Copyright © 2003 by South-Western/Thomson Learning. All rights reserved. O'Malia and Whistler...

Copyright © 2003 by South-Western/Thomson Learning.Copyright © 2003 by South-Western/Thomson Learning.All rights reserved.All rights reserved.

O'Malia and O'Malia and WhistlerWhistler

Welcome to Welcome to

The Entrepreneurial The Entrepreneurial JourneyJourneyCh. 3: Finding Your IdeaCh. 3: Finding Your Idea

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Good Of The Order . . .Good Of The Order . . .

G O T OG O T O

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Let’s review our Let’s review our journey to datejourney to date

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This SessionThis Session

Customer vs. product drivenCustomer vs. product driven

Four stages of an entrepreneurial Four stages of an entrepreneurial companycompany

The idea and recognizing opportunityThe idea and recognizing opportunity

Protecting your ideaProtecting your idea

Up Front & Personal: ‘Food from the Up Front & Personal: ‘Food from the HoodHood

Journey: Kiyonna KlothingJourney: Kiyonna Klothing

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The search for The search for the idea that is rightthe idea that is rightfor youfor you

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Customer vs. Product DrivenCustomer vs. Product Driven

Start with a customerStart with a customer

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Four StagesFour Stages

The journey is typically The journey is typically undertaken in stagesundertaken in stages

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Stage 1—idea to firstStage 1—idea to first

Focus on customerFocus on customer

Never assume you are like Never assume you are like the customerthe customer

Your market is not your Your market is not your customercustomer

Big guys fail 99% of the timeBig guys fail 99% of the time

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Stage 2—first Stage 2—first to multipleto multiple

Initial customers provide Initial customers provide credibilitycredibility

Growing from one to Growing from one to manymany

From “I” to “We”From “I” to “We”

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Stage 3—multiple Stage 3—multiple to multipleto multiple

Establish needs and fulfill themEstablish needs and fulfill them

Don’t revert to managementDon’t revert to management

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Stage 4—multiple Stage 4—multiple to harvestto harvest

Policies and proceduresPolicies and procedures—necessary evil—necessary evil

Two primary options—Two primary options—sell or reinvent and sell or reinvent and repositionreposition

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Get physical fast!Get physical fast!

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Very few pure, Very few pure, new ideasnew ideas

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Start in own Start in own backyardbackyard

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Food from the ‘HoodFood from the ‘Hood

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Are you an organizational Are you an organizational entrepreneur?entrepreneur?

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New vs. needNew vs. need

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Structure your searchStructure your search

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Be wary of . . .Be wary of . . .

Fads . . .Fads . . .Shooting stars burn outShooting stars burn out

New inventions . . .New inventions . . .Long time to marketLong time to market

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Journey Three: Journey Three: Kiyonna KlothingKiyonna Klothing

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CreativityCreativityFreedom fosters creativityFreedom fosters creativity

Start a creativity labStart a creativity lab

Meet StrangersMeet StrangersRecord your conversationsRecord your conversations

Form a round table of expertsForm a round table of experts

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Create OpportunitiesCreate Opportunities

Visit every booth at a trade Visit every booth at a trade showshow

Ask questions of competitors?Ask questions of competitors?

Why are businesses for sale?Why are businesses for sale?

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Protecting Your IdeaProtecting Your Idea

Legal vs. tactical approachLegal vs. tactical approach

Legal protection is not Legal protection is not always clear cutalways clear cut

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What opportunities What opportunities can you create? can you create?