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SCORE Fox Valley Newsletter
Greetings! 


A Word from the Co-editors
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SCORE Fox Valley has dynamic Workshop sessions planned, many for free. see the schedule below.

jmichaeltoland@gmail.com   bwmarino@hotmail.com

 

 

 Startup 6 Steps! 

 
Erick PinosErick Pinos, MIT Student | Engineer | Entrepreneur
 

1. Who is Your Customer?
Find your target market, define a persona, and list your customer's pain points to make a customer-based product that your customer will feel a compelling need to purchase. Having a starting target market small enough that you can dominate will help establish yourself as an authority and upscale to bigger markets.

2. What Can You Do for Your Customer?
Define what your product will do and how your customer will get value from it. Write out the entire "use case" in which someone will use your product, from how they hear about it to how they use it and how it fits into their lives. Define your "core", the one thing that you will do absolutely better than anyone else (Apple is user experience, Walmart is distribution channels). This makes it hard for competitors to replicate your business.

3. How Does Your Customer Acquire Your Product?
Who makes the purchase? (Not necessarily the one who uses it. Ex: parents buy their kids toys so if in the toy market you need to appeal to parents). How will you acquire customers?

4. How Do You Make Money Off Your Product?
Plan out exactly how you will make money from your product and graph out when in your timeline you will start making a profit.
Calculate the Cost of Customer Acquisition (COCA) - how much it costs per customer, whether they buy your product or not, to reach out to them.
Calculate the Lifetime Value (LTV) of an Acquired Customer - how much money you can get from a customer (subscriptions, new products, in-app purchases)

5. How Do You Design and Build Your Product?
Test any assumptions you've made in the previous steps. Design a minimum viable business product - as in, the quickest possible version of your product that creates value for the user, contains your core and basic features, and makes money. Sell enough units that prove that people will actually purchase your product.
 
6. How Do You Scale Your Business
Map out which markets you'll move onto next and how you will move onto then.
Come up with a product plan for how your product will evolve to fit other markets.

 

 

 

The entrepreneur has a vision.

The executive needs a plan.

by Kevin McEvoy, Professor  

Recent News and Events
Roundtables are (90) minutes of business discussions and the topics are chosen by the participants of the Roundtable.

We are there to start things off and to keep things going, but the fuel for the discussion comes from those who attend.

We will send out an email just prior to the Roundtable. You are always welcome to just walk in without prior signing up.

Upcoming Roundtables:
  • Naperville Public Library 7.16.15 from 8:00 AM to 9:30 AM
  • Elmhurst Public Library 7.16.15 from 8:00 AM to 9:30 AM
  • Indian Prairie Public Library TBD from 6:30 PM to 8:00 PM. 

 

 
In The News
 
New News


How Checking Off Smaller Goals Can Help You Achieve Bigger Goals

Making a list of things to do each day (or week or month) and checking off items you have accomplished may sound like just another thing to do, but when done properly, keeping tally of completed tasks can help you work more efficiently and offer you small emotional rewards to keep you motivated. 

READ NOW

Website Hacked? Should You Fix It Yourself Or Hire An Expert?

 Web Security Tips From Jim Walker, Website Security Expert. If your website is hacked it can take down your business costing you time and money and customers. Should you hire an expert to clean your site? A website security experts offers his thoughts on website security, hacks, and hosting.

READ NOW

Need a CRM System for Your Small Business? Here's What to Look For
CRM applications built for big businesses don't scale down well for small businesses. Here's what to look for in a CRM system for small business.
READ NOW
Share
Where To Get Ideas for Your New Business?
Want to start a new business and need some ideas? Here are some suggestions for small businesses.
READ NOW

Upcoming Events
Local Workshops:

 








Exploring Small Business Ownership - Franchising - Elmhurst Library 7/9/2015 @ 6:30 PM

 

The Costs of Organizing a Business - Naperville (Jefferson St) Library 7/15/2015 @ 6:30 PM

