1. Copyright 2003, S. Thomas Emerson, Ph.D. All rights reserved. Strategies for Creating Opportunity in an Age of Uncertainty

2. Copyright 2003, S. Thomas Emerson, Ph.D. All rights reserved. “What is the secret of my success? I skate to where the puck is going to be.” Wayne Gretzky

3. Copyright 2003, S. Thomas Emerson, Ph.D. All rights reserved. Great Ideas from the Past

4. Copyright 2003, S. Thomas Emerson, Ph.D. All rights reserved. What Do These Ideas Have In Common? 1. Each envisioned a change in the way we do everyday things. 2. Each saw a means to drive or to exploit that change. 3. Each entrepreneur “focused like a laser” to make that change happen. 4. Each was tactically skilled at execution of the plan. 5. Each surrounded himself with others with complementary skills.

5. Copyright 2003, S. Thomas Emerson, Ph.D. All rights reserved. The Key: The ability to see just beyond the horizon!

6. Copyright 2003, S. Thomas Emerson, Ph.D. All rights reserved. 1. Is the Opportunity Real? 2. Can you Win? 3. Is it Worth It? 3 Key Questions:

7. Copyright 2003, S. Thomas Emerson, Ph.D. All rights reserved. 1.Find Needs, Holes or Inefficiencies in the Marketplace. –WalMart –Discount Tire 2.Change Customer Habits –Starbucks –Federal Express 3.Drive or exploit New Technologies –Intel –McCaw Cellular 4.Exploit Changing Environment –MCI –eBay How do Entrepreneurs Recognize Opportunity?

8. Copyright 2003, S. Thomas Emerson, Ph.D. All rights reserved. It’s easier when times are flush, None are Very Dependent on the Economic Cycle. but good ideas always find funding!

9. Copyright 2003, S. Thomas Emerson, Ph.D. All rights reserved. If Funding is Available, Why is it hard to Build a Successful Company? 1.The Management Skills Required are Broad. 2.Management Requirements Change Rapidly.

10. Copyright 2003, S. Thomas Emerson, Ph.D. All rights reserved. Management The skill (or art) of attaining predetermined objectives with and through the voluntary cooperation and effort of other people.

11. Copyright 2003, S. Thomas Emerson, Ph.D. All rights reserved. Growth Companies Need: A.Quality & Diversity of People.

12. Copyright 2003, S. Thomas Emerson, Ph.D. All rights reserved. Growth Companies Need: B.Solid Leadership

13. Copyright 2003, S. Thomas Emerson, Ph.D. All rights reserved. Growth Companies Need: C.Systems 1.Administration. 2.Control. 3.Financial management. 4.Sales. 5.Customer support.

14. Copyright 2003, S. Thomas Emerson, Ph.D. All rights reserved. Growth Companies Need: D.Goals 1.Short-term. 2.Long term. 3.Clearly articulated and understood.

15. Copyright 2003, S. Thomas Emerson, Ph.D. All rights reserved. Growth Companies Need: E.Strategic and Operating Plans 1.In order to build & sustain growth. 2.Marketing/Sales. a)Company positioning. b)Product positioning. c)Thorough understanding of competition. 3.Structured planning cycle.

16. Copyright 2003, S. Thomas Emerson, Ph.D. All rights reserved. Growth Companies Need: F.Professional advisors 1.Outside Directors. 2.Legal. 3.Accounting. 4.Recruitment. 5.Public Relations.

17. Copyright 2003, S. Thomas Emerson, Ph.D. All rights reserved. Growth Companies Need: G.Capital 1.For present growth & investment. 2.For future growth. 3.For development of new products/services. 4.For acquisitions of businesses or products.

18. Copyright 2003, S. Thomas Emerson, Ph.D. All rights reserved. Growth Companies Need: H.Values 1. Ethical dealings. 2. Customer satisfaction. 3. Consistent value delivery. 4. Market leadership. 5. Innovation. 6. Growth. 7. Profitability. 8. Prudent risk taking. 9. Hard and consistent work. 10. Internal meritocracy.

19. Copyright 2003, S. Thomas Emerson, Ph.D. All rights reserved. Growth Companies Need: I.An Exit mechanism.

20. Copyright 2003, S. Thomas Emerson, Ph.D. All rights reserved. These Are Substantial Hurdles It takes more than money.It takes more than money. It takes more than good technology.It takes more than good technology. It takes more than perfect timing.It takes more than perfect timing. It Takes Near-Perfect Execution!

21. Copyright 2003, S. Thomas Emerson, Ph.D. All rights reserved. “We are facing insurmountable opportunities !” Walt Kelley as Pogo