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Entrepreneurship presentationforlibraryforapril16
1. Boot Camp 4
Entrepreneurs
Session 2:
April 16, 2012
5-6:30
Feasibility Testing & Agile Business Planning:
Getting to a Minimum Viable Product
2. Agenda – Session 2
Entrepreneurship
Introductions Business Map Bonus: E-Myth
Steps
Homework Review
• SBA Pitch Your Prospect Strategy
Business Model
• Art of the Start Activity Scoreboard
• Lean Startup
RERO
Crossing the • Analysis Paralysis GTD the SCRUM
Emotional Solution
Chasm Way
Customer Pain Get Out of the
Target Niche MVP
Point Building
2
3. Company:
Version: Emotional Solution/
Customer Pain Value Proposition
How to communicate
Agile Business
Plan Worksheet
Monetize & Make Process
Prototype & Sell Today
Better
4. • Space in lifecycle that can mean death
• Valley of death between first customers and
the rest
• Entrepreneur’s dip in the roller-coaster
4
5. • Win the target customer
• Bowl over the first bowling pin
• Celebrate the niche target market
• Listen to the customer pain point
5
6. • A complaint
• “Too hard”
• “Takes too much time”
• Wish there could be more of
Target
• It is a problem for you Customer
• Feel need is unmet Pain
• Guilt
• Emotional need • Google
“complaints”
6
8. Entrepreneurship Steps
Target Meaningful, Prototype & Business
Customer Emotional Sell Model
Pain Solution • Would you • How will you
• Guilt • Save your use? make $
• Google loved ones • Would you • Wheel
“complaints” • They’ll love recommend? • Breakeven
• Takes too you • How much • 3 statements
much time • Saves you should I sell it
and effort time for?
• Google tools
8
9. Business Map
Mission Vision
Strategy
What can Values
you sell
today?
9
10. Company:
Version: Copy a Solution/
Customer Pain Value Proposition
How to communicate
Agile Business
Plan Worksheet
Monetize & Make Process
Prototype & Sell Today
Better
11. “I never want to build something that
nobody wants to buy.”
Thomas Edison
11
14. • Extreme uncertainty
• Don’t know what we don’t know
• Make unknowns known – Fast!
• List your best guesses
• Test your guesses
• List your learnings
• Refine your offerings
14
15. List your Guesses to Test
Target Customer Pain/Unmet
Need
Growing Niche Target
Value Proposition -
Product/Service Offering
Communicated How?
Delivered How?
Revenue Model/How will you
make $
Breakeven Point
15
16. “‘Nothing but perfection’ may be spelled,
‘P-A-R-A-L-Y-S-I-S.’”
Winston Churchill
• Beware analysis paralysis
• Release early, release often
• Get to MVP and test assumptions
16
18. “Get Out of the Building!”
Pitch your Prospect
Target Customer Pain
Emotional
Solution/Value
Proposition
Record Learnings
18
19. Key to Success: Execute
Getting Things Done (GTD)
The SCRUM Way
• Do every task that comes at you in 2
min or less
GTD • Anything else is put on the calendar
with start and end dates
• You are allowed to “renegotiate”
• Be accountable to someone else
weekly
SCRUM • 3 Questions: 1) What did I accomplish,
2) What am I going to accomplish next,
3) What I’m stuck on
19
20. Company:
Version: Emotional Solution/
Customer Pain Value Proposition
How to communicate
Agile Business
Plan Worksheet
Monetize & Make Process
Prototype & Sell Today
Better
21. 6 out of 10 businesses shut down
in first 4 years.
Why?
1. Poor Execution 5. Picking a Niche That is
2. No Viable Market too Small
3. Too Much 6. Breakup of the
Leverage/Debt Founding Team
4. Lack of Competitive 7. Poor Pricing Strategy
Advantage 8. Growing too Fast
21
23. Financially Feasible:
Why do I need the Big 3?
• Smart business people know
• Do projected and actual statements monthly for 1-3
years
• Don’t be a “bean counter,” but do count your beans
• If you don't know how your money is moving, you
won't know how you are doing
• 3 views on the financial health of your business
24. What’s the dif?
• "Big 3" Review to Remember:
1. Income Statement shows profit for the
period of time displayed
2. Cash Flow shows if you have cash to pay your
bills for the period of time displayed
3. Balance Sheet shows how much your
company is worth as a snapshot in time
25. What is an Income Statement?
• IncomeStatement (or Profit and Loss or P&L)
shows how profitable your company is
• Profit
= all of your revenue - all of your
expenses
• Profit
matters because any profit that is
gained goes to the business's owners
26. What is a Cash Flow Statement?
• Shows if you have the cash to meet your bills when
you need to
• Different from the Income Statement
• Cash flow is not “interested” in profit
• Cash flow is “interested” in cash
• Any kind of cash from anywhere
• Shows the cash coming in for the month and the
cash going out for the month
• If you subtract the cash going out and come up short,
you will need to get more cash
27. What is a Balance Sheet?
• Snapshot in time of how much your company is
worth
• What your company owns, which are its assets
• What your company owes, which are its liabilities
• Gives your owner's equity or net worth
• Net worth = assets (own) - liabilities (owe).
28. Let’s Review
•3 views of your company’s financial health are
important:
1. Income shows whether your company is profitable
(revenue – costs) (leaving money for you, the
owner)
2. Cash shows whether your company has money to
pay its bills when needed (any cash – bills)
3. Balance sheet shows how much your company is
worth (own – owe)
29. Company:
Version: Copy a Solution/
Customer Pain Value Proposition
How to communicate
Agile Business
Plan Worksheet
Monetize & Make Process
Prototype & Sell Today
Better
30. E-Myth
Love what
you do
Check the
Franchise
running of
Building prototype
the checklists
Something
Customers Want
Checklist Top 5
Manifesto Processes
30
31. Brainstorm List to Exceed Expectations
Core Value Proposition
Building
Something
Customers
Want More Perceptions
• Website
• Brand/logo
• Friendly Greetings
• Payment Process
31
32. Agenda – Session 2
Entrepreneurship
Introductions Business Map Bonus: E-Myth
Steps
Homework Review
• SBA Pitch Your Prospect Strategy
Business Model
• Art of the Start Activity Scoreboard
• Lean Startup
RERO
Crossing the • Analysis Paralysis GTD the SCRUM
Emotional Solution
Chasm Way
Customer Pain Get Out of the
Target Niche MVP
Point Building
32
Editor's Notes
If you are making a profit, most would judge your business as successful, as long as you are working toward growth as well. The Income Statement only “cares” if your company is making extra money (profit) to make the owners rich after paying for everything. It doesn't “care” about when and how things are paid for.
