Quiz 2

Entrepreneurship
MGO 660
About all of you

Please introduce yourself
Name
Undergrad and grad degree
Current employer
A little bit about you
Why you chose this course
What are you really passionate about?
Do you have a business idea?
About this course
Tent cards
Syllabus
Grading
What I expect
What you should expect from me
Travel Missed Classes
Communication
Team Presentation Choosing Teams
Brainstorming
What are your feelings about
entrepreneurs?
Give me some words to describe them
Brainstorming
Now lets classify each feeling as
positive or negative
As a class Agree? Strongly?
As a class Disagree? Strongly?
Nurture or Nature?
Branson Top 5 Tips for

Entrepreneurs
Who is an entrepreneur?
Is a small business owner an
entrepreneur?
Give me some examples of small
businesses
Entrepreneurs or not?
What is a lifestyle business?
Entrepreneurs economic function
Combination of factors
Providing market efficiency
Accepting risk
Maximizing investors returns
Processing market information
The entrepreneurs managerial

tasks
Owning the business

Founding new organizations
Bringing innovations to the market
Identifying opportunities
Applying expertise
Providing leadership
Three Roles Entrepreneur

Must Fill
The entrepreneurial personality
The great person?

The social misfit?
A certain personality type?
Possessor of personality types?
Social development models
Perception is wide spread

One extreme:
A person of very high aptitude
A pioneer of change
Possessing change characteristics found
in only a very small fraction of the
population.
The other extreme:

Anyone that wants to work for him or
herself
The Call of the Entrepreneur

What do they have in common?
How does the public & government
view entrepreneurs?
As greedy or altruistic?
As virtuous or vicious?
How does entrepreneurship shape the

destiny of individuals? Nations?
What is zero-sum-game thinking? Is it
dangerous? Why or why not?
The Call of the Entrepreneur

What role do entrepreneurs play in
Creating new wealth?
The risk taking elements of business?
What role does government play in

Creating new wealth?
Unleashing the wealth creating capacity of
entrepreneurs?
Should the role of government in business be

limited? Why or why not?
Why do people become

entrepreneurs?
Lets begin with why?
To get rich?
Follow a passion?
Just lost your job?
To manage your own destiny?
What other reasons can you think of?

There are probably endless good
reasons to become an entrepreneur,
but youd better know your reason
Credits - David Spitz Aurora Funds
What it Takes
Courage
Fortitude
Focus
Determination
Passion
Competitiveness
Common Sense
Strong stomach
Confidence
And these are just

the genetic factors
that you need to
get started!
Where do ideas come from?
IT STARTS WITH WHY
A Fundamental Concept:
Creativity
is a combination of
Knowledge, Imagination and Evaluation
But we have different styles of
using this combination
Two Different Ways of Gaining

and Using Knowledge
Gaining Knowledge by
Experiencing
Using Knowledge for

Evaluating Options
Using Knowledge for

Creating Options
Gaining Knowledge by
Thinking
The Process Has Four Stages
Implementing
Getting things
done
Generating
Getting things
started
finding new
problems &
opportunities
Optimizing
Conceptualizing
Turning abstract
ideas into practical
solutions and plans
Defining problems
& putting ideas
together
Four Stages and Four Styles
Implementer
Optimizer
Generator
Conceptualizer
28
Four Stages and Styles, and Eight Steps
Implementer
Optimizer
Generator
Conceptualizer
The Styles Interconnect Directly to the

Process and the Skills
Implementing
Optimizing
Generating
Conceptualizing
30
Innovation and
Entrepreneurship
10 Ways to Know if You

Have a Great Business Idea
by Chad Brooks, BusinessNewsDaily Senior Writer | February 19, 2013
Do You Remember When

You Were a Kid?
https://
www.youtube.com/watch?v=T6MhAwQ
64c0
Stupid Stuff Entrepreneurs

Say
https://
www.youtube.com/watch?v=alZqXA4R
2dI
3 Moments That Changed

Richard Bransons Life
http://
www.businessinsider.com/richard-bran
son-life-career-milestones-2014-8
Pitching Your Idea

Why should we pick your idea?
Youve got 60 seconds to convince us
that you have the next
BIG IDEA!
Please write your idea on a giant
sticky in 10 words or less
Choosing Teams
First we will select the top 8 ideas everyone
gets four stickers vote for your top four
choices by placing one sticker on each page
Top 8 vote getters are the class ideas
Please form teams of 5 around each idea
DO NOT be concerned with an idea seemingly
being the best one the best idea doesnt
count for your grade, it is the process and
final business plan / pitch that will influence
grade
Next steps for your teams

Please CLEARLY print each team
members name and email on a clean
piece of paper
Give your team a name and place
this on top of paper
Turn into me during break or at end
of class
Stragglers will be assigned to teams
that are short members
This is Hard Stuf

It takes a lot of hard work, good
timing, and luck to make a successful
company.
You dont control all these factors
The buck stops with you
There are many forces conspiring
against you
Three Common Myths

Individuals start companies
All entrepreneurs are charismatic and
that is a key factor in their success
There is an entrepreneurship gene
Entrepreneurship Can Be
Taught
It isnt just about smarts

It isnt just about IP
It is about spirit and skills
It is about being part of a culture of
entrepreneurship being infected with
the entrepreneurial virus
It is about an atmosphere of ambition &
collaboration
It is about the mentality of social herding
Two Distinct Types of Entrepreneurship

SME Entrepreneurship
IDE Entrepreneurship
Focus local and

regional only
Innovation is not
necessary
Non-tradable jobs
Often family
businesses or little to
no external capital
Linear growth
Focus global/regional
Based in innovation
Tradable jobs
External capital
providers
Requires investment
Scalable exponential
growth potential
healthy economy
consists of both types of
entrepreneurship and both
have their strengths and
weaknesses. Neither is
better than the other.
The text is based in IDE

Innovation =
Invention*Commercialization
Group Team Presentation
You will have time in class to prepare

I DO expect a quality presentation
Use your time wisely
Delegate/review/delegate/review/del
egate/review
The Questions Every

Entrepreneur Must Answer
Where do I want to go?
How will I get there?
Can I do it?
Where do I want to go?

What do you want personally from
your business?
What type of enterprise is required?
SME or IDE
What is my tolerance for risk?

You have to clarify your personal
goals as they are intertwined with
your business goals
How will I get there?

