SMT007 Magazine


Issue link:

Contents of this Issue


Page 39 of 97

40 SMT Magazine • December 2016 The business model, a short business model with the good and the bad and the ugly of just trying something is the way to go. Schroeder gives numerous examples of en- trepreneurs who gave it a go before most people would have thought their new product or ser- vice was truly ready for prime time. So many times, people have a great idea but they wait too long to execute that idea, and in- stead they spend their time writing long busi- ness plans to please those bankers who are nev- er going to give them the funds to start the busi- ness anyway. Schroeder tells us to just get go- ing. He says that all we need is a great story, a story that will explain exactly what we are try- ing to sell and how it will work. He says that instead of a full-blown business plan, all we need is what he calls "the Lean Mod- el Framework," consisting of the following slides: • Company Purpose • Problem and Solution • Why now? • Market Size • Competition • Product • Business Model • Revenue Model • Team and Financials And that is all you need to launch your new business. He wants us to develop a model as soon as possible with the understanding that it will not be perfect but that it will be good enough to exemplify what the product or service should look like, enough to get someone interest in the product and thus the company. From the book: Lessons learned: • Believe in your product, not foolishly, but with common sense • Find ways to get things done • Follow the trend • Look at alternate sources of distribution if traditional sources don't work • Seek out other people or companies who have the same beliefs and look for either leverage or distribution opportunities Schroeder ends Chapter five with this quote: You really don't know if you have a company until you have created a product or service proto- type and have sold it in the marketplace. That is, you can't improve a product unless you get customer feedback. And you need to move faster than poten- tial competitors. So create a prototype sooner rath- er than later. If you are passionate about your career, then you will eat and breathe and drink sales. This also means that you will read every good busi- ness book you can get your hands on. You might start with these five that I just recommended. Good reading, and good learning, means good selling. SMT FIVE NEW BOOKS THAT WILL CHANGE YOUR PERSPECTIVE ON SALES AND MARKETING The next millennial to be featured in the Millennials in Manufacturing column is Alex Johnson, an associate engineer at Saline Lectronics. Alex has been with the company for over two years, and so far, he is genuinely enjoy- ing it. He's gained a better understand- ing of the manufacturing process and enjoys addressing the challenges that come along with manufacturing. "There are a lot of tasks to be com- pleted before production, and a lot of issues that arise during manufac- turing, especially if you manufacture as many different assemblies as we do at Lectronics. Organizing these tasks, and ensuring nothing drops off the list has proven to be an ongo- ing challenge. I'm always looking for ways to improve my organizational system," Alex said. Read More About Alex Here. Millennials in Manufacturing: A Long Term Career Prospect

Articles in this issue

Links on this page

Archives of this issue

view archives of SMT007 Magazine - SMT-Dec2016