CSB/SJU Job Search SeriesBudding Entrepreneur

November 17th 2009

Hosted by RJF Agencies

Prayer for Job SeekersGod, our Creator, we turn to you seeking your divine help and guidance as we look for suitable employment.

We need your wisdom to guide our footsteps along the right path, and to lead us to find the proper things to say and do in this quest. We wish to use the gifts and talents you have given us, but we need the opportunity to do so with gainful employment.

Do not abandon us in this search, but rather grant us this favor we seek so that we may return to you with praise and thanksgiving for your gracious assistance. Grant this through Christ, our Lord.  Amen

TERRI BARREIROMCNEELY CENTER FOR ENTREPRENEURSHIP

Donald McNeely Center for EntrepreneurshipResources Available for Alumnae/i

You can something

I am not going to tell you it is easy . . .But it happens all the time

It is a journey with lots of questions and an ever changing reality

1. Look inward – Know yourself

• Skills• Experience• Expertise• Passions

2. Look Outward – See Opportunities Everywhere

• Read

• Listen

• Look Around: What’s missing?

• Check your gut

3. What is the Basic Idea?

Write it down!• Concept description • Key attributes• Likely market• Competition• Sales and distribution

4. Who will buy it?

•What are the characteristics of the potential customer?

•How many will likely buy or use it?

5. Test the idea

• is the basic idea valid?• Are potential customers

interested?• Test a prototype; modify as

needed

6. Find and face the competition?

• List competitive products & services

• Understand similarities and differences

• Will customers value differences?

7. What does it cost to make or do?

• Who will create it? • What will it cost to produce?

– Materials– Labor– Distribution

8. How will you get it to the customer?

• How will you get it to the customer?

• Who will do it?• How long will it take?• How will orders be taken?

9. How will your customer find you?

• Build and they will come only happens in a movie

• Until you sell it, it is only a good idea

10. Find the money

• What are you going to contribute?• Who else could contribute?• Does your banker like you? (that is

not likely to be enough but . . . .)

11. write it all down!

Write the business plan– Summary– The Company description– The Product or Service description– The Project to be financed– Management (who & what jobs)– Ownership– Marketing Strategy– Production/Operations– Administration & Financial details

12. Step off the curb --not the cliff

• Start with small steps if at all possible

• No matter what the reality will be different than the plan

• Embrace Ambiguity – it will be everywhere

Engaging the Entrepreneurial Spirit

Donald McNeely Center for Entrepreneurship350 Simons Hall

St. Johns UniversityServing students, faculty and alums

At CSB & SJU

DAVID ROMPRESIDENT, PLATINUM BANK

Setting Your Entrepreneurial Expectations

MARK RICHARDSCFO, MAXIMUM COMMUNICATIONSCREATOR, CANDIDATESCHAIR.COM

Fit with Your Job objective, 10 Investor Questions and Basic fundraising thoughts

Seeing Yourself in a Start-up

• Pay/Bonus

• Equity

• Energy

• Risk

• Start-up

• Running

• Rapid Growth

ElementsTypes of Companies

CandidatesChair.com tool: Evaluating Companies

“I own the company”

“I want a steady role”

“I want a big job”

“Quality of life”

“The usual trade-off”

“How company feels”

Start-up: First Glance

From Alan Bignall, CEO,Recon Robotics

1. Solid management team2. Protectable Intellectual Property3. Large Addressable Market

Investors – 10 questions

1. Client & Their need

2. How need is solved

3. Unique (e.g. IP)4. Business Model

5. Reaching clients

6. Competition7. Operations8. Required team9. Growth plan10.Punchline (e.g.

the financials)

CC Tool: 10 Questions to Understand a Company

Fundraising – Starting point• Investor valuation is always lower• Monetization timing is key motivator

to stock-only employees (and vice versa)

• Start-up is short, need cash to grow – expect multiple rounds of funding

• It’s hard work and don’t expect to own more than 50% when its over

CC Tool: Basic Fundraising Terms & Valuation

Valuation: When it goes up

• Prove you have a product with an interested client base

• Prove the product works in production (beta test)

• Go through a limited client rollout• Full rollout

Greatest need for cashRevenue & Profitability for Venture CapitalWhen you can (or want) to sell

Focus on investors

Ability to Invest

ExperienceInterest inIndustry

Money does notequal agood investor

Good for connections

Leads for Strategicinvestors

Tipping PointInvestors &Partners

Q & A (a.k.a. Stump the Panel)