Successful strategies require:
Clear direction
Sufficient profits and growth
Provide long-term sustainability
Establish the right growth rate
Can I play my role? Doing more

before doing less
Asking yourself if you really want to
learn
Can I Do It?
Choosing the right resources TEAM
Establish the right infrastructure
supported by organizations systems
that you need to execute your
strategy
Role flexibility moving from
technician to teaching others to do
the real work
Final Caution
Entrepreneurs, with their powerful
bias for action, often avoid thing about
the big issues of goals, strategies, and
capabilities. They must, soon or late
Lasting success requires
entrepreneurs to keep asking tough
questions about where they want to go
and whether the track they are on will
take them there.
The Timmons Model

The next four slides describe the Timmons
Model of the Entrepreneurial Process. In my
opinion it is one of the best ways to look at
an entrepreneurial venture. The following
book is a great resource for new
entrepreneurs and the source of the next
four slides.
New Venture Creation
Entrepreneurship for the 21st Century
by Stephen Spinelli, Jr. and Robert Adams
Lemonade Stories
What does it mean to be an
entrepreneur?
What motivates entrepreneurs?
What makes them tick? Why do they
take risks?
What traits do they share?
How does one learn to see
opportunity and seize it? How do
you learn?
What is a successful entrepreneur?
50,000 Chunks of
Experience
Entrepreneurship Isnt
Linear
50,000 Chunks of
Experience
50,000 Chunks of
Experience
Lemonade Stories
What does it mean to be an
entrepreneur?
What motivates entrepreneurs?
What makes them tick? Why do they
take risks?
What traits do they share?
How does one learn to see
opportunity and seize it? How do
you learn?
What is a successful entrepreneur?
50,000 Chunks of Experience

Where do they come from?
How do we gain them?
Beating the odds when

you launch a new venture
Popular image of entrepreneurs:
Risk loving cowboys or gamblers
Great entrepreneurs dont take risks they

manage them
The lower the risk the greater the value
Spend a little, learn a lot
Fewer than 15% of firms last 3 years+
Iterations at the start all you know for
sure about your strategy that it is likely
part right and part wrong
Should Quimby
move the
business back
to Maine?
Would you pay

up to one and a
half times
revenues for
Burts Bees?
Would you want

Roxanne as a
CEO or a
business
partner?
Who is
Roxanne
Quimby?
Why is she
quite
successful?
Describe the
size of the
O-T-R circles at
the startup
point.
Is this a good
opportunity or
just another
idea?
Is this a life
style or high
potential
business?
Location strategy
what are some
businesses that
are totally sensitive
to location?
What are some of

the pros and cons
of Maine vs.
North Carolina?
Manufacturing Maine
Pros
Cons
Low labor costs

Familiarity with the
area
History in the area
Reluctance to move
and change focus
Labor intensive
production
Low skill levels of
employees
Higher distribution
costs transportation,
shipping, etc.
Higher taxes
Manufacturing North
Carolina
Pros
Cons
Highly skilled labor

force
Automated equipment
minimizes costs
Straightforward
manufacturing process
Closer to
transportation and
distribution routes
High labor costs

Large capital
investment in
cosmetic
manufacturing
equipment
The biggest businesses have

revolutionized civilization,
changed the way we live. Thats
my aspiration; to change the
world for the better through my
company. Roxanne Quimby
Does Burts Bees have the
potential to be this company?
What is the best

route for Roxanne
and her company
to reach $25M in
sales?
How can they

quickly move from
$6-$8M to that
goal of $25M?
Sales soared to
$164M from $23M
from 2000 to 2007
October 31, 2007,

the Clorox
Company
announced its
acquisition of
Burts Bees for
$925M
Im delighted were entering into
this partnership with Clorox. The
Clorox Company and Burts Bees
have complementary values, visions
and strengths
John Replogle CEO Burts Bees
Burts Bees + Clorox
Was this a good deal for Roxanne and Burts

Bees?
Is this product a good fit for Clorox?
What did Clorox offer the company that
Roxanne couldnt achieve alone?
Is it logical in maturity that a firm will have to
be acquired if the are to continue to grow?
Did Roxanne start a trend in natural products?
What did Clorox see in the value of adding a
natural product to their mix?
Burts Bees + Clorox
Is there synergy between Burts Bees products

and the other offerings of Clorox? Why?
Why was Clorox willing to pay almost $1 billion
for Burts Bees? What opportunities did they
see?
Why is Burts Bees a good fit for the marketing
and distribution strength of Clorox?
The ultimate question
Did Roxanne and Burts Bees sell out to Clorox a
company not know for chemical-free products?
Burt and Roxanne

Burt
Roxanne
Gumption beats strategy?

Popular image of entrepreneurs:
Risk loving cowboys or gamblers
Great entrepreneurs dont take risks they

manage them
The best entrepreneurs constantly identify
risks and find creative ways to take them off
the table
Success comes to those who quickly identify
and systematically eliminate risks:
In the right order
Using the right level of resources
Using the right methods

The lower the risk the greater the
value
Spend a little, learn a lot
Fewer than 15% of firms last 3
years+
Iterations at the start all you know
for sure about your strategy that it is
likely part right and part wrong

Path-Dependent Risks:
Forks in the road
Pursuing the wrong path would involve:
Wasting large sums of money
Wasting lots of time
Orboth wasting money and time
Find risks that are quick and cheap to

resolve experimental ROI (Reed
Hastings Netflix)

Deal Killer Risks:
Fail to spot a deal killer risk and your
venture is doomed
Medical tourism example
Expensive Fortune 500 benefits mgrs. Survey
looked good at first, but then problems
Could have run two high ROI experiments
instead:
Run seminar to test concept with patients
Call hospitals for unpublished discount prices
A common mistake is to focus on one key

risk to the exclusion of others

With each risk you pull off the table,
value goes up proportionally
The lower the risk, the greater the value
This favors entrepreneurs who use early
funding to mitigate risks
The difference between failure and
success - Quickly determine whats right
and whats wrong with key assumptions
then make speedy adjustments
IT STARTS WITH WHY
112
113
114
115
116
The one question you MUST answer
What can I do well

that I would love to
do for an extended
period of time?
The single necessary

and sufficient
condition
for a business is a
paying customer.
Things to consider
Create a new market you will dominate

Try to create a new market
Focus you cant sell to everyone
Avoid the China Syndrome
Apply your resources to a narrow, clearly
defined new market that you can
dominate
Primary vs. secondary markets
Two-sided markets
How to do a market
segmentation
Brainstorm idea get a little crazy!

