Entrepreneurship Opportunity Exploration with Kyla L. Tennin
Delve into the world of entrepreneurship with Kyla L. Tennin, President & Global CEO of Lady Mirage Global, Inc. Discover her journey, insights, and advice on generating business ideas. Explore key aspects of finding opportunities and preparing for entrepreneurial endeavors. Gain inspiration and valuable resources for your own business plans.
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ENTREPRENEURSHIP FINDING AN OPPORTUNITY Prepared for Paul V Moore High School of Central Square, New York Central Square School District www.cssd.org Presented by Kyla L. Tennin, President & Global Ceo Lady Mirage Global, Inc.
OVERVIEW Today we are going to discuss business ideas for your year-long business plan project We have 1 hour to move through the material quickly; we will not be discussing how to financially fund a business because of our time limit. Typically presentation slides should have 4-6 bullet points on each slide, but I created a detailed presentation for you so you can refer back to information in it while working on your business plans; blue links are hyperlinks and slide number are at the bottom in orange. Key points are also in orange, orange words. Everything listed in the presentation is in a certain order; an order of what you should do to move towards starting a business. About me: My job role and responsibilities. Why did I become an entrepreneur? How did I come up with my business idea(s)? What advice do I have for idea generation? Resources Discussion and Questions & Answers (Q&A) Conclusion 2 ENTREPRENEURSHIP FINDING AN OPPORTUNITY
ABOUT ME: DREAM BIG! I am originally from a small town in Mississippi. My dad was a Marine and I grew up in North Carolina for a little while before moving to Minnesota. Played store and marketing as a kid; had my own candy and frozen beverage companies when I was age 8. Standing inside of a Sally Beauty supply as a child; I loved looking at all of the products, the design of stores, advertisements, packages, waiting in line with my mother at the cash register; the entire business concept excited me. Two adults in different parts of the community had similar beverage enterprises, with products priced differently. I come from family of a generation of farmers and fisherman who sold their products (e.g. corn, green beans, tomatoes, onions, etc., jams/jelly s, pies, and fish) to neighbors in the community and possibly local stores. Continuing education at Harvard, Stanford, Yale, Columbia University New York, University of Cape Town South Africa, IE Business School Madrid Spain, and University of Virginia Darden School of Business to expand my skills, business, and gain more clients. Will have a doctorate degree (Doctor of Management in Organizational Leadership) between December 2019 and March 30, 2019; I pursued the degree to learn skills needed to lead, manage, and expand my firms using innovation. I own a conglomerate corporation which several companies that make up one large company; I lead and am legally responsible for the entire company (president), hire applicants (ceo), and select which companies we work with, globally (ceo); I love my job because it aligns with my skills, passions, and career interests. 3 ENTREPRENEURSHIP FINDING AN OPPORTUNITY
ABOUT ME: DREAM BIG! I started my career in fashion, restaurant, hospitality, retail, and financial services. EXPRESS, Edina Minnesota The Good Earth Health Foods Restaurant (e.g. I made healthy sandwiches, salads, smoothies, fresh squeezed juices, and deserts for customers and worked the cash register), Staybridge Suites Hotels, JCPenney Women s Department Supervisor, Wells Fargo Bank, US Bank, SunTrust Banks, Inc., and then MEDICA Health Plans. Fun fact: There is a Wells Fargo Bank Automated Teller Machine (ATM) on the North Pole and the locals operate the machine. What I learned at each job became the catalyst for the industries my companies service with advertising and marketing, analytics, and so forth projects. Company Website - Capabilities Screenshot Company Website - Industries Screenshot (e.g. we service marketing, manufacturing, government, transportation, and hospitality industries) iEnvy By Kiss - Website and In-Stores Product Packaging Campaign we do the same for Nairobi Professional Hair Care Products in SC (Sheen Magazine owns), DudleyQ in NC, and Red by Kiss in NYC; products, advertisements, and marketing initiatives created are displayed and sold in Wal-Mart, Beauty Supply s, etc.; Creative and Brand Marketing Work; Red by Kiss Hair Tools Video Demonstration 4 ENTREPRENEURSHIP FINDING AN OPPORTUNITY
CAREER PROFILE ASSESSMENTS: COPY OF MY ASSESSMENTS Career profile and assessments did not exist when I was in high school over 20 years ago, so I completed my first profile 8 years ago, and again every few years after to ensure I was on track, to follow my dreams and business plans. A variety of career personality profiles and assessments exist; are necessary to know the industry you should work in. Destiny School at a local nonprofit Results: I will not link the results here because the assessment was 125 questions with detailed descriptions. Yet, questions asked were about my behaviors, whether I am in introvert or extrovert, how I lead, if I like inspiring, giving to, and helping other people, if I like administration and organizing things, what I am passionate about, people or groups I feel the most desire to help, etc. University of Phoenix assessment completed at a career fair and workshop I held when I was board president in the Memphis region; I decided to take the assessment myself (https://www.phoenix.edu/career-services/explorer.html) Results: University of Phoenix Career Assessment Results Career and skills assessment from BoardSpan (www.BoardSpan.com) Results: BoardSpan Assessment Results Career assessments can help with a variety of things, like knowing which degree program, major, and minors to choose for college, which jobs to apply for to have a better chance of getting hired, or if you want to start a business someday, to know what skills you have to turn into services to offer to customers. Results: Combined Results Spreadsheet 5 ENTREPRENEURSHIP FINDING AN OPPORTUNITY
