The Entrepreneur and Opportunity
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The Entrepreneur and Opportunity, by Kevin Pate, for MR15
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The Entrepreneur and Opportunity
- 1. The Entrepreneur and Opportunity Global Advance, Inc by permission only Entrepreneurial Skills: GLOBAL ADVANCE MARKETPLACE GLOBAL ADVANCE MARKETPLACE
- 2. Entrepreneur An entrepreneur is a person who undertakes the creation of an enterprise or business that has the chance of profit (or success). Global Advance, Inc by permission only The Entrepreneur & Opportunity
- 3. “I never did anything worth doing entirely by accident…and almost none of my inventions came about totally by accident. They were achieved by having trained myself to endure and tolerate hard work.” – Thomas Edison Global Advance, Inc by permission only The Entrepreneur & Opportunity
- 4. An Entrepreneur Test: Are you an entrepreneur? Answer each question by checking Yes or No: 1. When I am faced with a challenge, I am confident that I can work through it ___ ___ 2. I want to be financially independent and be rewarded for my accomplishments ___ ___ 3. Trying something new is attractive, even if the risk of failure is significant ___ ___ 4. I'd prefer to gain independence and control my destiny ___ ___ 5. Building a new enterprise is important to me ___ ___ 6. My experiences during my youth and early career have shown me the benefits of starting a new enterprise ___ ___ 7. Starting a new business some day soon is always in my thoughts ___ ___ 8. I like working with others and can provide leadership when called upon ___ ___ 9. Our society and my family provide a strong, supportive base for my initiatives ___ ___ 10. I possess good technical skills and strong relationship skills in the industry I wish to enter. ___ ___ Global Advance, Inc by permission only The Entrepreneur & Opportunity
- 5. Characteristics of an Entrepreneur: • Ability to deal with a series of tough issues • Can handle many tasks simultaneously • Resiliency in the face of set-backs • Possess well-developed problem solving skills • Willingness to work hard and not expect easy solutions • Ability to create solutions and work to perfect them • Ability to learn and acquire the necessary skills for the tasks at hand Global Advance, Inc by permission only The Entrepreneur & Opportunity
- 6. The Entrepreneur & Opportunity The Opportunity Process: 1. Identifying the Opportunity 2. Determining your capabilities and interests 3. Evaluating the opportunity 4. Deciding to act on the opportunity or look elsewhere 5. Writing a summary of the concept 6. Testing the summary and the concept with potential customers and investors Global Advance, Inc by permission only
- 7. The Opportunity Process: 1. Identifying the Opportunity 2. Determining your capabilities and interests 3. Evaluating the opportunity 4. Deciding to act on the opportunity or look elsewhere 5. Writing a summary of the concept 6. Testing the summary and the concept with potential customers and investors Global Advance, Inc by permission only The Entrepreneur & Opportunity
- 8. Global Advance, Inc by permission only The Opportunity Process – Indentify: • Increasing the value of product/service (i.g., new, high quality tool) • New applications of existing means or technologies (i.g., use of magnetic cards for door access) • Customization for individuals (i.g., customized computers) • Process innovation (i.g., airborne shipping) The Entrepreneur & Opportunity
- 9. The Opportunity Process: 1. Identifying the Opportunity 2. Determining your capabilities and interests 3. Evaluating the opportunity 4. Deciding to act on the opportunity or look elsewhere 5. Writing a summary of the concept 6. Testing the summary and the concept with potential customers and investors Global Advance, Inc by permission only The Entrepreneur & Opportunity
- 10. Characteristics of an Entrepreneur applied to this opportunity: • Do you have the ability (gifts, talents, education, experience)to deal with a series of tough issues specific to this opportunity? • Can you handle many tasks specific to this opportunity? • Will you have resiliency specific to this opportunity? • Do you possess well-developed problem solving skills specific to this opportunity? • Do you have the ability to create solutions and work to perfect them specific to this opportunity? • Do you have the ability to learn and acquire the necessary skills for this opportunity Global Advance, Inc by permission only The Entrepreneur & Opportunity
- 11. The Opportunity Process: 1. Identifying the Opportunity 2. Determining your capabilities and interests 3. Evaluating the opportunity 4. Deciding to act on the opportunity or look elsewhere 5. Writing a summary of the concept 6. Testing the summary and the concept with potential customers and investors Global Advance, Inc by permission only The Entrepreneur & Opportunity
- 12. The Opportunity Process – Evaluate: 1. Capabilities Do my team members possess the capabilities? 2. Novelty Are there novel qualities? 3. Significant customer value Is the amount of benefit a customer will get greater than the cost? 4. Resources Can the team attract required resources? 5. Return Can it be profitable and is return sufficient for risk? 6. Commitment Is there team commitment? Global Advance, Inc by permission only The Entrepreneur & Opportunity
- 13. The Opportunity Process: 1. Identifying the Opportunity 2. Determining your capabilities and interests 3. Evaluating the opportunity 4. Deciding to act on the opportunity or look elsewhere 5. Writing a summary of the concept 6. Testing the summary and the concept with potential customers and investors Global Advance, Inc by permission only The Entrepreneur & Opportunity
- 14. The Opportunity Process: 1. Identifying the Opportunity 2. Determining your capabilities and interests 3. Evaluating the opportunity 4. Deciding to act on the opportunity or look elsewhere 5. Writing a summary of the concept 6. Testing the summary and the concept with potential customers and investors Global Advance, Inc by permission only The Entrepreneur & Opportunity
- 15. Global Advance, Inc by permission only The Entrepreneur & Opportunity Business Model Canvas
- 16. Business Plan Executive Summary Company Description Products and Services Marketing Plan Operational Plan Management and Organization Personal Financial Statement Startup Expenses/Capitalization Financial Plan Appendices Business Model Customer Segments Value Proposition Channels Customer Relationship Revenue Streams Key Resources Key Partners Key Activities Cost Structure or ?