Be open
Identify potential industries for your idea
Focus on end users, not customers
Identify different tasks your end user
performs
Ask why would they purchase a product in
a particular market segment
Be broad in this step you are brainstorming
Market segmentation
continued
Now narrow
Your limiting factor is time
Once narrowed, now do primary mkt.
research
Remember, you dont have the answer
Your potential customers dont have the
answer
You must talk to them in inquiry mode
Organize info. into a matrix

Spend a two to three weeks on this
The Founders Dilemma

Successful CEO-cum founders are a very rare breed.
Why do founders rarely become successful CEOs?
Do founders let go easily?
4 out of 5 entrepreneurs are forced to step down as CEO
Can the change in leadership damage the

organization?
Yes, when employees loyal to the founder oppose it
What are the two choices entrepreneurs face?

Making pots of money giving up equity
Power keeping control
Can you have both at the same time?

Inside the founders mind what do founders
often think?
Only they can lead the organization - my baby
Over confident about prospects and nave about
potential problems
How does a founders success sometimes work

themselves out of the top job?
Success leads to complexity beyond the start-up stage
What changes happen inside the company?

Describe the rich vs. king tradeoffs

If you want to get rich:
Recognize when it is time to give up power
Develop post succession roles for yourself
Be open to external financing
If you want to run the company:

Choose opportunities within your skill set and
contacts
Focus on businesses needing low capital
investment
Wait until later in your career before starting

Founders must decide on three
things at the start
The rules of the game
The stakes
Quitting time
Assembling the Startup

Team
65% of company failures are attributed to
problems within the startups management
61% of the problems involved team issues
These problems typically result from
CHOICES that founders make as they add
team members based on their needs and
motivations at that moment, when in fact,
their needs and motivations can change in
unexpected and dramatic ways.
The Three Rs

Team
Why is it often important to have
multiple founders?
Increased human capital
Increased social capital
Increased financial capital
What should each founder bring to

the table?
What costs and risks increase with
the addition of each team member?

Team
What costs and risks increase with
the addition of each team member?
Coordination costs
Overlapping roles and conflict
Slow down in the decision making
process
Weakened accountability

Team
Relationships:
Core founder idea conceptualizer
Friends and Family vs. strangers yes,
early benefits, but too homogenous
causes future problems (conflict, having
to pick sides, etc.)
What are some middle ground options?
Past co-workers = most stable
Why are some middle ground options

the most stable?

Team
Roles:
What type of tension occurs in
identifying roles in a startup?
Titles, tasks, compensation
Decision-making process is required

Egalitarian or consensus process
Hierarchical or autocratic process
Hiring decisions
Generalists vs. specialists

Team
Rewards:
Tangible salary, equity, stock options
Intangible make an impact, learn new
skills
The equity split decision
Seed capital contribution
Opportunity costs
Expected future contributions
When do you conduct this negotiation?

A timing issue

Team
Problems will arise as the venture
grows and changes
Keeping the three Rs aligned is
important
Founders need to think ahead to the
long-term consequences of their
early choices
How to Adopt a Balanced View of

Risk
Innovation at the intersection
He describes the intersection as the place
where two or more cultures, disciplines,
mind-sets, or ways of viewing the world
come together. It is in these intersections
that new, high-value ideas emerge
The connection of two or more disciplines
e.g. Music and Engineering or Geography
and Computer Science

Risk
We humans are not exactly rational in
how we think about risk. Emotions,
and fear in particular, play a big part
in our perception of possible loss
versus potential gain.

Risk
Two possible strategies:
Avoid behavioral traps relating to risk
Acknowledge risks and fears
Avoid Behavioral Traps

If things are going well, we stay
within a field
Time spent in a field becomes a
reason to stay in the field
We view risks at the intersection
from a directional perspective
Acknowledge Fear and Risks

How your gator brain works to
paralyze you
The most effective way to combat
fear is to acknowledge it
We cant escape our fears, but we
can manage them
How to Adopt a Balance View of Risk
The greatest
risk is not
taking one.
Understanding Risk
http://ecorner.stanford.edu/authorMa
terialInfo.html?mid=2003
Jim Poss
4-153
4-154
4-155
4-156
4-157
4-158
4-159
Jim Poss
Can JP Justify a $2.5M

Pre-money Valuation?
EBIT in 2008 will be $6.4M which means
net income will be approx. $3.2M
Assuming a PE ratio of 25, the company
will have a market cap. of $80M by
2008 (25x$3.2M) (the p/e ratio is the price an
investor is paying for $1 of a company's earnings or profit.
In other words, if a company is reporting
basic or diluted earnings per share of $2 and the stock is
selling for $20 per share, the p/e ratio is 10 ($20 per share
divided by $2 earnings per share = 10 p/e).
http://
beginnersinvest.about.com/cs/valueinv
esting1/a/011101a.htm
Can JP Justify a $2.5M

Pre-money Valuation?
Jims company is beyond the seed
stage and closer to the startup stage
where the IRR is 60%.
So.the present value of SPC is $80M/
(1.6)4 or $12.2M
The calculation is contingent on Jims
forecasts and the P/E ration 4 years out
Assuming those are correct it is a sweet
deal
http://
BUT..
What is the likelihood that SPC will meet
those objectives?
Is there a real cost advantage as proclaimed
If the cost advantage is dubious the market will
be left to only organizations that care about
being seen as being environmentally friendly
Disposal companies is not an industry known for
innovation
The first purchasers will be pioneers, but how
long till we get to early adopters?
Who is the buyer?
How did Jim pick his initial pricing strategy
http://
The Sustainability Lens
Green is the New Black

If green is the new black and if
everyone is doing it, what new
opportunities are being spawned by
this seismic shift?
How can entrepreneurs create and
seize the opportunities?
How can a company differentiate
itself in this rapidly greening market
space?
What are the risks associated with 4-168
Businesses Experience
Clean Commerce Pressures
Increased global regulatory pressure

Demand for heightened transparency
Growing public concern about the
environment and health
Environmental performance measures
in procurement, from the investment
sector, and in terms of public
accountability
4-169
Sustainability
Includes the concept of economic viability.
Revenues and earnings must sustain
ongoing business success, and profits
must be reinvested into products and
service improvements to drive future
growth.
Sustainability changes the role new
ventures play in
Supporting communities
Improving human health
Protecting ecological systems
4-170
Cradle to Cradle
Is a concept of sustainability.
At the end of a products useful life, its
constituent materials (understood as assets,
not waste) become inputs for new products
or return safely to the earth.
Thinking like a molecule allows you to
understand the complete cradle-to-cradle life
cycle of your products and manufacturing
processes not just the visible outcomes,
but the microscopic ones as well.
4-171
Transition to Sustainability and

