2. Copyright © 2003 by South-Western/Thomson Learning. All rights reserved. O'Malia and Whistler Welcome to The Entrepreneurial Journey Ch. 3: Finding Your Idea

3. The Entrepreneurial Journey O'Malia & Whistler 2 Good Of The Order... G O T O

4. The Entrepreneurial Journey O'Malia & Whistler 3 Let’s review our journey to date

5. The Entrepreneurial Journey O'Malia & Whistler 4 This Session Customer vs. product driven Four stages of an entrepreneurial company The idea and recognizing opportunity Protecting your idea Up Front & Personal: ‘Food from the Hood Journey: Kiyonna Klothing

6. The Entrepreneurial Journey O'Malia & Whistler 5 The search for the idea that is right for you

7. The Entrepreneurial Journey O'Malia & Whistler 6 Customer vs. Product Driven Start with a customer

8. The Entrepreneurial Journey O'Malia & Whistler 7 Four Stages The journey is typically undertaken in stages

9. The Entrepreneurial Journey O'Malia & Whistler 8 Stage 1—idea to first Focus on customer Never assume you are like the customer Your market is not your customer Big guys fail 99% of the time

10. The Entrepreneurial Journey O'Malia & Whistler 9 Stage 2—first to multiple Initial customers provide credibility Growing from one to many From “I” to “We”

11. The Entrepreneurial Journey O'Malia & Whistler 10 Stage 3—multiple to multiple Establish needs and fulfill them Don’t revert to management

12. The Entrepreneurial Journey O'Malia & Whistler 11 Stage 4—multiple to harvest Policies and procedures— necessary evil Two primary options—sell or reinvent and reposition

13. The Entrepreneurial Journey O'Malia & Whistler 12 Get physical fast!

14. The Entrepreneurial Journey O'Malia & Whistler 13 Very few pure, new ideas

15. The Entrepreneurial Journey O'Malia & Whistler 14 Start in own backyard

16. The Entrepreneurial Journey O'Malia & Whistler 15 Food from the ‘Hood

17. The Entrepreneurial Journey O'Malia & Whistler 16 Are you an organizational entrepreneur?

18. The Entrepreneurial Journey O'Malia & Whistler 17 New vs. need

19. The Entrepreneurial Journey O'Malia & Whistler 18 Structure your search

20. The Entrepreneurial Journey O'Malia & Whistler 19 Be wary of... Fads... Shooting stars burn out New inventions... Long time to market

21. The Entrepreneurial Journey O'Malia & Whistler 20 Journey Three: Kiyonna Klothing

22. The Entrepreneurial Journey O'Malia & Whistler 21 Creativity Freedom fosters creativity Start a creativity lab Meet Strangers Record your conversations Form a round table of experts

23. The Entrepreneurial Journey O'Malia & Whistler 22 Create Opportunities Visit every booth at a trade show Ask questions of competitors? Why are businesses for sale?

24. The Entrepreneurial Journey O'Malia & Whistler 23 Protecting Your Idea Legal vs. tactical approach Legal protection is not always clear cut

25. The Entrepreneurial Journey O'Malia & Whistler 24 What opportunities can you create?