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Economy

Society

Government

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Mega Trends Technology Globalisation

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What has created the opportunity?

What will the competitors do?

Is the market large enough?

Will you be able to stay in business?

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Market Research
There are two types

Primary
More accurate and
expensive

Secondary
Less accurate and
almost free.

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Do you have the skills can you do it?

Do you or can you create a team?

It might be great what are the rewards?

How would you start?

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People, product and process

Constantly scanning the market

Reactive or Proactive?

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Hey, I dont know
anybodyAre you
sure?
People do business
with people.

Maybe you have


not be looking in
the right places?

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How big is the
market?
Can you describe Who will buy or use
your business? your product first? Its HUGE!

Really?

Test
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Oh no! Im not an accountant!

The language of any business.

Do you speak it?

Margins, cash flow, profitability,


breaking even and cash sheets

Its is all too hard ..

NO ITS NOT!

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PROBLEMS AND RISKS

They are always Share them. Problem 1


there. Solution
Increase the
It is what you do
comfort and risk. Problem 2
about them.
Solution
Work on them. SUB POINT

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Check for those fatal flaws one more time

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There is no Market
Cant get to market barriers are in place.
The competition is too strong
I cant control over prices.
I cant afford over product
development
I cant control over distribution
Inability to expand beyond a one person
company.
Can not raise the finance.
An investor is not interested
The team cant do it.
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If there are no fatal flaws we
move onto the business plan.

The feasibility test we have


applied are the first filters.

We now further refine and create


your plan.

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The initial phase

Where are we now? Where do we


want to be? How do we get there?

A Business Plan is a SELLING


document.

Its just like a map

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To secure a commitment

Consolidation of your opportunity


Why Write A Plan?
To refine your concept and value
of the venture.

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A reality check

Quiet reflection before the crisis starts!

A test for you and your team

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How does the product or service
CHANGE the way customers do
things.

What is special about the


service or product?

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What is the Opportunity?

Why is it Compelling?

The Entry Strategy to Exploit it?

The Key Facts and Conditions

Competitor Vulnerabilities

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Who are the customers?

How will the product be positioned?

The size & growth rate of the


market segments.

Sales estimates and market share

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The relevant knowledge, experience
and skills of the lead entrepreneur
and team members.

Previous accomplishments and


experience.

People management skills

Financial management skills

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A Couple of Tips
Involve ALL the team

Point out the risks and outline


the assumptions
Identify all the problems and the
strategies to overcome them.

Be realistic, not optimistic!

Good Luck!

2012 Cisco and/or its affiliates. All rights reserved. Cisco Confidential 23
Galen King
Galen King
Born in Santa Cruz, California

Moved to Nelson, New Zealand in the early 90s

Founder and Creative Director of Lucid Design


Founder and CEO of Kiwipay
Founder of The Bridge Street Collective

www.galenking.com
@galenking
A great idea or a
wonderful opportunity?
Just another great idea or
truly a wonderful
opportunity?
So many
ideas so
little time.
No
Focus.
My journey
LUCID
DESIGN
www.luciddesign.co.nz
LUCID
DESIGN
A full-service agency specialising in
graphic and web design and web and
mobile application development.

Our team of six is based mostly in


Nelson, New Zealand.

We work with clients all over the


world.
<HTML>
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</HTML>
How it started
Working for someone else
The Idea(l)
Working for myself
Ahem The Reality
Starting Lucid Design
Challenges
Accounts and bookkeeping
Cashflow and getting paid
Finding work and securing jobs
How to charge and create value
Employing staff and how to pay fairly
Creating a fun and stimulating place to work
Managing clients and their expectations
Overcoming them
Hiring a good team is essential
Finding people that can do the things I cant or
who can do them better than me
Great support and admin staff
Spend time working on the company; not only
in it
Constantly re-asses and make improvements
Stay focused and dont be too diverse
Where were at today