Clean Commerce
Requires new:
technology
products
markets
Providing these has historically been, and

remains today, the role of the
entrepreneur.
4-172
Finding Competitive Advantage

in Adversity
Considerable evidence
shows that periods of
extreme adversity foster
innovation and the
building of companies.

in Adversity
Moments of crisis
have historically
served as a powerful
impetus for
innovation.
The Economic Future Just Happened

Study by Kauffman Foundation 2009
This research study, analyzing data from the U.S. Census,
the Fortune 500, and the Inc. list of America's fastestgrowing companies, presents three main findings:
Recessions and bear markets, while they bring pain and often
lead to short-term declines in business formation, do not
appear to have a significantly negative impact on the formation
and survival of new businesses.
Well over half of the companies on the 2009 Fortune 500 list,
and just under half of the 2008 Inc. list, began during a
recession or bear market. We also find that the general pattern
of founding years and decades can help tell a story about larger
economic trends.
Job creation from startups is much less volatile and sensitive to
downturns than job creation in the entire economy.

in Adversity 4 Opportunities
1. Match unneeded resources to unmet
needs entrepreneurs reroute
resources that become redundant to
meet new needs -athenahealth
2. Roundup unusual suspects and break
industry orthodoxy Grameenphone
3. Find small solutions to big problems
Airstrip Technologies
4. Think platform, not just product - Incept
Athenahealth match unneeded

resources to unmet needs
San Diego
obstetrics practice
fails due to slow
cash flow
Switched from
being a clinical
service to
deploying a billing
tool that would
help physicians
manage revenue
cycles
Grameenphone Bangladesh
roundup unusual suspects and break
industry orthodoxy
Set out to bring
universal telephone
service to Bangladesh
Realized success would
require allies
Demand side Grameen
Banks network
Supply side
Bangladesh Railway
dark fiber
AirStrip OB
find small solutions to big problems
Potential liability
when physician
and nurse fail to
communicate at
expecting mothers
bedside
Created
smartphone app to
see mothers
contractions and
babys heart
tracing
Incept Hydrogel Technology

think platform not just product
Held the right to a
secret sauce that
needed no physical
offices and only a few
employees - Hydrogel
Created 9 startups in
11 years none failed
True platform that
can be applied to
many parts of the
human anatomy

in Adversity
Competitive advantage
emerges from pressure,
challenge, and adversity,
rarely from an easy life.
Michael Porter

in Adversity
The new abnormals

the entrepreneurs who
survive will be those who
harness the competitive
advantage of adversity.
184
Things to consider
Create a new market you will dominate

Try to create a new market
Focus you cant sell to everyone
Avoid the China Syndrome
Apply your resources to a narrow, clearly
defined new market that you can
dominate
Primary vs. secondary markets
Two-sided markets
How to do a market
segmentation
Brainstorm idea get a little crazy!

Be open
Identify potential industries for your idea
Focus on end users, not customers
Identify different tasks your end user
performs
Ask why would they purchase a product in
a particular market segment
Be broad in this step you are brainstorming
Market segmentation
continued
Now narrow
Your limiting factor is time
Once narrowed, now do primary mkt.
research
Remember, you dont have the answer
Your potential customers dont have the
answer
You must talk to them in inquiry mode
Organize info. into a matrix

Spend a two to three weeks on this
Focus The Hardest Part
Select just ONE market

opportunity from the
matrix to pursue as your
beachhead market;
ignore the other
markets.
Choosing Your Beachhead

Market
Dont get stuck in analysis
paralysis
Get started doing

Market
Use the seven criteria for narrowing
Is the target customer well-funded?
Is the target customer readily accessible?
Does the target customer have a compelling reason
to by?
Can you today, deliver a whole product?
Is there entrenched competition that can block you?
If you win this segment, can you leverage it to enter
additional segments?
Is the market consistent with the values, passions,
and goals of the founding team?

Market
Choose a smaller beachhead market
Narrow until you get down to the
three conditions that define a market
Customers within market all buy similar
products
Customers within market have similar
sales cycle
There is word of mouth between
customers
Learning about your target

customer
Each customer actually consists

of an end user and a decisionmaking unit
End User a REAL person who will
use your product
Decision-Making Unit the
individuals who decide whether
the customer will buy your product
Choosing the End User

Profile
Not easy
Requires a lot of time, thought and research
First choose a specific demographic of end
users (beachhead is narrow, but you will
have lots of variety among end target users)
Create a description of a narrowly defined
subset of end users with similar
characteristics
Is one of your team members an end user of
your product?
Focus for cash flow

As a startup you must exclude many
potential customers to stay focused
on a key group of relatively
homogenous end users who will
provide the initial cash flow
Your goal is to create a description of
a narrowly defined subset of end
users with similar characteristics and
with similar needs
Potential characteristics to
include in your end user profile
What is their gender?

What is their age range?
What is their income range?
What is their geographic location?
What motivates them?
What do they fear most?
Who is their here?
Where do they go for vacation? For dinner? Before work?
What newspapers do they read? Websites? What TV shows do they
watch?
What is the general reason they are buying this product? Savings?
Image? Peer pressure?
What makes them special and identifiable?
What is their story?
Etc., etc. etc.
Sample End User Profile for

Mow More Supplies
Gender 95% male 5% female

Age 25 -35
Level at Company Owner
Size of Company 3-10 Employees
Company annual revenue - $300,000 - $1.5M
Equipment Commercial walk-behind and zero turn mowers 48-72 cut
Predominant Equipment Brands Used Exmark, Toro, Scag, Walker (large
name brands)
Types of customers serviced commercial properties and large residential
Geographic location Northeast with population centers of 250k plus
Motivation save time (production time, down time, quality counts)
Greatest fears weather, bidding properly, equipment down time, people)
Magazines they read Turf, PRO, Lawn and Landscape
Sports they are interested in outdoor (hunting, camping, fishing)
Websites they visit tufmagazine.com, weather sites, sports sites
Sample End User Profile for

Mow More Supplies
What is their story? .
Why should the end user want to use
my product? ..
You are no where near complete at
this point, but it points you in the
right direction for future steps
Total Addressable Market

