You now have an idea of how to communicate the purpose of your innovation through a clear mission statement and vision statement, setting concrete goals for your startup according to the SMART model, yet you should also have a basic understanding of how to present your innovation to different groups, using different types of Presentations to win financial support, attract skilled talent, or mobilize contributions. If you are a social entrepreneur, you have some strategies for protecting your idea, and you have reviewed how to incorporate feedback into an iterative process to improve and refine the concept, or prototype. Now is the time to verify the reality. What can you do to enter the market ready to innovate and make your first offers?
First: Use your educational and professional background to conduct research that determines the type of entrepreneurial environment that suits you. Would you like to work in a startup and employ your creative talents at work to help an existing team develop their ideas? Are you looking to enter the ground floor to help develop a startup from scratch, and add your knowledge about presentations to theirs? Or are you looking to be an entrepreneur and build your own team to develop your innovative ideas? You owe it to yourself to explore these options through careful research.
Just as societies invest in schools to educate students in order to improve the status of the entire community, some societies are beginning to see the long-term value of investing in entrepreneurs, and here are some resources to look for:
Co-working spaces. Entrepreneurs meet to work on their independent projects as well as build teams. An example of these places is HQ Raleigh in North Carolina, one of these spaces that offers multiple organic options, office facilities, a kitchen, and other perks. 368, which was founded by YouTube star Casey Nystat in New York, or Spark in Baltimore, Maryland (Figure 7.7). Incubators, or business accelerators that offer more than just office space – they offer mentorship rather than a good coffee shop. Make presentations in contests to start getting the feedback you need to improve your value proposition and develop a comprehensive business plan.
Figure 7.7: Workplace or Games Club? Some companies offer entertainment benefits in co-working locations in an attempt to attract the best employees and increase job satisfaction. Copyright: Jason Bucci Photography / Spark, Baltimore Under CC BY 4.0 License
Depending on the size of the community you choose to live in, there may be different types of entrepreneurship areas that you can target, or there may be a more general entrepreneurial space, regardless of the size of the community and the people in it, your ability to communicate is what will severely affect your potential. One option to pursue is to be part of a product presentation within six months of settling in a new city. You can also promote your focused idea, or perhaps take your talents to a team that is already working on a presentation, if you are not – however – Cooperative and competitive, you are not developing your business or social enterprise.
According to Entrepreneur.com, it is necessary to measure the level of competitions available in a specific geographical area before diving into it, and by entrepreneurship we mean any entrepreneurial competition other than the presentation competition, which is usually run by institutions and non-profit universities; However, more companies are hosting them to open up to more external innovations, attract diversified entrepreneurs, and gain access to unconventional sources of new ideas with commercial potential, and usually require the submission of documents about your business, and elements such as: business models, brochures, and templates corresponding to specifications The competition.
There are many reasons to participate in competitions, chief among them finding a mentor, or mentor, and your first contests and presentation competitions provide a learning experience for you, as well as an opportunity to network and search for mentors and potential collaborators. To prepare for the contest, find out exactly what is expected of you, and do as much research as possible, until you write using the Iceberg Principle. According to this writing principle, every word or sentence in your entry must be supported by an abundance of information, supporting details, and even If the judges have never seen a lengthy brochure, or a detailed summary of the business, the investment that the company is seeking, or the major risks the company faces, this will ensure that you have realistic data to support these points in your executive summary, or your introduction, which increases your chances of success. In competition.
Entering a contest is like breaking up your presentation, supporting each point with careful research, writing, and presenting information in the various formats required. Contests may require papers, posters, videos, social media campaigns, and other materials. Whatever types of media products the contest requires, you must complete it professionally. If you really want to win a contest that requires multimedia, or social media elements, you might want to hire a media professional to help you with this, which is essentially a marketing effort.
If you win a competition, contact the organizers and ask for guidance, as the value of good mentoring – in the long term – exceeds the value of the monetary award that is linked to conditions. To develop compelling competition packages, or intensive presentations, and to be an entrepreneur, you need to know how the business sector operates within a geographical, social, cultural, and organizational context; Entering competitions that can help you learn about these things is a valuable, and useful effort. However, winning its prize fund ranging from $ 5,000 to $ 20,000 will not in most cases guarantee a lot of a head start on your startup.
On campus competitions may be more valuable than others due to the number of mentors who attend to judge them, mentors who understand regional markets and networking opportunities may be valuable, and competitions may be one of the few times that a large number of professionals participate in a university course Or, an informal exercise. Business groups or social entrepreneurship groups may hold competitions that provide excellent opportunities for networking, as some competitions hold a preliminary stage before the presentation competition. In this case, you must prepare your presentation while preparing your participation, so that no contradiction or imbalance occurs between them, and it may seem simple, but the presence of contradictions, regardless of their size between what you claim and what you present, will attract the attention of the judges, and regardless of that, the competition gives you on the campus University, or in your niche market, an opportunity to research the market, sift your ideas, and build a team.
