Entrepreneurship

Your paper should start with:

An Introduction (Usually a short executive summary)

But after that…

The exact sequence for your paper has many options. Some folks use the Problem….Solution format. Some use the 5 elements in sequence. Others use a very functional approach typified by traditional old-time business plans (Marketing, Finance, Operations, etc).

Your plan should contain no more than 12 pages in the main body. This doesn’t include graphics (e.g. pie charts) nor special tables. If the table is text heavy, it’s half the count. Don’t be tacky about making everything a table, but use it sensibly.

You can put detailed financials and magic number calculations into the appendix. No matter how you tell your story, tou should have material that covers the details of the 5 elements.

1. Unique Product or Service – This might require a sketch of the actual product, especially if it’s an engineering or software product. If it’s a restaurant, a possible layout should be included to help us visualize your intent.

2. Customer - Psychographics and Demographics of target customer segments. Explain how this segment has a pain tha is solved by your company.

3. Reaching the Customer – Marketing plan

4. Making money – Includes Startup Cost and ROI, Breakeven metrics, Summary Cash Flow statement, and eventual profitability. Don’t kill us with details in the main text. If you have a franchising or other unique model, then you can partly explain how it will make financial sense.

5. Team - Who are you? Who will you need to recruit? How will you recruit?

You may conclude not with a plea for money, but rather with something that relates to your spark.

….but…your paper should start with….

An Introduction (Usually a short executive summary)

If you want to reserve first and prepare your table, the doors to the North Creek Event Center opens:  Tuesday, March 9 –  4pm;  Thursday, March 11 – 3pm

Tables are arranged around the room. You should claim your table: first come, first served. These are folding tables that measure at 6 feet x 2.4 feet. As long as it’s legal and safe, you have a lot of latitude regarding your table display.  You should not have your displays impinge onto your neighbor’s area.

Each presenter on your team must be enrolled in the class with the following exceptions: 1) one-person teams can bring one person from outside to help present; 2) the facebook team is only allowed to use 4-persons to present.

Non-presenters can help with manipulating demos or presentations or inserting material into the presenter hands. The non-presenters must not speak to the audience.  Non-presenters must not disrupt other teams.

All presenters must stay in the area near their table (except for restroom breaks). They must not stray into another person’s area. This is promote gentle conduct between teams.

If you need electrical power, be sure to bring an extension cord and perhaps a “power bar”. We’ll need to share outlets.

Note change: No voice amplification allowed.

You may “market” hell night and your team through social media or company websites. You may post comments at the Hell Night Facebook page.

With the instructor’s permission, you may make announcements at classes and pass handouts that drive students to your booth. It should not include detailed business plan information. You can use a slogan, logo, and brief one-paragraph description or enticement.

You may pass handouts to hell night visitors anywhere on campus EXCEPT in the the North Creek Event Center until the event begins. If the visitors want to know more, you can say: “My professor has forbidden us to talk about it until the event starts but we’re the best. Come visit our booth at the North Creek Event Center and you’ll see why.”  The optimal place to catch visitors is at the stairs near the North Creek Ctr or on the walkway along UW1.

On Thursday, the visitors will normally be given small envelopes with a set amount of play money. Some of the investors will be given large (5″ x 8″) envelopes that contain much more cash. A very special small group will have abnormal amounts of play money (up to 20x): their envelopes will have color stickers on it.

After the tradeshow ends, your team should place all its money into the provided envelope and hand it to an adviser or alum (e.g. Adina, Mike, George, Richard, Abbie, Dan). You should then feel free to network with the audience until the program starts.

By Dan Voetmann

Why does the world need your company?
Who are your competitors?
What advantages do they have over you?
What do you admire about them?
What weaknesses have you identified that you think you can exploit?

3 Legged Stool…
Product/Service…
What is it?
Where will you source it?/How will you train if it’s a service?
What is your key point(s) of differentiation?

Operations…
How will you handle fulfillment?  Order/Stock/Deliver product or
Schedule services.
How much money will you need to make?
What margins will you need to retain?
How many customers will you need (at X gross sale and Y net
margin) to generate to make your numbers work?  (see marketing)
Will your prospective customers pay the gross price you need?
What do you need for staff?
How will you find and retain staff?
How will you compensate them?
How will you retain enough income to survive then thrive?
Physical location needs?

Marketing…
Who is your target prospect?
What ideas do you have to educate/persuade them?
How will you reach them?
How will you retain them (customer loyalty)?
What will your “close ratio” be…thus driving how many total
prospects you’ll need to “check you out”?  Can your marketing (at what
you can afford to spend on it in the launch phase) generate this amount
of prospects?

Money…do you have enough?
What do you know that you don’t know?  How will you figure it out?
Why do you think you will be successful with this company?
Mentors?

About Fishbowls

I am proud of our first group. It’s often difficult going first because there’s no reference point. Now there is no excuse.

Many of the fishbowls will be performed after breaking the class into two or more groups. A fishbowl with our one huge class can be more like a Roman Coliseum with gladiators and a lively chaotic audience.

Here are some simple tips:

First, read the Presentations section in the Class book.

a) PREPARE the presentation. It gets more intense after yesterday so give a professional presentation. Tell a great story.

b)  BE GRACEFUL in the face of vile questions or comments. Professional investors can be ill-mannered and socially maladjusted. David Miller may act like this to test you. Your peers may take personal issue with your presentation.  It’s your chance to win MAJOR style points. You want an ass to come after you because it’s an opportunity to show your mature sophistication.

I have included a few suggestions in “the book”. You may think of other tactics.

c) LEARN. Even though there may be a few off-base comments, there’s usually something to learn.

d) BOND with your audience. See “the presentation section in the book”.

e) CONQUER the Q&A. See “the presentation section in the book”

f) ALERT Alan if you have power point slides. He may create handouts for you if he breaks up the class (and you get sent to an area with no projector – he’ll try to check out a projector but it’s always dicey).

g) READ the presentation section in “the book”.