- 17. The Opportunity Process: 1. Identifying the Opportunity 2. Determining your capabilities and interests 3. Evaluating the opportunity 4. Deciding to act on the opportunity or look elsewhere 5. Writing a summary of the concept 6. Testing the summary and the concept with potential customers and investors Global Advance, Inc by permission only The Entrepreneur & Opportunity
- 19. Global Advance, Inc by permission only The Entrepreneur & Opportunity 2012
- 20. The Opportunity Process: 1. Identifying the Opportunity 2. Determining your capabilities 3. Evaluating the opportunity 4. Deciding to act on the opportunity or look elsewhere 5. Writing a summary of the concept 6. Testing the summary and the concept with potential customers and investors Global Advance, Inc by permission only The Entrepreneur & Opportunity
- 21. Global Advance, Inc by permission only The Entrepreneur & Opportunity Problems Lead To Opportunity: Process is too slow Waiters too busy Too much paperwork
- 22. Global Advance, Inc by permission only The Opportunity Process – Identify: • Increasing the value of product/service (i.g., new, high quality tool) • New applications of existing means or technologies (i.g., use of magnetic cards for door access) • Customization for individuals • Process innovation (i.g., airborne shipping) The Entrepreneur & Opportunity
- 23. Global Advance, Inc by permission only The Entrepreneur & Opportunity Order when ready Pay when ready, securely Powerful bookkeeping Problems Lead To Opportunity:
- 24. Global Advance, Inc by permission only The Entrepreneur & Opportunity Satisfy impulse orders Act on guest feedback Customers to craft experience 7 minutes faster table turn One bill, or split bill Up-sell 100% = 10% sales boost Problems Lead To MORE Opportunity: Use social media $0 upfront cost
- 25. The Opportunity Process: 1. Identifying the Opportunity 2. Determining your capabilities 3. Evaluating the opportunity 4. Deciding to act on the opportunity or look elsewhere 5. Writing a summary of the concept 6. Testing the summary and the concept with potential customers and investors Global Advance, Inc by permission only The Entrepreneur & Opportunity
- 26. The Opportunity Process – Evaluate: 1. Capabilities Do my team members possess knowledge and capabilities? 2. Novelty Are there significant, novel, or differentiating or proprietary qualities? 3. Significant customer value Is the amount of benefit a customer will get greater than the cost? 4. Resources Can the team attract required financial, human, and physical resources? 5. Return Can it be profitable and is return sufficient for risk? 6. Commitment Is there team commitment and passion? Global Advance, Inc by permission only The Entrepreneur & Opportunity
- 27. The Opportunity Process: 1. Identifying the Opportunity 2. Determining your capabilities 3. Evaluating the opportunity 4. Deciding to act on the opportunity or look elsewhere 5. Writing a summary of the concept 6. Testing the summary and the concept with potential customers and investors Global Advance, Inc by permission only The Entrepreneur & Opportunity
- 28. The Entrepreneur & Opportunity The Opportunity Process: 1. Identifying the Opportunity 2. Determining the Entrepreneur’s capabilities 3. Evaluating the opportunity 4. Deciding to act on the opportunity or look elsewhere 5. Writing a summary of the concept 6. Testing the summary and the concept with potential customers and investors Global Advance, Inc by permission only
- 29. Global Advance, Inc by permission only The Entrepreneur & Opportunity Business Model Canvas
- 30. The Entrepreneur & Opportunity The Opportunity Process: 1. Identifying the Opportunity 2. Determining your capabilities 3. Evaluating the opportunity 4. Deciding to act on the opportunity or look elsewhere 5. Writing a summary of the concept 6. Testing the summary and the concept with potential customers and investors Global Advance, Inc by permission only
- 32. Thank You! Global Advance, Inc by permission only The Entrepreneur & Opportunity
- 35. Order,Pay,Play Empowercustomerstocraft theirdiningexperience. Global Advance, Inc by permission only The Entrepreneur & Opportunity Problems Lead To MORE Opportunity:
- 36. The Opportunity Process – Evaluate: 1. Capabilities Do my team members possess the capabilities? 2. Novelty Are there novel qualities? 3. Significant customer value Is the amount of benefit a customer will get greater than the cost? 4. Resources Can the team attract required resources? 5. Return Can it be profitable and is return sufficient for risk? 6. Commitment Is there team commitment? Global Advance, Inc by permission only The Entrepreneur & Opportunity
- 37. The Opportunity Process: 1. Identifying the Opportunity 2. Determining your capabilities 3. Evaluating the opportunity 4. Deciding to act on the opportunity or look elsewhere 5. Writing a summary of the concept 6. Testing the summary and the concept with potential customers and investors Global Advance, Inc by permission only The Entrepreneur & Opportunity
Notas del editor
- Webster’s – someone who runs a business at his or her own financial risk Create! Make something new – a business, a new idea
- Webster’s – someone who runs a business at his or her own financial risk
- Add your total score for Yes and No: ___ ___ Seven or more Yes answers indicate that you may be ready to act as an entrepreneur
- Everyone has unique God given gifts and abilities that will allow them to enter and succede in certain areas and fields. God has given people with above characteristics the ability to be entrepreneurs.