(TAM)
First pass
TAM = Amount of Annual Revenue
per user times total number of end
users (100% market penetration of
your beachhead market)
Start with a bottom-up analysis
Complement with a top-down
analysis
Target a TAM of $20-100 Million
Bottom-Up Analysis - Best

Counting Noses Very specific and
you know where each customer is
Customer lists
Trade associations
Any other source of information
You want to know how many

customers there are as well as how
many end users each customer has.
Top-Down Analysis Compliments

Bottom Up and a Good Double Check
Starts with secondary market
research (market analysis reports)
Think of an upside down pyramid
How would you do a top-down
analysis on locating a pizza shop?
Stop Telling Yourself

What You Want to Believe
Pragprog.com
What Entrepreneurs Get

Wrong
Salesmanship is central to the
success of any young company, and
entrepreneurs ignore this at their
peril.
The article examines the mistakes
entrepreneurs make most frequently,
explores the objections they faced
when they began making sales calls,
and present an alternative sales
model for start-ups

Wrong
Five most common missteps:
1. Starting late waiting till they have a
finished product
2. Failing to listen trying to convince
prospects
3. Offering discounts
4. Selling to family and friends
5. Failing to seek strategic buyers

Wrong
Sorry you are too small:
Efficacy potential customers were
consistently skeptical about the ability
of new products to deliver on their value
proposition
Credibility doubt based on a long list of
reasons
Size customers think your company is
too small
Price customers expect deep
discounts early

Wrong
A sales framework for Start-Ups:
1. Engage with prospects as soon as an
idea is conceived and long before
product is actually created
2. Research shows that its easier to get
people to commit to an idea if they are
involved in its creation
3. Present appointment as occasions to
discuss products that dont yet exist.
Product market fit
www.explorics.com and istockphotos
New Project? Dont AnalyzeAct

A page from the playbook of serial
entrepreneurs:
1. Instead of starting with a
predetermined goal, allow
opportunities to emerge
2. Instead of focusing on optimal returns,
spend time considering acceptable loss
3. Instead of searching for perfect
solutions, look for good enough ones

Successful entrepreneurs dont just
think different. They translate that
thinking into immediate action, often
eschewing or ignoring analysis.
Rather the predict the future, they
try to create it.

Follow this process when confronting
the unknown:
1. Act take a smart step toward a goal
2. Learn evaluate the evidence youve
created
3. Build iterate steps 1 and 2 until you
accomplish your goal or PIVOT on the
basis of the new information you learn

First steps:
1. Forecast, plan and model only when you have to
2. Use the means at hand own skills and
experience
3. Stay within your acceptable loss make sure
that whatever is at risk could be safely lost
4. Secure only the commitment you need for the
next step dont waste time getting buy-in
5. Bring only volunteers
6. Produce early results
7. Manage expectations

Next build momentum:
1.
2.
3.
4.
Move quickly in the face of positive results

Embrace even negative results
Understand when and how to use prediction
Know when to cut your losses and walk
away
It takes just one smart step to get

started, but

It doesnt make sense to venture into
the unknown unless its for
something you care about
Desire motives you:
To act
Enables your to persist
Makes you more creative when
confronted with obstacles
Clarence Wooten-Serial
Entrepreneur
Clarence Wootens
12 Rules for Entrepreneurs
A paycheck is an
addiction entrepreneurs
work to build an asset that
will eventually give us a
paycheck and a lot more
a capital gain
Clarence Wootens
Beware of naysayers
almost everyone around
you is an employee,
they dont think like an
entrepreneur.
Clarence Wootens
Be like Nike Just Do It! there is no roadmap, you

have to forge your own path
just get started I dont
talk to talkers, I talk to
doers
Clarence Wootens
Fail fast and Fail cheap building anything of

success requires lots of
failures, but make them
small ones. Embrace
changes and pivot.
Clarence Wootens
Partner pitfalls It is real easy and comforting to go

into business with someone else, but
ultimately everyone doesnt have the
same work ethic and it can cause
animosity. It doesnt have to be 5050.
Clarence Wootens
Be nave
Unlearn everything youve learned
in terms of hierarchy if you worked in
the corporate world. He wouldnt
hesitate to call Bill Gateshe
considered them both to be CEOs.
Dont worry about titles and too
much structure.
Clarence Wootens
Business is a team sport

Great companies arent built
with just one individual.
Would you rather own 100%
of $1M or 20% of $100M
company? Hire A players.
Clarence Wootens
Challenge your comfort

zone You have to put yourself
out there and do things you
wouldnt normally do. You
have to stretch yourself.
Clarence Wootens
Image matters Dont go out and get a crummy logo

and identity and print it out on a
printer. As an entrepreneur you will be
judged by your identity. Because you
are small you have to cast a very big
shadow. People will judge you by your
image before they meet you, etc.
Clarence Wootens
The company shadows the

leader When building a company,
watch what you do, no
shortcuts. Ethics matters
people follow you.
Clarence Wootens
Investors expect their
Dont go
out and raise money for
the sake of raising
money.
money back -
Clarence Wootens
Cash and customers.

Finance and marketing.
Most successful entrepreneurs
understand finance and marketing.
You need to speak the language of
investors when raising money. You
also need to understand your channel
to your customers too.
Clarence Wootens
Keys to Success
Be passionate about what

you do
Focus your limited resources
Persistence will pay off
Luck is when opportunity
meets preparation
Entrepreneurial Finance
Critical Financing Issues
How do we create value and for
whom?
How do we slice the equity pie?
How are deals structured and valued
Start-ups vs. established businesses
How do we mitigate our financial

risk?
How much do we need
Where will we get it from
How do I negotiate a deal
Initial Losses Need Expected
From New Venture Creations Spinelli
& Adams
Terms You Need to Know
Free Cash Flow:
Burn rate
Fume date
Time to clear
If you are the lead entrepreneur of a

rapidly scaling company what do you
spend most of your time doing?
Terms You Need to Know
OOC Out of Cash
There is a direct correlation to an
entrepreneurs bargaining power
based on time to OOC:
More time = more bargaining power =
better deals
How Much Do You Need It

Depends
Lifestyle firms (SME):
generally < $1M in revenues
sometimes much less
founders are not focused on scaling
quickly
King vs. Rich
Growth Firms (IDE)

$1 M to 20 M revenues, 10-20% growth
$20M + revenues, >20% growth
Founders want to expand and grow the
firm
Startup Capital for INC 500

