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Success formulas workbook_session2

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You only get one chance at the perfect investor so you need to be ready. This is the first in a series of workshop sessions that get you ready.

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Success formulas workbook_session2

  1. 1. Success Formulas® Session Two Focus
  2. 2. Session Two Agenda • Feedback Session On... – 30-Second Description – Exit Strategy – Executive Summary • Tests of a Winner • Product/Market Matrix • The Focus
  3. 3. Feedback Session • Entrepreneurs Present Information • Others Act as “Investors” • Comments & Feedback (“Yeah, buts…”) On: • 30-Second Description • Exit Strategy • Executive Summary
  4. 4. 30-Second Description Feedback • Introduction • Interest Generating Idea • Two Key Points • Probe for Need or Opportunity
  5. 5. Exit Strategy Ask Yourself... • Why Are You Getting Into Business? • Do You See Yourself Running the Company Twenty Years From Now? • Is Your Goal to Make A Lot of Money? • Or Running a Solid and Steadily Growing Family Business?
  6. 6. Exit Strategy Feedback Types… • Lifestyle • Inheritance-Bequest • Sell to Larger Corporation • IPO: Sell to the Public • Shut Down: Dissolve the Company
  7. 7. Executive Summary In 2-or-3 Pages, Briefly Describe the highlights of… • Elevator Speech • Industry • Vision • Mission • Corporate Legal Description • Product/Service - What it does, how much it sells for, proprietary position • Market - Who’s going to buy, what is the sales channel. • Operations • Management Team • Investment Required • Financial Proforma • Note: Develop each topic for five years
  8. 8. Funding • What are Your Funding Needs? • What are Your Sources of Funding?
  9. 9. Professional Investors • Venture Capitalist • Banks • Angels/Local Private Investors
  10. 10. Venture Capitalists Who are they? Which should you approach? • Role of “Lead Venture Capitalist” (should be close to you) • How many investors do you need • Specialty by Industry • Specialty by Stage of Investment • Specialty by Size of Investment • Other Criteria: – Co-investors – Value-added services – Active versus passive involvement – Et. al.
  11. 11. Venture Capitalist’’s Goal... • High Return on Investment • Managed Risk
  12. 12. Banks Will Give You a Loan If… • You have Assets--Get Money Back. • Earnings Within Company. • You Personally Guarantee Pay Back (Personal Assets) Debt.
  13. 13. Angels/Private Investors • Known as Informal Venture Capitalists • Typically Willing to Invest Earlier • One or More Angels May Be Used to Raise Money • Often Like to Get “Involved” in the Company’s Operations • Can Be Idiosyncratic
  14. 14. What Resources Do You Have to Draw On?
  15. 15. Break
  16. 16. Tests of a Winner • Team? • Market? • Operations? • Technology?
  17. 17. Technical • Do We Have a Proprietary Technology, and is it Proven? • Can We Make it in Volume? • Can We Protect It? (More Discussion on Technology in Session Four.)
  18. 18. The 2-Minute Opportunity Checklist for Entrepreneurs • Does your business idea soothe someone's pain, discomfort, frustration, or dissatisfaction? • Are there lots of those people out there? • Do these people (or companies, or governments) have money to pay for it? • Will they be able to decide quickly to buy your product or service?
  19. 19. The 2-Minute Opportunity Checklist for Entrepreneurs Cont’d • Does your idea exploit something about you that is outstanding or unique? • Can you think of at least two people who might join you? • Are there important assets you have that no one else has? (money, access to customers, technology, leadership skills, execution, location, salesmanship, etc.)
  20. 20. The 2-Minute Opportunity Checklist for Entrepreneurs Cont’d • Do their skills complement yours? • Do they have the same values as you do? • Do the majority of people whose opinion you highly respect think your idea is a good one?
  21. 21. The 2-Minute Opportunity Checklist for Entrepreneurs Cont’d • Does at least one person (and not more than three people), whose opinion you highly respect, think your idea is a bad one? • Is there something about the idea or its implementation, that compels you to really devote yourself to it?
