Solving the Entrepreneurship Puzzle

SOLVING THE ENTREPRENEURSHIP PUZZLE

/ USING THE CPPX5 MODEL /Sarah Granger, Bishoff Entrepreneur-in-Residence

Penn State University, 2017

CONFIDENCE➤ Homemade➤ Built on your strengths➤ Energy from leading➤ Supported by your

network

PASSION➤ What drives you?➤ What keeps you up at night?➤ What gives you energy?➤ What incites you to act?➤ Where does it come from?➤ How can you channel it?

“When you have passion for something, you find a way to make it happen. This is the panacea to success.”

- Zig Ziglar

PROBLEM➤ The right problem➤ At the right time➤ Needs the right solution➤ And the right business model

CREATION➤ The journey➤ Molding your design➤ Integrating

ingenuity➤ Innovating➤ Iterating

PEOPLE➤ People people people people people

people➤ Team team team team team team➤ Yes, this is that important➤ Choose the best partner(s)or go it alone➤ “Your network is your net worth”➤ Hire to your weaknesses

PRODUCT➤ The destination, the solution (& market

fit)➤ Directly connected to your passion➤ Affordable, usable, useful, helpful➤ Sticky, self-staining, resilient, consistent

CUSTOMERS➤ The drivers of your

business➤ Know them well➤ Respect their needs

& wants➤ Study their habits➤ Discover what can

serve them best

PLAN➤ Complete market analysis➤ Write strong business & marketing

plans➤ Plan detailed product timelines➤ Pitch planning➤ Exit strategies

PITCH➤ Master it to the point it’s automatic➤ Become BFFs with the ask➤ Make Powerpoint your ally➤ Write & rewrite your plans

COMPETITION➤ Who they are➤ What they’re about➤ When they got to

market➤ How you differ➤ Your value proposition

PITFALLS➤ Expect the unexpected➤ Plan for contingencies➤ Know your way out➤ Face the fear of failure

PROMOTION➤ Early adopters➤ Word of mouth / Evangelists➤ PR / Media➤ Digital / Social

“If it doesn’t work, it’s not a failure; it’s data.”

- Dorie Clark

CHOICES➤ Stand by your

decisions➤ Analyze successes➤ Embrace failures➤ Dive into the data➤ Know what’s next

PLATFORM➤ Build your long-term brand➤ Craft your identity as a platform➤ Extend beyond the business➤ Curate a digital presence

PAY-IT-FORWARD➤ Keep the social good in mind➤ Use what you learn to help others➤ Build your social capital➤ Giving back always comes back to you

again

CPPX5 REVIEW…ConfidencePassionProblem

CreationPeopleProduct

CustomersPlanPitch

CompetitionPromotionPitfalls

ChoicesPlatformPay-it-Forward

CONTINUING ED.➤ Art of the Start by Guy

Kawasaki➤ Startup Weekend➤ The Lean Startup by Eric

Ries➤ Y Combinator MOOC @

startupschool.org➤ High Tech Startup by

John Nesheim➤ Stanford certificate in

Innovation & Entrepreneurship

CONNECTSarah Granger

sarahgranger.com