The Entrepreneur and OpportunityGlobal Advance, Inc by permission only

Entrepreneurial Skills:

GLOBAL ADVANCE MARKETPLACEGLOBAL ADVANCE MARKETPLACE

EntrepreneurAn entrepreneur is a person who undertakes the creation of an enterprise or business that has the

chance of profit (or success).

Global Advance, Inc by permission only

The Entrepreneur & Opportunity

“I never did anything worth doing entirely by accident…and almost none of my inventions came about totally by

accident. They were achieved by having trained myself to endure and tolerate hard work.” – Thomas Edison

Global Advance, Inc by permission only

The Entrepreneur & Opportunity

An Entrepreneur Test: Are you an entrepreneur?

Answer each question by checking Yes or No:1. When I am faced with a challenge, I am confident that I can work through it ___ ___

2. I want to be financially independent and be rewarded for my accomplishments ___ ___

3. Trying something new is attractive, even if the risk of failure is significant ___ ___

4. I'd prefer to gain independence and control my destiny ___ ___

5. Building a new enterprise is important to me ___ ___

6. My experiences during my youth and early career have shown me the benefits of starting a new

enterprise ___ ___

7. Starting a new business some day soon is always in my thoughts ___ ___

8. I like working with others and can provide leadership when called upon ___ ___

9. Our society and my family provide a strong, supportive base for my initiatives ___ ___

10. I possess good technical skills and strong relationship skills in the industry I wish to enter. ___ ___

Global Advance, Inc by permission only

The Entrepreneur & Opportunity

Characteristics of an Entrepreneur:

• Ability to deal with a series of tough issues • Can handle many tasks simultaneously • Resiliency in the face of set-backs • Possess well-developed problem solving skills • Willingness to work hard and not expect easy solutions• Ability to create solutions and work to perfect them • Ability to learn and acquire the necessary skills for the tasks at

hand

Global Advance, Inc by permission only

The Entrepreneur & Opportunity

The Entrepreneur & Opportunity

The Opportunity Process: 1. Identifying the Opportunity

2. Determining your capabilities and interests

3. Evaluating the opportunity

4. Deciding to act on the opportunity or look elsewhere

5. Writing a summary of the concept

6. Testing the summary and the concept with potential customers and investors

Global Advance, Inc by permission only

The Opportunity Process: 1. Identifying the Opportunity

2. Determining your capabilities and interests

3. Evaluating the opportunity

4. Deciding to act on the opportunity or look elsewhere

5. Writing a summary of the concept

6. Testing the summary and the concept with potential customers and investors

Global Advance, Inc by permission only

The Entrepreneur & Opportunity

Global Advance, Inc by permission only

The Opportunity Process – Indentify:• Increasing the value of product/service (i.g., new, high

quality tool)

• New applications of existing means or technologies (i.g., use of magnetic cards for door access)

• Customization for individuals (i.g., customized computers)

• Process innovation (i.g., airborne shipping)

The Entrepreneur & Opportunity

The Opportunity Process: 1. Identifying the Opportunity

2. Determining your capabilities and interests

3. Evaluating the opportunity

4. Deciding to act on the opportunity or look elsewhere

5. Writing a summary of the concept

6. Testing the summary and the concept with potential customers and investors

Global Advance, Inc by permission only

The Entrepreneur & Opportunity

Characteristics of an Entrepreneur applied to this opportunity:

• Do you have the ability (gifts, talents, education, experience)to deal with a series of tough issues specific to this opportunity?

• Can you handle many tasks specific to this opportunity?• Will you have resiliency specific to this opportunity?• Do you possess well-developed problem solving skills specific to this

opportunity?• Do you have the ability to create solutions and work to perfect

them specific to this opportunity?• Do you have the ability to learn and acquire the necessary skills for

this opportunity

Global Advance, Inc by permission only

The Entrepreneur & Opportunity

The Opportunity Process: 1. Identifying the Opportunity

2. Determining your capabilities and interests

3. Evaluating the opportunity

4. Deciding to act on the opportunity or look elsewhere

5. Writing a summary of the concept

6. Testing the summary and the concept with potential customers and investors

Global Advance, Inc by permission only

The Entrepreneur & Opportunity

The Opportunity Process – Evaluate:1. Capabilities

Do my team members possess the capabilities?

2. Novelty

Are there novel qualities?

3. Significant customer value

Is the amount of benefit a customer will get greater than the cost?

4. Resources

Can the team attract required resources?

5. Return

Can it be profitable and is return sufficient for risk?

6. Commitment

Is there team commitment?

Global Advance, Inc by permission only

The Entrepreneur & Opportunity

The Opportunity Process: 1. Identifying the Opportunity

2. Determining your capabilities and interests

3. Evaluating the opportunity

4. Deciding to act on the opportunity or look elsewhere

5. Writing a summary of the concept

6. Testing the summary and the concept with potential customers and investors

Global Advance, Inc by permission only

The Entrepreneur & Opportunity

The Opportunity Process: 1. Identifying the Opportunity

2. Determining your capabilities and interests

3. Evaluating the opportunity

4. Deciding to act on the opportunity or look elsewhere

5. Writing a summary of the concept

6. Testing the summary and the concept with potential customers and investors

Global Advance, Inc by permission only

The Entrepreneur & Opportunity

Global Advance, Inc by permission only

The Entrepreneur & Opportunity

Business Model Canvas

Business Plan Executive Summary

Company Description

Products and Services

Marketing Plan

Operational Plan

Management and Organization

Personal Financial Statement

Startup Expenses/Capitalization

Financial Plan

Appendices

Business ModelCustomer Segments

Value Proposition

Channels

Customer Relationship

Revenue Streams

Key Resources

Key Partners

Key Activities

Cost Structure

or

?