  22. 22. The 2-Minute Opportunity Checklist for Entrepreneurs Cont’d • Can you sneak by the big competitors without them noticing you for awhile? • Can you start up without huge gobs of money? • Can you find a potential customer who will take your calls, give you feedback, try a pilot out? • Can you keep your fixed costs low during launch?
  23. 23. The 2-Minute Opportunity Checklist for Entrepreneurs Cont’d • Does your idea lend itself to small incremental steps that can inexpensively generate valuable information as well as at least a little cash? • Can you think of something else that Isenberg has forgotten? (and it is....)
  24. 24. Market • Who wants it? • What will they Pay? • How Do We Know Who Will Buy? • What Features/Functions will make them choose your product/service? • What is the best Channel to Market? • What is the Competition Doing?
  25. 25. Operations Ask Yourself: Do we have the... • Correct People Resources? – Now – Future • Financial Resources? – Cash-flow from sales – Equity Financing – Debt financing • Infrastructure? – Equipment & facilities – Out-sourcing versus in-house
  26. 26. Case Study: Jacobs’’ Hot Dog Stand • Donald • Hot Dogs • Secret Ingredient • Technology is...
  27. 27. The Product • The Product is…..
  28. 28. The Market • Front Yard • Nearby Park • The market is…..
  29. 29. Operations • A Hot Plate, Pots • Shopping at the grocery store • Loose change jar
  30. 30. Resources • Donald • Ruth, his wife • A Card Table • A Yard Sign • $5.00
  31. 31. Sales Channel • The Sales Channel is…..
  32. 32. Success • Success happens • The story is…..
  33. 33. Expansion • The next Product is….. • And the Product after that is….. • The next Market is….. • The Market after that is….. • The next Technology is….. • The next Sales Channel is…..
  34. 34. Ramifications • The Customer Base Grew….. • The Company brought in more Vendors…. • The Company brought in more People….. • The Story involves Money….. • Then the Government discovered Donald…..
  35. 35. The Competition Shows Up... Sales Take A Dive! What Should Donald Do?
  36. 36. Sales Take a Dive! • What to Do? – Create a new secret recipe – Upgrade the stand’s appearance – Advertise – Cut prices – Open a new stand – Move the stand – License the recipe – Sell the business
  37. 37. Product/Market Matrix 1 2 3 4 5 6 7 8 9 10 A B C D E F G
  38. 38. The Focus • Team • Market • Sales Channel • Technology • Product • Service • Resources
  39. 39. Technology • The Resource: Research, Patents, Trade Secrets • The Investment: New Technology • The Return: Licenses and Consulting Fees
  40. 40. Product • The Resource: Family of Related Products • The Investment: New Products • The Return: Sales of Products to Multiple Markets
  41. 41. Market • The Resource: Access to a Set of Customers with Common Needs • The Investment: The Right Range of Products • The Return: Sales of Multiple Products to a Single Market
  42. 42. Service • The Resource: A Skill Set • The Investment: People With a Skill • The Return: Selling Related Services to Multiple Markets
  43. 43. Sales Channel • The Resource: A Method of Sales • The Investment: Sales Tools, Access to Products and Markets • The Return: Sales of Many Products to Many Markets Through a Single Method of Sales
  44. 44. Resource • The Resource: Airplane Seats, Architects, Engineers • The Investment: People or Equipment • The Return: Selling the Resource to Multiple Markets
  45. 45. Pick Your Resource • Team • Market • Sales Channel • Technology • Product • Service • Resources
  46. 46. Ramifications of Your Choice • The Resource • The Investment • The Return Will the Business Take-Off?
  47. 47. Re-Cap Questions • What is Your Exit Strategy? • What is Your Focus? • What are Your Resources? • What are Your Sources of Funding? • Do You Have a Winning Business?
  48. 48. Homework Update Executive Summary • Based on Feedback • Include Focus
  49. 49. Preview Session Three: Marketing Strategy • Present Revised Executive Summaries • Product Life Cycle • Defining Your Product--Market & Niche • Low Price/Technology/Relationship Leaders • Distribution Channels
  50. 50. Success Formulas® Session Two Focus

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You only get one chance at the perfect investor so you need to be ready. This is the first in a series of workshop sessions that get you ready.

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