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Understanding Entrepreneurial Impact
Generating Ideas
Evaluating Ideas
Focusing Startup Efforts
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6 – 7 % of US population is in the process of
starting a business at any given time
53% of new small businesses begin in the home
with less than $10,000
Since 1980, Fortune 500 companies have lost five
million jobs, while the United States as a whole
has added 34 million new jobs
American small business is the world’s third
largest economy, trailing only the U.S. as a whole
and Japan
Median net worth for self employed $335,600
compared to $67,200 for those that worked for
others
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Entrepreneurs account for 67% of inventions and
95% of radical innovations since World War II
Small firms produce more highly cited patents
than large firms
Small patenting firms produce 13-14 times more
patents per employee
Small companies represent 65% of new
companies in the list of most highly innovative
companies in 2002
Louisiana’s Blue Ocean economic development
strategy
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Personal Inventory
Broad Environmental Survey
Focused Investigation
Unique Interpretation
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Genuine Interests and True Passion
Professional and Personal Resources
Entrepreneurial Characteristics and Aptitude
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Involve Others
Listen to Friends, Acquaintances, and Mentors
Solicit input from Vendors/Suppliers, Customers,
and Regulators
Converse with New People, Strangers and General
Public, Other Majors/Industries
Be Original
Notice Unexpected/Unusual Uses and Different
Applications
Observe Social Behavior
Pay Attention to Daily Happenings, Events,
Ordinary Living
Tweak or Twist Existing or Old
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Immerse Yourself
Specific Information
General Information Sources
Demographics
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Break The Rules
Question Habitual Responses
Explore Familiar Surroundings, Similar
Circumstances, or Advanced Areas
Break Your Routine
Honor and Develop Your Imagination,
Dreams, Fantasies
Explore Your Intuition
Reexamine Failure
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Have Lots of Ideas
Method of Capturing
Be Open
Build on Ideas
Multiple Solutions
Simple
Don’t Judge
Become a Collector
The question is not
what you look at
but what you see.
-Thoreau
Assessing Ideas
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Description of Unique Capabilities and Function
Demonstration of Value Created
Solves a Real Problem Better Than Alternatives
Benefits and Advantages, Not Just Features
Competitive Situation
Stage of Development
Proof Establishing Technical Feasibility
Rights to Use
Preventing Duplication or Imitation
Additions and Sustainable Advantage
External Factors
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Initial/Primary Target Market
Describe Characteristics
Segments of Target Market
Define Expectations
Real and Specific Pain or Need
Overall Potential of Primary Market
Potential of Secondary Market(s)
Projected Sales
Credible Research Data
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Organizational Systems And Capacity To
Perform
Activities and Abilities That Create Value
Arrangements For Mutual Benefit
Estimated Cost & Charge to Customers
Approach for Transferring to Customer
Suitability and Superiority of Basic Routine
Scalability and Future Capacity Requirements
Plan for Generating Sufficient Revenue
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What Your Customer Wants/Needs
Specific Benefits/Results You Provide
Ways You Surpass Competition or Alternatives
Summarizes Why Product/Service is Bought
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Why Trends Occur
Acknowledge Intuition, but Support with Data
Fact Based
Learning, Adapting, and Improving
Avoid a Poor Choice and Survive
What about Someone Else
Be Patient and Persistent
http://www.youtube.com/watch?v=HpvEF_GIhmw
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Inside - the personal/internal factors
About – external environment/situation
Out – external assessment/information
Unique Perspective – analysis & interpretation
Defining Idea
Characterizing Market
Developing Method
Understanding Value Proposition
Acting on the Idea
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How You Want to End
Define Major Actions
Identify and Address Challenges
Experience and Abilities Needed
Advisors and Assistance
Estimate Funding/Resources to Start and Grow
Plans for Securing Needed Funds
Attend Learn B-4-U Launch on January 18
Kathy Wyatt, Director
Technology Business Development Center
Louisiana Tech University
P.O. Box 3145, Ruston, LA 71272
Phone: (318) 257-3537
Fax: (318) 257-4442
Email: [email protected]