Mastering Entrepreneurship Merryn Kennedy - … Mastering Entrepreneurship Merryn Kennedy -...
52
1 Mastering Entrepreneurship Merryn Kennedy - AFFA/NIDP Greg Loudoun - Christine Moore FastTrac Australia
Transcript of Mastering Entrepreneurship Merryn Kennedy - … Mastering Entrepreneurship Merryn Kennedy -...
1
Mast
eri
ng
En
trep
ren
eu
rsh
ip
Merr
yn
Ken
ned
y -
AFFA
/N
IDP
Gre
g L
ou
do
un
-C
hri
stin
e M
oo
reFast
Tra
c A
ust
ralia
2
Wo
rksh
op
Ou
tlin
e
•Th
e C
hall
en
ge o
f ‘M
ast
eri
ng
En
trep
ren
eu
rsh
ip’
•En
trep
ren
eu
rial
Min
dse
t•
Th
e A
FFA
/N
IDP
Bu
sin
ess
Reali
ty C
heck
•In
vest
or
Read
iness
•R
evie
w
3
Bu
sin
ess
Develo
pm
en
t M
od
el
4
Acc
epts
res
po
nsi
bili
ty
Th
rive
s o
n a
mb
igu
ity
Mar
ket
awar
enes
s
Des
ire
Init
iati
ve /A
ctio
n B
ias
En
erg
y
Lo
w s
up
po
rt n
eed
s
Per
seve
ran
ce
Pro
ble
m s
olv
er
Per
suas
ive
Sel
f-d
isci
plin
e
Kno
ws
valu
e of
mon
ey
Sel
f-co
nfi
den
ce
Eg
o d
evel
op
men
t
En
trep
ren
eu
rial Tra
its
5
Ch
ara
cteri
stic
s O
f Th
eEn
trep
ren
eu
rial
Min
dse
t
•P
ass
ion
ate
ly s
eek n
ew
op
po
rtu
nit
ies
•P
urs
ue o
pp
ort
un
itie
s w
ith
en
orm
ou
s d
isci
plin
e•
Pu
rsu
e o
nly
th
e v
ery
best
op
po
rtu
nit
ies
•Fo
cus
on
execu
tio
n•
En
gag
e e
nerg
ies
of
every
on
e in
their
do
main
6
En
trep
ren
eu
rial M
ind
set
Th
ey p
ass
ion
ate
ly s
eek o
ut
new
op
po
rtu
nit
ies
•Th
ey a
re a
lways
ale
rt,
alw
ays
loo
kin
g f
or
their
ch
an
ce t
o p
rofi
t fr
om
ch
an
ge a
nd
dis
rup
tio
n i
n t
he w
ay b
usi
ness
is
do
ne
•Th
eir
gre
ate
st i
mp
act
occ
urs
wh
en
th
ey
create
en
tire
ly n
ew
bu
sin
ess
mo
dels
–N
ew
bu
sin
ess
mo
dels
revo
luti
on
ise h
ow
reven
ues
are
mad
e,
cost
s are
in
curr
ed
, o
ro
pera
tio
ns
are
co
nd
uct
ed
, so
meti
mes
thro
ug
ha n
ew
in
du
stry
7
En
trep
ren
eu
rial M
ind
set
Th
ey p
urs
ue o
pp
ort
un
itie
s w
ith
en
orm
ou
s d
isci
pli
ne
•Th
ey a
re n
ot
on
ly a
lert
en
ou
gh
to
sp
ot
op
po
rtu
nit
ies,
bu
t m
ake s
ure
th
ey a
ct o
nth
em
•M
ost
main
tain
so
me f
orm
of
reg
iste
r o
fu
nexp
loit
ed
op
po
rtu
nit
ies
•Th
ey m
ake i
nvest
men
ts o
nly
if
the
com
peti
tive a
ren
a i
s att
ract
ive a
nd
th
eo
pp
ort
un
ity i
