Global Entrepreneurship Program - Roadmap To Entrepreneurial Success

1. WELCOME!
• Roadmap To Entrepreneurial Success
• Creating Your Start-Up Strategy
• We Will Get Started Soon!
• Robert W Price, Executive Director
• Global Entrepreneurship Institute

2. Today's Agenda
• Learn About Us
• Creating Your Start-Up Strategy
• Four Cornerstones to Success
• Learn What You Can Do Now!
• Let’s Have Fun!

3. Today's Agenda
• We will have a questions and answer
period at the end our Presentation
• But please feel free to ask a question if
you need clarification on the talking points
in our Presentation.
• GCASE Members will have full access to
our Online Course, Materials, and online
help!

4. About Us
• Founded in 1998, Non-profit educational
organization
• Trusted Source for Educating and
Supporting Entrepreneurs
• Top 10 MBA Entrepreneurial Programs
• Online Incubator and Online Courses
• We have helped entrepreneurs raise over
$100 Million!

5. Creating Your Start-Up Strategy
• "I attended one of your seminars way back
in the day while I was an undergrad. I
founded SocialVibe.com, which has since
received over $12M in two rounds of VC
funding and is healthy and growing with 30
employees and offices in LA and NY!
Thanks for igniting the spark!"
• - Brandon Mills, SocialVibe.com

6. Creating Your Start-Up Strategy
• Learning Objectives
• We discuss how entrepreneurship has
changed since the global economic crisis
• We describe entrepreneurial management
practices
• We introduce the entrepreneurial lifecycle

7. Creating Your Start-Up Strategy
• Learning Objectives
• We discuss the business plan, its
importance and uses
• We review the business planning process
and the writing of the business plan
• We discuss the “venture drill process”
which is getting financing

8. Creating Your Start-Up Strategy
• Identifying the Problem and the Solution
• The problem is entrepreneurship has been
rebooted and the rules of launching and
financing a venture have changed.

9. Creating Your Start-Up Strategy
• The global economy has been struggling
along and there is no shortage of
geopolitical tensions.

10. Creating Your Start-Up Strategy
• The drivers of uncertainty in the financial
world are both numerous and diverse.

11. Creating Your Start-Up Strategy
• Tony Sun, a Venrock partner: "Historically,
the best companies are started in the
down times, because during those periods
entrepreneurs are very focused on
creating core value and building enduring
businesses."

12. Creating Your Start-Up Strategy
• Solution: Back-to-Basics Approach
• Our program helps you identify and
analyze the right strategic steps, and leads
you through in the right sequence.
• Our solution is based on a "back-to-basics"
approach to entrepreneurial discipline.

13. Creating Your Start-Up Strategy
• The rebooting of entrepreneurship leaves
entrepreneurs running a business today
with some vexing questions:
• What has changed?
• What is the next milestone?

14. Creating Your Start-Up Strategy
• Are we jumping ahead too fast or taking
too long?
• How do we manage this process?
• How does entrepreneurial management
and practices differ from the management
practices we know in the corporate world?

15. Creating Your Start-Up Strategy
• Entrepreneurial Management Practices
• We define entrepreneurial management as
the practice of taking entrepreneurial
knowledge and utilizing it for increasing the
effectiveness of new business venturing as
well as small- and medium-sized
businesses.

16. Creating Your Start-Up Strategy
• The heart of entrepreneurial management
is juggling these vital management issues:
• What is this venture about? (mission and
values statement)
• Where should it go? (goals and objectives)
• How will it get there? (growth strategy)
• What does it need to get there? (people
and resources)

17. Creating Your Start-Up Strategy
• What structure is best? (organizational
capabilities)
• How much money does it need and when?
(financing strategy)
• How will it recognize the final destination?
(vision of success)

18. Creating Your Start-Up Strategy
• The Entrepreneurial Life Cycle
• It was once said that entrepreneurship is a
lot like driving fast on an icy road.
• We prefer to think of entrepreneurship as
less reckless and more methodical.
• Entrepreneurship is a continual problem-
solving process.

19. Creating Your Start-Up Strategy
• The Entrepreneurial Life Cycle
• It is like putting together a huge jigsaw
puzzle; at first pieces will seem to be
"missing," obscure, or not clearly
recognizable.