CAREER PROFILES RELIABILITY & SIGNIFICANCE My Question: How significant and reliable are the career profile assessments? My experience with career assessments and profiles is they are highly reliable and significant! I combined my assessments over the years into one Excel spreadsheet to make comparisons , see my results inside of one document, and create new capabilities for my companies to make more money, with new clients I did not realize I could work with before. Skills and information from your assessments can be shown to a potential customer or client, as capabilities. Age and career level are irrelevant; whenever I encounter a company interested in working with me on a project, who wants to hire me to help them grow their company, or is a university looking for a business instructor, they ask for my skills, cover letter, professional papers and presentations from my portfolio. Other Things to Consider Take projects and papers written in school and internships seriously to have a portfolio of information to share with potential or future customers or clients, in conjunction with knowing your career profile information. Upload works from your portfolio into Dropbox, Google drive, or some other Cloud Platform to send a link to employers instead of a large file; or you can still attach files to an email inquiry when seeking to win clients business with a service you offer or to obtain a buyer for your product to get your product in stores (e.g. Wal-Mart, Bloomingdale s, the Federal Government). Most communication is completed via email and online platforms; so materials you send potential clients or customers should be in this form too. Consider online grocery delivery services InstaCart Grocery Delivery, retail stores, and shoe stores; businesses also conduct business via apps, like on Google Play Store for iPhone and Android. 6 ENTREPRENEURSHIP FINDING AN OPPORTUNITY
WHY I BECAME AN ENTREPRENEUR & ENTREPRENEURIAL CHARACTERISTICS Key Question: Why did I become an entrepreneur? In college I worked at US Bank and Wells Fargo Bank, like I previously mentioned. While at Wells Fargo an older gentleman (in his 50s or 60s, I was college age) I worked with noticed I always lead projects, contests, answered business customers needs, and was frequently called upon to be a fill in supervisor or team leader when supervisors and leaders had no one to cover their shift for lunch, personal appointments, or meetings. He told me I was a leader and particularly should go into business. I advised him I planned to work a 9 to 5 after college and entrepreneurship was too risky and took too much work. Late in life I realized we were both right! (e.g. 9am-9pm schedule and owning not only one, but several companies). After college I considered my likes, dislikes, passions, and how I believe business ideas kept crossing my path. I decided I would go to graduate school after college, to study business. It seemed like the right next step in my life. In college I studied Women s Studies, Conflict Studies, and was Pre-medicine to become a Medical Doctor (M.D.), but a medical doctor was not correct. I needed to pursue a Doctorate in Management and Organizational Leadership (D.M.). In graduate school I had to complete an entrepreneurship quiz for an assignment and thought it was the perfect time to see if entrepreneurship was right for me. I do not remember the name of the quiz, but found others useful over the years and listed on slide 6. A friend of mine in Chicago had the same interests as me and later told me she was going to go ahead and start her company. I then considered mine, the name, and services I would offer. Since I dealt with self-assurance and insecurity issues in my past, I wanted to initially help companies (and individuals) with their image problems (hence advertising, marketing, and branding) to no longer be overlooked for facing hardship, performance issues, or slow/no growth, but to stand out, and accomplish their goals, making impact in peoples lives and economies. I scrambled the world image for weeks until the word mirage surfaced. 7 ENTREPRENEURSHIP FINDING AN OPPORTUNITY
ENTREPRENEURIAL CHARACTERISTICS Key Question: Why did I become an entrepreneur? Entrepreneurship Characteristics The Entrepreneur Equation Quiz (see how your personality compares to today s entrepreneurs): The Entrepreneurship Equation Quiz You are good at adapting to change, you do not get bored easily, you do not mind doing the same thing over and over, you are comfortable with making long term commitments, you keep promises, you are comfortable with taking risks, and you take the initiative/like to lead. Entrepreneurship Characteristics The Entrepreneurial I.Q. Quiz (to see if you ll like the demands of entrepreneurship): What Is Your Entrepreneurial IQ Quiz You are willing to change your schedule to start a business; you are willing to work overnight; you immediately start another project after finishing one; you can handle money. Nine Types of Entrepreneurs Quiz (What Kind of Entrepreneur are You): The HumanMetrics Entrepreneurship Quiz Minnesota Entrepreneur Quiz: Minnesota Entrepreneurship Quiz 8 ENTREPRENEURSHIP FINDING AN OPPORTUNITY
