CHAPTER 6: NETWORKS & TEAM

THE POWER OF NETWORKS

NETWORKING 3. Volunteer with a nonprofit organization

4. Create remarkable business cards, and use
 Process of engaging others in helping you reach
them
an objective.
5. Start a networking group
 Nurturing long-term, mutually beneficial
relationships. INCUBATORS AND ACCELERATORS

3 WORDS that are close to Networking Incubators

1. Process- requires thought, planning, and  help early-stage entrepreneur to refine an idea.
deliberate practice  Often independent but can have connections to
2. Engaging- looking for others to give you venture capital.
something (connections, contact)  Focus primarily on stimulating innovations.
3. Objective- clear on purpose, further career  Incubators are longer term-in many instances,
development. even taking years-and are more open minded.
 Focused on creating an environment for co-
BENEFITS OF NETWORKING
creation.
1. Build new relationships
Accelerators
2. Drive new leads
3. Get new ideas for building your business  provides tailored support for existing startups.
4. Gain visibility for yourself and your business  Funded by existing company.
 Aimed at accelerating companies and scaling
THE VALUE OF NETWORKING TO ENTREPRENEURS
them up.
Allows to access opportunities that might not be  A clearly delineated time frame of a few months
present in own business. is usually set
 MENTORING BY THE LEGACY COMPANY IS A
DISTINCTIVE PART OF THE PROGRAM.
 THE ESTABLISHED FIRM WILL OFTEN BUY A
SMALL EQUITY STAKE INTHE STARTUP OR
SCALE-UP.
 More structured program than incubators and
try to create a kind of alignment between the
startups.

NETWORKING TO BUILD THE FOUNDING TEAM

Ways to do Networking “If you want to go fast, go alone. If you want to go far,
go together.” – old African proverb
1. Be active on social media
2. Join an entrepreneurial organization HOW TO BUILD THE RIGHT FOUNDING TEAM FOR
3. Don’t be afraid to ask for connections STARTUP
4. Organize a local meet up 1. Keep your objective and vision clear
5. Join a co-working space where you can make a - Lack of objective and vision may lead to chaos
network activity or connection. to your business.
WAYS IN START NETWORKING 2. Bring diverse skill set
Having a diverse skill can perform more
1. Reconnect with your Current work different tasks and become more valuable.
2. Take online contacts offline
 3. Use your personal network
- Try to find out who can help you with the
referrals you need and tell them what you are
building and what qualities you’re looking for in
a co-founder
4. Look beyond your network
- Find out peers in the start-up community and
network with them.
5. Know the person well before the wedlock
- Know your partner before mutually agreeing to
this professional tie-up.

CHARACTERISTIC OF A GREAT FOUNDING TEAM

1. Lean and mean team

- everyone must not only be reliable and
knowledgeable in their specialty but also
extremely resourceful.
2. Supportive and collaborative mentality
- Excellent at interacting with each other
3. Unified vision
can communicate the larger goal that motivates
them and have a common, long-term vision of
where they want to go.
4. Have skin in in the game
Founding teams should have something of
worth on the line.
5. Inspiring leadership skill
a founding team's ability to enlist people in that
vision is crucial, as it allows them to tap into
everyone's collective intellectual knowledge and
work toward a single purpose.

TOP QUALITIES OF A SUCCESSFUL TEAM

1. They communicate well with each other

2. They focus on goals and results
3. Everyone contributes their fair share
4. They offer each other support
5. Team members are diverse
6. Good leadership
7. They are organized
8. They have fun
CHAPTER 8 5. Create Milestone
You prepare a business plan to oversee or know the 5 ADVICES FOR BUSINESS PLAN:
flow of the business. It is not required 1. Keep it brief
Roadmap or online 2. Make it easy to read
IMPORTANCE OF PLANNING 3. Proofread
 Identify beforehand the possible problem, 4. Invest in quality design ang printing
thus giving us an opportunity to identify the 5. Know your margins
best solution. The Trim Framework
 Allows us to allocate our resources. Planning tool that identifies the types of people
Business plan needed,
Allow to find people that can invest. 1. TEAM
1. A detailed plan for the growth and People in the business working together to achieve
development of your small firm. a common goal.
2. Expresses who you are, what you intend to 2. RESOURCES
accomplish, and how you intend to Components that a business needs to
accomplish it. accomplish their goal or carry out activities.
3. Assist in the recruitment of talent and 3. IDEAS
investors. Concepts used for financial gain. Usually
Business plan won’t guarantee success. centered on product/service that can be offered
Since it is more on solution, which for money.
10 KEY ELEMENTS IN A BUSINESS PLAN 4. MARKET
1. Executive Summary (1 or less) Group of people that the company has
identified as potential customer.
2. Company description
Failure and Entrepreneurship
3. Summarize market research and potential 1. Business failure
2. Entrepreneurship failure
4. Conduct a competitive analysis a. Objective Firm Level Criteria
Failure relies on the entreps assessment of
5. Describe your product or service the return to their human capital in
alternative employment options
6. Develop a marketing and sales strategy b. Subjective Firm Level Criteria
Focused on personal hardship that firm
7. Compile your business financials failure can have on entrep
10 REASONS ENTREPRENEURS FAIL
8. Describe your organization and management 1. Lack of Vision
2. Selection of business
9. Explain your funding request 3. Lack of proper planning
4. Not having enough capital
10. Compile an appendix for official documents 5. Poor implementation of the plan
6. Hiring wrong people
7. Failure in marketing
Mission statement 8. Expanding very early
History 9. Understanding competition
BUSINESS PLAN ALLOWS US TO: 10. Giving up very early
1. Target your possible problems
2. Get better advice
3. Organize your Resources
4. Approach your Investors
CHAPTER 5: CUSTOMERS AND MARKET 7. Life stage
8. Behavioral
MARKET AND CUSTOMERS
CUSTOMER PERSONAS
Market
Short fictional profile of an ideal user/customer
Any place where manufacturers, distributors, and
retailers sell and consumer buy Help find the ideal customers real life situation in order
to test the product with real people.
Customer
Steps in Creating User Personas
Individual or business that purchases another
company’s goods or services. 1. Create a Header- fictious name, picture, quote
2.
Factors influence changes in marketplace.
CUSTOMER JOURNEY MAP
1. Economic situation
2. Innovations MARKET SIZING
3. Lifestyles
ENTREPRENEURSHIP MARKETING
4. New fashions
CREATING PERSONAL BRAND
Things that customers look for:

1. Price- withing budget

2. Experience- readily available
3. Design- appealing
4. Functionality- serve its purpose
5. Convenience- readily available
6. Reliability- meet requirements/expectations
7. Compatibility- well-matched w/ other products.

TYPES OF CUSTOMERS

1. The Potential Pandoy- need

convincing/assistance to be paying customer.
2. New Netnot- fresh customer; bought 1 st time
3. Impulsive Icoy- make instant buying decision
based on craving/whim. Highly influenced by
current mood swings.
4. Discount Daboy- never purchase on full price
5. Loyal Lando- satisfied customer; good brand
ambassador, making recommendations.

TARGET CUSTOMER GROUP

Group of possible buyers a company wants to

sell for.

Approaches in Describing Customers

1. Consunmer or business
2. Geographic
3. Demographic
4. Psychographic
5. Generation
6. Cohort