WHAT ARE KEYS TO ENTREPRENEURIAL SUCCESS?

THE ORDER OF IMPORTANCE-◦ GO/NO GO

The INSURGENT Entrepreneur.◦ Six Success Stories

Food Industry Football & Hockey Equipment Education Computer Software and Hardware Fitness Centers Manufacturing Outsourcing

IF YOU ARE COMFORTABLE YOU MAY MOVE ON TO THE NEXT STEP.

IF NOT YOU MUST...◦REDIRECT THE BUSINESS◦KILL YOUR PLAN

1. MARKET 2. PRODUCT 3. TECHNOLOGY 4. ECONOMY 5. COMPETITION 6. ORGANIZATION 7. ENVIRONMENT

You are entering the Battlefield of Business.

In order to be successful:◦ You must Create Visibility.◦ You must Shake Up the Status

quo.◦ You must Differentiate Yourself

in the Marketplace.

In your proposed venture:

◦ Who is the industry leader?

◦ Who is your local competition?

◦ Who are you going after?

◦ Who is your first target?

(You will succeed by defeating one competitor at a time)

Rise In Opposition To The Status Quo...

How?

Referrals from current customers. People who may have interest in your products or services.

Throw away resources... attempting to win over the undecided.

It’s your customers’ world.

Sell people on their terms.◦Use language they will understand.

If your message cannot be understood by a 12 year old its probably too complicated.

Learn to listen.

Customization is the only way.

Allow people to participate in determining how they want it.

Make it, design it, deliver it, to your customers’ specifications.

What do you want people to see?

Define yourself.◦You have the opportunity to tell people what they see.

Define the future.◦People will believe in your vision if there is no contrary evidence.

Inside……to…….Outside First sell everyone in your company.

Secondly sell your allies.◦Bankers◦Suppliers◦Consultants

If you are successful you will win!

Word of mouth testimonials are the most powerful.

Set your customer expectations.

Exceed them.

Announce your accomplishments to the World.

Be direct.

Ask your customer what they want you to do and why.

Face shields for football and hockey were not optical products.

Differentiation…created a new line of optically correct face shields.

Obtained endorsements of NHL, NFL, NCAA and influential athletes.

Developed sales in the Millions and sold to NYSE corporation.

Football and Hockey Visors

Enrollment at major university MBA program was flat.

Evaluated competition… educational offerings at graduate and undergraduate offerings.

Selected new MBA niche in Entrepreneurial Studies.

Resulted in significant enrollment increase.

14 year old engineering driven company.

Lost contracts in software and hardware development.

120 days from going out of business.

Created a $1200 software utility offering that did not sell.

Solicited feedback on economic benefits.

Created distribution competition.

Repackaged on an appliance and now sells for $30,000.

86 year old “MEAT” company put into bankruptcy. No reason to exist. Higher costs.

Went where the competition wasn’t.

Created a new comprehensive product category of “Healthy “ deli products.

Result:◦ Sales grew from $45 to $100

Million.◦ Bottom line improved by $10

Million.

7 year old chain at one location. Profit margins of 5-10 %. Underfunded expansion plans. Evaluated competition. Developed a private label

line of fitness equipment. Markup of 500%. Funding expansion plans to 3

locations.

9 year old company. Revenue of $3 Million. No element of market

differentiation. Created a Quality

Department in China headed by a PHD in Metallurgy.

Outstanding proposals of $55 Million.

Develop an aggressive, proactive strategy……

Win over the soft support…..

Ask your customer perceptions of your product.

Define a competitive advantage.

Differentiate …

Provide choice and change. ◦Refresh constantly.

Control the dialogue.◦Create differentiation.

Go after your opponents weaknesses.◦ Take what they give you

Sustain the attack.◦ Speed wins