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FYI – Finding Your Idea!. Agenda. Understanding Entrepreneurial Impact Generating Ideas Evaluating Ideas Focusing Startup Efforts. Importance of Small Business. 6 – 7 % of US population is in the process of starting a business at any given time

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Presentation Transcript
agenda
Agenda
  • Understanding Entrepreneurial Impact
  • Generating Ideas
  • Evaluating Ideas
  • Focusing Startup Efforts
importance of small business
Importance of Small Business
  • 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
significance of innovation
Significance of Innovation
  • 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
getting started
Getting Started…
  • Personal Inventory
  • Broad Environmental Survey
  • Focused Investigation
  • Unique Interpretation
look inside
Look INSIDE
  • Genuine Interests and True Passion
  • Professional and Personal Resources
  • Entrepreneurial Characteristics and Aptitude
explore all about generally
Explore ALL ABOUT (Generally)
  • 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
reach out intentionally
Reach OUT (Intentionally)
  • Immerse Yourself
  • Specific Information
  • General Information Sources
  • Demographics
interpret analyze uniquely
Interpret/Analyze uniquely
  • 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
generating ideas1
Generating Ideas
  • Have Lots of Ideas
  • Method of Capturing
  • Be Open
  • Build on Ideas
  • Multiple Solutions
  • Simple
  • Don’t Judge
  • Become a Collector
so what

So What?

Assessing Ideas

your idea why yours is best
Your IDEA – why yours is best
  • 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
your market who will buy it
Your MARKET – who will buy it
  • 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
your method how you do it
Your METHOD – how you do it
  • 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
value proposition
Value Proposition
  • What Your Customer Wants/Needs
  • Specific Benefits/Results You Provide
  • Ways You Surpass Competition or Alternatives
  • Summarizes Why Product/Service is Bought
idea assessment guidelines
Idea Assessment Guidelines
  • 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
exercise invention example
Exercise: Invention Example

http://www.youtube.com/watch?v=HpvEF_GIhmw

exercise invention evaluation
Exercise: Invention Evaluation
  • 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
now what

Now What?

Acting on the Idea

beginning to plan
Beginning to PLAN
  • 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
you already have what it takes
You Already Have What It Takes

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: kwyatt@latech.edu