Building a team for a competition to create a successful entrepreneurial venture is one of the most exciting aspects of entrepreneurship, and one of the most challenging as well. Many entrepreneurs are reluctant to give up control and tend to look for people who do things just the way they want, and this is not possible. Usually not recommended, as you will need to create a team of people who can see a problem from different perspectives and can provide constructive and honest input. As for your best hopes, it is to establish clear communication, and to take and respond respectfully when it comes to criticism, as there will be differences in opinion and approach. So if the competition is nothing more than a motivation to build a good team, it is a worthwhile effort. There are many resources ready to learn about these competitions, as you should check most of the entrepreneurship programs in major universities, some of which are open to students, and graduates only, while others are open to others; Also, check with key startup sources (such as TechStars, Y Combinator), as well as with local economic development entities. Finally, you can find competitions that focus on specific groups that you may be eligible for, such as: businesswomen, or other groups that are not historically represented.
Like contests, presentation competitions (Figure 8.7) may offer cash prizes, or mentorship opportunities to winners. Some large competitions offer initial funding agreements that winners must sign before they can accept cash prizes. The main difference between the competition and the presentation competition is that the competition requires you to present your business idea in a presentation, with an organized presentation, while in the first you need to provide an informal summary of your idea, given that the prizes for the competitions are of less value.
Figure 8.7: Universities, societies, funders, and other interest groups present presentation contests to support entrepreneurial projects, and photographers appear in the “Road to the Global Entrepreneurship Summit” (GES), a presentation competition at Overland Park in Kansas, USA. Copyright: The Road to GES Heartland Slideshow Contest, via Global Entrepreneurship Summit Follow / Flickr, Commons
Look for competitions in your city, and in local areas that do not exceed a travel distance of half a day by car, so that you can participate in the presentation competitions without spending much time and resources on travel. Pursue competitions that focus on the market sector that interests you, and play on your capabilities and strengths. Some presentation competitions are sponsored by local economic development offices, which are often associated with major universities, SCORE offices, and SBA offices. ), And they usually offer cash prizes in the hope of attracting modern startups to their area, as others connect entrepreneurs with investors who have enough seed funding, and a contract stating the percentage they will take out of the business; Other competitions provide sufficient funds to cover legal, accounting, directive, and other services. This is how seed funding works, but it is best for contest winners to seek legal advice before signing a contract that binds part of their business as a condition for receiving a prize, or a level of initial funding that they may be able to secure elsewhere.
This explains why some entrepreneurs present their own projects on the TV show Shark Tank, and it may be foolish in some cases for an entrepreneur to reject a deal, while in other cases, they have other methods of initial financing that give them greater control over the future of their company. And the worst thing you do is win a competition, and signing a business investment contract does not lead to your ultimate goals, nor does it protect them. Whereas, the American Idol program, and its similar English and Arabic classes, were warning examples. Winners in it sign an exclusive registration contract with the artist who guides them, which limits them from signing with any other recording company for many years, and so on, most investors will always want to own a portion of the long-term future for any entrepreneurial effort they help fund, so before entering a competition, Learn whether the nature of the award requires this type of initial funding agreement or not, in addition to researching how to deal with previous winners, and what successes and failures they went through.
To win a presentation contest, find out exactly who is presenting your idea, the criteria they use, and be sure to read the competition guidelines carefully, and know what you can know about the specific judges and their backgrounds, then customize your proposal to fit the competition goals as much as possible without changing the value proposition, or promising features, Or the achievements that you cannot achieve well, then match the question with what the competition offers, nothing annoys the contest judges more than the prizes, and the offers are clearly mentioned in the competition guidelines, then the presenters ask for more money, or something completely different from what they state the conditions.
You should develop one basic business model, as this will help you develop your market proposition. Over time, you will learn what to focus on, and what to minimize, or reduce, and that may help you win competitions.
As a university student, you can participate in campus competitions to practice market field learning, the niche market you explore in college may be similar to the one you work in after graduation, so if you are in a college town, this may be an odd market, however it usually has an abundance of Mentorship opportunities to make up for what may be lacking in the business infrastructure. Make your presentations professional and practice them so that they become perfect, and you should also be a diligent member of such contests, it is not uncommon for an entrepreneur to master his own style after watching others in attendance for a year or two.
Successful entrepreneurship occurs when innovative people find fertile ground, develop ideas and concepts, and persevere by learning to fit new products in the right markets. University-graduated entrepreneurs must research the entrepreneurial community they prefer to target, and economic development offices throughout The world is entrepreneurs to come to their cities. They need creative people with energy and willingness to take risks in order to find the economic engines of the future.
One of the ways in which regions stimulate entrepreneurship is through contests, which are any way to compete for funding for startups that don’t involve competing with presentations.
Thus, you have learned how to conduct leadership presentations in the appropriate way in competitions and competitions, and even at the level of your university, which is a fertile ground for you to stimulate the development of yourself and your project, and obtain the desired opportunities.
Translation-and-Acting-of the chapter (Telling Your Entrepreneurial Story and Pitching the Idea) from Entrepreneurship