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Entrepreneurs Master Class Module 1

Register for Master Class

 

Entrepreneur’s Master Class (Module 1) Overview 

Entrepreneur’s start with a business idea or opportunity they perceive as having potential. Depending on their experience and knowledge they approach the opportunity in different ways. This master class is designed to provide entrepreneurs with an overall approach that will minimise risks and optimise their ability to succeed. It will outline what are the important deliverables and things to do to move from idea/opportunity to the next stage of starting to create a proposition in a way that is sustainable. It will provide approaches, tools and advice so that they can follow some proven processes, and they will learn to avoid early stage pitfalls.

What are some of the pitfalls?

·         An interesting idea but too difficult or expensive to create.

·         “This is a new market” there is no competition

·         A solution to a known problem but not practical for the customer.

·         “One we have the product it will run off the shelves”

·         An innovative opportunity but only a small niche market for it

·         The entrepreneurs enthusiasm exceeds the competence required to deliver

·         The available expertise and resources are not sufficient to support investment required.

·         Where do I start?

·         Who can help me?

Objective of Module

Participants on completion of the Module will have a clear understanding of what is important at each stage of creating a new business. They will have the knowledge to decide what is important for them to focus on at the start of a business in the context of their own business. They will have a set of tools to enable them confirm the viability and practicality of their business idea/opportunity and they will have created some foundations for the business.

Some topics that will be covered

·         The proposition/solution creates the opportunity but what problem does it solve, or what is the true opportunity.

·         Is there a market and how big is that market? (How to find out?)

·         What will be required to bring the product/service to market?

·         Competitive analysis (How will we compete?)

·         What resources & competencies are required (Where can they be sources?)

·         Research versus Development

·         How can I get help? (Advice and support available)

·         Sources & Types of finance

·         Some things to do now, that do not have immediate payback but have long term benefit

For further information or to register http://intelligentorg.com/?page_id=411

 

The top 10 tips for successful start-up's

OVERVIEW

Starting a new business is both exciting and risky. Over the past few years I have met with many entrepreneurs and reviewed many business plans. Tremendous talent and creativity exists in our society and technology is enabling innovation whether it be products, processes, or services. However the time to realize the value of the promoters’ investment is influenced by a huge amount of variables and these tips are designed to give some pointers to entrepreneurs considering a new venture or in the early stages of start up.

     Validate Market; you must prove that a market exists and define it, i.e. ID customers, groups, size and spend. Is it static? declining? or growing? It’s more attractive if  it’s growing because you are not trying to take a share from a competitor. A good business idea does not mean there is a market, and only in very rare circumstances are you creating a new market.

     Confirm Competition; if there is no competition it is likely there is no market. The biggest competitive threat for start up’s is the potential that a client will do nothing, because they do not see your value proposition.

     Define Business Model;   Have a clear and defined business model (How we make money!). Model it, identify revenue and cost drivers and convert to a P & L. Make sure you have a primary revenue stream, it confirms the business has a  focus.

     Carry out Feasibility;   before you invest significant, time and money, talk to the target customers and market, present your business and confirm the market exists and the proposed value proposition is accepted.

    Create a Team; rarely will the initial promoter (s) have all the skills required to launch a successful business, know the gaps and how you will fill the gaps even on a temporary or part time basis.

     Engage with Public Support Mechanisms:  There are many supports available, not just financial, but advisory, marketing and incubation programs, find the ones that suit your business and engage early with them. (EI, INI, BIC’s, Trade Associations – in Ireland).

     Prepare a 10 page business plan; any less and your analysis and detail are likely to be incomplete, much more and your focus is likely to be suboptimal. The business plan helps stakeholders understand the roadmap and milestones you (They) are committing to.

     Don’t boil the ocean; Focus on core business and core model. Define the minimum spec. for your product or service to enter the market and get selling quickly. Customer and market feedback will help refine the plan. You will confirm customer value as they will be parting  with money, and you get to market quickly (Be Agile)

    Adopt good business practice; as appropriate for scale and maturity of business apply good process, practice and governance. It really pays back,  helps control the business performance and demonstrates to stakeholders it’s in control (avoids exit transaction issues)

   Adapt & Respond Don’t be afraid to change the business as you learn in the Market & Terminate the business quickly if it is failing