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So…You Want To Be An Entrepreneur

So…You Want To Be An Entrepreneur. Steve Tennant Tennant Consulting, TVC. What’s On Your Mind?. How Do I Get Funding? How Do I Evaluate My Business Opportunity? Where to Begin?. 2001. 1994. 2000. Roles. Marketing Alliances Strategy Fundraising . Programmer Analyst

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So…You Want To Be An Entrepreneur

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  1. So…You Want To Be An Entrepreneur Steve Tennant Tennant Consulting, TVC

  2. What’s On Your Mind? • How Do I Get Funding? • How Do I Evaluate My Business Opportunity? • Where to Begin?

  3. 2001 1994 2000 Roles • Marketing • Alliances • Strategy • Fundraising • Programmer • Analyst • SI Project Manager • Director Product Strategy • VP Business Development • VP Bus Dev Clients Partners Partners Clients • Ford • Detroit Edison • Capital Group • First Nationwide • State of Michigan • Puerto Rico • + 6 others • Big 5 • IBM • HP • Sun • Oracle • Microsoft • + 250 others • Cisco • Microsoft • Ken • Blanchard • Tom Peters • Saba • + 10 others • TVC • Cisco • Vendavo • Trusted Data • CMC • Planitax • + 8 others My Story 1983

  4. How Do I Get Funding?

  5. Fork

  6. Possible Routes for First-Timers #1 Shape your project into a good investment, and then go to investors #2 Partner with someone who is investment-worthy #3 Sell shares of your company to people who know and trust you: friends/family #4 Generate enough cash from one business to fund a second business #5 Get a loan, mortgage your house…

  7. Debt Debt vs. EquityWhat’s Right for You? Equity • Shares of Company Instrument • Loan • Dividends, Appreciation How Investor Is Paid • Interest, Principal • Unsecured Security • Collateral Required • No Need to Repay Pros • Quick, Control • Time Consuming, Loss of Control Cons • Collateral

  8. What’s A Good Equity Investment? • Underinvested, interesting category • Potential for 10x Return in 3-5 years • Very large (<$1B) market potential • Large, verifiable customer pain • Strong management team – done it before • Short sales cycles, proof people will buy • Excellent margins (50% and up) • Sustainable competitive advantage

  9. How Do I Evaluate My Opportunity?

  10. Vision

  11. Customers’ Really Big Problem Valuable, Differentiated Solution What’s Our Solution? Who Are The Customers? How Are We Different? What Are Their Needs and Wants? How Do We Deliver Value? How Do They Solve It Today? How Does Our Value Compare? How Do They Decide/Buy? How Can We Sustain Our Advantage? What Do They Value/Pay? What’s A “Business Concept”?

  12. Business Concept Questionnaire

  13. Where to Begin?

  14. Customers Financials Product Team Business Plan & Investors Time Iterate through all aspects

  15. Center for Commercialization and Entrepreneurial TrainingCurriculum Roadmap • A personal plan – Session #1 • A marketing plan – #2 • A financial plan – #3 • An business plan & pitch – #4 • An organization plan – #5 • An investment plan – #6

  16. Questions? • How do I raise funding? • How do I assess my opportunity? • Where do I begin?

  17. Entrepreneur Assistance Technology Ventures Corp www.techventures.org Investment Opportunities Keiretsu Forum www.keiretsuforum.com Entrepreneur Education Second Monday Each Month EBIG Startup/VCs SIG www.ebig.org For software industry talent PeopleSoft Alumni Network www.psftalumni.net Questions? Affiliations Steve Tennant (925) 258-9100 steve@tennantconsulting.com Free business planning tips in my monthly newsletter -- Sign up at www.tennantconsulting.com

  18. So…You Want To Be An Entrepreneur Steve Tennant Tennant Consulting, TVC

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