- Here is the overview of the list
- Creating mass markets (i.g., disposable cameras) Increasing reach (i.g., use of internet for services) Managing the supply chain (i.g., large stores) Increasing the scale of the firm (i.g., rental firms, waste disposal) Convergence of industries (i.g., banking and brokerage) Abiltiy to “see” opportunitiesYou see a better way to … Many times you will see opportunities in the industry, business you are in New ways build or construct with new materials Do things more efficientlyMake things smaller Gina Buser – customization for individuals in the legal area
- Do you know the field or industry – have experience or knowledge? Do you know the technical aspects of the idea/opportunity Are you passionate about it? Do you care? AM I READY TO TAKE THIS ON?
- Everyone has unique God given gifts and abilities that will allow them to enter and succede in certain areas and fields. God has given people with above characteristics the ability to be entrepreneurs.
- 1. Capabilities Do my team members possess knowledge and capabilities? 2. Novelty Are there significant, novel, or differentiating or proprietary qualities? 3. Significant customer value Is the amount of benefit a customer will get greater than the cost? 4. Resources Can the team attract required financial, human, and physical resources? 5. Return Can it be profitable and is return sufficient for risk? 6. Commitment Is there team commitment and passion? CAPABILITIES - of team NOVELTY – properties SIGNIFICANT CUSTOMER VALUE – benefit > cost RESOURCES - attract the money, people and other resources? RETURN – profitable COMMITMENT – team passion
- Business Model Canvas
- Business Model Canvas over Business plan
- 1. No business plan survives the first customer contact. 2. It’s the business model, period. 3. Take time to think through alternative possibilities 4. Your business model idea is just a set of hypotheses. 5. Don’t build your company, until you’ve verified your business model
- Develop the business model canvass and take it to customers and investors and get response - PIVOT This is not the business plan
- Verifying every hypothesis you need to adapt the business model until you can prove it works
- Process for placing orders and figuring customers bills is too slow Waiters can not always attend to the customers in a timely manner There is too much paperwork for all the different phases of the restaurant business These are some problems they were facing Many times ideas and opportunity are birthed out of problems we have in doing things or finding solutions.
- Sometime people will create something to meet their “in house” needs and find out it has an appeal to others. They can market for $
- Powerful bookkeeping tools to track operations, metrics, menu trends, and profitability Answered or created solutions to what we needed. It was easy to add other features that could help in many other ways.
- Order meals, pay for meals, play games, empower customers to craft their dining experience Satisfy impulse orders when craving something extra, your diners can order before changing their minds
- CAPABILITIES - of team NOVELTY – properties SIGNIFICANT CUSTOMER VALUE – benefit > cost RESOURCES - attract the money, people and other resources? RETURN – profitable COMMITMENT – team passion
- Get on paper – Business Model Canvas
- Business Model Canvas over Business plan
- Test on potential customers and investors
- Verifying every hypothesis you need to adapt the business model until you can prove it works
- 7 minutes faster table turn by allowing customers to browse the menu, order, and pay themselves. $0 Upfront Cost for restaurant owners. Plug and Play technology gives a streamlined installation process Act on guest feedback before they leave. Know how your guests feel immediately from feedback given at their table Use social media such as Facebook from the table - guests and share their experience and your hospitality with friends
- 1. Capabilities Do my team members possess knowledge and capabilities? 2. Novelty Are there significant, novel, or differentiating or proprietary qualities? 3. Significant customer value Is the amount of benefit a customer will get greater than the cost? 4. Resources Can the team attract required financial, human, and physical resources? 5. Return Can it be profitable and is return sufficient for risk? 6. Commitment Is there team commitment and passion? CAPABILITIES - of team NOVELTY – properties SIGNIFICANT CUSTOMER VALUE – benefit > cost RESOURCES - attract the money, people and other resources? RETURN – profitable COMMITMENT – team passion
- Need to re-evaluate – product is very different than first imagined and may have mass appeal