Download - I’ve Got An Idea, Now What: A Recipe For Success

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Ingredients & ExecutionCurtis R. Nelson

SM


Another Speaker …

• Who’s presenting?

• Who’s engaging?

• What do you want?

• What can you take away?

• Your challenge

INTRODUCTION


INTRODUCTION

“Year 2000”


“It’s like baking a cake...”

INTRODUCTION


INTRODUCTION

In the culinary world great results come from a great

recipe!


INTRODUCTION

A great recipe includes:

Ingredients & Execution

Each amount and quality of equal value!


Results

Quality results come from a balance of:– Quality ingredients– Quality execution

INTRODUCTION


Results


Poor results come from:– Missing or poor ingredients– Missing or poor execution

INTRODUCTION

The further “off-recipe” you get – the worse the results!


Optimal Business Recipe

Ingredients:– Strategic Fit– Business Plan

Execution:– Talent– Leadership– Resources

INTRODUCTION


Strategic Fit

Page 5

Why you should get into business

Why you should stay in business

Foundational component

Critical ingredient for success

STRATEGIC FIT

Quality ingredients require …


Wrong Reasons

Looks like fun …

Can’t work for anyone else…

I’ve invented a cool product…

I want to be my own boss …

We’ve always been in business…

Reasons to start planning – not execute!STRATEGIC FIT


Right Reason

Opportunity exists to:– Provide a product or service– Customers will buy from YOU– Adequate volumes– Profitable margins

What do you need to know?

STRATEGIC FIT


Strategic Fit

Valid need:– How intense is the need?– Will they buy yours – is your baby prettier?– Can you get to market?

Intensity of NeedIntensity of Need

STRATEGIC FIT

Sal

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Mar

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Sal

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Strategic Fit

Valid need

Valid opportunity:– Identifiable target market:

• Demographics, Geographics• Psychographics, Behaviors*• Number and location

– Ability to compete:• Differentiate, protect and sustain

STRATEGIC FIT


Strategic Fit

Valid need

Valid opportunity:

Valid product:– Benefits needed to differentiate– Able to be produced

STRATEGIC FIT


Strategic Fit

Valid need

Valid opportunity

Valid product

Valid price:– Priced to sell and make money

STRATEGIC FIT


Strategic Fit

Valid need

Valid opportunity

Valid product

Valid price

Valid operation:– You can produce it effectively?– You can support it?

STRATEGIC FIT


Strategic Fit

Valid need

Valid opportunity

Valid product

Valid price

Valid operation

Valid environment:– Influences out of your control…

STRATEGIC FIT


Strategic Fit

Valid need

Valid opportunity

Valid product

Valid price

Valid operation

Valid environment

VALID REASON TO BE IN BUSINESS

STRATEGIC FIT



Business Plan

Provides focus & direction:– Mission:

• What you want to achieve• How you want to be measured

– Elevator pitch


BUSINESS PLAN


Business Plan

Provides focus & direction

Identifies your brand & culture:– Mission should identify your brand– Principles will create your culture

• Foundational beliefs that define• Values, ethics & operational characteristics• Guide your companies action…

– Culture will create productivity• 50 / 150

BUSINESS PLAN


Business Plan


Identifies your brand & culture

Outlines objectives & goals:– What you want to attain– When you will attain them

BUSINESS PLAN


Business Plan



Outlines goals & objectives

Clarifies strategies:– Marketing*– Operations

BootsBUSINESS PLAN


Business Plan




Clarifies strategies

Quantifies resource requirements:– Financial, human, technical– Information, environment

BUSINESS PLAN


Business Plan




Clarifies strategies

Quantifies resource requirements

Makes actions accountable:– What, who and when…

BUSINESS PLAN


Business Plan

Increases your odds of success!


BUSINESS PLAN


Quality Team

Necessary disciplines

Quality execution requires …

TALENT


Quality Team


Applicable experience & capabilities

TALENT


Quality Team


Applicable experience & capabilities

Balance

TALENT


The ability to build, develop, and motivate a team of diverse,

talented individuals to effectively attain goals &

objectives.

Leadership

LEADERSHIP



Managers vs Leaders

Managers administer and maintain

Leaders innovate and develop

Managers rely on processes and controls

Leaders rely on people and trust

Managers seek compliance / guide in own image

Leaders seek results through collective capabilities

Managers do things right

Leaders do the right thing

Fortune Magazine – roughly 1988

LEADERSHIP

(Bosses)


Leaders

Provide passion, vision, and focus:– See where they want to go & set direction– Communicate clearly, consistently, & often– Keep the team on focus / on track– Reduce roadblocks – Focus on strategy

LEADERSHIP


Leaders Know

People are the most important resource:– People create the best IP / differentiation– Work enjoyment = company performance– People are individuals*– Put their trust in people over processes– Celebrate mistakes*

LEADERSHIP


Leaders Know

Customers are the company’s lifeblood:– They listen to their customers regularly– Support their customers with every resource– They build a company culture that rewards

unwavering support of their customers

LEADERSHIP


Leaders

Surround themselves with talent:– Understand their own weaknesses– Listen to & seek challenge from their team– Know their success is in the hands of their team

• “winning from the dugout”

LEADERSHIP


Company principles and resulting culture mean

everything!

Leaders Know

LEADERSHIP


“I came to see, in my time at IBM, that culture isn’t just one aspect of the game – it is the game. In the end, an organization is nothing more than the collective capacity of its people to create value”

LEADERSHIP


Resources

Tools needed to execute effectively:– Technical– Environmental– Human– Informational– Financial


RESOURCES


Resources

Financial resources:– Debt:

• Bank• Government• Investor

– Equity:• Love money• Angels• Angel funds• Venture funds


RESOURCES


Recipe Report Card

Proper Ingredients:– Strategic Fit– Business Plan

Proper Execution:– Talent– leadership– Resources

SUMMARY


Business Results


INTRODUCTION


Business Results


Poor results come from:– Missing or poor ingredients– Missing or poor execution

INTRODUCTION

The further “off-recipe” you get – the worse the results!


Your Challenge

Taking an honest look at your Recipe and doing something about the

opportunities identified!

INTRODUCTION

For the entire content – you may purchase the book at www.recipeforbusinesssuccess.com


Thank YouCurtis R. Nelson

[email protected]

SM

Download - I’ve Got An Idea, Now What: A Recipe For Success

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