s ri
pe
8
En
trep
ren
eu
rial M
ind
set
Th
ey p
urs
ue o
nly
th
e v
ery
best
op
po
rtu
nit
ies
•Th
ey a
vo
id e
xh
au
stin
g t
hem
selv
es
an
dth
eir
org
an
isati
on
by c
hasi
ng
aft
er
every
op
tio
n•
Mo
st s
ucc
ess
ful
en
trep
ren
eu
rs r
em
ain
ruth
less
ly d
isci
pli
ned
ab
ou
t li
mit
ing
th
en
um
ber
of
pro
ject
s th
ey p
urs
ue
–Th
ey g
o a
fter
a t
igh
tly c
on
tro
lled
po
rtfo
lio
of
op
po
rtu
nit
ies
art
dif
fere
nt
stag
es
of
develo
pm
en
t–
Th
ey t
igh
tly l
ink t
heir
str
ate
gy w
ith
th
eir
cho
ice o
f p
roje
cts,
rath
er
than
dil
uti
ng
th
eir
eff
ort
s to
o b
road
ly
9
En
trep
ren
eu
rial M
ind
set
Th
ey f
ocu
s o
n e
xecu
tio
n -
speci
fica
lly a
dap
tive e
xecu
tio
n
•Th
ey g
et
on
wit
h it
rath
er
than
an
aly
sin
g n
ew
id
eas
to d
eath
•Th
ey a
re a
ble
to
ch
an
ge d
irect
ion
as
the r
eal o
pp
ort
un
ity,
an
d t
he
best
way t
o e
xp
loit
it
evo
lves
10
En
trep
ren
eu
rial M
ind
set
Th
ey e
ng
ag
e t
he e
nerg
ies
of
every
on
e i
n t
heir
do
main
•Th
ey in
vo
lve m
an
y p
eo
ple
bo
thin
sid
e a
nd
ou
tsid
e t
he o
rgan
isati
on
•Th
ey c
reate
an
d s
ust
ain
netw
ork
so
f re
lati
on
ship
s ra
ther
than
go
ing
it
alo
ne,
•Th
ey m
ake t
he m
ost
of
the
inte
llect
ual an
d o
ther
reso
urc
es
peo
ple
have t
o o
ffer
an
d h
elp
th
ose
peo
ple
ach
ieve t
heir
go
als
as
well
11
Fast
trac
an
d A
FFA
/N
IDP
Bu
sin
ess
Reality
Ch
eck
•O
ur
Str
ate
gic
Part
ners
–Ern
st a
nd
Yo
un
g–
Deci
dew
are
–TA
FE N
SW
–S
win
bu
rne U
niv
ers
ity -
AG
SE
–N
exu
s B
usi
ness
Co
ach
ing
–M
oo
re S
tep
hen
s–
William
s H
atc
hm
an
an
d K
ean
e–
Mack
Co
nsu
ltin
g
12
NID
P G
ran
ts A
ssess
or
&B
usi
ness
Reality
Ch
eck
Th
e 6
Ass
ess
men
t To
ols
pro
vid
eap
pli
can
ts w
ith
:•
the o
pp
ort
un
ity t
o c
on
sid
er
their
eli
gib
ilit
y f
or
the
NID
P/
PC
P F
un
din
g G
ran
t•
A b
usi
ness
reali
ty c
heck
•A
n a
ssess
men
t o
f th
eir
invest
men
t re
ad
iness
13
Bu
sin
ess
Reality
Ch
eck
NID
P G
ran
t Elig
ibilit
y
NID
P B
usi
ness
Gro
wth
NID
P B
usi
ness
Pra
ctic
es
NID
P B
usi
ness
Read
iness
NID
P I
nvest
or
Read
iness
ww
w.
Rep
ort
sB
usi
ness
Inte
rven
tion
s
14
NID
P G
ran
ts A
ssess
or
&B
usi
ness
Reality
Ch
eck
1.