The Opportunity Process: 1. Identifying the Opportunity

2. Determining your capabilities and interests

3. Evaluating the opportunity

4. Deciding to act on the opportunity or look elsewhere

5. Writing a summary of the concept

6. Testing the summary and the concept with potential customers and investors

Global Advance, Inc by permission only

The Entrepreneur & Opportunity

Global Advance, Inc by permission only

The Entrepreneur & Opportunity

2012

The Opportunity Process: 1. Identifying the Opportunity

2. Determining your capabilities

3. Evaluating the opportunity

4. Deciding to act on the opportunity or look elsewhere

5. Writing a summary of the concept

6. Testing the summary and the concept with potential customers and investors

Global Advance, Inc by permission only

The Entrepreneur & Opportunity

Global Advance, Inc by permission only

The Entrepreneur & Opportunity

Problems Lead To Opportunity:

Process is too slow Waiters too busy Too much paperwork

Global Advance, Inc by permission only

The Opportunity Process – Identify:• Increasing the value of product/service (i.g., new, high quality

tool)

• New applications of existing means or technologies (i.g., use of magnetic cards for door access)

• Customization for individuals

• Process innovation (i.g., airborne shipping)

The Entrepreneur & Opportunity

Global Advance, Inc by permission only

The Entrepreneur & Opportunity

Order when ready

Pay when ready, securely

Powerful bookkeeping

Problems Lead To Opportunity:

Global Advance, Inc by permission only

The Entrepreneur & Opportunity

Satisfy impulse ordersAct on guest feedback

Customers to craft experience7 minutes faster table turn

One bill, or split billUp-sell 100% = 10% sales boost

Problems Lead To MORE Opportunity:

Use social media$0 upfront cost

The Opportunity Process: 1. Identifying the Opportunity

2. Determining your capabilities

3. Evaluating the opportunity

4. Deciding to act on the opportunity or look elsewhere

5. Writing a summary of the concept

6. Testing the summary and the concept with potential customers and investors

Global Advance, Inc by permission only

The Entrepreneur & Opportunity

The Opportunity Process – Evaluate:1. Capabilities

Do my team members possess knowledge and capabilities?

2. Novelty

Are there significant, novel, or differentiating or proprietary qualities?

3. Significant customer value

Is the amount of benefit a customer will get greater than the cost?

4. Resources

Can the team attract required financial, human, and physical resources?

5. Return

Can it be profitable and is return sufficient for risk?

6. Commitment

Is there team commitment and passion?

Global Advance, Inc by permission only

The Entrepreneur & Opportunity

The Opportunity Process: 1. Identifying the Opportunity

2. Determining your capabilities

3. Evaluating the opportunity

4. Deciding to act on the opportunity or look elsewhere

5. Writing a summary of the concept

6. Testing the summary and the concept with potential customers and investors

Global Advance, Inc by permission only

The Entrepreneur & Opportunity

The Entrepreneur & Opportunity

The Opportunity Process: 1. Identifying the Opportunity

2. Determining the Entrepreneur’s capabilities

3. Evaluating the opportunity

4. Deciding to act on the opportunity or look elsewhere

5. Writing a summary of the concept

6. Testing the summary and the concept with potential customers and investors

Global Advance, Inc by permission only

Global Advance, Inc by permission only

The Entrepreneur & Opportunity

Business Model Canvas

The Entrepreneur & Opportunity

The Opportunity Process: 1. Identifying the Opportunity

2. Determining your capabilities

3. Evaluating the opportunity

4. Deciding to act on the opportunity or look elsewhere

5. Writing a summary of the concept

6. Testing the summary and the concept with potential customers and investors

Global Advance, Inc by permission only

Thank You!

Global Advance, Inc by permission only

The Entrepreneur & Opportunity

Order, Pay, PlayEmpower customers to craft

their dining experience.

Global Advance, Inc by permission only

The Entrepreneur & Opportunity

Problems Lead To MORE Opportunity:

The Opportunity Process – Evaluate:1. Capabilities

Do my team members possess the capabilities?

2. Novelty

Are there novel qualities?

3. Significant customer value

Is the amount of benefit a customer will get greater than the cost?

4. Resources

Can the team attract required resources?

5. Return

Can it be profitable and is return sufficient for risk?

6. Commitment

Is there team commitment?

Global Advance, Inc by permission only

The Entrepreneur & Opportunity

The Opportunity Process: 1. Identifying the Opportunity

2. Determining your capabilities

3. Evaluating the opportunity

4. Deciding to act on the opportunity or look elsewhere

5. Writing a summary of the concept

6. Testing the summary and the concept with potential customers and investors

Global Advance, Inc by permission only

The Entrepreneur & Opportunity