Category Archives: Business Plans

CSUF Entrepreneurship Mentor Publishes Book for New Entrepreneurs

170608_Chris_Trujillo_Book_(2)Most reasonable entrepreneurs know that they need to have a plan. They may spend hour after hour crafting an old-school, 100 page business plan, or at the very least they’ll write down their ultimate goal on a coffee shop napkin. When starting that plan they might pick up any self-help business book at the local bookstore or type a couple search words into Google. There is a lot of information out there. But what happens after a savvy entrepreneur, with that one of a kind idea, makes that plan? Where do they go from there?

That’s where CSUF Entrepreneurship mentor, Chris Trujillo, comes in. Chris is a serial entrepreneur and has condensed all of the lessons he has learned from launching businesses into his book, “After the Business Plan”.  So, what’s inside the book? We were able to do a quick Q&A with Chris to learn a little bit more about his book.

Who are you? Who did you write this book for?

170608_Chris_Trujillo_Book_(1)My name is Christopher John Trujillo and I have always had a passion for entrepreneurship. During college at Purdue University, I was actively involved in the university’s entrepreneurship community and co-founded a startup that received $30,000 in grant funding from a tech accelerator program in Iowa. Back home now, in California, I organize local entrepreneur meet-ups in southern Orange County and mentor entrepreneur students at Cal State Fullerton. Recently, I co-founded Entrepreneur School, www.entrepreneurschools.org, with Michael McElroy, to teach entrepreneurship to children and teens.

After publishing two children’s introduction to business books, The Young Entrepreneur and The Young Investor, I have now written “After the Business Plan” for new entrepreneurs who want answers to common startup questions. If you have finished your business plan, have a solid preparation for launch, or are just interested in learning more about business, “After the Business Plan” is the book for you.

What is After the Business Plan about?

“After the Business Plan” is not a book to help you create the perfect business plan. Nor is it a book to help you test whether you have a solid business idea. It is a book to walk you through the major steps you take to launch your business.

All successful startups must master these steps, for example: How do you hire an employee? When do you classify a worker as an independent contractor instead of an employee? Which entity is the best for your business? Where do you apply for funding? How do you record mileage for tax deductions? With this book, not only will you learn the answers to these questions, but you will also find out where to find many necessary legal documents online and discover some very helpful websites.

When will After the Business Plan be published?

“After the Business Plan” will be published June 30, 2017.

Where can people get After the Business Plan?

“After the Business Plan” will be available to purchase online through the Amazon and Lulu bookstores. Cal State Fullerton students can use the promo code TITANS to receive a discount on their purchase.

Most importantly, why did you write After the Business Plan?

I was frustrated by the lack of resources available addressing many issues that a startup faces while preparing to launch. Searching for more information than what is provided by the SBA (Small Business Administration) and state and federal government publications, I couldn’t find a comprehensive, user-friendly resource with the answers to all my questions. After consulting with attorneys and CPAs, browsing online resources and reading government publications, I realized it would be useful to condense all that I learned into a book which also includes some practical advice based on my own startup experiences. I believe that while personal experience is often the best way to learn, having accurate information beforehand can help an entrepreneur make the right decisions while preparing for launch. Since business law differs for each state and may be revised often, I plan to publish “After the Business Plan” for every state with annual updates. I advise aspiring entrepreneurs to just work on your idea every day, even if only for 20 minutes, and you’ll be amazed at how quickly an idea can transform into reality.


We are definitely looking forward to the publication of this tremendous research and we are always looking to add innovative entrepreneurs and professionals to the CSUF Entrepreneurship community. To find out how you can participate in this community as a mentor, speaker, or even as a donor please give Entrepreneur in Residence Travis Lindsay a call at (657) 278-3930.


