i’ve got an idea, now what: a recipe for success

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Curtis Nelson, serial entrepreneur and President and CEO of the Entrepreneurial Development Center (EDC) in Cedar Rapids will address one of the most fundamental question in starting a business: How To Start. This session will be based on his book The Recipe for Business Success. A recipe for success, whether business or culinary, requires a finite set of ingredients and specific execution. Each ingredient and amount is equally important as is their related quality, and all must be matched to the outcome desired. Also essential are the proper guidance, the talent to execute, and the required resources. Straying from the simplest of recipes creates results that range from mediocre to catastrophic. If you run your business “off-recipe,” success will be reduced with performance that is lower than your potential. If you execute a well-balanced business “Recipe,” success will be easier and net results will be greater.

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Ingredients & ExecutionCurtis R. Nelson

SM

© 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVED

Another Speaker …

• Who’s presenting?

• Who’s engaging?

• What do you want?

• What can you take away?

• Your challenge

INTRODUCTION

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INTRODUCTION

“Year 2000”

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“It’s like baking a cake...”

INTRODUCTION

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INTRODUCTION

In the culinary world great results come from a great

recipe!

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INTRODUCTION

A great recipe includes:

Ingredients & Execution

Each amount and quality of equal value!

© 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVED

Results

Quality results come from a balance of:– Quality ingredients– Quality execution

INTRODUCTION

© 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVED

Results

Quality results come from a balance of:– Quality ingredients– Quality execution

Poor results come from:– Missing or poor ingredients– Missing or poor execution

INTRODUCTION

The further “off-recipe” you get – the worse the results!

© 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVED

Optimal Business Recipe

Ingredients:– Strategic Fit– Business Plan

Execution:– Talent– Leadership– Resources

INTRODUCTION

© 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVED

Strategic Fit

Page 5

Why you should get into business

Why you should stay in business

Foundational component

Critical ingredient for success

STRATEGIC FIT

Quality ingredients require …

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Wrong Reasons

Looks like fun …

Can’t work for anyone else…

I’ve invented a cool product…

I want to be my own boss …

We’ve always been in business…

Reasons to start planning – not execute!STRATEGIC FIT

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Right Reason

Opportunity exists to:– Provide a product or service– Customers will buy from YOU– Adequate volumes– Profitable margins

What do you need to know?

STRATEGIC FIT

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Strategic Fit

Valid need:– How intense is the need?– Will they buy yours – is your baby prettier?– Can you get to market?

Intensity of NeedIntensity of Need

STRATEGIC FIT

Sal

es &

Mar

keti

ng

Sal

es &

Mar

keti

ng

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Strategic Fit

Valid need

Valid opportunity:– Identifiable target market:

• Demographics, Geographics• Psychographics, Behaviors*• Number and location

– Ability to compete:• Differentiate, protect and sustain

STRATEGIC FIT

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Strategic Fit

Valid need

Valid opportunity:

Valid product:– Benefits needed to differentiate– Able to be produced

STRATEGIC FIT

© 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVED

Strategic Fit

Valid need

Valid opportunity

Valid product

Valid price:– Priced to sell and make money

STRATEGIC FIT

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Strategic Fit

Valid need

Valid opportunity

Valid product

Valid price

Valid operation:– You can produce it effectively?– You can support it?

STRATEGIC FIT

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Strategic Fit

Valid need

Valid opportunity

Valid product

Valid price

Valid operation

Valid environment:– Influences out of your control…

STRATEGIC FIT

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Strategic Fit

Valid need

Valid opportunity

Valid product

Valid price

Valid operation

Valid environment

VALID REASON TO BE IN BUSINESS

STRATEGIC FIT

Quality ingredients require …

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Business Plan

Provides focus & direction:– Mission:

• What you want to achieve• How you want to be measured

– Elevator pitch

Quality ingredients require …

BUSINESS PLAN

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Business Plan

Provides focus & direction

Identifies your brand & culture:– Mission should identify your brand– Principles will create your culture

• Foundational beliefs that define• Values, ethics & operational characteristics• Guide your companies action…

