entrepreneur opportunities and global success from puerto rico luis david soto 1

Entrepreneur Opportunities and Global Success

from Puerto Rico

Luis David Soto

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Today’s Entrepreneur’s Global Challenges

• Current Economy• Globalization• Supplier Base Consolidation• Procurement’s new roles & responsibilities• Changes in Supply Chain Demands

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Supplier's Internal Challenge to Address Globalization

Technical Entrepreneur

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The Hard Part…

“Turning scientists into entrepreneurs”

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How do you standout in a group?

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How do you standout in a group?

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Some core competences …

Technical

• Mathematics• Analytical• Physics• Pass or fail • Innovation

Entrepreneur

• Brand Recognition• Sales Process • Managing Growth• Financial • Innovation

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Core competences

Technical

• Mathematics• Analytical• Physics• Pass or fail • Innovation

Entrepreneur

• Brand Recognition• Sales Process • Managing Growth• Financial • Innovation

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Entrepreneurs to do list….

• Brand Recognition• Sales Process • Managing Growth• Financial • Innovation

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Why are we here?

• How do I position my Brand Recognition?• Decision-makers on a Sales (Buying) Process • Options to Manage Growth• Major Financial differences• Innovation

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Brand Recognition

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Positioning Your Brand

What is a brand?

A brand is not a name or a logo. It is not a product,

service or business. It is a promise, an expectation and

ultimately an experience. The strongest brands in the

world own a place in the consumer’s mind and when

they are mentioned almost everyone thinks of the same

things. Reference: American occupational therapist website

What Business are you in?13

What Business are you In?

Product Oriented or Customer Oriented?

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What Business are you in?

Business Definitions

Firm

• Missouri-Pacific Railroad• Xerox• Standard Oil• Columbia Pictures• Encyclopedia Britannica• Revlon• JP Morgan

Product-Oriented

Customer-Related

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What Business are you in?

Business Definitions

Firm

• Missouri-Pacific Railroad• Xerox• Standard Oil• Columbia Pictures• Encyclopedia Britannica• Revlon• JP Morgan

Product-Oriented

We run a railroadWe make copying equipmentWe sell gasolineWe make moviesWe sell encyclopediasWe make cosmeticsWe offer financial advice

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What Business are you in?

Business Definitions

Firm

• Missouri-Pacific Railroad• Xerox• Standard Oil• Columbia Pictures• Encyclopedia Britannica• Revlon• JP Morgan

Customer-Oriented

We are people and goods moversWe help improve office productivityWe supply energyWe make entertainmentWe distribute informationWe sell hope360 degree relationship 17

What Business are you In?

Product Oriented or Customer Oriented?

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Am I speaking the right language?

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Project Description

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Project Description

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… evaluate what language you are speaking?

Review your business material…

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Mercedes Benz Advertising

• Subaru has better safety rating than Mercedes Benz

• Toyota has better fuel economy than Mercedes Benz

• Lexus has more luxury equipment than Mercedes Benz

• Honda average reliability is better than Mercedes Benz

• Infinity interiors are more comfortable than Mercedes Benz

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Mercedes Benz Advertising

It is good to be the standard!

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Mercedes Benz Advertising Lessons Learned

• Be careful of marketing the competition:

– “ We provide the same service like XYZ Company”

• Create a differentiator:

– “ Our company is unique in________”

– “Our company creates value by_______”

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Sales/Buying Process

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Identify Buying Decision-makers

How many types of buying decision-makers are there?

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Identify Buying Decision-makers

There are Four Buying Decision-makers:

COACHTECHNICAL

USERECONOMIC

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Identify Buying Decision-makers

• Role: To give final approval to buy– Only one per sale, but may be a set of people

such as a team, board, or committee– Controls expenditure– Authority to release– Discretionary use of resources– Veto power

• Focus: Bottom line and impact on organization• Asks:

– “What return will we get on this investment?”– “How will this impact our organization?”

Economic buying influence

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Identify Buying Decision-makers

• Role: To make judgments about impact on job performance– Often several or many– Use or supervise the use of your product/service– Direct link between User’s success and the

success of your product or service – Personal since User will live with your solution

• Focus: The job to be done• Asks

– “How will it work for me in my job or my department?”

User buying influence

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Identifying Buying Decision Makers

• Role: To screen out– Often several or many– Judge measurable, quantifiable aspects of your proposal– Gatekeepers– Can’t give final approval– Can say no based on specs or technicalities

• Focus: Match to specifications in their areas of expertise

• Asks:– “Does this meet the specifications?”

Technical buying influence

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Identify Buying Decision-makers

• Role: To act as guides for this sales– Provide and interpret information about:

• validity of this single sales objective• other buying influences• other elements of your Strategic Analysis

– Can be found:• in buying organization• in selling organization• outside both

• Focus: Your success with this proposal• Asks:

– “How can we ensure that this solution happens?

Coach influence

Develop at least one!!!! 32

Buying influence chart

ECONOMIC: releases$$

TECHNICAL: screens out:

USER: judges

impact on job

COACH(ES): guides me on this sale

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Buying influence chart

• Juan (H)• Pedro (L)

• Carlos (H)

• Vicente (L)• Mario (M)

• Jose • Alfredo

ECONOMIC: releases$$

TECHNICAL: screens out:

USER: judges impact on

job

COACH(ES): guides me on this sale

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Reference

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Modes to Growth

Organic

Merge& Acquisition

Strategic alliances

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Financial

• Learn how to read financial statements

• Don’t be afraid of financing (loans/credit lines)

• Understand cash flow

• Become familiar with financial language

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Innovation

• Is innovation part of your company’s strategy?

• How many resources are dedicated to innovation?

• How many new products and/or services does my company create a year? Push-pull products

• Does my company reward innovation?

Customers are constantly looking for innovation38

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Questions