- Starting a Business -Are You Ready?

January 26, 2013

Center for Entrepreneurship

and Innovation

Alumni Relations

Career Services

School of Management

Center for Entrepreneurship and Innovation (CEI)

(established 2012)

What is the CEI?

This center is a physical, virtual, and intellectual place where both

undergraduate and graduate students (all disciplines), alumni, staff,

and faculty can find support to develop their ideas into new ventures. 

CEI Mission

Our mission is to provide inspiration and guidance.

We help students and alumni to gain more control over their economic

future by developing the ability to create opportunities in the

marketplace for themselves and others.

Workshop OutlineI. Speed Introductions – Your Idea

II. Meet the Alumni Entrepreneurs

III. Understand Entrepreneurship

IV. Understand Yourself

V. Understand Your Business Idea

VI. Evaluate Business Idea

VII. Question and Answer – Entrepreneurs

No decision rules – Only food for thought

Speed Introduction

Who are you and what is your idea?5 seconds

Meet the Alumni Entrepreneurs

How did you know you were ready for entrepreneurship?

Understand Entrepreneurship

What is an entrepreneur?

What is an Entrepreneur?

“An entrepreneur is someone who creates a new

business in the face of risk and uncertainty for

the purpose of achieving profit and growth by

identifying opportunities and assembling the

necessary resources to capitalize on them”.

(Zimmer and Scarborough)

What is an Entrepreneur?

“A person who does everything he/she

can think of to keep from finding a

job.”

(From B.C. by Johnny Hart)

What is an Entrepreneur?

“Part of the problem of capturing the essence of an

entrepreneur is the multifaceted nature of the

entrepreneurial role. Entrepreneurs are often

builders, creators, inventors, managers and

leaders, all at the same time.”

(W. Gibbs Dyer)

The Challenge

“Of all the challenges that entrepreneurs face, nothing matches in

difficulty the everydayness of business ownership. It exists from

the moment you wake up from the moment you collapse in

exhaustion at the end of the day. It’s exhilarating, terrifying and

constant…….If you want an easy job, don’t start your own business.”

(Jan Normam – What No One Ever Tells You )

Odds are Against You!

• Very high failure rate

• You can beat the odds!

• Do your homework

• Starts with a good idea

• A good idea – not enough!

• Do you still want to be an entrepreneur?

• The odds are against you and it’s hard

work!

Let’s Vote

Understand YourselfAre you an entrepreneur?

“When I started Microsoft I didn’t think of it as

being

risky….The thing that was scary to me was when I

started

hiring my friends, and they expected to be paid.”

Bill Gates, Co-founder - Microsoft

Bill Gates

Entrepreneurship - Self TestSource: Small Business Administration

  Source: Small Business Administration

Entrepreneurship Self Test

Scoring Key:

Yes 3 points

No 2 points

Maybe 0 points

Score Explanation

60 to 75 You can start the business plan. You have the earmarks of an entrepreneur.

48 to 59You have the potential but you need to push yourself. You may need toimprove your skills in your weaker areas. This can be accomplished byimproving yourself in these areas or by hiring someone with these skills.

37 to 47You may not want to start a business alone. Look for a partner who cancompliment you in the areas where you are weak.

Less than 37You will probably be happier and more successful working for someoneelse. However, only you can make that decision.

Understand Your IdeaHave you examined your idea – broadest sense?

Idea Type

• Type A – New Market

• Type B – New Technology

• Type C – New Benefit

• Type D – Replication

Idea Category Description

Type AProviding customers with a product or service that does not exist in their market. Product or service exists in other markets but not currently available in your market.

Type BNew technology centered on providing customers with a new product that does not exist in any market.

Type CProvides customers with an improved product. Basically a “me-too” product strategy that provides a “new benefit” not offered by the competition.

Type DReplication of existing products. “Me-too” w/no differentiation.

Evaluate the Business IdeaWhat do you think? What factors to consider?

Evaluate the Business Idea

• The Market

• Marketing

• Management/

Technical

• Potential Customers

• Geography

• Promotion

• Competition

• Financials

• Financial

Resources

• Personal Goals

• Intuition

Evaluation of the Business Idea ToolSource: University of Wisconsin-Milwaukee - SBDC

Conclusions

Question and Answer

Thank You

Donna Borgus, Director, Alumni Relations

Mike Kahl, Director, Career Services

Gerard Zappia, Dean, School of Management