ISM IVC Detroit Global Entrepreneurship Training Session Handout Book
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Transcript of ISM IVC Detroit Global Entrepreneurship Training Session Handout Book
1 Copyright 2014. All rights reserved. www.myISMinc.com
Faris Alami فَارِس ألعَلَمِي
Global Entrepreneurship Саламатсызбы!
Agenda
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• Entrepreneurial landscape • Entrepreneurial support system • Economic Development • Advocacy • Q & A
Who Is Here?
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Worked With Over 100 Organizations
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Question?
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Test 1!
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What is Entrepreneurship?
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Entrepreneur
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Kauffman Foundation
Characteristics
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Entrepreneur Need to Achieve
High Energy Level
Tolerance for Failure
CreaJvity Tolerance for Ambiguity
Internal Locus of Control
Vision
Self-‐Confidence
and OpJmism
1. Background information 2. Problem/opportunity 3. Innovative solution 4. Product/service/technology 5. Market size/share 6. Entry to market 7. Management team 8. Financials (leverage) 9. Business model 10. Milestone/use of funds 11. Recap/close 12. Pitch/commercial
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Planning Your Business
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The Plan
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Background Information
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Problem or Opportunity
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Innovative Solution
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Market Size
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• Where do you start • The pathway
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Entry to Market
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• Talented people • Trusted advisors • Contractors
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Management Team
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• Realistic assumptions • Leveraging the money?
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Financials (leverage)
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• How to make money? • Next client/engagement
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Business Model
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Milestone/Use of Funds
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• Bring it together • Ask/offer • Start doing
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Recap/Close
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Pitch/Commercial
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Pitch/Commercial
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• Keep it simple • Story telling style
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Do…
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• Use big words/jargon • Rush or push
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Do Not…
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Final Thoughts
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Business Model Canvas
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Steve Blank
GlobalTradeMission.org®
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GlobalTradeMission.org
FastTrac® NewVenturetm
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Kauffman Foundation
The Ice House
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Kauffman Foundation
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Growth Wheel Model
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Business Concept
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v WHAT does the product/service do? v HOW is it different? v WHO will buy it? v WHY will they buy it? v WHERE will it be sold/offered? v WHEN will it be ready to be sold/offered? v HOW will it be promoted and sold/offered?
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Entrepreneur Language
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v Business Model v Market segment, entry to market v Business Concept v 4 P’s and PEST v Bottom line/Breakeven point v Start up cost v Fixed and Flex expense v SWOT v Business Plan v Exit
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Costs Behind Scenes
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$880
$10
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E-Myth Revisited
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• Entrepreneur • Manager • Technician
E-Myth Revisited
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How does it work?
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E-Myth Revisited
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Balancing Role
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• Opportunities • Engagement • Plan
E-Myth Revisited
• Norm is not the same
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My View!
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Frame Work
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v Where do you want to end?
v What resources do you have?
v Or Need to get you there!
v Where are we going to start from?
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Supportive Community
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• Policy environment • History • Culture and institutional memory • Attitudes about failure • Collaborative support organizations • Celebrate entrepreneurs • An information environment
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Community
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SEMCOG
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Ecosystem Ideas
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Ecosystem
Incubators
University
Tech-‐Transfer
Talent
ExisJng Business
Networking
Loan Funds/ Angel
Investors
Venture Capital
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Ecosystem Ideas
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Networking!
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Supporting!
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Coaching
Mentoring Consulting
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Entrepreneur Coaching Is NOT
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What Does A Coach Do?
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Funding Example
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Friends and family
Crowed Funding
Micro Finance
NSF/SBIR Angel
VC
State Match
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Economic Development
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Programs Overview
Networking Workshops Talent, Jobs & Interns
Access to Capital Coaching
Incubation and Acceleration
Programs Overview Michigan Sample • Business Plan CompeJJon
– ACE-‐Event – Accelerate Michigan
• Training: – Business Model Canvas – FastTrac – JumpStart OperaJon – Ice House
• Student Accelerator – TechArb – LaunchPad
Understand Timing
How long does it take?
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Global Entrepreneurship Model
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Entrepreneurship Policy
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Kauffman Foundation
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Entrepreneurship in the U.S
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Kauffman Foundation
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Entrepreneurship Race
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Kauffman Foundation
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Entrepreneurship Race
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Kauffman Foundation
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Entrepreneurship Age
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Kauffman Foundation
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Advocacy
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• Chamber of Commerce • Committees • Associations • Small Business Association of Michigan
Important!
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Final Thoughts!
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Questions and Comments
“In-shaa Allah we’ll see you again.” (In God’s will we will see each other again.)
Thank you!
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Thank You!
شكرا لكم ونراكم قريبا إن شاء اهلل
Contact Information
Faris Alami O: 888-853-0122 Ext 2
C: 248-688-5353 [email protected]
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Thank You!
• GlobalTradeMission.org - Global Trade Mission
• Jumpstartmystartup.org – www.myISMinc.com • New Venture FastTrac-Kaufman Foundations
• First Step-Operation Jump Start
• Business Model Canvas-Steve Blank
• Growth Wheel
• Ice House!
Thank you!
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Material Credit