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AEM 1230 Midterm Review Guide

AEM 1230 Midterm Review Guide - AEM 1230 Final Review Guide...

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AEM 1230 Final Review Guide eClips o Earl Banks Diversity issues Vision Action-oriented Calculated risks rather than irresponsible risks o Maggie Coffey Gender issues Risk taker Results driven rather than image Self starter o Linda Mason New ideas Risk o Sandeep Kumar Juggling more than one element Keep eyes open Make connections o Jay Walker Change is key to everything and is greatest economic engine 5 major grids in past century Electricity Transportation (Railroad) Telephone (Communication) Broadcast Internet/Computerization o Sandy Maine (SunFeather Natural Soap Company) Started own soap business Targeted market first then made products based on their needs and wants as opposed to how many bigger companies make product first then target market. This made her special She realized there can be a problem w/ over segmentation o Robert Felton We are surrounded by many opportunities so get involved o Bill Barton Saw great idea and took it. Apple Cider business o Ted Fernandez Being prepared is key It’s half being prepared and half understanding what your up against and you always want luck on your side
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o Mike Pratico Technological advantage Competitive advantage was consumer service o Mark Brandt Learning curve Time advantage o David McElroy (Verdia) Size matters Small company so he figured allying w/ bigger partner would be a competitive advantage o Paul Joseph (Simon Management Group) Cash Flow is key Budgeting Common experience o Bill Trenchard (Jump.com) Crossing the chasm w/in running his company o Peggy Hart Earle (Hartstrings) Early business stages She financed from trust, husband and herself Worked form home really hard and long hours o Kevin McGovern Debt and Equity Investors want debt, entrepreneurs (sellers) want equity Investors are attracted to simplicity and discouraged by complexity so stay simple for investors o Rick Smith (NewsUSA) Revenue can come before cash so make sure you keep track of cash flow so you don’t lose cash flow balance o Bob Alter (Sunstone Hotel investors) The first million dollars is the hardest, after that it’s not as difficult His philosophy is that if you can’t pay back $5000 its your problem, if you can’t pay back $600,000 that’s the investors and banks problem. o Hans Severiens – Band of Angels Business Plan – to show what your idea is and what your gonna do Promote trust – display confidence, enthusiasm and be persuasive Half decent idea – through business plans – summarizes and convinces audience that you have covered all your bases Elevator pitch – three main things and not too long What is an Entrepreneur?
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