THE 9 TYPES OF E N T R E P R E N E U R S We will review some of the 9 types more in depth on slide 12 of the presentation. 9
HOW I CAME UP MY BUSINESS IDEAS: IDEA GENERATION Key Question: How did I come up with my business idea(s)? Business Plan Point: Recognize a problem to solve for either individuals or companies or both. They are your target customer(s). 1. Does the customer have a quality of product, time, or cost problem? Can you improve the quality of the product or decrease its costs? Business Plan Point: Create a product or serviceto solve the problem using your skills or company capabilities. 2. The product or service should have clear benefits. (e.g. this product will grow your hair or save you $300 per year insurance companies). Obesity story: After two domestic violence relationships following college I ate myself into misery and had insecurity issues, went from weighing 125 pounds to nearly 300 pounds, was publicly ridiculed by family members, researched obesity statistics 4-5 years later, and then decided to take action. One of my firms helps companies develop food, beverage, and hair care products and brands. Hair loss story: I used various hair chemicals on my hair to straighten it because it was too coarse and too big. The chemicals caused my hair to begin thin and shed, literally falling to the ground, little by little when I would brush or comb it. Natural hair journey story: I began researching which products are currently on the market and which are not, hence, what the market/stores are missing, around the world; I started creating and disseminating (handing out) evaluation sheets to assess other women, problems they were having with their hair, what they think a solution to the problem is, and what kind of products they needed, but have not been able to find. Many times capabilities or skills can be the catalyst for a business idea; behavioral psychologists work at advertising and marketing firms to provide insights on how customers make purchasing decisions. I surveyed communities, towns, and cities regularly for years by driving in my car and talked to city officials, city planners , and chambers of commerce executive directors to see what the city had, did not have, and what they wish or tried to get the city to have. After many years of research and reading in libraries I came across information that provoked me to realize I have a conglomerate corporation (sometimes considered a one-stop-shop), develop ideas and products like Unilever Unilever Brands & Products ; Procter & Gamble (Products), and even Oprah Winfrey. You might decide to have or only need only one product, service, or company. 10 School: Apply a Diffusion of Innovation approach. (Discussed on the next slide). ENTREPRENEURSHIP FINDING AN OPPORTUNITY
DIFFUSION OF INNOVATION & ADVICE FOR IDEA GENERATION Key Questions: How Did I Come Up with My Business Idea(s)? What advice do I have for idea generation? Diffusion of Innovation: is a social science theory created by a university communications professor named Everett Rogers back in 1962 that explains how, why, and at what rate a new technology, idea, or behavior is adopted by people or a social system (society). United States: Blue Apron, Green Chef, NatureBox, Daily Harvest, Martha Stewart, and so on. BirchBox and BirchBox Man (New York, online subscription company), GlossyBox (London), BarkBox (New York), BabeBox Cosmetics, 1-800-PetMeds, and Chewy.com Boxes, for cats and dogs (Florida) Generate ideas from: researching degree programs at colleges, universities, and trade schools and then opening your own practice (e.g. dentist, accountant, lawyer, construction worker, salon owner, lawn care/landscaping, roofer, HVAC trade/construction, fashion designers usually attend fashion school (FIT in NYC or SCAD in Atlanta; college of art & design), government consultant, etc.). Advice for idea generation: Begin thinking about action steps to BE what you said what you wanted to be when you grow up. Your likes and what you played as a child will also give hints to or explain your career interests. Example: for transportation, manufacturing, marketing, or government companies, review companies you want to service websites to see what type of products and services they procure or buy, listed in their work with us , procurement , partnerships , or diverse suppliers section. Many corporations use the SAP Ariba Procurement Network aka the Ariba Network Suppliers Portal to list services and products they will purchase from companies. Business owners can sign up for an account on the website, select which companies they want to work with, and apply to be a supplier to those corporations. ARIBA allows suppliers and buyers to do business online, in the cloud, globally, transacting services and contracts. Example: for furniture, bedding, fragrance, and accessories companies and stores, see StyleCareers.com 11 ENTREPRENEURSHIP FINDING AN OPPORTUNITY