Lucid Design is in its 13 year


th

We employ a team of sixcreatives,


developers and support staff
We have clients all over the world
We work in an industry that we love!
Kiwipay

www.getkiwipay.co.nz
Kiwipay

An online payment platform for New Zealand businesses


The idea

Make it affordable for small businesses


to accept credit card payments online
Build a profitable company working
with the businesses the banks dont
want
The problem
Maximum fees* for 10 x $100 transactions in a month with a bank

*estimated
The solution
Maximum fees for 10 x $100 transactions in a month with Kiwipay
Overall challenges
Credit risk
Fraud
Banking regulations
Competition
Raising capital
Security
Fundamental
challenges
Focus
Building a team
Having a short/medium/long-term
strategy
Handling growth
Turning a good idea into a successful
company
What I have learned
Some ventures need a co-founder (or
two)
A strong team is essential
Projects need focus
Planning is vital
But too much planning can lead to
inaction!
Where were at
We have a great product with a huge
potential market
Kiwipay processes thousands of
transactions per month
We are growing at a rate of 2050% per
month in transaction volume
We are growing our team and talking to
investors
www.bridgestreet.org.nz
The problem
Individuals and small businesses
working in isolation
Lack of collaboration and external
stimulation
Missing creativity and sharing of ideas
and inspiration
The idea
Get multiple businesses sharing a
space
Save money by using shared
resources, facilities, services etc.
Create a more professional impression
to existing and potential clients
No commitment to work together
The challenges
Finding a suitable space
Renovating and fitting it out
Creating a vision that attracts others
Finding tenants/members
Getting people to commit
Building community and adding value
Making it sustainable
What weve achieved
We are in our 2nd year of operation
We have around 20 full-time members
The caf is busy and a meeting place for a lot of
regulars
We have a part-time community manager
We are building up a list of regular events and
meetups
Winner of the 2012 Nelson Tasman Chamber of
Business Emerging Business Award
Drives & Challenges
The ideal
Some idea of an ideal work/life/family balance
The reality
Probably not an ideal work/life/family balance
What drives my ideas
Helping the little guys
Banding together to reduce costs and increase
benefits
Self-supporting ventures that dont rely on
sponsorship and grants
Looking after the people and the planet
Building communities and collaboration
Supporting my staff and my family
Challenges with
pursuing new
opportunities
1. Being First
Fitting within existing paradigms
Changing those paradigms
Creating a story
Selling that story
Maintaining momentum
2. Finding the time
Fitting new ideas into existing
commitments
Avoiding getting distracted
Entertaining new things while doing a
good job of supporting what youre
already doing
3. Staying focused

Its important not to neglect existing


ideas and initiatives
Risk of spreading oneself too thin
Better to do a small number of things
really well than a lot of things poorly
4. Saying no
This is a hard one
We cant say yes to everything
If we over-commit, we are no good to
anyone
Better to let someone down early
before there is a serious commitment
or relationship
5. Maintaining
balance
We are blessed to work in an industry
where we love what we do
Sometimes we dont think of it as work!
But it is and we can still burn out doing
something we love
We need perspective
We need time out
6. Family life
Family is so important
Our children are only young once
If life at home isnt happy and
supported, how can we operate well at
work
Our spouses need us toowe cant
save the dregs for home
What will you do next?
2012 Cisco and/or its affiliates. All rights reserved. Cisco Confidential 70
DATE / TIME TOPIC SPEAKER

Wednesday Protecting and running your business Matthew Enger


12 June 2013 Managing Director
X Integration
Wednesday You and your business are ready Ravi Pratap
17 July 2013 Founder
Mobstac

Wednesday You, your business and the market Aulia "Ollie" Halimatussadiah
14 August 2013 CTO and Co-Founder
NulisBuku.com
Wednesday Do you need to change or keep on going? Baskar Subramanian
11 September 2013 Founder
Amagi Media labs

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