NID
P -
PC
P S
tag
e 1
Elig
ibilit
yA
ssess
men
t2
.N
IDP
- P
CP
Sta
ge 2
Elig
ibilit
yA
ssess
men
t3
.B
usi
ness
Gro
wth
Cycl
e A
ssess
men
t4
.B
usi
ness
Pra
ctic
es
Ass
ess
men
t5
.B
usi
ness
Read
iness
Ass
ess
men
t6
.In
vest
men
t R
ead
iness
Ass
ess
men
t
15
Sta
ge o
f B
usi
ness
Gro
wth
Th
e S
tag
es
of
Bu
sin
ess
Gro
wth
Ass
ess
men
t To
ol exam
ines
yo
ur
bu
sin
ess
an
d d
ete
rmin
es
wh
ere
it
is p
osi
tio
ned
in
th
eb
usi
ness
gro
wth
of
the
invest
men
t cy
cle
16
Bu
sin
ess
Gro
wth
Cycl
e
1.
Sta
ges
Of
Gro
wth
2.
Cap
ital
Base
3.
Cap
ital
So
ug
ht
4.
Bu
sin
ess
His
tory
5.
Mark
et
Pen
etr
ati
on
6.
Pro
du
ct D
evelo
pm
en
t
17
Sta
ges
Of
Gro
wth
•C
on
cep
t•
Incu
bati
on
•C
om
merc
iali
sati
on
•B
usi
ness
Exp
an
sio
n•
Bu
sin
ess
Acc
ele
rati
on
Lin
kin
g t
he G
row
th P
ath
fo
rTech
no
pre
ners
Fast
Tra
cB
usi
ness
Inte
rven
tio
ns
Ign
itio
nIn
cub
ati
on
Co
mm
erc
ialise
Acc
ele
rati
on
Pla
nn
ing
Sta
ges
Co
nce
pt
R&
DP
roto
typ
eFeasi
bilit
y P
lan
Pro
du
ctD
evelo
pm
en
t
Bu
sin
ess
Pla
nC
om
merc
ialise
Reso
urc
e M
gt
Str
ate
gic
Pla
nO
pera
tio
nal P
lan
Rap
id G
row
th
Cap
ital S
ou
rces
Gro
wth
Sta
ges
Inn
ovate
or
Inven
tP
roo
f o
f C
on
cep
tLo
cal M
ark
et
En
try
Mark
et
Exp
an
sio
n
Cri
sis
Tri
gg
ers
Cash
Tech
nolo
gy
Myo
pia
Acc
ess
to
Cap
ital
Focu
sD
istr
ibu
tio
nB
usi
ness
Acu
men
Gro
wth
Man
ag
em
en
tS
trate
gic
Co
mp
ete
nce
FF&
F
Up
to
$1
00
,00
0
Seed
/A
ng
els
$1
00
,00
0 t
o $
50
0,0
00
V/
Cap
- G
row
th
$5
00
,00
0 t
o $
5,0
00
,00
0
IPO
or
Tra
de S
ale
$5
,00
0,0
00
+
Incu
bato
r
19
Bu
sin
ess
Pra
ctic
e A
ssess
men
t
Th
e B
usi
ness
Pra
ctic
eA
ssess
men
t is
a s
nap
sho
t o
fyo
ur
bu
sin
ess
so
ph
isti
cati
on
,it
s co
mm
erc
ial
com
pete
nci
es
an
d a
ttra
ctiv
en
ess
to
an
invest
or
at
the v
ari
ou
s ca
pit
al
rais
ing
sta
ges
20
Bu
sin
ess
Pra
ctic
e A
ssess
men
t
1.
Str
ate
gic
Co
mp
ete
ncy
2.
Ris
k M
an
ag
em
en
t3
.Leg
al S
op
his
tica
tio
n4
.P
rofe
ssio
nal S
erv
ices
5.
Mark
eti
ng
6.
Hu
man
Reso
urc
es
7.
Fin
an
cials
8.
