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ENTREPRENEUR WEAPONS

ENTREPRENEUR WEAPONS. Rudy W. De La Garza. First Dominion FINANCIAL. WEAPONS. What is a Business Plan A Business Plan is a clearly defined management discussion of the operation of the business with projections of future values under certain assumptions. Executive Summary

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ENTREPRENEUR WEAPONS

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  1. ENTREPRENEURWEAPONS Rudy W. De La Garza First Dominion FINANCIAL CITE BootCamp January 2011

  2. WEAPONS What is a Business Plan A Business Plan is a clearly defined management discussion of the operation of the business with projections of future values under certain assumptions. • Executive Summary • Elevator Pitch • Slide Deck CITE BootCamp January 2011

  3. OPPORTUNITIES Look around you! Is there a problem that needs a solution? Is your solution; • At a Better price • With a Better device • In a Better technology • A Better way of Communicating We can built it greener , better, faster, smarter and cheaper. CITE BootCamp January 2011

  4. FEASIBILITY • Opportunity? • Scope of target market Geographic and Demographic • Potential market size • Market penetration • Share of market (realized vs. potential) • Competitors and market shares • Can we do better? If so how? CITE BootCamp January 2011

  5. DEFINE THE CUSTOMER Know your customer CITE BootCamp January 2011

  6. COMPETITIVE ADVANTAGE Why will they buy: • Is it at a Better price? • Is it a Better device? • Is the technology Better? • Will it communicate Better? • Will they make the change? CITE BootCamp January 2011

  7. SUCCESS FACTORS AND TIMING Critical success factors • What three or four things must go right in order to succeed, and in what order? • Is our management team capable of making it happen? Timing considerations • Is the window of opportunity broad or narrow? • Is timing critical to capturing market share? • Who else is trying to get there first? CITE BootCamp January 2011

  8. BUSINESS MODEL AND PROFIT Do we have a viable Business Model? • How will we reach our customer (sales & distribution)? • How will we produce the product? • How will we price the product? • How will we support the product after the sale? Can the business be profitable? • Selling price (to achieve target volume goals) • Cost to manufacture (function of volume)? • Cost to distribute, sell, service, & support? • Other costs? • Breakeven point? CITE BootCamp January 2011

  9. Projection Financials Pro forma • Month to month for 12 months • 3 year projection • Percentage of market reach • Growth • Cost of goods • Operating cost a. Salaries • Equipment cost • Gross Profit • Net profit CITE BootCamp January 2011

  10. Managing Risks • Technical risk – will it work? • Market risk – will they buy? • Competitive risk – can we sustain a competitive advantage? • Implementation risk • Leadership • Resources • A convincing Business Plan • What could go wrong?Everything CITE BootCamp January 2011

  11. Elevator Pitch You want to catch their attention and get invited to give your pitch… K I S S • Start with a question to catch someone’s interest? • Describe the “market pain”? • i.e. The problem you are trying to solve • Say your “value proposition”? • i.e. Why your product is better than others • Tell them the market size? • Tell them your projected revenues? CITE BootCamp January 2011

  12. Slide DeckK I S S • Guy Kawasaki – The Art of the Start • 10 slides • Title • Problem • Solution • Business model • Underlying magic • Marketing and sales • Competition • Team • Financial Projections • Status and timeline • 10 slides, 20 minutes, 30 point font CITE BootCamp January 2011

  13. Executive Summary • 3-5 Pages • Put your slide deck into words CITE BootCamp January 2011

  14. Top 10 Mistakes • Solutions or technologies are stuck in R & D. • Unclear business model • Incomplete competitor analysis • Marketing plan not thought out • Inadequate description of the uncertainties and risks • Gaps in capabilities required of the team • Inadequate description of revenue and profit drivers • Lack of focus and a sound mission • Never sold the market size & % of market unrealistic • Limited confirmation of customer demand CITE BootCamp January 2011

  15. QUESTION ? What is the one single biggest mistake made? CITE BootCamp January 2011

  16. Most missed question What is the one single biggest mistake made? Never trying! CITE BootCamp January 2011

  17. Summary • Entrepreneurial success takes more than a bright idea, luck and hard work. You must also have: • The courage to fail • The flexibility to change • The fortitude to listen to others “MENTORS” • And the means to make a decision • Too many would-be entrepreneurs start with a clever technology or a bright idea and assume that the world will beat a path to their doorstep • Unfortunately, it rarely works that way Are you ready for the greatest adventure of your life, then become an Entrepreneur. CITE BootCamp January 2011

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