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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
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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
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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
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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