20. Creating Your Start-Up Strategy
• Stages in the entrepreneurial life cycle:
• Stage 1. Opportunity Recognition
• Stage 2. Opportunity Focusing
• Stage 3. Commitment of Resources
• Stage 4. Market Entry
• Stage 5. Full Launch and Growth
• Stage 6. Maturity and Expansion
• Stage 7. Liquidity Event

21. Creating Your Start-Up Strategy
• Your Business Plan: The Roadmap That
Guides You to Success
• General Dwight D. Eisenhower once said,
"Plans are nothing. Planning is
everything."
• Planning is a great exercise to help you
think through all the business aspects and
forces you to know your business.

22. Creating Your Start-Up Strategy
• Eugene Kleiner says, "A plan shows how
you'll run your business. Without a plan,
you don't know where you're going, and
you can't measure your progress."

23. Creating Your Start-Up Strategy
• Critical Elements of a Business Plan
• The business plan is perhaps the most
important written document an
entrepreneur can ever create.

24. Creating Your Start-Up Strategy
• It describes all critical internal and external
elements and strategies for guiding the
direction of the venture's first several years
as well as giving potential investors an
idea of the venture's structure, objectives,
and future plans.

25. Creating Your Start-Up Strategy
• It communicates important entrepreneurial
management practices, such as how the
venture will mitigate risk, and how the
venture will manage uncertainty.

26. Creating Your Start-Up Strategy
• Most importantly, new business venturing
is now about focusing on creating
sustainable value.
• But which elements of your venture are
capable of creating value?

27. Creating Your Start-Up Strategy
• And which elements, if not properly
managed, are capable of destroying
value?

28. Creating Your Start-Up Strategy
• Business planning is the process of
uncovering and identifying what creates
and drives value in your business
• The business plan is the document that
communicates your Value Drivers.

29. Creating Your Start-Up Strategy
• The Ten Value Drivers:
• 1. Solid Opportunity and Industry Analysis
• 2. Business Strategy and Sustainable
Competitive Advantage
• 3. Proven Venture Team and Sound
Organization
• 4. Control of Critical Capital Resources
• 5. Strategy for Market Entry and Traction
with Customers

30. Creating Your Start-Up Strategy
• The Ten Value Drivers:
• 6. Strategy for Marketing and Sales
• 7. Strategy for Managing Rapid Growth
• 8. Strategy for Managing a Networked
Enterprise
• 9. Sound Financing Strategy
• 10. Viable Exit Strategy

31. Creating Your Start-Up Strategy
• Internal Uses of a Business Plan
• Business planning helps you become the
"value manager."
• A value manager focuses on "long-run
cash flow returns" while having the
perspective of an "outsider's view of the
business" and "a willingness to act on
opportunities to create incremental value."

32. Creating Your Start-Up Strategy
• Internal Uses of a Business Plan
• Entrepreneurship is about selling your
ideas, your mind, your labor, your skills,
and your teams.
• Your business plan will help you develop
immediate "sales momentum," or what we
call traction.

33. Creating Your Start-Up Strategy
• External Uses: The Venture Drill
• It is very hard to have a dialog about
financing without a business plan.
• Without a convincing business plan, no
one will seriously consider your business
idea.
• The preferred mode of communication
between entrepreneurs and potential
investors.

34. Creating Your Start-Up Strategy
• The three steps to the venture drill:
• 1. Packaging is researching and writing an
effective business plan.
• 2. Placing is skillfully introducing the
opportunity before the best investors.
• 3. Presenting is communicating and
making the deal in a formal meeting.

35. Creating Your Start-Up Strategy
• Mastering the Business Planning Process
• Eugene Kleiner shares sage advice,
"Writing a business plan forces you into
disciplined thinking if you do an
intellectually honest job. An idea may
sound great in your mind, but when you
put down the details and numbers, it may
fall apart."

36. Creating Your Start-Up Strategy
• Starts with Storytelling
• According to David Berkus, a past-
president of the Tech Coast Angels, one of
the largest angel investment groups in the
United States
• The first step to writing a business plan is
fleshing out your "talking points" and
weaving them into a storyline.

37. Creating Your Start-Up Strategy
• Writing Your Business Plan
• Crafting an excellent business plan is a
very arduous task that involves hundreds
of fully committed, heads-down hours, and
seemingly endless periods of researching,
drafting, discussion, writing, editing, and
rewriting.

