your idea napkin: 5 key questions...advice from sir richard • “in my experience, the single...

Canadian Youth Business Foundation Webinar # 1

Your Idea Napkin: 5 Key Questions

Scott Armstrong Entrepreneur-in-Residence Canadian Youth Business Foundation [email protected]

Canadian Youth Business Foundation

CYBF Start Up Program

18-39 years old 15 k CYBF loan/BDC 30 k Work on the business full time Starting a business or in business for less than a year Work with a mentor for two years


•  Former Director of Entrepreneurship at BCIT

•  Small business banker

•  Social entrepreneur

•  What do I bring to the table

CYBF


CYBF


Market

Me

Moment

Money

CYBF


Examples


Examples of Business ………. •  Eastman Kodak •  Blockbuster Video •  Hostess •  Reader’s Digest •  Eaton’s •  Atkin’s Diet •  Atari

Filed for Chapter 7 or 11

Don’t be product focused!

CYBF


Your Idea


Industry Work Experience Past employers, projects worked on, results, practical experience

Management/sales In the industry

Training/Education Highest level attained Education related to the field

Industry contacts Part of the industry association, access & understands suppliers Customer contacts Strong leads, sales or past sales

Learning experiences Passions, coping with life, ability to make it happen

Management – what you bring


Aim for clarity

“ I offer one-on-one coaching and webinars to entrepreneurs to help them write a killer business plan they will actually use.”

2. What are you offering


Your best customer (buyer) Be specific

“ Start-up businesses between the ages of 18-39 who are committed to starting their dream.”

3. Who are you offering it to?


Compelling Value Why they will spend their money Aim for one key benefit “Be able to write a business plan to secure a loan and avoid costly mistakes.”

4. Why do they care?


•  Saves time •  Better quality •  Easier to use •  Convenient •  Minimizes risk •  Reduces pain •  Highly credible •  Socially responsible

Compelling value examples


Quality quality of product or service

Service Price customer’s experience money customer spends

True value equation


Your strength(s) to ensure you can deliver Zoom in on your core strength(s) “Keeping entrepreneurs focused on priorities that matter (using my 25 years experience) ”

5. What are your core competencies?


Impact

Feasibility

B (cannot fund)

A


Advice from Sir Richard •  “in my experience, the single greatest

cause of entrepreneurs not reaching their dreams is a lack of sustained focus.”

»  Sir Richard Branson


Need a business plan to apply to CYBF Useful links: Business Plan Writer Sample business plans Cash flow template Crash courses

www.cybf.ca/resources


Presented by

Scott Armstrong Entrepreneur-in-Residence [email protected] www.cybf.ca

CYBF


Join the conversation:

@CYBFCanada

CYBF.FCJE

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your idea napkin: 5 key questions...advice from sir richard • “in my experience, the single...

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