CSB/SJU Job Search Series Budding Entrepreneur November 17 th 2009 Hosted by RJF Agencies
Dec 28, 2015
CSB/SJU Job Search SeriesBudding Entrepreneur
November 17th 2009
Hosted by RJF Agencies
Prayer for Job SeekersGod, our Creator, we turn to you seeking your divine help and guidance as we look for suitable employment.
We need your wisdom to guide our footsteps along the right path, and to lead us to find the proper things to say and do in this quest. We wish to use the gifts and talents you have given us, but we need the opportunity to do so with gainful employment.
Do not abandon us in this search, but rather grant us this favor we seek so that we may return to you with praise and thanksgiving for your gracious assistance. Grant this through Christ, our Lord. Amen
TERRI BARREIROMCNEELY CENTER FOR ENTREPRENEURSHIP
Donald McNeely Center for EntrepreneurshipResources Available for Alumnae/i
You can something
I am not going to tell you it is easy . . .But it happens all the time
It is a journey with lots of questions and an ever changing reality
1. Look inward – Know yourself
• Skills• Experience• Expertise• Passions
2. Look Outward – See Opportunities Everywhere
• Read
• Listen
• Look Around: What’s missing?
• Check your gut
3. What is the Basic Idea?
Write it down!• Concept description • Key attributes• Likely market• Competition• Sales and distribution
4. Who will buy it?
•What are the characteristics of the potential customer?
•How many will likely buy or use it?
5. Test the idea
• is the basic idea valid?• Are potential customers
interested?• Test a prototype; modify as
needed
6. Find and face the competition?
• List competitive products & services
• Understand similarities and differences
• Will customers value differences?
7. What does it cost to make or do?
• Who will create it? • What will it cost to produce?
– Materials– Labor– Distribution
8. How will you get it to the customer?
• How will you get it to the customer?
• Who will do it?• How long will it take?• How will orders be taken?
9. How will your customer find you?
• Build and they will come only happens in a movie
• Until you sell it, it is only a good idea
10. Find the money
• What are you going to contribute?• Who else could contribute?• Does your banker like you? (that is
not likely to be enough but . . . .)
11. write it all down!
Write the business plan– Summary– The Company description– The Product or Service description– The Project to be financed– Management (who & what jobs)– Ownership– Marketing Strategy– Production/Operations– Administration & Financial details
12. Step off the curb --not the cliff
• Start with small steps if at all possible
• No matter what the reality will be different than the plan
• Embrace Ambiguity – it will be everywhere
Engaging the Entrepreneurial Spirit
Donald McNeely Center for Entrepreneurship350 Simons Hall
St. Johns UniversityServing students, faculty and alums
At CSB & SJU
DAVID ROMPRESIDENT, PLATINUM BANK
Setting Your Entrepreneurial Expectations
MARK RICHARDSCFO, MAXIMUM COMMUNICATIONSCREATOR, CANDIDATESCHAIR.COM
Fit with Your Job objective, 10 Investor Questions and Basic fundraising thoughts
Seeing Yourself in a Start-up
• Pay/Bonus
• Equity
• Energy
• Risk
• Start-up
• Running
• Rapid Growth
ElementsTypes of Companies
CandidatesChair.com tool: Evaluating Companies
“I own the company”
“I want a steady role”
“I want a big job”
“Quality of life”
“The usual trade-off”
“How company feels”
Start-up: First Glance
From Alan Bignall, CEO,Recon Robotics
1. Solid management team2. Protectable Intellectual Property3. Large Addressable Market
Investors – 10 questions
1. Client & Their need
2. How need is solved
3. Unique (e.g. IP)4. Business Model
5. Reaching clients
6. Competition7. Operations8. Required team9. Growth plan10.Punchline (e.g.
the financials)
CC Tool: 10 Questions to Understand a Company
Fundraising – Starting point• Investor valuation is always lower• Monetization timing is key motivator
to stock-only employees (and vice versa)
• Start-up is short, need cash to grow – expect multiple rounds of funding
• It’s hard work and don’t expect to own more than 50% when its over
CC Tool: Basic Fundraising Terms & Valuation
Valuation: When it goes up
• Prove you have a product with an interested client base
• Prove the product works in production (beta test)
• Go through a limited client rollout• Full rollout
Greatest need for cashRevenue & Profitability for Venture CapitalWhen you can (or want) to sell
Focus on investors
Ability to Invest
ExperienceInterest inIndustry
Money does notequal agood investor
Good for connections
Leads for Strategicinvestors
Tipping PointInvestors &Partners
Q & A (a.k.a. Stump the Panel)