3. Do You Have What it Takes
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Take an assessment
Dogged Determination
Risk Takers/Embrace Chaos & the Unknown
Thrive in Uncertainty
Dare to Change the world
Love Setting Deadlines
Hate Working For others
Love Solving problems
Ask LOTS of questions
Self-awareness
Lifelong learners
Is ALL this in YOU???
5. Planning is critical
• Speak to as many entrepreneurs as you
can to pick their brain (lessons learned)
• Research, research, research.
• Build a customer framework model.
• Develop a business plan.
• Starting Saving NOW!
6. Customer Framework Model
• Value proposition: the product/service, its
features/benefits or uniqueness versus the
competition; size of the market opportunity;
and minimum viable product that best
illustrates the product as quickly as possible
to elicit customer feedback early.
• Customer segments: who your customer
is and what problems the product solves.
• Channels: how you’ll distribute/sell your
product.
• Customer Relationships: how you’ll create
demand for your product/service.
7. Customer Framework Model
• Cost Structure: the fixed and variable
costs required to operate your business.
• Key Activities: the tasks the company
must perform to succeed.
• Key Resources: suppliers, commodities, or
other essential elements of the business.
• Key Partners: other enterprises essential
to success of the business.
• Revenue Streams: revenue and profit
sources and size.
9. Traditional & Non-Traditional
• Traditional:
– Banks
– Venture Capitalists, Angel investors
• Non-traditional
– Micro-lenders
• Most funding for start-ups come from the
entrepreneur, friends & family
10. What’s required of you
• All lenders require the following 6 “C”s:
1. Character: credit report, references, work experience.
2. Capital: personal investment into the business.
3. Capacity: cash flow, business plan, commitment.
4. Collateral: pledge of property or assets to bank in
case of default.
5. Cosigner: person who signs the loan contract with the
borrower.
6. Conditions: sector of business, competitive
landscape, growth and attractiveness of industry.
12. Mentors Needed
• We all have blind spots
• You can’t be an expert in everything but
need to oversee all the functions of your
business
• Resources exist everywhere!
– Score, SBA, private
coaches, incubators, business/merchant
associations, faculty, fellow students
13. In Summary…
• It’s NOT for everybody.
• You’ll NEVER work harder in your
life.
• It beats working for others.
• Confirm your business idea can be
commercialized.
• Have great credit.
• Start building a war chest.
• Pursue partnerships.