13% had less than $1,000
23% had between $1,000 and
$10,000
$20,000
$50,000
$100,000
INC 500 2004 Funds Raised Prior to First Product Delivered for Sale
INC 500 Where did it come

from?
2% VCs
2% Government loans or programs
4% Customer financing
4% Private equity
8% Bank loan or line of credit
10% Family and friends
17% Other Founders personal assets
53% Personal assets
INC 500 2004 Funds Raised Prior to First Product Delivered for Sale
Company Stages
Pre-seed idea stage pre prototype
Seed - prototype
Early Stage/Startup - Identifying
customers
Growth Sales - Working capital
generally needed
Expansion Scaling Greatest need for
working capital to build out infrastructure
Harvest Sale of Company - always need
to be thinking how investors and
entrepreneurs get their money out
Where Does Bootstrapping

Capital Come From?
Self
Business Partners
Friends and Family
Personal Savings
Credit Cards
Loans against property
Bank Loans
Equity Investments by friends and
family
Bootstrap Finance Basics

(Bhide)
Get operational quickly
Look for quick break-even, cashgenerating projects
Offer high-value products or services that
can sustain direct personal selling
Forget about the crack team
Keep growth in check
Focus on cash, not on profits, market
share, or anything else
Cultivate banks before the business
becomes creditworthy
More bootstrapping tips
Do not
Do not
Do not
Do not
Do not
Do not
Do not
Do not
Do not
bid for
buy new what you can buy used

buy used what you can lease
lease what you can borrow
borrow when you can barter
barter when you can beg
beg what you can scavenge
scavenge what you can get free
take for free what someone will pay you for
take payment for something that people will
From 10 Principles of Entrepreneurial Creation by S.

Venkataraman
Other Financing Options

Debt and Equity
Equity will help your grow quicker but
will result in sharing of wealth and
control with other investors King vs.
Rich
Debt is less expensive than equity
Quicker and easier to find
Requires regular payments of principle
and equity
Debt or Equity Is one

better?
Always a consideration
Debt usually less expensive than
equity but harder to get (do you have
good credit?)
If you do use debt -- generally you
will have to pledge assets that are
personal
In a small business the owner ALWAYS
personally pledges assets
Other Sources of Capital

Government
SBA - Small Business Administration
SBIC - Small Business Investment
Corporation
SBIR Small Business Innovation
Research Grants
Other Sources of Capital
Banks
Factoring -- Selling Accounts Receivables for Cash
Past Corporation Your Worked For
Angel Investors
Private investors often successful
entrepreneurs
expected returns 20% + annually
Venture Capitalist
Later stage finance
return 30% + annually
The Capital Markets Food Chain for

Entrepreneurial Ventures
From New Venture Creation Spinelli and Adams
Additional Sources of
Capital
Angel Investors
Private investors (often family and
friends -- but can be established
member of a community)
return 20-40 percent annually
Venture Capitalist
Generally dont finance seed or startup
phase
return 30 to 60 percent annually
Angel Investors Characteristics

New Hampshire Professor William Wetzel
Have made it on their own, have substantial
business and financial experience, and are
likely to be in their 40s or 50s
Are well educated: 95% hold college degrees
and 51% have graduate degrees
Have technical or business educationof
those who have graduate degrees, 44% were
in a technical field and 35% in business or
economics
Are predominantly maleover 96% are men
Rate of Return Sought by

Venture Capital Investors
From New Venture Creation Spinelli and

Adams
Sources of Capital Cashing

Out
IPO Initial Public Offering
Usually when Angels, Venture Capitalists
and sometimes entrepreneur try to
cash out
Expensive
Time Consuming
Highly dependent on where the business
cycle is
Final Thoughts
Preserve your equity
Hold on to as much as you can as long as you can
Bootstrap
Tap vendors for credit
Timing is critical dont wait too long to look

for capital you dont want to have to
negotiate a deal when you have a serious
cash shortage
It is a balance that every entrepreneur must
negotiate
Looking for that beachhead
Segment, segment, segment

However, you are out of time
Some examples from class projects
Market research from counting
heads to dollars
Staying on track
3/29 End User Profile and Persona
for Beachhead Market
4/2 Full Life Cycle Use Case
Diagram
4/7 Competitive Position Chart
4/20 Draft Biz Plan and Pitch Deck
4/28 All pitch decks are due
5/7 All business plans are due
Presentation Schedule
Team
Date
Time
SyllabusApp
4/28
8:05 8:25
Titanic
4/28
8:30 8:50
CheckSplitter
4/28
8:55 9:15
Speakeasy
4/30
8:05 8:25
ReserveIt
4/30
8:30 8:50
Talenthaus
4/30
8:55 9:15
Quencher
5/5
8:05 8:25
EatandShop
5/5
8:30 8:50
GroceryApp
5/5
8:55 9:15
Final Exam
5/7
8:00-9:20
Final Written Business Plan

No more than 10 pages I knowbrief!
I dont want to tell you how to do it
You should include:
Executive summary
General company description
Products and/or services
Marketing plan
Management and Organization
Start-Up Three Year Proformas
270
Full Life Cycle Use Case

You now have great detail about your
end user
Now you need to understand HOW
this person will use your product
How does your product fit into the
End Users value chain?
Where are the key interface points?
Why would customers want to
acquire this product?

Your FLCUC should include HOW the
customer would use the product
AND
How they would acquire the product
(payment)
How they would get post installation
support
To complete the process it can be

very useful to understand when the
customer might purchase your
Full Life Cycle Use Case The

Process
Primary market research ASK it cant be
through the entrepreneurs own eyes or
you tend to be over optimistic in
predictions
This needs to be REALnot the next favorite
dream or best selling fiction story that
entrepreneurs are so easily attracted to
It is a MAPPING process think WORKFLOW

It should be visual diagrams, pictures,
flowcharts anything SEQUENTIAL

Should Include DE p.86
1. How end users will determine they have a need and/or
opportunity to do something different
2. How they will find out about your product
3. How they will analyze your product
4. How they will install your product
5. How they will use your product (in detail)
6. How they will determine the value gained from your
product
7. How they will pay for your product
8. How they will receive support for your product
9. How they will buy more product and/or spread
awareness about your product
Guess what?
Its much harder
than you anticipate
Competitive Position Chart

INCLUDE this in your FINAL Pitch
Building a Strong
Foundation
Avoiding the Traps that Can
Destroy Family Businesses
What are those traps?
Common traps
Failure to understand the difference between
ownership, governance and management
Considering succession as an obligation to the
past and not as an opportunity for the future
Considering succession as an event and not
as a process
Failure to transmit entrepreneurial orientation
Lack of sound dialect between parents and
children
Choosing the wrong third actor
Seven Failure Factors