ADVICE FOR IDEA GENERATION: THE 9 TYPES OF ENTREPRENEURS Business Leader The Business Leader can start a new business or buy an established one. In some cases, they will start and grow a new business based on their own technologies and innovations. Commercial sales agent Insurance agent Participator in an affiliate marketing business International trade Owner of a small shop (automotive shop; bakery a high school student at another school I speak to owns a bakery) Innovative Manager Businesses typical for the Innovative Manager may or may not be local, but they are good at running, managing, and maintaining a business. Franchisee Franchisee s buy and run an established business, or buy the right or license to engage in or reproduce a business (a franchise ), usually with an already proven business model and established brand. Restaurant owner Small shop owner Travel agent Rental property owner Small print shops owner Farming or greenhouse business owner Hairdressing salon owner Delivery service Convenience store Laundromat or Drycleaner Fast food restaurant Beauty salon or spa Rental property (or resort, I added this) Home-Business Entrepreneur Run businesses from home and focus on long-term contracts with business-to-consumers (B2C) or business-to-business (B2B) clients. Analyst Freelancer Analysts either work alone to provide services requiring analytical skills or team up with other entrepreneur types to develop, test, and introduce new approaches and methods. **our firm has consultants, analysts, & advisors. As a Freelancer, your business is based on your professional skills and knowledge. So, the productivity of your business directly depends on the level of effort you put into it. You should assess whether or not you have the ability to attain your desired level of income. Freelancers do short-term business-to-business (B2B) contracts. Teachers/ Piano teacher Beauticians /Hairdressers Daycare or kindergarten owners (I have then seen business owners in this category branch out after growing and start 4-5 brick-and-mortar locations in communities) Personal support workers Artists Tax preparer / accountant (I added this) Housecleaners Tailors and seamstresses Small-scale caterers Computer consultants / IT services Tax specialists Accountants IT consultants Translators Software developers Budget analysts Quality analysts Technical advisors Counseling Product assembly wood-working Web design Sewing Photography Writing Gardening Other: Dance, acting, art/illustration, and music I typically see analysts being consultants . Corporations will hire consultants or procure/buy consulting services, in a specific category (e.g. marketing, travel, organization design). Find a Franchise: https://americasbestfranchises.com/ Reference: Humanmetrics, Inc. (1998-2019). Entrepreneur quiz. Retrieved from http://www.humanmetrics.com/entrepreneur/quiz 12
FRANCHISE IDEAS I know an ex-professional football player who purchased an education (tutoring service) franchise for youth. His franchise is very successful. The students he teaches are successful. Students learning and retention of information has improved. Find a Franchise: https://americasbestfranchises.com/ Reference: Humanmetrics, Inc. (1998-2019). Entrepreneur quiz. Retrieved from http://www.humanmetrics.com/entrepreneur/quiz 13
RESOURCES & WHATS NEXT? Consider completing a short internships and/or job shadow someone for the day in the industry you want to work in or service with your new company OR conduct research online. Search companies websites directly; search some of the industries I mentioned in this presentation. Search for online and remote opportunities. Consider volunteer work in your skilled area, such as marketing, to practice your skills, build a portfolio of work, and to extend your resume of jobs you worked on and clients you worked with. I used this approach when I started my first business. Attorneys/lawyers, hair stylists, and even landscapers use this approach to build clientele. The work is called pro bono work. I have had family members use this approach. I have worked with and know EXCELLENT fashion designers who used the pro bono approach before launching full blown businesses and using the company as their career, leading to opening stores online and selling their merchandise in stores and to celebrities. To obtain work immediately, for example, in marketing, graphic design, or package design to launch a creative agency , see if you can set up a graphic designer account on Fiverr Fiverr.com (Package, Website, Collateral Design Freelance Jobs) you will also be paid for your work. The projects are remote work and you deal with clients (individuals & firms) online. Research if you need any specific educational requirements. Several individuals in my family who work in Human Services needed to follow this strategy before launching Human Services organizations to service disabled individuals. A licensed social worker degree for at least 1 staff member was need to run the enterprises. If you need additional skills, you can take FREE courses at top colleges & universities around the world on Coursera.com or complete a certification online at Udemy.com to add to your resume. Some certifications are needed to boost your credibility if you want to open a consulting firm. And other certifications are required by clients, like clients needing software or IT services. 14 ENTREPRENEURSHIP FINDING AN OPPORTUNITY
Thank you for allowing me to spend time with you today! MnCareers Interest Assessment (my top results were enterprising, conventional, and artistic, like in 2012) CareerOneStop.com (my top result was I am enterprising, like in 2012; this assessment gives detailed results) If you think of a question(s) after this session or did not get a chance to ask you question(s), Ms. Nelson can email me your question(s). DISCUSSION & CONCLUSION Ms. Nelson has a Power-Point and PDF copy of this presentation just in case you need to refer back to it over the years; click on any blue link in the presentation to go directly to the website. What additional questions do you have for me? Paul V Moore High School of Central Square, New York 15
