TIPS: Entrepreneur Bootcamp - What everyone needs to know to be an Entrepreneur!

Key learning from my First Bootcamp

This course was funded by AIB and was a real blessing to us budding entrepreneurs and start-ups. Our entrepreneurial spirit was definitely fuelled by this in-depth Bootcamp which covered marketing, ideation, and risk. Big thanks to Noel, Muireann, and Phil from the Entrepreneurs Academy.

Breaking the ice..

The day began with an introductory and we were split into three groups, and we met with three facilitators throughout the day. From the get-go, the pace was fast, exciting, engaging and entertaining. And that's what I particularly loved about the course leaders- their humour and anecdotal tales. Here's some take-home points to help you in your business.

A day of three succinct parts

Part 1 with Muireann

With her main focus on the marketing of the business, she emphasised the three currencies of getting the customer which were; spending time, money and the customer experience offered. Part of this is really exciting and delighting your customer. Some thoughtful way of adding value can really go the extra mile such as a small token, a card, or to extra small service can really delight customers. What complimentary service or product can you provide to add 'WOW'?

Part 1: Marketing with Muireann

Marketing Monopoly: How would you allocated €2500, in 5 units of time

Think outside the box!

Three currencies to get your customer- time, money, customer experience

Positive vibes throughout the course! How can we not be encouraged?

Quick break for a complimentary photo... I'm not convinced it looks like me in the photo, but it is! Anything that is free, I urge all entrepreneurs to grab with both hands. There was a professional photographer on hand to take business photos throughout the day. Wonderful!

Part 2 with Phil

We looked at what makes an idea great by simplifying it. An idea must be looked at from all angles, as perception is different from person to person.

What is important is recency and relevance

People learn differently. Some are visual, auditory, kinesthetic, or read/write. Also, we need to understand that different people have different characteristics, especially when presented with a situation. Pragmatists, activist, reflectors, and theorists all look at things differently and react accordingly to their mindset. We need to bear this in mind when presenting a new product or service to the market.

A balance needs to be found between ideas and opportunity. Ask yourself..

'Is there an opportunity that serves the idea?'

My team and I listed our service and product differentiators. These were key components that make a product great.

Other important points were:
1. Always being aware of scalability and selling self. We need to assure that we ourselves are fit for purpose at all times.
2. Know your numbers - Being cost-effective means that money saved, is money earned. It is imperative to know our numbers and to know our supply chain, value chain, margins and markup to apply this. If we don't know our numbers, we don't how to save and where. Simple!
3. How we penetrate the market is essential to our business model and growth. Have a plan- always. Ask yourself if your offering is value-focused or price sensitive and price accordingly in terms of features, advantages, and benefits. A Toyota does not offer the same as a Ferrari, but both are drivable. Think Penny's versus Brown Thomas!
3. 3R's of Aftercare : Repeat/ Referral/ Retention

Part 2 with Phil

Part 3 with Noel
'Sometimes you fail, sometimes you learn - not lose'

Business is a journey and the business model changes with which you must adapt. A business is often born from a passion of the business owner, and it is often family and friends that have fears for you. Do not let fear put you off! Take the risk, especially if it feels right.

Noel repeated the finances aspect again. Knowing numbers were and are, seen as an integral part of a business success. To increase margin, the price needs to be increased or cost lowered or both.