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Welcome to…
Success Formulas®!
Session One
Planning for Success
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IntroductionsIntroductions
•Name•Company/Idea Name•Brief Description of Function/Idea
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© Copyright 2002, Consortium Innovation Centers, LLC
Session One Session One AgendaAgenda• Define Success• Vision and Mission• Image• Successful Presentations• 30-Second Description• Exit Strategy• Executive Summary
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© Copyright 2002, Consortium Innovation Centers, LLC
What is Success?What is Success?
Defined As...
The Achievement of Something Desired, Planned, or Attempted.
- The American Heritage Dictionary
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What is YOUR Definition What is YOUR Definition of Success?of Success?
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© Copyright 2002, Consortium Innovation Centers, LLC
Vision and MissionVision and Mission• VISION is an Ideal and Unique Image
of the Future.
• MISSION is the Purpose of or Reason for the Organization’s Existence.
Source: The Leadership Challenge - Kouzes & Posner
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© Copyright 2002, Consortium Innovation Centers, LLC
ImageImageA Vivid or Graphic Representation
or Description.
ImageImage is an Essential Key to the Success of Your Business.
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© Copyright 2002, Consortium Innovation Centers, LLC
Successful PresentationsSuccessful Presentations
• Plan• Practice• Present
“You can have brilliant ideas but if you can’t get them across, your ideas won’t get you anywhere.” - Lee Iacocca
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© Copyright 2002, Consortium Innovation Centers, LLC
Professional DressProfessional DressAn Executive Represents
the Company...
Be Careful What Image You Portray to Others.
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© Copyright 2002, Consortium Innovation Centers, LLC
30-Second Description30-Second Description• Concise Statement Describing Your
Company.• Contents: Introduction, Interest Generating
Idea, Two Key Points, and a Probe For Need or Opportunity.
• Like a Business Card.• Change Periodically to Keep it Fresh.• Rehearse it so it Sounds Natural.
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© Copyright 2002, Consortium Innovation Centers, LLC
Exit StrategyExit Strategy
Begin with The End-Game in Mind and Define an Acceptable Outcome
Why Are You Getting Into Business?
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© Copyright 2002, Consortium Innovation Centers, LLC
Exit StrategiesExit Strategies
• Lifestyle• Inheritance-Bequest• Sell to a Larger Corporation• Going Public• Shut or Close Down
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© Copyright 2002, Consortium Innovation Centers, LLC
LifestyleLifestyleEnjoying the profits that fund your
lifestyle.
Ramifications
No investor.
No growth demands except to stay in business.
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© Copyright 2002, Consortium Innovation Centers, LLC
Inheritance-BequestInheritance-Bequest
Pass the company to your heirs.
Ramifications• Taxes• No Equity Investor
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© Copyright 2002, Consortium Innovation Centers, LLC
Sell to Larger CorporationSell to Larger Corporation
Pick resource to build:• Employees
• Customers
• Market
• Manufacturing
Ramifications: Focus Resource to Build
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© Copyright 2002, Consortium Innovation Centers, LLC
Going Into Public MarketsGoing Into Public Markets
Sell Stock to The Public
Ramifications• Aggressively Build Revenue and Growth.• Loss of Personal Control.• Dependence on volatile market conditions.
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© Copyright 2002, Consortium Innovation Centers, LLC
Shut DownShut DownDissolve the Company
Ramifications• No Investor• Tax Implications• No Equity• Sell Assets
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© Copyright 2002, Consortium Innovation Centers, LLC
Exit StrategiesExit Strategies
• Lifestyle• Inheritance-Bequest• Sell to Larger Corporation• Going Public• Shut Down
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© Copyright 2002, Consortium Innovation Centers, LLC
BreakBreak
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© Copyright 2002, Consortium Innovation Centers, LLC
Financial ResourcesFinancial Resources• Professional Investors• Local Investors, “Angels”• Bootstrap• Friends and Family (MCI)• Early Entry into Public Stock
Markets
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© Copyright 2002, Consortium Innovation Centers, LLC
Professional InvestorsProfessional Investors• Venture Capital
– $25M revenues annually
– Future revenue potential
– 40% return
• Banks– Pay P+I from
cash flow– Pledged assets– Personal
guarantee
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© Copyright 2002, Consortium Innovation Centers, LLC
Local Investors, “AngelsLocal Investors, “Angels””
• Equity• Debt• Equity for
EffortApplicable For:
– $2M to $25M annual revenues
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© Copyright 2002, Consortium Innovation Centers, LLC
BootstrapBootstrap• Personal Cash• Credit Cards• Mortgage
House Applicable For:– Under $2M annual
revenues (always)– $2M to $10M
(usually)
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© Copyright 2002, Consortium Innovation Centers, LLC
Friends and Family (MCI)Friends and Family (MCI)
• Employees at a reduced salary
• Customer-prepay• Vendor-slow pay
Applicable For:– Under $2M
annual revenues (always)
– $2M to $10M (usually)
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© Copyright 2002, Consortium Innovation Centers, LLC
Going Public Going Public
• Stock Offered to the Public in an Initial Public Offering (IPO)
• Reverse Merger into an Existing Public Shell.
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© Copyright 2002, Consortium Innovation Centers, LLC
Financial ResourcesFinancial Resources• Professional Investors• Local Investors, “Angels”• Bootstrap• Friends and Family (MCI)• Public Marketplace
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© Copyright 2002, Consortium Innovation Centers, LLC
Executive SummaryExecutive SummaryIn 2-3 Pages, Briefly Describe the highlights of…• Elevator Speech• Industry• Vision• Mission• Corporate Legal Description• Product/Service - What it does, how much it sells for,
proprietary position• Market - Who’s going to buy, what is the sales channel.• Operations• Management Team• Investment Required• Financial Proforma• Note: Develop each topic for five years
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© Copyright 2002, Consortium Innovation Centers, LLC
Homework AssignmentHomework Assignment
• 30-Second Description• Exit Strategy• Executive Summary• Product/Market Grid
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© Copyright 2002, Consortium Innovation Centers, LLC
30-Second Description• Concise Statement Describing Your
Company.• Contents: Introduction, Interest Generating
Idea, Two Key Points, and a Probe For Need or Opportunity.
• Like a Business Card.• Change Periodically to Keep it Fresh.• Rehearse it so it Sounds Natural.
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© Copyright 2002, Consortium Innovation Centers, LLC
Exit StrategyExit Strategy• Lifestyle• Inheritance-Bequest• Sell to Larger Corporation• Initial Public Offering (IPO)• Shut Down: Dissolve the Company
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© Copyright 2002, Consortium Innovation Centers, LLC
Product/Market MatrixProduct/Market Matrix
1 2 3 4 5 6 7 8 9 10 ABCDEFG
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© Copyright 2002, Consortium Innovation Centers, LLC
Preview Session Two: Focus
• Feedback on: 30-Second Description, Exit Strategy and Executive Summary
• Tests of a Winner• Product/Market Matrix• The Focus
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© Copyright 2002, Consortium Innovation Centers, LLC
Success FormulasSuccess Formulas®
You now have the foundation from which to continue developing your business
strategies and exercising your entrepreneurial talents!