Entrepreneur Opportunities and Global Success from Puerto Rico Luis David Soto 1

Today’s Entrepreneur’s Global Challenges Current Economy Globalization Supplier Base Consolidation Procurement’s new roles & responsibilities Changes in Supply Chain Demands 2

Supplier's Internal Challenge to Address Globalization Technical Entrepreneur 3

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The Hard Part… “Turning scientists into entrepreneurs” 5

How do you standout in a group? 6

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Some core competences … Technical Mathematics Analytical Physics Pass or fail Innovation Entrepreneur Brand Recognition Sales Process Managing Growth Financial Innovation 8

Core competences Technical Mathematics Analytical Physics Pass or fail Innovation Entrepreneur Brand Recognition Sales Process Managing Growth Financial Innovation 9

Entrepreneurs to do list…. Brand Recognition Sales Process Managing Growth Financial Innovation 10

Why are we here? How do I position my Brand Recognition? Decision-makers on a Sales (Buying) Process Options to Manage Growth Major Financial differences Innovation 11

Brand Recognition 12

Positioning Your Brand What is a brand? A brand is not a name or a logo. It is not a product, service or business. It is a promise, an expectation and ultimately an experience. The strongest brands in the world own a place in the consumer’s mind and when they are mentioned almost everyone thinks of the same things. Reference: American occupational therapist website What Business are you in? 13

What Business are you In? Product Oriented or Customer Oriented? 14

What Business are you in? Business Definitions Firm Missouri-Pacific Railroad Xerox Standard Oil Columbia Pictures Encyclopedia Britannica Revlon JP Morgan Product- Oriented Customer- Related 15

What Business are you in? Business Definitions Firm Missouri-Pacific Railroad Xerox Standard Oil Columbia Pictures Encyclopedia Britannica Revlon JP Morgan Product-Oriented We run a railroad We make copying equipment We sell gasoline We make movies We sell encyclopedias We make cosmetics We offer financial advice 16

What Business are you in? Business Definitions Firm Missouri-Pacific Railroad Xerox Standard Oil Columbia Pictures Encyclopedia Britannica Revlon JP Morgan Customer-Oriented We are people and goods movers We help improve office productivity We supply energy We make entertainment We distribute information We sell hope 360 degree relationship 17

What Business are you In? Product Oriented or Customer Oriented? 18

Am I speaking the right language? 19

Project Description 20

Project Description 21

… evaluate what language you are speaking? Review your business material… 22

Mercedes Benz Advertising Subaru has better safety rating than Mercedes Benz Toyota has better fuel economy than Mercedes Benz Lexus has more luxury equipment than Mercedes Benz Honda average reliability is better than Mercedes Benz Infinity interiors are more comfortable than Mercedes Benz 23

Mercedes Benz Advertising It is good to be the standard! 24

Mercedes Benz Advertising Lessons Learned Be careful of marketing the competition: –“ We provide the same service like XYZ Company” Create a differentiator: –“ Our company is unique in________” –“Our company creates value by_______” 25

Sales/Buying Process 26

Identify Buying Decision-makers How many types of buying decision-makers are there? 27

Identify Buying Decision-makers There are Four Buying Decision-makers: COACHTECHNICAL USERECONOMIC 28

Identify Buying Decision-makers Role: To give final approval to buy – Only one per sale, but may be a set of people such as a team, board, or committee – Controls expenditure – Authority to release – Discretionary use of resources – Veto power Focus: Bottom line and impact on organization Asks: – “What return will we get on this investment?” – “How will this impact our organization?” Economic buying influence 29

Identify Buying Decision-makers Role: To make judgments about impact on job performance – Often several or many – Use or supervise the use of your product/service – Direct link between User’s success and the success of your product or service – Personal since User will live with your solution Focus: The job to be done Asks – “How will it work for me in my job or my department?” User buying influence 30

Identifying Buying Decision Makers Role: To screen out – Often several or many – Judge measurable, quantifiable aspects of your proposal – Gatekeepers – Can’t give final approval – Can say no based on specs or technicalities Focus: Match to specifications in their areas of expertise Asks: – “Does this meet the specifications?” Technical buying influence 31

Identify Buying Decision-makers Role: To act as guides for this sales –Provide and interpret information about: validity of this single sales objective other buying influences other elements of your Strategic Analysis –Can be found: in buying organization in selling organization outside both Focus: Your success with this proposal Asks: –“ How can we ensure that this solution happens? Coach influence Develop at least one!!!! 32

Buying influence chart ECONOMIC: releases$$ TECHNICAL: screens out: USER: judges impact on job COACH(ES): guides me on this sale 33

Buying influence chart Vicente (L) Mario (M) Jose Alfredo Carlos (H)Juan (H) Pedro (L) ECONOMIC: releases$$ TECHNICAL: screens out: USER: judges impact on job COACH(ES): guides me on this sale 34

Reference 35

Modes to Growth Organic Merge& Acquisition Strategic alliances 36

Financial Learn how to read financial statements Don’t be afraid of financing (loans/credit lines) Understand cash flow Become familiar with financial language 37

Innovation Is innovation part of your company’s strategy? How many resources are dedicated to innovation? How many new products and/or services does my company create a year? Push-pull products Does my company reward innovation? Customers are constantly looking for innovation 38

39 Questions