Guest Speaker - Deniz Edwards

What is entrepreneurship?

-Creating value for your customer

-Solving problems

Small Business Ideas

-virtual assistant

-florist

-pizza parlor

-pet sitter

-bookkeeper

-candy maker

Types of Entrepreneurship

• Traditional startup (tech, apps)

• Main street business (retail, food)

• Social Enterprise/Not for Profit

• Freelance services

• Consulting

Problem Statement

We are going to help = describe the segment

Who are dealing with = describe the problem

Which matters because = why does this matter?

The problem exists because = root cause of the problem

Does the Problem Matter?

• You need a large enough problem that people are motivated to change their behavior and pay for a solution

• Can’t be too big that it’s too big to tackle

Root Cause of the Problem

Root Cause = Symptoms

Analysis = Problem = Cause(s)

Root Cause of the Problem - The 5 Whys

-Define the problem

-Why is it happening?

-Why is that?

-Why is that?

-Why is that?

-Why is that? Root Cause

Who is Experiencing the Problem?

How to segment customers:

• Demographics

• Sex, age, geography, income

• Psychographics

• Character traits, values

• Business Characteristics

• Size, revenue, capacity

Understand Needs and Wants

-Empathy

What is most important

Validate Your Problem!!

What is the example they used

The CryoCaddy Kit

(look at slides for more info)