38. Creating Your Start-Up Strategy
• Writing Your Business Plan
• You need to have in mind the purpose of
the business plan
• The intended audience
• The orientation of your approach to writing
it

39. Creating Your Start-Up Strategy
• Writing Your Business Plan
• Set an overall schedule and then start
work on writing the plan following the
action steps we provide here.

40. Creating Your Start-Up Strategy
• Writing Your Business Plan
• Step 1. Brainstorming
• Step 2. Organizing
• Step 3. Outling and Storyboarding

41. Creating Your Start-Up Strategy
• Writing Your Business Plan
• Step 4. Drafting an Executive Summary
• Step 5. Flight Testing
• Step 6. Focused Writing and Editing
• Step 7. Revising, More Flight Testing,
Reworking

42. Creating Your Start-Up Strategy
• Designating Responsibilities
• It is best that you do not work alone on
your business plan, because working
alone can get very frustrating and lead to
many errors.
• 1. Strategists
• 2. Tacticians
• 3. Field Support

43. Creating Your Start-Up Strategy
• Why Some Business Plans Fail
• The cold reality is that no one is going to
read the plan with the intensity you had
when you prepared it.

44. Creating Your Start-Up Strategy
• Why Some Business Plans Fail
• So knowing this, most entrepreneurs focus
on just getting the plan done rather than on
getting the right plan done.

45. Creating Your Start-Up Strategy
• But what is the perfect plan?
• As Carl Jung pointed out in Modern Man in
Search of a Soul, "The shoe that fits one
person pinches another; there is no recipe
for living that suits all cases."

46. Creating Your Start-Up Strategy
• Simply remember this, that the probability
of your success is directly related to the
extent that your business plan is accurate
and complete.

47. Creating Your Start-Up Strategy
• So it is never a good idea to make your
reader wade through typos, balance
sheets that do not balance, upside-down
slides, or "other troubling signs of
inattention to detail."

48. Creating Your Start-Up Strategy
• William A. Sahlman, professor of
entrepreneurship at Harvard Business
School, says, "All opportunities have
promise; all have vulnerabilities. A good
business plan doesn't whitewash the latter.
Rather, it proves that the entrepreneurial
team know the good, the bad, and the ugly
that the venture faces ahead."

49. Four Cornerstones of Success
• Reviewing the Four Cornerstones of
Entrepreneurial Success
• 1) Commitment to the Opportunity
• 2) Strategic Leadership
• 3) Organizational Capability
• 4) Persistence

50. Four Cornerstones of Success
• 1) Commitment to the Opportunity
• Sam Walton: “Commit to your business.
Believe in it more than anybody else.”
• Len Bosack, Co-founder of Cisco Systems:
“Sincerity begins at a little over 100 hours
a week.” It is only beyond 110 hours that
one gets to what Len call “commitment.”

51. Four Cornerstones of Success
• 2) Strategic Leadership
• Long-term strategic vision, with ten to
fifteen years of very hard committed work
• Using a North Star Polaris for guidance
• Must know how to choose which
mountains to climb, which seas to cross,
and how to inspire their team to keep
going

52. Four Cornerstones of Success
• 3) Organizational Capability
• Financial: how to make a profit, make wise
investment decisions, and providing a
return to investors
• Marketing: building the right products,
close relationships with customers, and
know-how in the chosen industry
• Technological: innovations in business
space, R&D, product launch

53. Four Cornerstones of Success
• 4) Persistence
• Steven Jobs: “these overnight successes
sure take a hell of a long time.”
• Persistence is to an entrepreneur what
courage is to warriors
• John Wooden, UCLA basketball coach
won ten championships, including seven in
row! He was at UCLA for thirteen years
before he won his first!

54. Business Plan Review Service
• Do you have a business plan and need us
to review it?
• How does it compare to other business
plans that are out there now?
• Would you like to have your business plan
“flight tested” before submitting to potential
investors?

55. Questions and Answers
• Type your Questions to Presenters now!
• Reminder: GCASE Members
• We can continue discussions in our Online
Course
• We will have the video recording of this
presentation posted in our Online Course

56. Dream It! Plan It! Do It!
• Thank you for attending!
• This event is ending soon.
• See you online!