Module 2 Presentation With Teaching Notes

Entrepreneur in the Classroom
Module 2: From Idea to Reality
Module 2 Objectives
Transform a Business Idea into
Reality
Develop Skills to Gather Market
Information
Understand Risks of Starting a
Business
AN INVESTMENT
IN AMERICAS
FUTURE. FUTURE.
AN
INVESTMENT
IN AMERICAS
Copyright Katherine Korman Frey

www.KathyKormanFrey.com
Module 2 Objectives
Reality
Information
Business
AN INVESTMENT
IN AMERICAS
FUTURE. FUTURE.
AN
INVESTMENT
IN AMERICAS

The Importance of
Creativity
in Business
Ideas are sparks that:
o Spawn Business
o Fuel Growth
o Solve Problems
o Keep You Ahead of the Pack
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Candle Problem
Exercise 2-1
http://bit.ly/zZC8Ho
Play through minute 3:03
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Candle Problem
Exercise 2-1
What is your Candle Problem?

Think of a challenging problem. It may
be something faced by you, those in
your community, or in your school.
Brainstorm a creative solution, or a
different approach to solve this
problem or challenge.
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Creativity in Business
Examples
Yesterday
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Examples
Today
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Examples
Yesterday
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Examples
Today and Tomorrow
http://bit.ly/FPS4af
Toms incorporates Social

Entrepreneurship: Solving social
Resources
for Social Entrepreneurs on the
problems is 2-1a:
central
mission.
NFIByef Blog
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10

Tools for Turning

Business Ideas Into
Reality:
Mind
Mapping
Mind Mapping is one of many
creative tools that entrepreneurs can

use to stimulate their creativity.
An exercise, similar to the one you
are about to do, has helped
businesses create products and
services that have generated billions
of dollars.
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11

Mind Mapping
Exercise 2-2
Steps
o Brainstorm
o Cluster
o Develop Business Idea
o Elevator Pitch
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Mind Mapping Step 1

Brainstorm
Draw a circle in the middle of your

paper
Write an area of interest in that circle
Phones
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Mind Mapping Step 1

Brainstorm
Around the circle, brainstorm every word
that comes to mind about the topic
Buttons
Texting
Protector
Facebook
Break Music
Skins Videos
Pictures
Colors
Skype
Black Apps
White Ring Tones
Convenience
Streaming
iphone
Notes
Phones
Covers
Screen
Droid
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14

Mind Mapping Step 2

Cluster
Cluster together groups of words that, in
your mind, seem to go together (Min. 3,
Max. 5 words)
Buttons
TextingConvenience iphone
Protector
Streaming
Break Music Notes
Skins Videos
Phones
Pictures
Colors
Skype Covers
Black Apps Screen
White
Ring Tones
Droid
Facebook
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15

Mind Mapping Step 3

Business Idea Development
On a new piece of paper, write your

favorite word cluster in the middle.
Video
Ringtones
Apps
Pictures
Music
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Mind Mapping Step 3

At each corner of the page, write a

different business or product idea
App plays
inspired
Make a coverby the cluster
random
for your phone
from your
favorite picture
App translates
picture
captions, music,
and video to
multiple
languages
Video
Ringtones
Apps
Pictures
Music
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slideshow of
phone pics to
music rhythm
App converts
video clips to
ring tones
17

Mind Mapping Step 3

Pick favorite idea

Video
Ringtones
Apps
Pictures
Music
App plays
random
slideshow of
phone pics to
music rhythm
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Mind Mapping Step 4

Elevator Pitch
Develop elevator pitch: Brief speech

outlining idea for product, service, or
project.
Delivered in elevator ride = 20-60 seconds.
o Description
o Target Audience
o Need met through product or service
o Competitive Advantage
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Mind Mapping Step 4

Elevator Pitch
Description: Photo Rhythm is an app for your

phone that plays a random slideshow of your
pictures to the rhythm of music you have
playing. It can also be used on your computer or
tablet.
Target Audience: Our target audience is

consumers aged 21-55, who are heavy users of
their phone (or computer or tablet) for pictures.
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Mind Mapping Step 4

