solving the entrepreneurship puzzle
TRANSCRIPT
SOLVING THE ENTREPRENEURSHIP PUZZLE
/ USING THE CPPX5 MODEL /Sarah Granger, Bishoff Entrepreneur-in-Residence
Penn State University, 2017
CONFIDENCE➤ Homemade➤ Built on your strengths➤ Energy from leading➤ Supported by your
network
PASSION➤ What drives you?➤ What keeps you up at night?➤ What gives you energy?➤ What incites you to act?➤ Where does it come from?➤ How can you channel it?
“When you have passion for something, you find a way to make it happen. This is the panacea to success.”
- Zig Ziglar
PROBLEM➤ The right problem➤ At the right time➤ Needs the right solution➤ And the right business model
CREATION➤ The journey➤ Molding your design➤ Integrating
ingenuity➤ Innovating➤ Iterating
PEOPLE➤ People people people people people
people➤ Team team team team team team➤ Yes, this is that important➤ Choose the best partner(s)or go it alone➤ “Your network is your net worth”➤ Hire to your weaknesses
PRODUCT➤ The destination, the solution (& market
fit)➤ Directly connected to your passion➤ Affordable, usable, useful, helpful➤ Sticky, self-staining, resilient, consistent
CUSTOMERS➤ The drivers of your
business➤ Know them well➤ Respect their needs
& wants➤ Study their habits➤ Discover what can
serve them best
PLAN➤ Complete market analysis➤ Write strong business & marketing
plans➤ Plan detailed product timelines➤ Pitch planning➤ Exit strategies
PITCH➤ Master it to the point it’s automatic➤ Become BFFs with the ask➤ Make Powerpoint your ally➤ Write & rewrite your plans
COMPETITION➤ Who they are➤ What they’re about➤ When they got to
market➤ How you differ➤ Your value proposition
PITFALLS➤ Expect the unexpected➤ Plan for contingencies➤ Know your way out➤ Face the fear of failure
PROMOTION➤ Early adopters➤ Word of mouth / Evangelists➤ PR / Media➤ Digital / Social
“If it doesn’t work, it’s not a failure; it’s data.”
- Dorie Clark
CHOICES➤ Stand by your
decisions➤ Analyze successes➤ Embrace failures➤ Dive into the data➤ Know what’s next
PLATFORM➤ Build your long-term brand➤ Craft your identity as a platform➤ Extend beyond the business➤ Curate a digital presence
PAY-IT-FORWARD➤ Keep the social good in mind➤ Use what you learn to help others➤ Build your social capital➤ Giving back always comes back to you
again
CPPX5 REVIEW…ConfidencePassionProblem
CreationPeopleProduct
CustomersPlanPitch
CompetitionPromotionPitfalls
ChoicesPlatformPay-it-Forward
CONTINUING ED.➤ Art of the Start by Guy
Kawasaki➤ Startup Weekend➤ The Lean Startup by Eric
Ries➤ Y Combinator MOOC @
startupschool.org➤ High Tech Startup by
John Nesheim➤ Stanford certificate in
Innovation & Entrepreneurship
CONNECTSarah Granger
sarahgranger.com