5. The Bigger Picture
Look around you – things ARE changing!
• Employment Issues
• Tuition Fees Going Up
• Big Society
• Knowledge Economy
• Changing Nature of Work
• Decade of the Entrepreneur
6. ARE YOU ENTERPRISING?
• Have you ever taken initiative?
• Have you ever taken a risk?
• Have you ever had a wild idea and ran with it?
• Have you ever pitched?
• Have you ever seen an opportunity and grabbed it?
• DO YOU WANT MORE?
7. STEP 1 - IDEAS TO REALITY
GREAT IDEAS are not always GREAT BUSINESSES
• Market Demand
• Competitive Advantage
• Sustainability
• Dream Team
• The Network
9. SquidLondon
SquidLondon specialises in product design and development.
Co-founders Emma-Jayne and Viviane met at the London College of
Fashion on a joint project. Both passionate about smart materials and
interactive inks they spent their final year working with an ink company
printing and developing many ideas. The first product Squid launched
onto the market is the famous ‘Squidarella; a walking piece of art’…an
umbrella that changes colour in the rain!
Squid’s customers include TATE who commissioned them to design
and develop an exclusive umbrella, Museum of Modern Art New York,
Saatchi Gallery and Art Basel Switzerland.
In 2010 they won the ‘People’s Choice’ Award at NVPC
SquidLondon’s goal is to continue designing and developing products
to create the ultimate Squid product range.
10. BUSINESS PLAN 101
Business Plan is a MAP for you to get to the end point – SUCCESS!
• Keeps you focused
• Allows you to see challenges in advance
• Creates a “package”
• Helps you to define the opportunity
• Makes you think about the structure and the team
11. BUSINESS PLAN 101
1. Summary
2. Business – What’s the idea?
Why is it a great idea? Is it
protected?
3. Market – How will you get in?
Who else is there? Who will you
sell to? How will you sell it to
them?
4. Team – Who are you? Why are
you awesome as individuals? Why
are you great as a team? Do you
have advisors?
5. Operations – How will this
happen? Where are you based?
What is the process? What
materials will you need?
6. Finances – How much does it
cost to run? How much will you
charge? How much will you make
in profit? Is there a growth
opportunity? Where will get
funding?
12. BUSINESS PLAN 101
Spider Diagrams
Post-it notes
Toilet Rolls
Jenga
Cue cards
WHATEVER WORKS FOR YOU!
13. BUSINESS PLAN 101
BE Creative!
Who is your audience?
What is the purpose of the plan?
What do YOU need in the plan?
What should you showcase?
14. Your product or service
• What do you do better than anyone else?
• What do you produce?
• What value does it add to the “customer”?
• What is unique about your work?
• Why is this something your customer NEEDS in their life?
15. Running a Business on a Shoestring
Sponsors
Investors
Grants
Competitions
Funding
Sales
Barter
F, F, F
16. Running a Business on a Shoestring
• LEAN operations: cut the crap!
• Make use of new technologies
• Leverage your networks
• Friendships as cloud computing
• Pitch wherever you go
• He who does doesn’t play – doesn’t win
• Collaboration > competition
17. Know Your Market
• Who are they?
• How do they spend their day?
• What do they do for fun?
• What do they read?
• What do they watch?
• Where do they hang out?
• What do they like?
• What do they WANT?
18. Know Your Market
• British Library Business and IP Centre
Events
Library Resources
Online Resources
• First-hand research
Trial a webpage
Survey Monkey questionnaires
10 min
• Keep your eyes open!
Trendhunter.com
Alltop.com
19. Reach Your Market
“If you build it – they will come” Or will they?
• The power of personal branding
• Social Media (Facebook, Twitter, LinkedIn, Flickr)
• Word of mouth – marketing through conversations
• Videos (Youtube, Vimeo, Winkball)
• Added Value ( Blogging, Consultations)
• Events, Shows, Parties, Networking
BE visible, seize every opportunity!
24. Sell, Sell, Sell!
• Turning Suspects into Evangelists
• A sale is NOT complete until you get paid
• Position yourself in the MIND of the customer
• Be honest
• Sell the relationship
• Ask questions
• Ask for referrals
• Start early!
25. The Dream Team
• Essential Skills
• Connections
• Advisors
• Mentors
• Associates
• Partners
26. Protecting Your Ideas
• Non – Disclosure agreements
• Trademarking and copyrights
• Patents
• Open Source
• Contracts for Sales, Freelancers
DO NOT OVER PROTECT YOUR IDEA!