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The Entrepreneur’s Bootcamp Jeff Hoffman ColorJar Twitter: @SpeakerJeff
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Entrepreneurship World Tour
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What do you need to succeed as an entrepreneur?
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The first step is to make sure you really are an entrepreneur
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Do you know why you’re doing this? Have you written down your end goals? Are you a risk taker? Are you willing to work hard and make sacrifices?
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The best entrepreneurs are not driven by money They are driven by PASSION and PURPOSE What are you passionate about? What purpose do you want your life to achieve?
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Find your “Golden Purpose” before you start
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OK, so now I just need an idea!
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The best entrepreneurs exercise their minds to keep ideas flowing
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Explore a broader world than just your own Leave your job and leave your industry – learn something from the world around you Take a few minutes to learn something new every day
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Info-Sponging
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Just follow your curiosity Open your mind and let it wander Write down one sentence summarizing what you learned Think of each sentence as one piece of a puzzle
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Ask yourself this question every day: “What can I do today that I couldn’t do yesterday?”
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A day in the life…
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Now apply your ideas to solve a real problem in the world
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The best way to find real problems is to get engaged in the world around you
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Every time you find a problem in your life stop and ask these questions: Do other people have this problem? Is there already a solution? Then maybe YOU should solve it
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Next sit down and think through the whole business Make a list of questions, not answers
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Define your market Are there enough people out there who care about what you are doing and will pay you for it?
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Make sure you have a real VALUE EQUATION Can you sell your product or service for more than it costs you? Walk through the whole food chain
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Now you’re ready to create a go-to-market plan
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In the beginning, don’t try to sell to everyone Focus on the “early adopters” Find a way to “go viral”
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Market in “concentric circles” Find “fans” who love your product Keep your marketing and sales narrowly focused at first
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Develop a target customer profile Turn that into a sales scoresheet Ask happy customers to talk about you
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So how do I find those inner circle target customers?
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Get out of your office!
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You can’t build a solution for someone you don’t know Go hang out where your customers hang out
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Create a company with core values. Transparency is a good one.
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You’re ready to start! But you can’t do this alone! Time to build a team
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Build the best possible team around you Hire people smarter than you in every area Recruit talent by actually caring
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Build the best possible team around you Hire people smarter than you in every area Recruit talent by actually caring
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Now go build something! Use the “lean startup” and “MVP” models Get a product in front of customers and collect feedback
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Build a BRAND for your company and products Pick your ONE most distinguishing brand asset
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Stay focused on doing the ONE THING you do best Don’t try to do everything for everyone at the start
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Amazon = Books
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Zappos = Shoes
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Deliver the right message to the right customer What are your customers really thinking about?
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Selling airline tickets
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My sister’s wedding
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Go find some money to grow your business
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Treat investors like customers Find out what they want, not what you want
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Q&A Jeff Hoffman ColorJar Twitter: @SpeakerJeff
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