Elevator Pitch
Need met through product or

service: Consumers are between digital
picture frames and an established way of
displaying digital photos. Photo Rhythm fills
this gap.
Competitive Advantage: Well have

exclusive relationships with phone
manufacturers.
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21

Mind Mapping Conclusion

YOUR Elevator Pitch
Devise YOUR Elevator Pitch.
Create a One Minute pitch (Max).
o Description
o Target Audience
o Need Met through Product or Service
o Competitive Advantage (consider this
your wish list, be creative! We know this
is not real right now.)
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PCC: Personal Creativity Capture

Exercise 2-3
Mapping is one way to bring out your

creativity. What are other ways?
Think about the people, places, and things that
bring out your most creative ideas (i.e. visiting
certain places, reading books, etc.). List them.
Commit to a way of capturing and reviewing
your creative ideas on a regular basis. (Journal
+ review with friends, other). What is it about
this process that would work for you?
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Protecting your Creative

Ideas
The official side of creativity: Here are
ways to legally protect your creative ideas:
o Patents: Protect an invention (20 years)
o Trademark/Servicemark: Protect business or
brand name + look and feel (aka trade
dress)
o Copyright: Protect the original author
(Optional) 2-3a: Follow-Up Homework on the @NFIByef Blog
24
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Module 2 Objectives
Reality
Information
Business
25
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INVESTMENT
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The Importance of Information

Have you ever done one of these?
Photo Credit: Clint Louish, Louish.com
Not knowing where youre going? Not having all

the information in a situation? Its not pretty.
26
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Why Shed Light on Your

Market?
Researching your market gives you
the power of information.
Said another way, it is the ability to
see whats around you in your
market.
Why is this important? Discuss.
27
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Gathering Marketing
Information
Where to find Information:
o Primary Data
Focus Groups, Surveys, Interviews
o Secondary Data
Brochures, Library, Database, Reports,
Newspapers, Magazines, Internet, etc.
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Gathering Marketing
Information
What to Ask about your Market, Customer, and
Business:
o Who is your market?
o What are your customers likes and dislikes?
o Where are your customers?
o When should you start your business?
o How should you price your product / service?
o How are you different from your competition?
Source: Dr. George Solomon, The George Washington University, Founder & Director,
Center for Entrepreneurial Excellence
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29

Mini Market Research Study

Exercise 2-4
Using your business from Mind Mapping,
develop a questionnaire using 3 of the 5 points
from the previous slide. Interview at least 3
people and record your answers, as Primary
Data.
Prepare a mini-presentation about your
findings.
(Optional) follow-ups
Homework: Search the internet or publications for secondary data about your market
before or after the in-class exercise.
Advanced exercise: In-class Exercise 2-4a Market Research Role Play.
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30

Market Strategy:
Using Research
Strategically
SWOT Analysis
o Strengths of the company
o Weaknesses of the company
o Opportunities in the marketplace
o Threats in the marketplace
31
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Market Strategy:
Using Research
Strategically
SWOT Example: Starbucks
o Strengths: Established Brand/Coffee Experience
o Weaknesses: Viewed as an Optional purchase
o Opportunities: In store and online merchandising
o Threats: International coffee bean prices
Market Strategy Action: Incent loyal consumers to
drive purchases of new products in store and online
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Market Strategy
Exercise 2-5
Potential investors expect you to know your market.

Practice by choosing a company on to perform a SWOT
Analysis. Write at least one point for each below:
Company or Product:_______________________
Strength:
Weakness
Opportunity
Threat
Market Strategy Action:

33
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Market Strategy
Exercise 2-5
Potential investors expect you to know your market. Practice by choosing a company
on to perform a SWOT Analysis. Write at least one point for each below:
Company: Product nPower USB Boot Charger
Strength:
Weakness
Need to wear that specific pair of shoes to use the device

Woman wont be able to use it as much as men because its a boot
Opportunity
Convenience of always having a charging device with you

Make you walk more to keep a charge
Wearable technology is popular
Able to come up with many versions of the product

