ways entrepreneur wannabes can determine what kind of business to start
DESCRIPTION
Do you want to be an entrepreneur, but are clueless about what type of company to start? This presentation will teach a process for seeing the possibilities.TRANSCRIPT
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Ways Entrepreneur Wannabes Can Determine What Kind of Business To Start
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Waiting for a Kiss from the Muses…
Is Like Waiting for GodotIs Like Waiting for Godot
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Agenda
• Look inside you
• Look outside of you
• Be curious
• Push the envelope
• Be observant
• Have others help you
• Set your own direction
• Look inside you
• Look outside of you
• Be curious
• Push the envelope
• Be observant
• Have others help you
• Set your own direction
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Look Inside You
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Personal Assessment
• What do you enjoy doing?• What skills do you have?• What industry expertise do you
have?
• What do you enjoy doing?• What skills do you have?• What industry expertise do you
have?
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Personal Need
• Gary Erickson,Clif Bars
• Gary Erickson,Clif Bars
• Liz Lange,maternitywear
• Liz Lange,maternitywear
• Sara Blakley,Spanx
• Sara Blakley,Spanx
• Pierre Omidyar,ebay
• Pierre Omidyar,ebay
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Do what you love
• Coco Chanel, Helena Rubinstein and Elizabeth Arden – fashion / cosmetics
• Yvon Chouinard, Patagonia• Alice Waters, Chez Panisse• Ben Cohen and Jerry
Greenfield, Ben & Jerry Ice Cream
• Coco Chanel, Helena Rubinstein and Elizabeth Arden – fashion / cosmetics
• Yvon Chouinard, Patagonia• Alice Waters, Chez Panisse• Ben Cohen and Jerry
Greenfield, Ben & Jerry Ice Cream
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Poll
Which other entrepreneurs come to mind who met their own (or someone important to them) need and developed a successful business?
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Questions
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Look Outside of You
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Unmet Need in the Market
• Ronald Grzywinski, Milton Davis, Jim Fletcher and Mary Houghton, ShoreBank
• Camille Bressler, Michael Levoshko, Mel Benson, Denise Gallagher, Matt Vinikas, and Marcia Stein, Senior Whole Health
• Rick Alden, Skullcandy
• Jerry Torres, Torres Advanced Enterprise Solutions
• Ronald Grzywinski, Milton Davis, Jim Fletcher and Mary Houghton, ShoreBank
• Camille Bressler, Michael Levoshko, Mel Benson, Denise Gallagher, Matt Vinikas, and Marcia Stein, Senior Whole Health
• Rick Alden, Skullcandy
• Jerry Torres, Torres Advanced Enterprise Solutions
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Changes in the Market Opens Opportunity: Technology, Regulation
• Regulation, MCI and Sprint
• Technology, Vonage and Technology, Skype
• Technology, Flickr
• Technology, Netflix
• Regulation, MCI and Sprint
• Technology, Vonage and Technology, Skype
• Technology, Flickr
• Technology, Netflix
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Changes in the Market Opens Opportunity:Demographic, Psychographic/Lifestyle, Behavior
• Children who have autism
• People who are visually impaired
• Girls who surf or want to
• Children who have autism
• People who are visually impaired
• Girls who surf or want to
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Changes in the Market Trends Opens Opportunity: Perception
• Whole Foods
• Method, Seventh Generation
• Domini Social Investments
• Borrego Solar
• Whole Foods
• Method, Seventh Generation
• Domini Social Investments
• Borrego Solar
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Poll
Which other entrepreneurs come to mind who took advantage of a change in the market?
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Questions
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Be Creative
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Damn I Should Have Thought of That: The Obvious
• Gary Burrell and Min Kao, Garmin-GPS
• Herb Kelleher, Southwest Airlines
• Charles Schwab, Schwab
• William Wang, Vizio
• Gary Burrell and Min Kao, Garmin-GPS
• Herb Kelleher, Southwest Airlines
• Charles Schwab, Schwab
• William Wang, Vizio
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Phoenix Rising: Out of the Ashes of Failure Can Come Success
• Fritz Maytag, Anchor Brewing
• Led by Dr. Daryoosh Vakhshoori Ahura Scientific
• Douglas Quikut, Ginsu
• Pfizer, Viagra
• Fritz Maytag, Anchor Brewing
• Led by Dr. Daryoosh Vakhshoori Ahura Scientific
• Douglas Quikut, Ginsu
• Pfizer, Viagra
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Counter Intuitive: Huh!
• Online book store
• Online video rental
• Low priced store, yet employees have benefits
• Online book store
• Online video rental
• Low priced store, yet employees have benefits
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Scratch a Niche
• Bob Johnson, BET• Rick Alden, Skullcandy
• Staffing agency for nonprofits and fashion industry
• Fiscal management for nonprofits
• Bob Johnson, BET• Rick Alden, Skullcandy
• Staffing agency for nonprofits and fashion industry
• Fiscal management for nonprofits
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Poll
Which other entrepreneurs typify the creative entrepreneur?
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Questions
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Push the Envelope
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Necessity Is the Mother of Invention: There’s Got to Be a Better Way
• New Leaf Paper• Better World Books• Organic Valley of Farms• Yahoo, Google,
Amazon, Ebay, LinkedIn
• New Leaf Paper• Better World Books• Organic Valley of Farms• Yahoo, Google,
Amazon, Ebay, LinkedIn
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Bright Idea: May Be Not
• Zipper
• Ballpoint pen
• Aerosol spray can
• Tab to open soft drinks
• Velcro
• Zipper
• Ballpoint pen
• Aerosol spray can
• Tab to open soft drinks
• Velcro
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Poll
Which entrepreneurs created new processes or new products?
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Questions
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Have Others Help You
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Your Passion:Dogs
Your Passion:Dogs
Brown
Fleas
BlackSmall
Exercise
Leash
Collar
Yellow
Big
Clean-up
Walk
Mind Mapping
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Your Passion:Dogs
Your Passion:Dogs
Brown
Black
Exercise
Leash
Collar
Yellow
Clean-up
Walk
Big
Small
Fleas
Grooming
Mind Mapping
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Mix and Match
• Industry expertise
• Passion
• Skills
• Interests
• Industry expertise
• Passion
• Skills
• Interests
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Identify Your Reasons For Starting a Business
• This is personal journey
• There are no right or wrong answers
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Determine the Additional Support You’ll Need
• Take classes• Join industry groups• Join networking groups• Network• Join peer-to-peer
mastermind or CEO Roundtables
• Read books and magazines on entrepreneurs and entrepreneurial techniques
• Find a mentor or advisor• Use a coach
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Suggested Reading
• An oldie, but a goody – Peter Drucker, Innovation and Entrepreneurship
• Harvard Business Essentials, Entrepreneur’s Toolkit, chapter 2• Entrepreneur.com
– What's Love Got to Do With It? http://www.entrepreneur.com/startingabusiness/selfassessment/article76120.html
– You're the Inspiration http://www.entrepreneur.com/magazine/entrepreneur/2005/september/79406.html
– Scratch a Niche http://www.entrepreneur.com/magazine/entrepreneur/2005/august/78814.html
• 7 Methods in Choosing a Business http://www.powerhomebiz.com/vol72/methods.htm
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Set Your Own Direction
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Questions