habits of highly successful entrepreneurs leonard black director, pierre lassonde entrepreneur...
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Habits of Highly Successful Entrepreneurs
Leonard BlackDirector, Pierre Lassonde Entrepreneur Center
David Eccles School of Business
University of Utah
IDEA
Opportunity
ResourcesTeam
Communication
PLAN
Strategy
Assess/Review
FREE ENTERPRISE MODEL
Copyright 2002 Brian Hazelgren All Rights Reserved
Success Requires . . .
• A Solid Management Team
• Realistic Financials and Projections
• Validated Product or Service
• Workable Marketing Plan (Analysis & Strategy)
• Rewards That Outweigh the Risks
$
TIME
Operating Revenue
BREAK EVEN
You Must Know Your Financial Picture
Operating CostStartupCost
$
TIME
Operating Revenue
BREAK EVEN
You Must Know Your Financial Picture
Operating Cost
StartupCost
RequiredFunding
Cumulative Operating Margin
Valley of DEATH
Customers are the Gate to Success
What are the steps you need to take in order for you to really know and get to your customers?
Market research Tactical plan Correct pricing strategy Execution of the overall strategy Getting the word out—brand identity Have a Unique Selling Advantage Provide superior customer service
Develop Strategic Alliance Partners
1. Well Known Industry Names
2. SAP’s that are “hungry”
3. SAP’s who understand your value
4. SAP’s who are interested in receiving business or leads from you
5. SAP’s who are willing to co-brand with you and invest in advertising and marketing with you
Summary
• Define your personal and professional goals
• Find out if there really is an Opportunity
• Have a Solid Financial Model
• Build a Solid Management Team
• Develop a powerful Unique Selling Advantage
• Develop those strong Strategic Partners
• Get past the “Pain” and think of the REWARDS
Research Sites on the Internet
www.wsj.com
www.inc.com
www.sba.gov
www.vcapital.com
www.bcentral.com
www.hoovers.com
www.moodys.com
www.prweb.com
www.infousa.com
www.associations.com
www.jackstreet.com
www.entrepreneur.com
www.entrepreneur.com/franzone
www.bplans.com
www.entreworld.org
www.ge.com/capital/smallbiz
www.uspto.gov
http://www.bizplanit.com/free/books/bizplanbooks.htm
www.tradeshows.com
Hot Links
www.onlinewbc.org
www.franchise.com
www.franchises-1.com
www.bizbuysell.com
www.betheboss.com
www.busop1.com
www.ipmall.fplc.edu
www.zoomerang.com
www.surveysite.com
www.expoguide.com
www.hotjobs.com
www.monster.com
www.iii.org
www.cigna.com
www.cna.com
www.travelerspc.com
www.trafficboost.com
www.bannertips.com
More Hot Links
www.activebuyersguide.com
www.howstuffworks.com
www.mediafinder.com
www.dmnews.com
www.netledger.com
www.aicpa.org
www.mmanet.org
www.marketingpower.com
www.searchenginewatch.com
Associations
American Advertising Federation www.aaf.org
American Marketing Assoc. www.ama.org
Assoc. of Nat’l Advertisers www.ana.net
Direct Marketing Assoc. www.the-dma.org
Marketing Research Assoc. www.mra-net.org
Outdoor Advertising Assoc. of America www.oaaa.org
Radio Advertising Bureau www.rab.org
American Assoc. of Franchisees www.aafd.org
American Mgt. Assoc. www.ananet.org
Associations
Ctr. For Entrepreneurial Mgt. www.ceoclubs.org
Nat’l Assoc. for the Self-Employed www.nase.org
Nat’l Mgt. Assoc. www.nma1.org
Small Business Service Bureau www.sbsb.com
American Assoc. of Home-Based Businesses www.aahbb.org
Home Business Institute www.hbiweb.com
American Society of Inventors www.americaninventor.org
Assoc. of Small Bus. Development Ctrs. www.asbdc-us.org
Nat’l Venture Capital Assoc. www.nvca.org
Nat’l Business Incubation Assoc. www.nbia.org
Nat’l Assoc. of Small Business Investment Companies www.nasbic.org