– Culture will create productivity• 50 / 150

BUSINESS PLAN

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Business Plan

Provides focus & direction

Identifies your brand & culture

Outlines objectives & goals:– What you want to attain– When you will attain them

BUSINESS PLAN

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Business Plan

Provides focus & direction

Identifies your brand & culture

Outlines goals & objectives

Clarifies strategies:– Marketing*– Operations

BootsBUSINESS PLAN

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Business Plan

Provides focus & direction

Identifies your brand & culture

Outlines goals & objectives

Clarifies strategies

Quantifies resource requirements:– Financial, human, technical– Information, environment

BUSINESS PLAN

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Business Plan

Provides focus & direction

Identifies your brand & culture

Outlines goals & objectives

Clarifies strategies

Quantifies resource requirements

Makes actions accountable:– What, who and when…

BUSINESS PLAN

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Business Plan

Increases your odds of success!

Quality ingredients require …

BUSINESS PLAN

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Quality Team

Necessary disciplines

Quality execution requires …

TALENT

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Quality Team

Necessary disciplines

Applicable experience & capabilities

TALENT

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Quality Team

Necessary disciplines

Applicable experience & capabilities

Balance

TALENT

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The ability to build, develop, and motivate a team of diverse,

talented individuals to effectively attain goals &

objectives.

Leadership

LEADERSHIP

Quality execution requires …

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Managers vs Leaders

Managers administer and maintain

Leaders innovate and develop

Managers rely on processes and controls

Leaders rely on people and trust

Managers seek compliance / guide in own image

Leaders seek results through collective capabilities

Managers do things right

Leaders do the right thing

Fortune Magazine – roughly 1988

LEADERSHIP

(Bosses)

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Leaders

Provide passion, vision, and focus:– See where they want to go & set direction– Communicate clearly, consistently, & often– Keep the team on focus / on track– Reduce roadblocks – Focus on strategy

LEADERSHIP

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Leaders Know

People are the most important resource:– People create the best IP / differentiation– Work enjoyment = company performance– People are individuals*– Put their trust in people over processes– Celebrate mistakes*

LEADERSHIP

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Leaders Know

Customers are the company’s lifeblood:– They listen to their customers regularly– Support their customers with every resource– They build a company culture that rewards

unwavering support of their customers

LEADERSHIP

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Leaders

Surround themselves with talent:– Understand their own weaknesses– Listen to & seek challenge from their team– Know their success is in the hands of their team

• “winning from the dugout”

LEADERSHIP

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Company principles and resulting culture mean

everything!

Leaders Know

LEADERSHIP

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“I came to see, in my time at IBM, that culture isn’t just one aspect of the game – it is the game. In the end, an organization is nothing more than the collective capacity of its people to create value”

LEADERSHIP

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Resources

Tools needed to execute effectively:– Technical– Environmental– Human– Informational– Financial

Quality execution requires …

RESOURCES

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Resources

Financial resources:– Debt:

• Bank• Government• Investor

– Equity:• Love money• Angels• Angel funds• Venture funds

Quality execution requires …

RESOURCES

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Recipe Report Card

Proper Ingredients:– Strategic Fit– Business Plan

Proper Execution:– Talent– leadership– Resources

SUMMARY

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Business Results

Quality results come from a balance of:– Quality ingredients– Quality execution

INTRODUCTION

© 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVED

Business Results

Quality results come from a balance of:– Quality ingredients– Quality execution

Poor results come from:– Missing or poor ingredients– Missing or poor execution

INTRODUCTION

The further “off-recipe” you get – the worse the results!

© 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVED

Your Challenge

Taking an honest look at your Recipe and doing something about the

opportunities identified!

INTRODUCTION

For the entire content – you may purchase the book at www.recipeforbusinesssuccess.com

© 2010 CRN LLC - NOT FOR DUPLICATION OR OTHER COMMERCIAL USE - ALL RIGHTS RESERVED

Thank YouCurtis R. Nelson

curt@recipeforbusinesssuccess.com

SM

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