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Becoming A Successful Entrepreneur
Nevin Cody, www.QEDtraining.ie
Joanne Managing Director
QED Training [email protected]
QED Office Antoinette
Noel Director of Training and
IT Trainer [email protected]
Maria Legal Issues Trainer
Muireann Idea Generation, Marketing and
Business Planning Trainer
Michael Social Media/Online
Market Research Trainer
Phil Sales & Negotiation Trainer
YOUR TEAM
Rory Financial & Legal Issues
Trainer
Nevin Idea Generation and
Business Planning Trainer
3
• Next 5 Sessions • Who’s in the Room? • Mind of Entrepreneur • Ingredients of Good Idea/ Opportunity • Generation Techniques • Idea Evaluation • What next?
This session …
3
Becoming a Successful
Entrepreneur Nevin Cody
Creating the Best Business
Plan 31st March Nevin Cody
Market Research Skills
7th April
Bringing your Business Online
14th April
Essential Supports & Services foe Entrepreneur
21st April
OUTLINE FOR SIX TALKS
Financial Support and Grants for Entrepreneurs
298th April
NEVINCODY?Mystorysofar:✓ Retail(TraineetoRegionalManager)✓ Banking,RegionalManager✓ Coaching/Training/Consulting/Mentoring✓ Magician/Entertainer/Singer✓ Businessowner✓ 29yearsdone-XXtogo???
ThingsI’vestudied:✓ Training&ContinuedadultEducationNUIMaynooth✓ Banking&FinanceUCD&NUI(BankingInstituteIreland)✓ Leadership/Business/Sales/Networking/Change
management✓ Magic/Stagecraft
ThingsIknow:x Nothingaboutyourworld✓ Loadsaboutmine
Introduce ourselves ☺
YOUR NETWORK
What do you want to get
from this course?
What is an Entrepreneur?
An entrepreneur Is a person that creates, organises
and manages a business while trying to make a profit.
BECOMING a SUCCESSFUL ENTREPRENEUR
Self confident Creative Persistent Hard working /
Drive / Energy
Motivation / Commitment /
Passion
Need for independence
Risk takersProblem solvers
Goals Failure/ Feedback Desire to achieve Use initiative
Seek personal responsibility
Tolerance of uncertainty
Characteristics
Passion Planners
WHERE DO PEOPLE GET AN IDEA FROM?
INGREDIENTSTOAGOOD
IDEA
IDEAGENERATIONTECHNIQUES
IDEAEVALUATION
INGREDIENTSTOAGOOD
IDEA
HOW DO YOU KNOW IF YOURS IS AN UGLY DUCKLING!
QED MODEL FOR SUCCESS
QED MODEL FOR SUCCESS
QualifiedPLAN
€conomics
DEMAND
QED MODEL FOR SUCCESS
IDEAGENERATIONTECHNIQUES
where do ideas come from?
InnovationBrandnewideaforproductorservice
Renovation/AdaptationWaytodosomethingbetter/moreefficiently
ProblemSolving
PassionsWorkingonprovidingsomethingtomarketyouarepassionateabout
Crashing
Trends
Innovation &
Renovation
THERE ARE HUNDREDS OF IDEAS OUT THERE, NOT ALL OF
THEM GOOD ONES.
WWW.ITSMYSCAR.COM
Don’t set up a business just because you can or because
you like it.Look for needs, watch trends, listen for complaints, problems
or pains. Then get creative about building a business
around them.
There are 100s of ideas out there – we know what makes a
good one, where do we find them?
Passion&
Skills
Passion Tara Haughton, Rosso Solini
PASSIO
What skills/passions do you enjoy!
Pick one Area!PASSION
SKILLS
Skills and Passions
Me#
Skills and Passions
Me#Interest
Problem Solving
Renovation
First: Identify a complaint, problem or need
____________________________________
Then: get creative about how to capitalise on it (brainstorm)
Problem Solving
STEP 1
Industry)
Problem(
Problem(
Problem(
Problem(
Problem Solving
STEP 2
Problem(
Solu+on(
Solu+on(
Solu+on(
Solu+on(
trends?
81%ofshoppersconductonlineresearchbeforebuying
Source:ForresterResearchInc.,“UKInternetUserMonitor”
Objective
Consumer
Business
Solution
One Third of Irish people now spend
20+ hours online weekly
Source: Comscore & February 2010 European Interactive Advertising Association (EIAA) "EIAA Mediascope Europe 2010 & BARB (Q4 2009)
Irish Consumers have moved online...
Objective
Consumer
Business
Solution
47
Crashing
Whatiscrashing
MyBusiness+
BusinessModel=
Lotsofideas!!!
EXAMPLE
RYANAIR
• LowCostModel• PricevService• PricevConvenience• AncillaryRevenue (Payforeveryelement)• Stripoutcosts• TurnaroundTime• BulkPurchase
EXAMPLE
DISNEYWORLD
• Customer Experience • Safety and cleanliness • Child perspective • Element of surprise & wonder • Story Telling • Merchandise
EXAMPLE
DOCTOR+
RYANAIR
=??????
DOCTOR+
DISNEYWORLD=
??????
STATUS STORIES
BMW museum
IDEAEVALUATION
How do I assess an idea?
Examples?• High Demand, Low Margin?
• Low Demand, High Margin?
• Low Demand, Low Margin?
• High Demand, High Margin?
DEMAND
Economics
What 3 things will you do now?
1) 2) 3)
ACTION PLANNING
To Recap
When you have an idea that solves a problem (or meets a need), the next
steps are……..
QualifiedPLAN
€conomics
DEMAND
QED MODEL FOR SUCCESS
Becoming a Successful
Entrepreneur Nevin Cody
Creating the Best Business
Plan 31st March Nevin Cody
Market Research Skills
7th April
Bringing your Business Online
14th April
Essential Supports & Services foe Entrepreneur
21st April
OUTLINE FOR SIX TALKS
Financial Support and Grants for Entrepreneurs
298th April
• Understanding Mind of Entrepreneur • Ingredients of good Ideas • Idea Generation • Idea Evaluation • What Next?
Todays Objectives…
3
THE END (and the beginning)
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