark Owners
Copyright 2010 J. T. Pedersen
Know who your customers are
Understand their needs, pains, problems.
What keeps your customers up at night?
Photo Credit: Nara Vieira da Silva Osga
Copyright 2010 J. T. Pedersen
There is no
everyone in your target
market
Photo Credit: ~EL B~
Copyright 2010 J. T. Pedersen
Know who your customers are…not
You have very finite resources; don’t spread yourself too thin
Photo Credit: ~EL B~
Copyright 2010 - J. T. Pedersen – www.jtpedersen.net
DEVELOP…YOUR IDEA
Copyright 2010 J. T. Pedersen
Build a plan
Clearly define your offering
Copyright 2010 J. T. Pedersen
Build a plan
Understand what it is not
Photo Credit: Flickr | The Commons
Copyright 2010 J. T. Pedersen
Build a plan
Even a piece of string will do.
Copyright 2010 J. T. Pedersen
Good Enough Trumps Perfect
Why build this…
Photo Credit: Boeing.com
Copyright 2010 J. T. Pedersen
Good Enough Trumps Perfect
…or this…
Photo Credit: Boeing.com
Copyright 2010 J. T. Pedersen
Good Enough Trumps Perfect
if...this…is what they need Now
Photo Credit: Boeing.com
Copyright 2010 J. T. Pedersen
Keep a Grip on Scope
Accept input,
Make adjustments,
But stay on Target
Copyright 2010 J. T. Pedersen
Keep a Grip on Scope
Accept input,
Make adjustments,
But stay on Target
Otherwise, things can happen
Photo Credit: Chicago Show
Copyright 2010- J. T. Pedersen – www.jtpedersen.net
Ann Arbor SPARK:
Business Ideas & Product Development04/11/2023
J. T. Pedersenjt@jtpedersen.net
@jtpedersen734.516.0139
Copyright 2010 J. T. Pedersen
Slides Available
www.jtpedersen.net
jt@jtpedersen.netwww.jtpedersen.netTwitter: @jtpedersen
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