#CSUF

For more details on CSUF Entrepreneurship:
http://business.fullerton.edu/Center/Entrepreneurship/

For more details on how we help people become entrepreneurs:
http://business.fullerton.edu/Center/Entrepreneurship/Incubator

For more details on how CSUF Consulting can help businesses thrive:
http://business.fullerton.edu/Center/Entrepreneurship/Consulting

Attend one of our events for entrepreneurs or sign up for a free mentoring session:
http://bit.ly/CSUFEntrepreneurEvents

Knowledge @ CSUF Entrepreneurship video series:
http://bit.ly/csufknowledge

CSUF Entrepreneurship Students Create Business Plan, Present to Investor Panel

piano-with-jonnyThe panel is awesome – I love that as students, we have the chance to present real ideas to real business owners, entrepreneurs, investors, and bankers.  Few other classes offer the practical feedback and hands-on work that I have experienced in Management 465A.  It is one of the best Entrepreneurship classes, and I highly recommend it to other students.

Those are some of the thoughts from Jonny May, the creator of Piano with Jonny and one of our CSUF Entrepreneurship students who had the opportunity to give a fifteen minute presentation to a panel of experts on the progress they have made in launching their businesses followed by fifteen minutes of hard hitting questions from those same experts. As you can guess, this is a pressure packed experience but it is also a unique opportunity to get feedback from a diverse group of experts.

But let me take a step back since these panels are the culmination of a semester’s worth of work on the part of CSUF Entrepreneurship students.

At the beginning of every semester, students in Management 465A and 465B coalesce into teams with the mission of either creating a business plan for a concept (465A) or work on launching a business (465B). In Jonny’s case, he is a student in Management 465A and he led his team in the creation of a business plan for his concept: Piano with Jonny. (And, to be perfectly honest, Jonny’s team had a bit of a head start since Jonny has been working on this business for a couple of years now and is already in revenue. But, as you will see, Jonny has leveraged his experience in this class to crystallize his business’ strategy and develop a plan to make his business stronger and well positioned for growth.)

If I could show you a montage right now, I would, because in between the formation of the teams at the beginning of the semester and the panels at the end there is a lot of hard work that largely goes uncelebrated. It is during the semester that the teams work on developing their marketing strategy, interviewing customers to unearth key insights into their thinking, put together an operations plan with a budget, and do all of the other work that is necessary to craft a meaningful business plan that can be used to launch or grow a business and maybe even using the plan when in discussions with potential investors.

And it is this hard work that helps students get to the heart of the matter for their businesses. From Jonny: “The class has forced me to think more deeply about why our customers buy and where to put more of our efforts.  Through customer interviews and competitive analysis, it is now much more clear where we are not being effective and where we can add huge value for our customers.”

The panels that we have already talked about a little are the culmination of all this hard work. Over the course of the three months that make up a semester, many students, including Jonny, dedicate 100+ hours to the completion of their project whether that is the creation of a business plan or work on launching a business. In Jonny’s case, it was a little of both.

The panels are no small matter. As Jonny said at the beginning of this article, we make sure to pick some heavy hitters to be judges. At the most basic level, these panels represent a crucial academic event for our students; having the opportunity to present such a complex and important project is nerve racking for the students but they pretty much always rise to the occasion.

Jack Mixner, one of our professors teaching this class, puts it this way: “Preparing to present to real investors is challenging, daunting – and  exciting. The preparation pays off. Presentations evolve quickly into unexpectedly high level conversations between ‘entrepreneurs’ and ‘investors.’ Students share. They learn. And the investors? They share, too, with sometimes very unexpected and useful points of view that the students, their mentors – and their professors – had not expected. Everybody wins.”

But for students like Jonny who are leveraging this unique academic experience to create something real and hopefully long lasting the panels can represent a crucial turning point in the success of their ventures.

“[The panel] was very helpful – I had to learn how to sell my business and ‘take the heat’ from experts.  I knew they would ask hard questions, so I really had to become familiar with my business in a way I never have.  I learned that we have a highly scaleable business and that we should be charging more for our products,” said Jonny.

We are obviously very proud of the work that Jonny and his team, which includes fellow CSUF Entrepreneurship students Sylvia Dang, Johnny Pen, and Reuben Ponce De Leon and mentor Craig Martyn have done. And the same is true for all of our other teams in these classes. Most will not end in successfully launched business but the experience of trying is invaluable and will certainly help them in all their future endeavors.