Tech
no
log
y
21
Str
ate
gic
Co
mp
ete
ncy
•S
trate
gic
Th
inkin
g•
Exte
rnal Fo
rces
•In
du
stry
An
aly
sis
•C
om
peti
tor
An
aly
sis
•C
ust
om
er
An
aly
sis
22
Ris
k M
an
ag
em
en
t
•B
usi
ness
Lia
bil
ity
•S
ecu
rity
Syst
em
s•
IT R
isk
•P
eo
ple
Ris
k
23
Leg
al
So
ph
isti
cati
on
•Leg
al
Str
uct
ure
•S
hare
ho
lder
Ag
reem
en
ts•
Inte
llect
ual
Pro
pert
y•
Warr
an
ty•
Em
plo
ym
en
t C
on
tract
s
24
Pro
fess
ion
al S
erv
ices
•Leg
al
•A
cco
un
tin
g•
Ban
k•
Bo
ard
25
Mark
eti
ng
•M
ark
eti
ng
Str
ate
gy
•P
rod
uct
Str
ate
gy
•P
rici
ng
Str
ate
gy
•P
rom
oti
on
Str
ate
gy
•M
ark
et
Str
ate
gy
•D
istr
ibu
tio
n
26
Hu
man
Reso
urc
es
•N
ew
Em
plo
yee A
vail
ab
ilit
y•
Job
Defi
nit
ion
s•
Perf
orm
an
ce M
an
ag
em
en
t
27
Fin
an
cials
•Fin
an
cial
Pla
n•
Cash
Flo
w•
Fin
an
cial
Mo
dell
ing
•Fin
an
cial
Man
ag
em
en
t
28
Tech
no
log
y
•IT
So
ph
isti
cati
on
•eC
om
merc
e•
Web
In
terf
ace
•C
RM
29
Bu
sin
ess
Read
iness
•Th
e B
usi
ness
Read
iness
Ass
ess
men
t lo
oks
at
yo
ur
com
merc
ial via
bilit
y a
nd
ab
ilit
y t
ob
uild
su
stain
ab
le c
om
peti
tive
ad
van
tag
e.
•W
e a
re lo
okin
g a
t yo
ur
man
ag
em
en
t ca
pab
ilit
y,
stra
teg
icco
mp
ete
nce
, p
lan
nin
geff
ect
iven
ess
an
d v
iab
ilit
y o
fco
mm
erc
ialisi
ng
yo
ur
tech
no
log
yo
r in
no
vati
on
30
Bu
sin
ess
Read
iness
Ass
ess
men
t
1.
Bu
sin
ess
Pla
nn
ing
2.
Man
ag
em
en
t Team
3.
Str
ate
gic
C
om
pete
nce
4.
Bu
sin
ess
Acu
men
5.
Co
re B
usi
ness
Pro
cess
es
6.
Su
pp
ly C
hain
31
Bu
sin
ess
Pla
nn
ing
•P
lan
nin
g S
op
his
tica
tio
n•
Co
nce
pt
Evalu
ati
on
•B
usi
ness
Pla
n•
Str
ate
gic
Bu
sin
ess
Pla
n•
Fin
an
cial P
lan
nin
g
32
Man
ag
em
en
t Team
•S
trate
gic
Co
mp
ete
nce
•Fo
un
der’
s Tra
ck R
eco
rd•
Ch
ief
Fin
an
cial O
ffic
er’
s Tra
ckR
eco
rd•
Ch
ief
Tech
nic
al O
ffic
er’
s Tra
ckR
eco
rd•
Mark
eti
ng
Man
ag
er’
s Tra
ckR
eco
rd•
Lead
ers
hip
Eff
ect
iven
ess
•M
atc
h T
o G
row
th S
tag
e•
Perf
orm
an
ce M
an
ag
em
en
t
33
Str
ate
gic
Co
mp
ete
nce
•M
ark
et
Rese
arc
h•
Co
mp
eti
tive A
naly
sis
•M
ark
et
Seg
men
tati
on
•C
ust
om
er
Valu
e P
rop
osi
tio
n•
Pro
du
ct D
iffe
ren
tiati
on
•P
rice
Po
siti
on
ing
•D
istr
ibu
tio
n S
trate
gy
•B
ran
din
g•
Str
ate
gic
Th
reats
34
Bu
sin
ess
Acu
men
•Fin
an
cial
Man
ag
em
en
t•
Cu
sto
mer
Rela
tio
nsh
ipM
an
ag
em
en
t•
Op
era
tio
nal
Exce
llen
ce•
En
terp
rise
Cu
ltu
re•
Bu
sin
ess
Su
rviv
al
Skil
ls•
En
trep
ren
eu
rial
Lead
ers
hip
35
Co
re B
usi
ness
Pro
cess
es
•H
um
an
Reso
urc
es
•R
ese
arc
h a
nd
Develo
pm
en
t•
Pro
cure
men
t•
Pro
du
ctio
n•
Sale
s an
d M
ark
eti
ng
•Fin
an
ce a
nd
Ad
min
istr
ati
on
•Q
uali
ty A
ssu
ran
ce
36
Su
pp
ly C
hain
•S
trate
gic
Ris
k•
Inte
rdep
en
den
ce•
Co
mm
un
icati
on
Netw
ork
37
Invest
men
t R
ead
iness
•In
vest
men
t R
ead
iness
is
an
ass
ess
men
t o
f yo
ur
bu
sin
ess
an
d i
ts a
ttra
ctiv
en
ess
to
ap
ote
nti
al in
vest
or
at
the
vari
ou
s ca
pit
al
rais
ing
sta
ges.
