Transitioning from Inventor to Entrepreneur
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The document discusses transitioning from inventor to entrepreneur by developing a clear vision. It emphasizes that a vision communicates goals and guides decisions. Key success factors include knowledge, resources, and people. Change is difficult because people resist losing control or certainty. To enact change, understand others' perspectives and face your own fears. Developing a vision involves imagining business and personal goals without constraints. Defining terms in the vision helps achieve it and communicate intent.
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Transitioning from Inventor to Entrepreneur
- 1. Transitioning from Inventor to Entrepreneur Turning Your Vision Into Reality Presented by All rights reserved. Do not copy or distribute without permission of DE, Inc. www.dinoeliadis.com 727-487-5435 息 2010, Dino Eliadis, Inc.
- 2. Learning Objectives Understand the difference between inventors and entrepreneurs. Understand the importance of vision. Review how to manage change. Work on your vision.
- 3. Inventor vs. Entrepreneur What is the difference? Can you be one without being the other? How do you transition from one to the other?
- 5. Importance of a Vision Communicates what you want and why . Your reason for pouring your heart and soul into your idea. Use it as litmus test to guide your business decisions (what you will and wont do). Vision is long-term (35 years or more).
- 6. Key Success Factors What you need to create your vision Absolutes: A want NOT just a need Knowledge Resources People Money A business Customers Those specific to YOUR vision
- 7. Change - The Non-Negotiable Ingredient Current State Desired State Taking something from its current state and transitioning it to a desired state. Transition State Productivity
- 8. Why is Change Hard? Change ALWAYS includes people. People resist because of: Fear Loss of control Uncertainty Need Familiarity More Work Past resentment Feel Threatened
- 9. Whos Holding You Back? Others and YOU! To change others: Always try seeing things from others perspective Determine their underlying motivation Ask: What would make them SAY that? Or, what would make them FEEL that way? To change yourself: Face Your Fears
- 10. Developing Your Vision If resources were not a constraint, what would you like your business to become? What is your exit strategy? What impact would you like to have on your family, community, industry? Know thyself (Business & Personal Goals Assessment)
- 11. Decomposing Your Vision Define key words in phrases from your vision. Communicate your intent to all readers. Helps you identify key factors to success.
- 12. Example Vision Statement To become a premier supplier of tools that rapidly and simply provide the critical decision making information to improve performance of the revenue engine for small to medium sized business owners and executives and to trusted advisors, organizations, and lender/investors to these companies.
- 13. Example Vision Statement To become a premier supplier of tools that rapidly and simply provide the critical decision making information to improve performance of the revenue engine for small to medium sized business owners and executives and to trusted advisors, organizations, and lender/investors to these companies.
- 14. Example Vision Statement To become a premier supplier of tools that rapidly and simply provide the critical decision making information to improve performance of the revenue engine for small to medium sized business owners and executives and to trusted advisors, organizations, and lender/investors to these companies. Key Words & Phrases : premier supplier of tools rapidly and simply critical decision making information improve performance revenue engine small to medium sized business
- 15. Defining Keys to Success What must be accomplished or you cannot realize your vision. Example: Generate sufficient cash flow to sustain my family, families of our employees, and the business. Educate business people on the many benefits gained by using factual油information about the "revenue engine" to manage a business and how to gather it. Review the methods within different industries to see if and how model may need modification to unique challenges. Determine the predictive sales cycle for this service. Test identified channels where this service could be sold.
- 16. Next Steps: Create your vision statement. Understand the keys to success to reach your vision. Look deep down inside to understand your resistance to change. Create action plans to guide your day-to-day activity to begin transitioning.
- 17. Thank You for Your Interest! E-mail your completed vision statement for review and comment. With a completed vision statement I will provide you a 1-hour FREE coaching session to assist with next steps. DE, Inc offers: Consulting Coaching Training Web: www.dinoeliadis.com Call: 727-487-5435 Email: dino@dinoeliadis.com