And in Jonny’s case, we are looking forward to not only working with him as a student but also as a Resident at the CSUF Startup Incubator. Jonny was accepted into the Incubator just a few days ago because we see a great deal of potential in his business and we believe he’s the kind of entrepreneur that has the capability and drive to make his startup into a sustainable business. We will be working closely with him in the classroom and at the Incubator over the next six months and by the end of that time we believe Jonny will be well on his way towards taking Piano with Jonny to the next level.

Stay tuned!


#CSUFEntrepreneur #CSUFStartup

Become a CSUF Entrepreneurship Insider to keep up-to-date on all the events, news, and everything else we do: http://bit.ly/CSUFStartupSignup

For more details on CSUF Entrepreneurship: http://bit.ly/CSUFEntrepreneurship

For more details on how we help people become entrepreneurs: http://bit.ly/csufstartup

Attend one of our entrepreneur events or sign up for a free mentoring session: http://bit.ly/CSUFEntrepreneurEvents

CSUF Course Recommendation for non-Business Majors Interested in Starting their own Business

student-at-workNot every entrepreneur is a business major; far from it actually. But the reality is that without some basic entrepreneurial skills it is extremely difficult to successfully launch a business. What should a CSUF student who is not majoring in business but wants to start a company do?

Those intrepid students should take BUAD 310 Starting and Managing a Professional Practice/Small Business. This course is designed to help these students develop the skills needed to go from business concept to launch. Over the course of the semester, students in this class are guided through the process of developing an actionable business plan by the professor, Jeff Longshaw, and a mentor who has a wealth of experience as an entrepreneur or professional.

Recently, Center for Entrepreneurship Director John Bradley Jackson gave an interview about the importance of this class to non-business majors at Cal State Fullerton:

Professor John Bradley Jackson, director of the Center of Entrepreneurship at California State University’s Mihaylo College of Business and Economics, said he noticed a trend of recent graduates working as independent consultants instead of heading right into entry-level jobs.

“The transition for the college graduate to the workforce isn’t what it used to be,” Jackson said, but added that “entrepreneurship is a way of thinking—trying to make the planet better through small changes—and that type of mindset is perfect for the gig economy.”

From Physics to Fashion to Photography

The entrepreneurship class at California State University at [sic] Fullerton challenges students to come up with business plans, assigns them mentors and divides them into teams to develop business models. Near the end of the class, students present their models to a panel of investors who give them feedback on their work.

Jackson said that students from a diverse array of majors bring a host of helpful skills and talents to the class. The class’ success stories included a master’s level physics student who used her science background as well as what she learned in the entrepreneurship class to open a pop-up toy store that encourages customers to experiment with educational toys— including, of course, science toys—before committing to a purchase.

The student discussed in that quote is Iris Dorne who recently launched Rad Toy Store where she sells STEM-themed toys to kids. Here is an excellent write up of Iris.

Students in this class will learn about:

  • How to Craft a Business Concept
  • How to Develop a Business Plan
  • Legal Issues
  • Marketing a Small Business
  • Finance
  • Tax Issues
  • Managing Risk

Many students who have taken this class have had great things to say about the immersive learning experience offered by this class.

If you are looking for a class that can open up a brand new horizon for your career then you should seriously consider taking BUAD 310 during the upcoming semester!


#CSUFEntrepreneur #CSUFStartup

Become a CSUF Entrepreneurship Insider to keep up-to-date on all the events, news, and everything else we do: http://bit.ly/CSUFStartupSignup

For more details on CSUF Entrepreneurship: http://bit.ly/CSUFEntrepreneurship

For more details on how we help people become entrepreneurs: http://bit.ly/csufstartup

Attend one of our entrepreneur events or sign up for a free mentoring session: http://bit.ly/CSUFEntrepreneurEvents

Business Plan Competition 1st Boot Camp on January 15, 2014

“Business Plan Competition
1st Boot Camp”
SGMH 1307, 1:00 – 3:00pm
January 15, 2014

The purpose of the Business Plan Competition is to promote entrepreneurship amongst CSUF students from every college. No prior business plan writing experience is needed; all the information you will need to compete will be discussed at the Boot Camps or can be found here. For more resources to help you with the CSUF Business Plan Competition please go here.

