Entrepreneurship Crash Course
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] Who wants to become your own boss, set your own schedule, work from anywhere in the world, make a lot of money, love what you do, AND make a difference…
Entrepreneurship Crash Course You Will Discover: • 12 Characteristics of a Great Business Idea • How to Write a Business Plan that Investors Will Love • Common Mistakes Entrepreneurs Make and How to Avoid Them • The Best Type of Business To Start Right Now • Your Action Plan
Entrepreneurship Crash Course
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] Joey Fehrman, CFA • Founder of Coachieve • Serial Entrepreneur • Award-Winning Author • Public Speaker • Entrepreneur Coach And Dozens More Radio Shows, Blogs, and Podcasts
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study]
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] I Have Worked With and Spoken to Hundreds of Aspiring Entrepreneurs Across Dozens of Industries
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] Client Stories
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] The Business Idea
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] “ Escape from Corporate ” [Case Study] Characteristics of A Good Business Idea 1. Low startup costs 2. Recurring revenue 3. Similar successful companies/people to model 4. Can work from anywhere in the world 5. High profit margin 6. Scalable 7. Lean Startup Methodology 8. Low fixed costs 9. Outsourceable 10. Can start making money quickly 11. It can make at least $1 million
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] “ Escape from Corporate ” [Case Study] Questions to Ponder • What are you passionate about? • What is the biggest problem facing the world right now? • How can you help others? • What do other people say you are really good at? • If you had $100 MM, how would you spend your time?
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] “ Escape from Corporate ” [Case Study]
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] “ Escape from Corporate ” [Case Study] Power Poses • Harvard study • 2 minutes • Increased testosterone by 20% • Decreased cortisol levels by 25% • Results: • Lower stress • More confidence
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] The Business Plan
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] “ Escape from Corporate ” [Case Study] What Happens If You Don’t Have a Business Plan • Lack a clear vision • Won’t be organized -> takes longer • Difficult to recruit business partners • Banks won’t loan money • Easily distracted with shiny objects • Fuzzy numbers • Miss important buckets • You’ll experience preventable problems • Can’t get quality feedback from others • Miss out on better alternatives • Won’t be able to judge if you’re on budget and on time • Bad pitches to investors
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] “ Escape from Corporate ” [Case Study] Key Parts of a Business Plan • • The problem and solution Minimum Viable Product • • Target market Team • • Value proposition Customer profile • • Marketing plan Your brand and mission • • Monetization strategy Timeline and milestones • • Business model JVs / Partners / COIs • • Competitors Press • • Money Operations • • Fixed and variable expenses Legal structure • Start-up costs • Pricing • Financial projections
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] “ Escape from Corporate ” [Case Study]
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] “ Escape from Corporate ” [Case Study]
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] The Marketing Plan
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] “ Escape from Corporate ” [Case Study] The Trusty Tripod • Narrow Target Market • Exciting Value Proposition • A strategy for getting your value prop in front of your target market quickly and cheaply (AKA a marketing plan)
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] “ Escape from Corporate ” [Case Study] How to Get Your First Customers • Existing network • Centers of Influence • Helpful posts in social media • PR • Referrals • Cold mailing • Networking groups • Traditional advertising • Give speeches • PPC Digital aads • Cold calling • Trade journals / sites • Cold emails • Blogging • Direct messages on social media • Door-to-door • Joint Ventures • Hire a commission-only salesforce • Facebook ads • And many more shiny objects
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] “ Escape from Corporate ” [Case Study]
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] What Do You Do?
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study]
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] What Is the Best Type of Business to Start as a First-Time Entrepreneur?
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] Consulting / Coaching Business
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] Why Consulting / Coaching? • Booming industry • Minimal start up costs • Can launch quickly • Helping others realize their dreams • Good money • Minimal time • Work from anywhere in world • Can provide income and time to build “real business”
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] “ Escape from Corporate ” [Case Study]
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] Your Action Plan
Entrepreneurship Crash Course “The Best Time To Start Your Own Business Was Five Years Ago. The Second Best Time Is Today .” -Joey Fehrman
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] Action Steps • Come up with a great business idea • Determine your Trusty Tripod • Write a simple business plan • Set a SMART goal • Start now • Get a mentor or coach
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] Coaches Act As Your… • Strategist • Problem Solver • Cheerleader • Sounding Board • Push you to set bigger goals • Accountability Partner
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study]
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study]
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] Cool Stories • Big Trouble in Little China • Joint Venture Jackpot • The Magic of Facebook Ads
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] 7 Characteristics of Successful Entrepreneurs • Decisive • Invest in themselves
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] 7 Characteristics of Successful Entrepreneurs • Decisive • Invest in themselves • Resourceful
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] The Dirty Dozen • • Reduce expenses Personal Loans • 401k loan • • Savings HELOC • Online • • Side Hustle Grants • • 0% Interest Credit Cards Pre-Sales • • Business Loans Crowd-funding • • Friends and Family Sell someone’s product/service • • Angel Investors / VCs What’s another way?
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] 7 Characteristics of Successful Entrepreneurs 1. Decisive 2. Invest in themselves 3. Resourceful 4. Continuously learn 5. They never give up
Pitching Investors “ Escape from Corporate ” [Case Study] 7 Characteristics of Successful Entrepreneurs 1. Decisive 2. Resourceful 3. Invest in themselves 4. Continuously learn 5. They never give up 6. Believe they can do it
Pitching Investors “ Escape from Corporate ” [Case Study] 7 Characteristics of Successful Entrepreneurs 1. Decisive 2. Resourceful 3. Invest in themselves 4. Continuously learn 5. They never give up 6. Believe in themselves 7. Take Action
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] Take Action
Entrepreneurship Crash Course “ Escape from Corporate ” [Case Study] Ask Yourself… • How much progress have you made on your own business over the past 7 days? • Where would you be right now, if you worked on your own business consistently every week for the past year? • Are you ok with being in the same place as you are now one year from now? • August 22, 2018 is coming. Where will you be?
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