•In
vest
ors
po
siti
on
th
em
selv
es
in t
he m
ark
et
an
d f
ocu
s o
nb
usi
ness
es
that
‘fit
’ th
eir
invest
men
t p
rofi
le.
38
Invest
men
t R
ead
iness
1.
Bu
sin
ess
Mo
del
2.
Man
ag
em
en
t3
.M
ark
et
4.
Fin
an
cial
5.
Pro
ject
ion
s6
.S
trate
gic
Ris
k7
.C
orp
ora
te G
overn
an
ce8
.V
alu
ati
on
Ris
k9
.Leg
al R
isk
10
.Pre
pare
dn
ess
39
Bu
sin
ess
Mo
del
•Exit
Str
ate
gy
•S
trate
gic
Ad
van
tag
e•
Sca
lab
ilit
y•
Su
stain
ab
le C
om
peti
tive A
dvan
tag
e•
Win
do
w O
f O
pp
ort
un
ity
•Fle
xib
ilit
y•
Sta
ge o
f G
row
th
40
Man
ag
em
en
t
•C
EO
In
vest
or
Imag
e•
Tra
ck R
eco
rd•
Man
ag
em
en
t Team
Bala
nce
•M
an
ag
em
en
t Team
Skills
•Lead
ers
hip
•S
trate
gic
Co
mp
ete
nce
•A
ctio
n B
ias
•P
erf
orm
an
ce M
an
ag
em
en
t•
Fin
an
cial M
an
ag
em
en
t•
Su
pp
ly C
hain
Man
ag
em
en
t
41
Mark
et
•M
ark
et
Att
ract
iven
ess
•M
ark
et
Siz
e•
Mark
et
Sh
are
•M
ark
et
Reach
/P
en
etr
ati
on
•C
ust
om
er
Valu
e P
rop
osi
tio
n•
Bra
nd
/Im
ag
e S
tren
gth
•P
rice
Ela
stic
ity
•D
istr
ibu
tio
n
42
Fin
an
cial
•Fin
an
cial H
isto
ry•
3 Y
ear
P&
L H
isto
ry•
Cu
rren
t R
ati
o•
Deb
t To
Eq
uit
y•
Retu
rn o
n e
qu
ity
•S
ale
s/em
plo
yee
•R
&D
In
vest
men
t/S
ale
s•
Perf
orm
an
ce t
o t
arg
ets
43
Str
ate
gic
Ris
k
•C
om
peti
tive I
nte
nsi
ty•
Th
reat
Of
New
Co
mp
eti
tio
n•
Th
reat
of
Su
bst
itu
te P
rod
uct
s•
Neg
oti
ati
ng
Po
wer
of
Cu
sto
mers
•N
eg
oti
ati
ng
Po
wer
of
Su
pp
liers
•S
trate
gic
In
form
ati
on
Syst
em
44
Co
rpo
rate
Go
vern
an
ce
•B
usi
ness
Tra
nsp
are
ncy
•B
oard
of
Dir
ect
ors
•C
on
flic
t o
f In
tere
st•
Sim
ple
Co
rpo
rate
Str
uct
ure
•A
ud
ited
Acc
ou
nts
45
Valu
ati
on
Ris
k
•Earl
y S
tag
e I
nvest
or
Pro
file
•Earl
y S
tag
e I
nvest
ors
•C
ust
om
ers
/U
sers
•S
trate
gic
Part
ners
•In
dep
en
den
t R
ese
arc
hers
46
Leg
al
Ris
k
•IP
Ow
ners
hip
Veri
fied
•P
ate
nt
Ap
plied
Fo
