Entrepreneurialism & Product Development (3.5)

Copyright 2010 J. T. Pedersen



According to the US Small Business Administration:

“Seven out of 10 new employer firms survive at least 2 years, half at least 5 years, a third at least 10 years, and a quarter stay in business 15 years or

more.” This is much better than the ‘old rule’ suggesting 95% of businesses failed within 5 years.


Copyright 2010 - J. T. Pedersen – www.jtpedersen.net

LAYING YOUR FOUNDATION


Mix In Some…

Passion!

Photo Credit: www.sxc.hu #793479

http://www.sxc.hu/


Add Some…

Photo Credit: Mitch Law

Guts


Reinforce using a…

Photo Credit: Sebastian Danon

Team


…Remain Fluid

Photo Credit: www.sxc.hu #1237498

CashFlow

http://www.sxc.hu/


THE IDEA


Listen

To your market

“Market” = “Customers”

What are the problems they have?

Which ones can you help with?

Who else is doing what you might do?

Photo Credit: Flickr | The Commons


Test Your Ideas

Plenty of free resources

Open discussions

Test objections

Market research

Photo Credit: Respective Trademark Owners


Test Your Ideas

Plenty of free resources

…some not in the ‘mainstream’

Photo Credit: Respective Trademark Owners


Know who your customers are

Understand their needs, pains, problems.

What keeps your customers up at night?

Photo Credit: Nara Vieira da Silva Osga


There is no

everyone in your target

market

Photo Credit: ~EL B~


Know who your customers are…not

You have very finite resources; don’t spread yourself too thin

Photo Credit: ~EL B~


DEVELOP…YOUR IDEA


Build a plan

Clearly define your offering


Build a plan

Understand what it is not

Photo Credit: Flickr | The Commons


Build a plan

Even a piece of string will do.


Good Enough Trumps Perfect

Why build this…

Photo Credit: Boeing.com



…or this…




if...this…is what they need Now



Keep a Grip on Scope

Accept input,

Make adjustments,

But stay on Target


Keep a Grip on Scope

Accept input,

Make adjustments,

But stay on Target

Otherwise, things can happen

Photo Credit: Chicago Show

Copyright 2010- J. T. Pedersen – www.jtpedersen.net

Ann Arbor SPARK:

Business Ideas & Product Development04/11/2023

J. T. [email protected]

@jtpedersen734.516.0139


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[email protected]: @jtpedersen

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