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CSB/SJU Job Search Series Budding Entrepreneur

CSB/SJU Job Search Series Budding Entrepreneur. November 17 th 2009. Hosted by RJF Agencies. Prayer for Job Seekers. God, our Creator, we turn to you seeking your divine help and guidance as we look for suitable employment.

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CSB/SJU Job Search Series Budding Entrepreneur

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  1. CSB/SJU Job Search SeriesBudding Entrepreneur November 17th 2009 Hosted by RJF Agencies

  2. Prayer for Job Seekers God, our Creator, we turn to you seeking your divine help and guidance as we look for suitable employment. We need your wisdom to guide our footsteps along the right path, and to lead us to find the proper things to say and do in this quest. We wish to use the gifts and talents you have given us, but we need the opportunity to do so with gainful employment. Do not abandon us in this search, but rather grant us this favor we seek so that we may return to you with praise and thanksgiving for your gracious assistance. Grant this through Christ, our Lord.  Amen

  3. Donald McNeely Center for Entrepreneurship Resources Available for Alumnae/i Terri BarreiroMcNeely Center for Entrepreneurship

  4. You can something I am not going to tell you it is easy . . . But it happens all the time It is a journey with lots of questions and an ever changing reality

  5. Look inward – Know yourself • Skills • Experience • Expertise • Passions

  6. 2. Look Outward – See Opportunities Everywhere • Read • Listen • Look Around: What’s missing? • Check your gut

  7. 3. What is the Basic Idea?Write it down! • Concept description • Key attributes • Likely market • Competition • Sales and distribution

  8. 4. Who will buy it? • What are the characteristics of the potential customer? • How many will likely buy or use it?

  9. 5. Test the idea • is the basic idea valid? • Are potential customers interested? • Test a prototype; modify as needed

  10. 6. Find and face the competition? • List competitive products & services • Understand similarities and differences • Will customers value differences?

  11. 7. What does it cost to make or do? • Who will create it? • What will it cost to produce? • Materials • Labor • Distribution

  12. 8. How will you get it to the customer? • How will you get it to the customer? • Who will do it? • How long will it take? • How will orders be taken?

  13. 9. How will your customer find you? • Build and they will come only happens in a movie • Until you sell it, it is only a good idea

  14. 10. Find the money • What are you going to contribute? • Who else could contribute? • Does your banker like you? (that is not likely to be enough but . . . .)

  15. 11. write it all down! Write the business plan • Summary • The Company description • The Product or Service description • The Project to be financed • Management (who & what jobs) • Ownership • Marketing Strategy • Production/Operations • Administration & Financial details

  16. 12. Step off the curb --not the cliff • Start with small steps if at all possible • No matter what the reality will be different than the plan • Embrace Ambiguity – it will be everywhere

  17. Engaging the Entrepreneurial Spirit Donald McNeely Center for Entrepreneurship 350 Simons Hall St. Johns University Serving students, faculty and alums At CSB & SJU

  18. Setting Your Entrepreneurial Expectations David romPresident, platinum bank

  19. Fit with Your Job objective, 10 Investor Questions and Basic fundraising thoughts Mark richardscfo, maximum communicationsCreator, Candidateschair.com

  20. Seeing Yourself in a Start-up Types of Companies Elements • Pay/Bonus • Equity • Energy • Risk • Start-up • Running • Rapid Growth “Quality of life” “I own the company” “The usual trade-off” “I want a steady role” “How company feels” “I want a big job” CandidatesChair.com tool: Evaluating Companies

  21. Start-up: First Glance From Alan Bignall, CEO,Recon Robotics • Solid management team • Protectable Intellectual Property • Large Addressable Market

  22. Investors – 10 questions • Client & Their need • How need is solved • Unique (e.g. IP) • Business Model • Reaching clients • Competition • Operations • Required team • Growth plan • Punchline (e.g. the financials) CC Tool: 10 Questions to Understand a Company

  23. Fundraising – Starting point • Investor valuation is always lower • Monetization timing is key motivator to stock-only employees (and vice versa) • Start-up is short, need cash to grow – expect multiple rounds of funding • It’s hard work and don’t expect to own more than 50% when its over CC Tool: Basic Fundraising Terms & Valuation

  24. Valuation: When it goes up • Prove you have a product with an interested client base • Prove the product works in production (beta test) • Go through a limited client rollout • Full rollout Greatest need for cash Revenue & Profitability for Venture Capital When you can (or want) to sell

  25. Focus on investors Leads for Strategic investors Tipping Point Investors & Partners Experience Interest in Industry Good for connections Money does not equal a good investor Ability to Invest

  26. Q & A (a.k.a. Stump the Panel)

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