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Ways Entrepreneur Wannabes Can Determine What Kind of Business To Start

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Waiting for a Kiss from the Muses…

Is Like Waiting for GodotIs Like Waiting for Godot

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Agenda

• Look inside you

• Look outside of you

• Be curious

• Push the envelope

• Be observant

• Have others help you

• Set your own direction

• Look inside you

• Look outside of you

• Be curious

• Push the envelope

• Be observant

• Have others help you

• Set your own direction

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Look Inside You

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Personal Assessment

• What do you enjoy doing?• What skills do you have?• What industry expertise do you

have?

• What do you enjoy doing?• What skills do you have?• What industry expertise do you

have?

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Personal Need

• Gary Erickson,Clif Bars

• Gary Erickson,Clif Bars

• Liz Lange,maternitywear

• Liz Lange,maternitywear

• Sara Blakley,Spanx

• Sara Blakley,Spanx

• Pierre Omidyar,ebay

• Pierre Omidyar,ebay

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Do what you love

• Coco Chanel, Helena Rubinstein and Elizabeth Arden – fashion / cosmetics

• Yvon Chouinard, Patagonia• Alice Waters, Chez Panisse• Ben Cohen and Jerry

Greenfield, Ben & Jerry Ice Cream

• Coco Chanel, Helena Rubinstein and Elizabeth Arden – fashion / cosmetics

• Yvon Chouinard, Patagonia• Alice Waters, Chez Panisse• Ben Cohen and Jerry

Greenfield, Ben & Jerry Ice Cream

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Poll

Which other entrepreneurs come to mind who met their own (or someone important to them) need and developed a successful business?

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Questions

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Look Outside of You

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Unmet Need in the Market

• Ronald Grzywinski, Milton Davis, Jim Fletcher and Mary Houghton, ShoreBank

• Camille Bressler, Michael Levoshko, Mel Benson, Denise Gallagher, Matt Vinikas, and Marcia Stein, Senior Whole Health

• Rick Alden, Skullcandy

• Jerry Torres, Torres Advanced Enterprise Solutions

• Ronald Grzywinski, Milton Davis, Jim Fletcher and Mary Houghton, ShoreBank

• Camille Bressler, Michael Levoshko, Mel Benson, Denise Gallagher, Matt Vinikas, and Marcia Stein, Senior Whole Health

• Rick Alden, Skullcandy

• Jerry Torres, Torres Advanced Enterprise Solutions

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Changes in the Market Opens Opportunity: Technology, Regulation

• Regulation, MCI and Sprint

• Technology, Vonage and Technology, Skype

• Technology, Flickr

• Technology, Netflix

• Regulation, MCI and Sprint

• Technology, Vonage and Technology, Skype

• Technology, Flickr

• Technology, Netflix

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Changes in the Market Opens Opportunity:Demographic, Psychographic/Lifestyle, Behavior

• Children who have autism

• People who are visually impaired

• Girls who surf or want to

• Children who have autism

• People who are visually impaired

• Girls who surf or want to

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Changes in the Market Trends Opens Opportunity: Perception

• Whole Foods

• Method, Seventh Generation

• Domini Social Investments

• Borrego Solar

• Whole Foods

• Method, Seventh Generation

• Domini Social Investments

• Borrego Solar

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Poll

Which other entrepreneurs come to mind who took advantage of a change in the market?

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Questions

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Be Creative

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Damn I Should Have Thought of That: The Obvious

• Gary Burrell and Min Kao, Garmin-GPS

• Herb Kelleher, Southwest Airlines

• Charles Schwab, Schwab

• William Wang, Vizio

• Gary Burrell and Min Kao, Garmin-GPS

• Herb Kelleher, Southwest Airlines

• Charles Schwab, Schwab

• William Wang, Vizio

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Phoenix Rising: Out of the Ashes of Failure Can Come Success

• Fritz Maytag, Anchor Brewing

• Led by Dr. Daryoosh Vakhshoori Ahura Scientific

• Douglas Quikut, Ginsu

• Pfizer, Viagra

• Fritz Maytag, Anchor Brewing

• Led by Dr. Daryoosh Vakhshoori Ahura Scientific

• Douglas Quikut, Ginsu

• Pfizer, Viagra

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Counter Intuitive: Huh!

• Online book store

• Online video rental

• Low priced store, yet employees have benefits

• Online book store

• Online video rental

• Low priced store, yet employees have benefits

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Scratch a Niche

• Bob Johnson, BET• Rick Alden, Skullcandy

• Staffing agency for nonprofits and fashion industry

• Fiscal management for nonprofits

• Bob Johnson, BET• Rick Alden, Skullcandy

• Staffing agency for nonprofits and fashion industry

• Fiscal management for nonprofits

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Poll

Which other entrepreneurs typify the creative entrepreneur?

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Questions

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Push the Envelope

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Necessity Is the Mother of Invention: There’s Got to Be a Better Way

• New Leaf Paper• Better World Books• Organic Valley of Farms• Yahoo, Google,

Amazon, Ebay, LinkedIn

• New Leaf Paper• Better World Books• Organic Valley of Farms• Yahoo, Google,

Amazon, Ebay, LinkedIn

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Bright Idea: May Be Not

• Zipper

• Ballpoint pen

• Aerosol spray can

• Tab to open soft drinks

• Velcro

• Zipper

• Ballpoint pen

• Aerosol spray can

• Tab to open soft drinks

• Velcro

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Poll

Which entrepreneurs created new processes or new products?

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Questions

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Have Others Help You

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Your Passion:Dogs

Your Passion:Dogs

Brown

Fleas

BlackSmall

Exercise

Leash

Collar

Yellow

Big

Clean-up

Walk

Mind Mapping

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Your Passion:Dogs

Your Passion:Dogs

Brown

Black

Exercise

Leash

Collar

Yellow

Clean-up

Walk

Big

Small

Fleas

Grooming

Mind Mapping

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Mix and Match

• Industry expertise

• Passion

• Skills

• Interests

• Industry expertise

• Passion

• Skills

• Interests

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Identify Your Reasons For Starting a Business

• This is personal journey

• There are no right or wrong answers

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Determine the Additional Support You’ll Need

• Take classes• Join industry groups• Join networking groups• Network• Join peer-to-peer

mastermind or CEO Roundtables

• Read books and magazines on entrepreneurs and entrepreneurial techniques

• Find a mentor or advisor• Use a coach

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Suggested Reading

• An oldie, but a goody – Peter Drucker, Innovation and Entrepreneurship

• Harvard Business Essentials, Entrepreneur’s Toolkit, chapter 2• Entrepreneur.com

– What's Love Got to Do With It? http://www.entrepreneur.com/startingabusiness/selfassessment/article76120.html

– You're the Inspiration http://www.entrepreneur.com/magazine/entrepreneur/2005/september/79406.html

– Scratch a Niche http://www.entrepreneur.com/magazine/entrepreneur/2005/august/78814.html

• 7 Methods in Choosing a Business http://www.powerhomebiz.com/vol72/methods.htm

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Set Your Own Direction

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Questions