Negative culture
The subordination of individual fit to
convenience in employment decisions
Counterproductive communication patterns and
styles
Unprincipled decision making
Insular perspectives
Limited repertoire of techniques to prevent and
manage conflict
Technically designed plans that ignore family
dynamics
Seven Success Factors

Create a positive culture
Promote job fit over convenience
Improve communication challenges through
humility
Clarify and commit to core principles
Establish professional governance structures
Find constructive ways to resolve
disagreements to preempt conflict
Complement traditional planning strategies
with insights from positive psychology
Systems of Family
Enterprise
Governance Systems
of Family Enterprise
Parallel Planning Process

Family Commitment
Strategic Business
Commitment
Core Family Values

Management
Together
build a shared future
vision of business
Philosophy
Family we
Business
and
family
Long-term Goals
Philosophy
Family Vision
Business Vision
Parallel Planning Process

Family
Business
Management
Philosophy
Strategic Commitment
Business Vision
Business Strategy Plan
Core Values
Family Commitment
Family Vision
Family Enterprise
Continuity Plan
Together we build a shared future vision of business

and family
Dealing with Differing Value

Systems
Family Values
Business Values
Emotionally based
Inherited Lifetime
membership
Equality
Supportive
Closed group
Data/Information
based
Earned membership or
defined duration
Equitability
Mistakes have
consequences
Open group
FAMILY
BUSINESS
Scientific Insights
on the Importance of Values
Shared values regularize behavior
within a group in an efficient way by
articulation a general rule that
applies broadly, so group members
are spared the ongoing reinvention of
standards and justifications.
-Chris Peterson
Scientific Insights
on the Importance of Values
Research confirms that people are
happier when they know their values
and live in alignment with them.
Value-driven family businesses not
only offer the potential for economic
returns and commercial opportunities
to family members, they also
promote a supportive, nurturing
environment that enhance quality of
life.
Determining Core Values

Exploring core values to determine beliefs
about the family and business
Family commitment and vision are shaped
by what the family holds as important
The family principles relating to how
employees and customers are treated and
how the family defines its responsibilities to
its members and stakeholders will guide
the development of charters, business
plans, policies and family agreements
Excavating Core Values

Successful families always
Our family legacy is
Our most important priority as a
family is
Balancing my personal life and
career will
Our family has a responsibility to
ensure that
When face with conflict, our family
Family Business Challenges

Families assume that their past success
will guarantee their future success
Family members attribute legacy value
to their businesses or assets, but that
value does not translate into a market
value or advantage
Families want a legacy pass in the
market We are 50 years old and we
deserve another 50 years since we have
been such good citizens
New Venture Creation Spinelli and Adams

Senior and successor generations have different
risk profile and goals for how the business should
grow in the future
Families find it hard to pass the entrepreneurial
commitments and capabilities from the senior
generation to a less hungry successor
generation.
Families build their first-generation businesses on
the founders intuition, but the business never
establishes more intentional entrepreneurial
processes to keep the entrepreneurial contributions
alive

Families will not use many of the
financial strategies that
entrepreneurs use to grow
businesses: debt, equity capital,
strategic alliances and partnerships
Families do not shed unproductive
assets and underperforming
businesses to reallocate resources to
more productive places

Successor generation family members feel
entitled to get a business rather than seek
next-generation entrepreneurial opportunity
Senior leaders communicate to the next
generation that business planning and
entrepreneurial analysis are a waste of time
Family members are given a business to run
as part of their legacy, and that is viewed as
entrepreneurship in the family
Making Social Ventures

Work
Entrepreneurs can play
a central role in finding
solution to the worlds
toughest social
problems
Wicked Problems
From blog.hbs.edu
Guidelines for launching successful

businesses in uncertain markets
Define the ballpark or scope of the
venture
Attend to the sociopolitics
Emphasize discovery-driven planning
Plan disengagement
Try to anticipate unintended
consequences
#1Define the ballpark or scope of

venture
First, concretely outline the disqualifying

conditions
Inability to scale operations

Environment in which corruption is rampant
Poor quality equipment
Lack of talent
Second, define your acceptability space

Minimum number of people your would serve
Minimum level of profitability it should attain
Third, draw up the rules of engagement

No sales on credit
No laws broken
No payments of bribes
#2-Attend to the
sociopolitics
Identify stakeholders
Beneficiaries often reluctant, but will
benefit
Potential allies supporters of your
project
Needed Indifferents dont care, but you
need them
Meaningful Opponents those that will
be adversely affected by project have
something to lose if you succeed
#3-Emphasize discovery-driven
planning
Evolution and iteration
Specify both the unit of business and
unit of benefit sack of grain | daily
protein serving
Anticipate the challenges of growth
Shortage of management talent and
expertise
#4-Plan disengagement
Livelihoods of thousands of people at
stake
Before you even begin you must
know:
How could you disengage with a
minimum footprint?
How could you exit in an acceptable
manner?
Could you sell off assets or donate?
Could you shut down temporarily until
#5-Anticipate unintended
consequences
Ernesto Sirillo Want
to help someone?
Shut up and listen!
What is Social
Entrepreneurship?
Social entrepreneurship is not just for
the nonprofit sector
Social entrepreneurship has no clear
definition
Social entrepreneurship can be
economically sustainable
Social entrepreneurship requires
investment and returns. The social
question is who pays and what is the
return horizon. Jeff Stamp
What is Social
Entrepreneurship?
Entrepreneurship results in the creation,
enhancement, realization, and renewal of
value
Social entrepreneurship is no different,
but it helps clarify the concept of value.
Specifically, social value is derived from
entrepreneurial activities that seek to
address problems related to people and
the planet regardless of profit
orientation
What is Social
Entrepreneurship?
Social entrepreneurship seeks
creative and valuable solution to such
issues as education, poverty, health
care, global warming, water shortages
and energy
Think Wicked Problems
Social opportunities are driven not
only by markets, but also by mission
and social need.
What is Social
Entrepreneurship?
The primary difference

between traditional
entrepreneurship and
social entrepreneurship
is the intended mission.
Types of Social Entrepreneurship

Social Purpose Ventures:
Solve a social problem through an economically
viable entity e.g. Jim Poss & Blake Mycoskie
Poss considers himself a social entrepreneur
Posss mission is social to help the environment,
yet he recognizes the importance of sustainable
business economics
If you have a business that can sustain itself
economically and do something environmentally
beneficial, then it can be on its own growth path
without the need for fund-raising every year to
sustain Jim Poss