 

Intellectual Property - St. Francis University, Joliet 7/21/2015 @ 7:00 PM

 

Building Your Business Plan (Session I of VI) - IIT Wheaton 7/24/2015 @ 9:30 AM

 

Building Your Business Plan (Session II of VI) - IIT Wheaton 7/31/2015 @ 9:30 AM

 

Building Your Business Plan (Session III of VI) - IIT Wheaton 8/7/2015 @ 9:30 AM

 

Building Your Business Plan (Session IV of VI) - IIT Wheaton 8/14/2015 @ 9:30 AM

 

Building Your Business Plan (Session V of VI) - IIT Wheaton 8/21/2015 @ 9:30 AM

 

Building Your Business Plan (Session VI of VI) - IIT Wheaton 8/28/2015 @ 9:30 AM

 

Email/Social Media Marketing - St. Francis University Joliet 8/11/2015 @ 7:00 PM

 

Writing a Business Plan Using Library Resources - Elmhurst Library 8/13/2015 @ 6:30 PM

 

Business Planning in Depth - Naperville (Jefferson St) Library 8/25/2015 @ 6:30 PM

 

Pinterest: What's it all about? Should I be there? - Elmhurst Library 9/10/2015 @ 6:30 PM

 

Financial Statements 101 - St. Francis University, Joliet 9/22/2015 @ 7:00 PM

 

 

 
WANT TO SEE HOW VIEWERS VIEW ALL MEDIA?:
The media universe/the total audience.

Click link below to see larger view.

Nielen's information.
 



https://onedrive.live.com/redir?resid=44DA3CABA47817A3!309&authkey=!AIfJqV8GbYLDp3k&v=3&ithint=photo%2cjpg


 
Small Business Success Story

What are the top reasons why startups fail?

Beanos Legard 

Bill Gross has founded a lot of startups, and incubated many others -- and he got curious about why some succeeded and others failed. So he gathered data from hundreds of companies, his own and other people's, and ranked each company on five key factors. He found one factor that stands out from the others -- and surprised even him.

ENTREPREURS

Focus on something that has high value to someone else, be really rigorous in making that assessment, because natural human tendency is wishful thinking, so the challenge to entrepreneurs is telling what's the difference between really believing in your ideals and sticking to them as opposed to pursuing some unrealistic dream that doesn't actually have merit. Be very rigorous in your self analysis, certainly be extremely tenacious, and just work 80 to 100 hours a week.

Elon Musk


 How does an entrepreneur know when to fold? 
 
John Gannon John Gannon, Blood, Sweat and Tears.
 
I just passed my first year without pay and my wife quite literally hates me. My kids have been living on pasta (and loving it) and I have wanted to quit almost a dozen times to date.  I even almost accepted a job offer at one point a few months ago because of how burned out I was.

The only reason I even remotely considered pushing through is knowing I have a fantastic idea and a single quote that has been repeating in my head, every single day: "The day I quit is the day before I succeed."

Well, yesterday I deposited a check from an investor and today I spent all day breathing the freshest most beautiful air I've had the pleasure of breathing in a long, long time.

It's a funny thing because I almost quit last week.

I was done.

I was exhausted and feeling more depressed than ever.  I didn't care anymore.

Today I am so happy I pushed through because my dedication and persistence has been rewarded.

Tomorrow is a new day and while I know I have a lot of work ahead of me, it feels worthwhile now.

To think I almost threw in the towel last week.  This stupid quote I've been kicking around for a year came true.

I suppose the bottom line answer to this question, for me, was in knowing that success and failure was on my back at all times. I had proof of concept and knew that if I just dug in and held on, I would succeed eventually. If you know you can succeed and you know you have a great project, why would you quit?  If you can't handle the heat, stay out of the kitchen. Business is a beast and entering into business for yourself requires an amazing amount of courage and fortitude.

Don't stop for anything because that day you stop really truly may be the day before you succeed.
 

 
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Attorney
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