1. - Starting a Business - Are You Ready? January 26, 2013 Center for Entrepreneurship and Innovation Alumni Relations Career Services School of Managemen t

2. Center for Entrepreneurship and Innovation (CEI) (established 2012)

3. What is the CEI? This center is a physical, virtual, and intellectual place where both undergraduate and graduate students (all disciplines), alumni, staff, and faculty can find support to develop their ideas into new ventures.

4. CEI Mission Our mission is to provide inspiration and guidance. We help students and alumni to gain more control over their economic future by developing the ability to create opportunities in the marketplace for themselves and others.

5. Workshop Outline I.Speed Introductions – Your Idea II.Meet the Alumni Entrepreneurs III.Understand Entrepreneurship IV.Understand Yourself V.Understand Your Business Idea VI.Evaluate Business Idea VII.Question and Answer – Entrepreneurs No decision rules – Only food for thought

6. Speed Introduction Who are you and what is your idea? 5 seconds

7. Meet the Alumni Entrepreneurs How did you know you were ready for entrepreneurship?

8. Understand Entrepreneurship What is an entrepreneur?

9. What is an Entrepreneur? “An entrepreneur is someone who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them”. (Zimmer and Scarborough)

10. What is an Entrepreneur? “A person who does everything he/she can think of to keep from finding a job.” (From B.C. by Johnny Hart)

11. What is an Entrepreneur? “Part of the problem of capturing the essence of an entrepreneur is the multifaceted nature of the entrepreneurial role. Entrepreneurs are often builders, creators, inventors, managers and leaders, all at the same time.” (W. Gibbs Dyer)

12. The Challenge “Of all the challenges that entrepreneurs face, nothing matches in difficulty the everydayness of business ownership. It exists from the moment you wake up from the moment you collapse in exhaustion at the end of the day. It’s exhilarating, terrifying and constant…….If you want an easy job, don’t start your own business.” (Jan Normam – What No One Ever Tells You )

13. Odds are Against You! Very high failure rate You can beat the odds! Do your homework Starts with a good idea A good idea – not enough!

14. Do you still want to be an entrepreneur? The odds are against you and it’s hard work! Let’s Vote

15. Understand Yourself Are you an entrepreneur?

16. “When I started Microsoft I didn’t think of it as being risky….The thing that was scary to me was when I started hiring my friends, and they expected to be paid.” Bill Gates, Co-founder - Microsoft Bill Gates

17. Entrepreneurship - Self Test Source: Small Business Administration

18. Source: Small Business Administration Entrepreneurship Self Test Scoring Key: Yes 3 points No 2 points Maybe 0 points

19. ScoreExplanation 60 to 75 You can start the business plan. You have the earmarks of an entrepreneur. 48 to 59 You have the potential but you need to push yourself. You may need to improve your skills in your weaker areas. This can be accomplished by improving yourself in these areas or by hiring someone with these skills. 37 to 47 You may not want to start a business alone. Look for a partner who can compliment you in the areas where you are weak. Less than 37 You will probably be happier and more successful working for someone else. However, only you can make that decision.

20. Understand Your Idea Have you examined your idea – broadest sense?

21. Idea Type Type A – New Market Type B – New Technology Type C – New Benefit Type D – Replication

22. Idea CategoryDescription Type A Providing customers with a product or service that does not exist in their market. Product or service exists in other markets but not currently available in your market. Type B New technology centered on providing customers with a new product that does not exist in any market. Type C Provides customers with an improved product. Basically a “me-too” product strategy that provides a “new benefit” not offered by the competition. Type DReplication of existing products. “Me-too” w/no differentiation.

23. Evaluate the Business Idea What do you think? What factors to consider?

24. Evaluate the Business Idea The Market Marketing Management/Technical Potential Customers Geography Promotion Competition Financials Financial Resources Personal Goals Intuition Evaluation of the Business Idea Tool Source: University of Wisconsin-Milwaukee - SBDC

25. Conclusions

26. Question and Answer

27. Thank You Donna Borgus, Director, Alumni Relations Mike Kahl, Director, Career Services Gerard Zappia, Dean, School of Management