Enterprising Nonprofits
It is not enough, from both an economic and
social perspective, to simply start a venture; it
must be scalable and sustainable
Two type of enterprising nonprofits
Earned-income activities are used to generate all or
a portion of total revenue to sustain their missiondriven organization e.g. The Greyston Bakery
A focus on growth and economic sustainability that
may use outside investment in the form of
philanthropy to scale the organization for increased
social impact e.g. KickStart

Hybrid Models
NOT examples of corporate social responsibility
For profit with equal emphasis on social and
economic goals
Often dual purpose organizations with missions that
equally emphasize economic and social goals
e.g. Scojo Vision
For Benefit The Fourth Sector the lines are

blurring between historical classification of
businesses (for-profit entities, nonprofit(non
governmental) social organizations, and
governmental organizations
Brain Trust in Social

Entrepreneurship
The team is expanded to external stakeholders
in social ventures
A Brain Trust can include:
Community
Investors
Government
Customers
Suppliers
Manufacturers
Regardless of our mission we must still deliver

value to our stakeholders
Change Agent Now or Later?

On average, entrepreneurs give 25%
more to charitable causes than other
types of wealthy donors Bank of
America Report
Option 1 do well by your business and
give back later
Option 2 give back as you go along by
choosing a business that has a triple
bottom line (people, planet and profits)
Social Entrepreneurship
Capital
As more social ventures emerge,
access to capital becomes a greater
challenge
Social venture capitalists seek to
invest in for-profit ventures for
financial return as well as for social
and environmental return
What is social
entrepreneurship?
http://www.youtube.com/watch?v=1
ecKK3S8DOE
PKBL4C4TJQ
http://vimeo.com/72910049
75iq2CLVyw
The Reluctant Social

Entrepreneur

Entrepreneur
Age 37
Multiple Myeloma
Cancer of the Blood
No cure Get your life in order
Less than 50% five year survival rate
What would you have done?

Entrepreneur
What did Kathy do?
Founded Multiple Myeloma Research
Foundation
Founded Multiple Myeloma Research
Consortium
What is different about these

organizations?
Both have become models for running
medical-research nonprofits in a highly
disciplined way

Entrepreneur
Why did she start these
organizations?
Researched the disease and found drugs
used were over 30 years old and no one
was devoting significant R&D to the
disease
She knew whytoo smallno drug
company would be interested
Not much respect for nonprofits I
wanted people to see I wasnt going to
run some schlocky nonprofit. I was

Entrepreneur
How did she do it?
Started from a strong place of PURPOSE
Tapped into her extensive personal network
Used her 50,000 chunks of experience
Clear strategy visited often
Metrics, benchmarking and scorecards
Raised $165+ million
Leads from behind doesnt need to be in
spotlight
Busted up researchers mindset of competition

Entrepreneur
What Kathy brought to the table was
an unwillingness to accept the norm

Entrepreneur
King or Rich how does this apply to
social entrepreneurs?
Those close to her have trouble
imagining her handing over the reins
completely, because there is still no
cure for her disease

Entrepreneur
http://edition.cnn.com/video/data/2.
0/video/business/2014/04/08/qmb-themmrf-cancer-research-charity-giusti.
cnn.html

Entrepreneur
Fortune Magazine Worlds Greatest
Leaders
#19
Why Entrepreneurs Dont

Scale
Founders
Flounder

Scale
Entrepreneurs actually
show their inability to switch
to executive mode much
earlier in the business
development process than
most people realize

Scale
The habits and skills that

make entrepreneurs
successful can undermine
their ability to lead larger
organizations
Why Entrepreneurs Dont Scale

Four Reasons
#1 - Loyalty to comrades:
Blind loyalty can become a
liability in managing a large,
complex organization
When leaders fail to see and
respond to a team members
weaknesses, they place the
company at risk

Four Reasons
#2 Task orientation:
Excessive attention to detail
can cause a large organization
to lose its way
As companies grow, task
oriented leaders often fail to
establish strategic priorities

Four Reasons
#3 Single-mindedness:
Can lead to tunnel vision if the
leader cant become more
expansive as the company grows
An insulated leader who doesnt
communicate with and listen to
employees with distinct opinions
can end up losing their allegiance

Four Reasons
#4 Tendency to work in isolation:
Disastrous for a leader whose
burgeoning organization must rely on
the kindness of customers, investors,
analysts, reporters and other strangers
After the birth of the product or the
idea, the internal focus must shift, lest
it impede responsiveness to market
demands for the finished product
Leaders who scale do so regardless

of background, skill, and talent.
Rather, they scale because they
take deliberate steps to confront
their shortcomings and become
the leaders their organizations
need them to be. Instead of
floundering, the learn to fly

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Entrepreneurship

About all of you

About this course

Branson Top 5 Tips for

Entrepreneurs economic function

The entrepreneurs managerial

Owning the business

Three Roles Entrepreneur

The entrepreneurial personality

The great person?

Perception is wide spread

The other extreme:

The Call of the Entrepreneur

How does entrepreneurship shape the

The Call of the Entrepreneur

What role does government play in

Should the role of government in business be

Why do people become

What other reasons can you think of?

And these are just

Credits - David Spitz Aurora Funds

Where do ideas come from?

IT STARTS WITH WHY

Two Different Ways of Gaining

Using Knowledge for

Using Knowledge for

The Process Has Four Stages

Four Stages and Four Styles

Four Stages and Styles, and Eight Steps

The Styles Interconnect Directly to the

10 Ways to Know if You

by Chad Brooks, BusinessNewsDaily Senior Writer | February 19, 2013

Do You Remember When

Stupid Stuff Entrepreneurs

3 Moments That Changed

Pitching Your Idea

Next steps for your teams

This is Hard Stuf

Credits - David Spitz Aurora Funds

Three Common Myths

It isnt just about smarts

Two Distinct Types of Entrepreneurship

Focus local and

The text is based in IDE

Group Team Presentation

You will have time in class to prepare

The Questions Every

Where do I want to go?

What is my tolerance for risk?

How will I get there?

Can I play my role? Doing more

The Timmons Model

50,000 Chunks of Experience

Beating the odds when

Great entrepreneurs dont take risks they

Would you pay

Would you want

What are some of

Low labor costs

Highly skilled labor

High labor costs

The biggest businesses have

What is the best