Solving the Entrepreneurship Puzzle
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Transcript of Solving the Entrepreneurship Puzzle
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SOLVING THE ENTREPRENEURSHIP PUZZLE
/ USING THE CPPX5 MODEL /Sarah Granger, Bishoff Entrepreneur-in-Residence
Penn State University, 2017
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CONFIDENCE➤ Homemade➤ Built on your strengths➤ Energy from leading➤ Supported by your
network
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PASSION➤ What drives you?➤ What keeps you up at night?➤ What gives you energy?➤ What incites you to act?➤ Where does it come from?➤ How can you channel it?
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“When you have passion for something, you find a way to make it happen. This is the panacea to success.”
- Zig Ziglar
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PROBLEM➤ The right problem➤ At the right time➤ Needs the right solution➤ And the right business model
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CREATION➤ The journey➤ Molding your design➤ Integrating
ingenuity➤ Innovating➤ Iterating
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PEOPLE➤ People people people people people
people➤ Team team team team team team➤ Yes, this is that important➤ Choose the best partner(s)or go it alone➤ “Your network is your net worth”➤ Hire to your weaknesses
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PRODUCT➤ The destination, the solution (& market
fit)➤ Directly connected to your passion➤ Affordable, usable, useful, helpful➤ Sticky, self-staining, resilient, consistent
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CUSTOMERS➤ The drivers of your
business➤ Know them well➤ Respect their needs
& wants➤ Study their habits➤ Discover what can
serve them best
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PLAN➤ Complete market analysis➤ Write strong business & marketing
plans➤ Plan detailed product timelines➤ Pitch planning➤ Exit strategies
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PITCH➤ Master it to the point it’s automatic➤ Become BFFs with the ask➤ Make Powerpoint your ally➤ Write & rewrite your plans
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COMPETITION➤ Who they are➤ What they’re about➤ When they got to
market➤ How you differ➤ Your value proposition
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PITFALLS➤ Expect the unexpected➤ Plan for contingencies➤ Know your way out➤ Face the fear of failure
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PROMOTION➤ Early adopters➤ Word of mouth / Evangelists➤ PR / Media➤ Digital / Social
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“If it doesn’t work, it’s not a failure; it’s data.”
- Dorie Clark
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CHOICES➤ Stand by your
decisions➤ Analyze successes➤ Embrace failures➤ Dive into the data➤ Know what’s next
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PLATFORM➤ Build your long-term brand➤ Craft your identity as a platform➤ Extend beyond the business➤ Curate a digital presence
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PAY-IT-FORWARD➤ Keep the social good in mind➤ Use what you learn to help others➤ Build your social capital➤ Giving back always comes back to you
again
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CPPX5 REVIEW…ConfidencePassionProblem
CreationPeopleProduct
CustomersPlanPitch
CompetitionPromotionPitfalls
ChoicesPlatformPay-it-Forward
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CONTINUING ED.➤ Art of the Start by Guy
Kawasaki➤ Startup Weekend➤ The Lean Startup by Eric
Ries➤ Y Combinator MOOC @
startupschool.org➤ High Tech Startup by
John Nesheim➤ Stanford certificate in
Innovation & Entrepreneurship
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CONNECTSarah Granger
sarahgranger.com