Business could grow and take off rapidly because you always need power for phone
Able to license it out
Threat
Bigger business could make a better product with less overhead
Market Strategy Action: Have a contest for ideas on wearable power and give free SWAG
and money to the winners.
34
Buy one and get one for 60% off
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INVESTMENT
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Module 2 Objectives
Reality
Information
Business
35
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INVESTMENT
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Weighing Risks in
Starting a Business
Starting a business can be exciting,
but remember to assess the pros and
cons.
http://bit.ly/AzSLxX
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36

Entrepreneurial Heat-o-Meter
Exercise 2-6: Part I
Part I: Can you Take the Heat?

o Imagine that you are starting your
business. Rate risks on the following
slide from 1-5:
1: Does not make me nervous
2: Makes me nervous, but only a little bit
3: Makes me nervous, not a little, but not a
lot
4: Makes me pretty nervous
5: Makes me really, really nervous
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37

Exercise 2-6: Part I
Risk Category
Rating
Uncertain Income
Risk of Losing Investment (Going out of Business)
Long Hours and Hard Work
Lower Quality of Life in Early Years of Business
Complete Responsibility
Discouragement
Other (List)
38
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Exercise 2-6: Part II
Part II: Lowering the Heat-o-Meter

o Write down your 3 highest-rated risk
items. For each, write a strategy to
lower risk, which is called risk
mitigation.
o Example:
Risk Category
Risk Mitigation
(highest-rated)
Strategy
Risk of losing
Do a business plan and
investment or Going out do market research to
of Business I would be
lower my risk of failure.
afraid to fail and have
everyone know that I
failed.
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INVESTMENT
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39

Thinking ahead to
Module 3:
Business Planning
Research the definition of Business

Planning.
What is Business Planning and why is
it important?
40
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Module 2 Objectives
Reality
Information
Business
41
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Curriculum developed by:

Katherine Korman Frey, Entrepreneur in Residence & Adjunct Professor of Management at
The George Washington University School of Management, Center for Entrepreneurial Excellence
Contributing content provided by: Dr. George Solomon, Dr. Susan Duffy, Dr. Ayman Tarabishy and
Professor Janet Nixdorff.

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Entrepreneur in the Classroom

Module 2: From Idea to Reality

Copyright Katherine Korman Frey

Copyright Katherine Korman Frey

Ideas are sparks that:

Copyright Katherine Korman Frey

Copyright Katherine Korman Frey

What is your Candle Problem?

Copyright Katherine Korman Frey

Copyright Katherine Korman Frey

Copyright Katherine Korman Frey

Copyright Katherine Korman Frey

Toms incorporates Social

Copyright Katherine Korman Frey

Tools for Turning

creative tools that entrepreneurs can

Copyright Katherine Korman Frey

Copyright Katherine Korman Frey

Mind Mapping Step 1

Draw a circle in the middle of your

Copyright Katherine Korman Frey

Mind Mapping Step 1

Copyright Katherine Korman Frey

Mind Mapping Step 2

Copyright Katherine Korman Frey

Mind Mapping Step 3

On a new piece of paper, write your

Copyright Katherine Korman Frey

Mind Mapping Step 3

At each corner of the page, write a

Copyright Katherine Korman Frey

Mind Mapping Step 3

Pick favorite idea

Copyright Katherine Korman Frey

Mind Mapping Step 4

Develop elevator pitch: Brief speech

Copyright Katherine Korman Frey

Mind Mapping Step 4

Description: Photo Rhythm is an app for your

Target Audience: Our target audience is

Copyright Katherine Korman Frey

Mind Mapping Step 4

Need met through product or

Competitive Advantage: Well have

Copyright Katherine Korman Frey

Mind Mapping Conclusion

Copyright Katherine Korman Frey

PCC: Personal Creativity Capture

Mapping is one way to bring out your

Copyright Katherine Korman Frey

Protecting your Creative

Copyright Katherine Korman Frey

Copyright Katherine Korman Frey

The Importance of Information

Photo Credit: Clint Louish, Louish.com

Not knowing where youre going? Not having all

Copyright Katherine Korman Frey

Why Shed Light on Your

Copyright Katherine Korman Frey

Copyright Katherine Korman Frey

Copyright Katherine Korman Frey

Mini Market Research Study