This study guide is intended to underscore key points from your readings & class sessions.  This guide will assist you with studying for the upcoming exam. You may create a 50 page cheat sheet  for the exam.

Course Foundations

What are Alan’s five sacred elements? Describe his concept of a business model? What does he mean by business technicians vs. business professionals? How does he liken business models to a cake?

Outline  the case: how are the same skills and attitudes associated with an entrepreneur also the same for someone who wants to rise up the corporate ladder?

Why does Alan emphasize simplicity in this course? What does he mean? Is it about creating documents for simpletons?

How does Alan define an entrepreneur? Why?

What is the spark? Define and describe! (tough task, but you can cheat and check the class text)

How pervasive is the spark on your startup?

Is it a mere tagline? Why not? How does it resemble a tagline?

Why do you suppose Alan (& this course) is focused on simplicity?

Why and when does Alan say that you should not overuse the “stinking SWOT”?

What powers does an elevator pitch give you?

What does Alan mean by “make mantra”?

What does Alan mean by “make story”?

What does Alan mean by “make memorable”?

What suggestions does he have for talking to customers? Why does he caution against talking only to friends?

What does he mean by “seeking wisdom”?

What is the “greatest question”?

Why does Alan (& George for that matter) favor the team as being more important than the idea?

What’s the difference between writing an executive summary versus a business plan?

Specify and describe George’s Four startup team roles? What are some other characters?

How do you make best use of Advisers?

What is a fishbowl? Why does Alan want you to thoroughly prepare all 5 elements but still be ready to be cut off and do Q&A after a pitch?

What is the role of financials in your plan or running a business?

David Law’s lecture

1. According to David Law, what type of business is easiest to start? What are some of the drawbacks that he mentioned in class?

2.  Why did David advocate “finding the right trade show” as a marketing method?

3. According to David, what is a “brand”? David also characterized it as a “central nugget”.  How else did he characterize “brand”?

4. What was David’s recommendation regarding target market selection? Can you list his rationale for it?

Larry Nakata

Why do you suppose Larry gave us such a detailed family history? What was he teaching us? (think of the context of his entire talk)

What is the point of the Martin Luther King Quote?

Describe Larry’s 3 special words to describe the company DNA? (Kaizen, Gaman, Ama-me)

Larry described 6 values for the company (e.g. service, authenticity, environmental stewardship). How did the management implement some of these values?

Kirk Davis

What were a few of Kirk’s reasons for advocating Social Media Marketing? What lessons did you learn from his youtube videos?

Can you describe the overall method for deploying social media marketing? (partly described in the handout)

What are some additional tips that he gave?

Karen Bailey

What does Karen say about the relationship of Value to the Flow of money? What points was she trying to make?

What is the difference between benefits versus value? Between features versus benefits?

Kyle Flindt

What makes for a strong trademark?

What are the differences between a copyright versus a patent?

Why would you do a trade secret rather than a patent?

Rodger Kohn

According to Rodger, who needs a license?

As Rodger started his talk, what did he state was his top advice for a startup?

What is a “pass through” entity? Does it have to do with something you ate? Give an example of such an entity?

What is Phantom Income?

Why does Rodger call the sole proprietorship “very simple but risky”?

Before you consummate a partnership, what does Rodger say must be done first? (Hint: it’s not pre-partnering counseling, it’s more akin to a pre-nuptial)

What are the key differences between as S-Corp vs. C-Corp

What do you need to do to keep the corporate veil from being pierced?

What is the difference between a tradename vs. a trademark?

Dan Voetmann

Who is Dan Voetmann? Where does he work? What position does he hold?

Which language can Dan speak? Italian? French? Swahili? If you listened carefully to his background, y9u will know.

How does he define and/or describe “brand” and “marketing”?

What did Dan say was fundamental to building a brand (or a company for that matter)?

What were the steps for building a brand?

What does Dan mean by “a bed of nails”?

How did Dan use the Olympics to get his point across?

What did Dan have to say about brand positioning?

What does Dan list as his success factors? Explain his 3-legged stool.

Can you explain the enlightened self-interest in community service?

Martin Simonetti & Rob Hershberg

What did Marty say was the essential thing to have for an entrepreneur? What further description did he add to it? What did Rob say was the essential thing?

When you’ve raised money, who is the startup really about? How do you align with this person?

What’s the difference between being passionate versus a “nutcase”?

What were Marty’s comments regarding success versus failure?

Introduction (Jan 5, 2010)

Jump Starting the Startup (Jan 7, 2010)

Class Survival (Jan 12, 2010)

Introduction to Cash Flow (Jan 12, 2010)

Cash Flow Spreadsheet (Jan 12, 2010)

Shreddies Examples (Jan 14, 2010)

Whiteboard Exercise (Jan 14, 2010)

Marketing Primer (Jan 19, 2010)

Bank Loans (Mar 2, 2010)

Other Materials

Syllabus (Feb 24, 2010)

Generic Peer Eval (Mar 9, 2010)

Class Assignments (Jan 18, 2010)

Hell Night Brochure (Feb 21, 2010)

IMCentric Advanced Business Plan Draft Plan (Feb 2002)

Zen Chai Business Plan (Mar 2006)

Zen Chai Spreadsheet (Mar 2006)

Echospace Executive Summary (Mar 2000)

Echospace Financials (Mar 2000)

Finance for Entrepreneurs (Jan 8, 2009)

Financial Modeling for Entrepreneurs (Jan 8, 2009)

Power Point Presentation Tips (Jan 2008)

Introduction to Sales Management (Feb 2007)

Sample Patent