How to Build Your Dream Company Doing What You Love Where You Live — Michael Glauser
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Transcript of How to Build Your Dream Company Doing What You Love Where You Live — Michael Glauser
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This presentation consists of highlights from the interview with Moe Abdou,
founder & host of 33voices®.
Michael Glauser, Ph.D., is the executive director of the Jeffrey D. Clark Center for Entrepreneurship at Utah State University, an entrepreneur,
business consultant, and university professor. He is the co-founder and CEO of My New Enterprise, an online training and development
company. He is also the founder and former CEO of Golden Swirl Management Company and of Northern Lights. Both companies were sold to CoolBrands International.
Michael Glauser
@mjglauser
Executive Director of the Jeffrey D. Clark Center for Entrepreneurship at USU
The ‘main street’ entrepreneur makes it her highest priority to become a vital
contributor to her community. Unlike ‘Silicon Valley’ Founders, her strategy includes:
Insight #1
The ‘main street’ entrepreneur makes it her highest priority to become a vital
contributor to her community. Unlike ‘Silicon Valley’ Founders, her strategy includes:
Finding a desirable location whereshe wants to live
Insight #1
The ‘main street’ entrepreneur makes it her highest priority to become a vital
contributor to her community. Unlike ‘Silicon Valley’ Founders, her strategy includes:
Identifying a need in the community that she’s uniquely qualified to fill
Insight #1
The ‘main street’ entrepreneur makes it her highest priority to become a vital
contributor to her community. Unlike ‘Silicon Valley’ Founders, her strategy includes:
She uses a host of resources, other than money to get started
Insight #1
The ‘main street’ entrepreneur makes it her highest priority to become a vital
contributor to her community. Unlike ‘Silicon Valley’ Founders, her strategy includes:
She diversifies her products based on intimate interaction
with her customers
Insight #1
The ‘main street’ entrepreneur makes it her highest priority to become a vital
contributor to her community. Unlike ‘Silicon Valley’ Founders, her strategy includes:She’s driven by purpose and passion.
Insight #1
Insight #2
To the ‘main street’ entrepreneur, bigger isn’t always better; to them value-creation
reins supreme. They rise largely due to the intangibles: purpose, passion, perseverance,
teamwork, exceptional service, pivoting to opportunities, and giving back
to the community
Insight #3
A strong sense of purpose is a critical launching pad for a new venture.
It guides your growth efforts by:
Insight #3
A strong sense of purpose is a critical launching pad for a new venture.
It guides your growth efforts by:Getting you through the difficult times
that you will inevitability face
Insight #3
A strong sense of purpose is a critical launching pad for a new venture.
It guides your growth efforts by:Setting a higher standard of excellence
for your business
Insight #3
A strong sense of purpose is a critical launching pad for a new venture.
It guides your growth efforts by:Appealing to like-minded team members
who align with your values
Insight #3
A strong sense of purpose is a critical launching pad for a new venture.
It guides your growth efforts by:it attracts and keeps customer who
love what you’re doing.
Insight #4
A business opportunity that gains rapid traction is likely to have these five ingredients:
Insight #4
A business opportunity that gains rapid traction is likely to have these five ingredients:
A clearly identified NEED
Insight #4
A business opportunity that gains rapid traction is likely to have these five ingredients:
Expertise, credibility, and EXPERIENCE
Insight #4
A business opportunity that gains rapid traction is likely to have these five ingredients:
RESOURCES - People, Production, Distribution, and Funds
Insight #4
A business opportunity that gains rapid traction is likely to have these five ingredients:
CUSTOMERS who are committed to buy the product
Insight #4
A business opportunity that gains rapid traction is likely to have these five ingredients:
A BUSINESS MODEL that will capture as much value as it creates
Insight #5
A business with the highest probability to succeed will have:
Insight #5
A business with the highest probability to succeed will have:
Multiple sources of revenue
Insight #5
A business with the highest probability to succeed will have:
Competitive pricing
Insight #5
A business with the highest probability to succeed will have:A 50% gross margin or better
Insight #5
A business with the highest probability to succeed will have:
A 10-20% profit margin
Insight #6
Main street entrepreneurs are masters of efficiency. They think resources first and cash second. Leverage free advisors,
acquire used equipment, defer compensation, negotiate exceptional terms, partner with your customer, and use someone else’s
building rather than buying one.
Insight #7
Those most likely to succeed in business have an incredible zeal and tenacity to persevere.
Here’s how they stay innovative:
Insight #7
Those most likely to succeed in business have an incredible zeal and tenacity to persevere.
Here’s how they stay innovative:They revisit their purpose
Insight #7
Those most likely to succeed in business have an incredible zeal and tenacity to persevere.
Here’s how they stay innovative:They manage their thoughts
Insight #7
Those most likely to succeed in business have an incredible zeal and tenacity to persevere.
Here’s how they stay innovative:They set and achieve goals
Insight #7
Those most likely to succeed in business have an incredible zeal and tenacity to persevere.
Here’s how they stay innovative:They take regular breaks
Insight #7
Those most likely to succeed in business have an incredible zeal and tenacity to persevere.
Here’s how they stay innovative:They always stay humble
Insight #8
“A creator needs to acquire only 1,000 True Fans to make a living.” - Kevin Kelly on Commu-
nity
Read about 1,000 True Fans
Insight #9
To protect against the vulnerability of a single product or service. Pivot to:
Insight #9
To protect against the vulnerability of a single product or service. Pivot to:
Find new products for your growing customer base
Insight #9
To protect against the vulnerability of a single product or service. Pivot to:
Find new market niches for your growing product line
Insight #9
To protect against the vulnerability of a single product or service. Pivot to:
Utilize your growing resources to develop new products and services for related
business opportunities.
Insight #10
Don’t dream about being big until you have success being small.
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Presentation by Chase Jennings
Insights by Jenna Abdou
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