i have this business idea, what the hell do i do now?

I have this business idea

MeThe enemy

Some practical suggestions

Europe, Australia, PNG, Hong KongCorporate: Trainee Sales Rep => CEO7 new products2 businessesMentoring StartUpsPeter Gjersoe

petergjersoe@me.com

Who is the enemy?

The statistics:Australia:2011 -> 2015: ‘285,000’ new businesses’*Within 36 months: 50% gone*Within 60 months: 90% gone*

*ABS: Counts of Australian Businesses, including Entries and Exits, Jun 2011 to Jun 2015

Official reasons for failures

* Cash flow problems *Unable to get enough customersUnable to build the right team

“Are we there yet?”

Only 5% are suited to be Sole traders

We live in amazing timesUBER: The world's largest taxi company: - Has no taxisFacebook: The worlds most popular media provider: - Creates no content Alibaba: The world's most valuable retailer: - Has no inventory Airbnb: The world’s largest accommodation provider: - Owns no hotel rooms

Australia

Founders born: 19782002: Founded AtlassianMarket cap: $4.37 Billion

Mike Cannon-BrooksScott Farquhar

Creating a profitable & sustainable business

Business case

Interviewing successful entrepreneurs:Accept you will need to do some selling

6 step processStep 1: Do what you loveStep 2: Pick your niche

Make it “an inch wide, but go a mile deep”Identify your ideal client

Find your ideal client’s chat rooms on social media

#3: Pick a sub-niche and become the expertBecome the go-to person: Deliver answers

Learn about their real pain (pain = $!)Solve one pain amazingly well => leverage

Create and invite people to watch a 90 sec video“The 3 biggest mistakes people make when..”At the end: (1) Checklist and (2) Call to action#1 Objective: Your list = Your future & fortune

Step 4: Create evangelistsProspect => Customer => Client => Evangelist

Value ladder

Step 4: Create evangelistsProspect => Customer => Client => Evangelist

Value ladderFree educational video in exchange

First $ exchange <$10: ‘No brainer’ low cost but High value

Gradual increase cost, and keep High value (package up)

Step 5: Create a GREAT client experience“Make it easy for your client to say Yes!”

Step 6: Be patient

Social media

PPC lead magnet: Your 90 sec video

Influencer

Gary Vaynerchukwww.garyvaynerchuk.com

1999: ‘Shoppers Discount Liquor’ $5Mill => $60Mill2005: VaynerMedia: 700+ employees

Why? Daily motivation and ‘What's happening’

Influencer

Russell Brunsonwww.dotcomsecrets.com

Why? Internet How-to guy

Influencer

www.futurescope.com

Why? Heads-up on what is happening

Eben Pagan

Last 2 suggestions

The best solution creation tool I know

Eric Ries

US universities - INTUIT and GE

A path to follow

Make it easier to explain your vision and conceptMaximise the probability of developing a winning

solutionAttract co-creators

Attract finance, and Provide ongoing updates to stakeholders

https://leanstartupmentoring.com/

Find an "Accountability partner”Review weeklyTake it seriously

Summary

Life is too short to create stuff nobody wantsTrust and work with your niche and ideal client

Be patient

To develop a profitable and sustainable business:

Getting the concepts right - TodaySources of investment – 12 AprilMarketing your business – 7 June

How to control growth – 13 September

Thank youfor your time and attention

petergjersoe@me.com

* 2008 impact. US now 12th amongst developed nations

Influencer

Peter Thiel

PayPal -> eBay 2002: U$1.5Bill

Zero to OneOne to N

What? Book is excellent and interesting opinions

Recommendations

Books:Peter Thiel, Gary V, Russell BronsonM. Gerber: “The E-Myth revisited”

T. Robbins: “Unlimited Power”TV Programs:

SBS: “Small Business Secrets”

Gary Halbert

You want: “A hungry crowd, with money”

Decision making

If it’s not a Hell Yeah!It’s a no.

Sell what they want

Sell what they need