r•
Inte
rim
Pate
nt
Gra
nte
d•
Pate
nt
Gra
nte
d•
Tra
de M
ark
Reg
iste
red
•D
esi
gn
Reg
iste
red
•Em
plo
ym
en
t C
on
tract
s In
Pla
ce
47
Pre
pare
dn
ess
•Feasi
bil
ity P
lan
Co
mp
lete
d•
Bu
sin
ess
Pla
n C
om
ple
ted
•S
trate
gic
Pla
n C
om
ple
ted
•M
em
ora
nd
um
of
Un
ders
tan
din
g C
om
ple
ted
•In
dep
en
den
t V
alu
ati
on
Co
mp
lete
d
48
Fin
an
cial
An
aly
sis
•3
Year
P&
L H
isto
ry•
Deb
t To
Eq
uit
y•
Sale
s/E
mp
loyee
•R
&D
In
vest
men
t/S
ale
s
49
Pro
ject
ion
s
•C
ash
Flo
w•
1 Y
ear
Fin
an
cial
Pla
n•
3 Y
ear
Fin
an
cial P
lan
•C
ap
ital
Exp
en
dit
ure
Pla
n•
Bre
ak E
ven
Po
int
•R
etu
rn O
n I
nvest
men
t
50
Bu
sin
ess
In
terv
en
tio
ns
•C
orp
ora
tio
n B
uil
ders
•P
aci
fic
Cap
ital
•A
ust
rali
an
Bu
sin
ess
•En
terp
rise
wo
rksh
op
s•
Fast
Tra
c A
ust
ali
a
51
Fast
Tra
c A
ust
ralia P
rod
uct
s
You
thE
ntr
epre
neu
rsh
ip1s
t S
tep
New
Ven
ture
Cre
atio
nU
nd
erg
rad
uat
e
Mas
teri
ng
En
trep
ren
eurs
hip
Po
st G
rad
uat
e
Ph
dR
esea
rch
Co
mm
erci
alis
atio
n
Ed
uca
tio
n
Gre
at G
ame
of
Bu
sin
ess
New
Ven
ture
Cre
atio
nB
usi
nes
s M
ento
r
Bu
sin
ess
in T
ran
siti
on
Co
mm
erci
alis
atio
n
Fas
tTra
cM
anu
fact
uri
ng
Exe
cuti
ve F
astT
rac
Hig
h G
row
th
En
trep
ren
euri
alL
ead
ersh
ip
Bu
sin
ess
Gre
at G
ame
of
Bu
sin
ess
Tec
hn
olo
gy
Men
tor
-Igni
tion
Tec
hn
olo
gy
Incu
bat
ion
Tec
hn
olo
gy
Co
mm
erci
alis
atio
n
Bu
sin
ess
Acc
eler
atio
n
En
trep
ren
euri
alL
ead
ersh
ip
Tec
hn
olo
gy
Gre
at G
ame
of
Bu
sin
ess
IT S
trat
egy
Co
rpo
rate
En
trep
ren
eurs
hip
Mo
bili
sin
gP
eop
le
Bey
on
dM
anag
emen
t
Str
ateg
icL
ead
ersh
ip
Cor
pora
tion
52
Bo
oks
to R
ead
•En
terp
rise
an
d V
en
ture
Cap
ital
–C
hri
s G
olis
•V
en
ture
Cap
ital
–Jo
el
Card
is e
t al
•H
ow
to
Read
a F
inan
cial R
ep
ort
–Jo
hn
Tra
cy
•B
low
n t
o B
its
–Evan
s an
d W
urs
ter
htt
p:/
/w
ww
.En
trew
orl
d.o
rg
