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Lecture 5

ENT 3003 Lecture 5: ENT3003- Cupcake 5 Information (Module 5)


Department
Entrepreneurship
Course Code
ENT 3003
Professor
Christopher Garrett Pryor
Lecture
5

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Module 5 (Feb. 11)
How to Do an Idea Napkin:
Five Easy Pieces
o (1) You (what you have that no one else has, your secret sauce, your unfair
advantage)
Who you are. What your talents are. What your skills and experiences
are.
Also: what are your aspirations?
Specifically regarding your business concept, how do you see this
business (if you were to start it) playing a role in your life?
o (2) Your Offer (this is what you’re selling, actually the units of transaction,
include a table with your revenue drivers)
o (3) Who To? (who is in your market [your customers], describe what the
demographic characteristics are- what do they look like, what kind og age do
they tend to exhibit, sex (M or F), income status, geographic location, also their
attitudes, interests, and motivation, as well as psychological characteristics)
o (4) Why Buy? (be the problem you’re trying to solve, your opportunity
statement)
o (5) Secret Sauce (is there something else you’ve got that nobody else has, your
competitive advantage (e.g. patent))
Example Elevator Pitches from Class:
Positives (Pros)
o Give statistics/facts to show proof of problem
o Spoke slowly to be able to understand him
o Didnt introduce themselves
o Sound passionate about the idea and knowledgeable
o Production value and memorized
o Good use of transitions to move from point to point (asked a question to grab
attention)
o Tied beginning to ending
o Great sense of humor and was happy
o Enhance credibility
o Broke everything down and didn’t leave us with questions
o Discusses different needs being solved (how it helps multiple people)
o Personalized problem
Negatives (Cons)
o Reading off of an outline
o Too many entry points
o Too long of a certain part of the pitch
o Using hands too much
o Keep the device still, don’t walk around with it (looks shaky)
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