Since the inaugural year of the CSUF Business Plan Competition we have seen a wide variety of business ideas make it to the finals. Whether your idea is a barbershop or a tech company your idea has the ability to go far in our competition if you make a compelling enough case for its success.

If you are interested in this competition please sign up for our CSUF Business Plan Competition Newsletter so that you will be kept up-to-date on all the latest information.

Perfecting Your Elevator Pitch – TCVN Event

Our friends at the Tech Coast Venture Network are hosting an event to help people perfect their elevator pitches in preparation for their Survivor 8 competition. The preparatory event will be held on Thursday, October 17, 2013 from 8:00am to 10:00am at the following location:

Haynes and Boone, LLP
18100 Von Karman Avenue
#750
Irvine, CA 92612

If you are a CSUF student and would like to attend this event please email Travis at tlindsay@fullerton.edu and I will get you comped for this important event. Details below:

Perfecting Your Elevator Pitch:

How to win $25K @ Survivor 8 On November 8th

Click image to go to event page

Learn the effective techniques needed to create a winning “Elevator Pitch” to win it all at our upcoming November 8th 2013 Survivor event. This pitch will also be helpful to raise money for outside early stage investment scenarios.

We will have a contest for all participants to have their pitch reviewed by a group of serial entrepreneurs and TCVN board members. One winner will get a free ticket to Survivor 2013!

Why is this important regardless of how much money you’re raising? 

The first thing every investor wants to hear is your elevator pitch. Without it; you will likely not get the right attention to get you capital.

Host Workshop :

Ash Kumra (Chairman of TCVN & DreamItAlive.com Co-Founder)

You can also click this image to go to the event page

Ash Kumra is an award winning entrepreneur, author and public speaker recognized twice by the White House as an entrepreneur making an impact. Ash is currently co-founder of DreamItAlive.com; an online community empowering users to achieve dreams in all areas of life using Dreamboards, visualization, community, helpful products & content.
Ash is also a public speaker specializing conscious entrepreneurship, law of attraction & social media. Ash has also spoken to over 10,000 people on entrepreneurship, social media and branding for many colleges, institutions, and organizations including the White House & TEDX.

In 2006; Ash co-founded digital content distribution agency DesiYou; the 2010 recipient for “Best Digital Media” company by the Irvine Entrepreneur Forum.

Register Today!

The Importance of Financial Literacy

Student learns about personal finances

Being financially literate isn’t something you are born into or passively acquire as you get older. It is something that you have to actively learn. And it’s better to start now then to wait until it’s too late.

Everyone knows that the literacy rate is not where it should be but people do not usually stop to consider the problems associated with a lack of financial literacy. Think about it, if you do not understand the differences between a savings account and a CD then you will probably be met with some financial difficulties in the future (to put it mildly).

Unfortunately, far too many people graduate from high school without even the slightest bit of training in this area (according to a recent study, only 14 states require courses on financial literacy to be taught at the high school level). Not preparing for the future can hamstring your life in so many ways and the longer you wait to do something the less impact it necessarily has. In our recent post, Why Your Twenties Matter, we showed that your twenties are crucial years in your life because, statistically speaking, the choices you make in your twenties have more of an impact on your personal, professional and financial lives.

For example, according to Bankrate.com, if you start investing $2,000 per year starting when you are 25 then you will have about $560,000 in the bank once you reach 65 (assuming an 8% rate of return). However, if you don’t start saving $2,000 per year until you are 35 then you will only end up with about $245,000 at 65 (assuming an 8% rate of return again).

So, what are we really talking about here? I think the best way to answer that question is by quoting PBS’ quality site on this subject:

The President’s Advisory Council on Financial Literacy defines personal financial literacy as “the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being.” (2008 Annual Report to the President)

Personal financial literacy is more than just being able to balance a checkbook, compare prices or get a job. It also includes skills like long-term vision and planning for the future, and the discipline to use those skills every day.

The PBS site is a repository of great information on the subject that can be useful to everyone. Within that site there are resources such as:

  • Help on planning for retirement
  • A wide array of financial calculators
  • Definitions of common words found in the financial sphere
  • There are even quizzes to test your absorption of the material

Another site you can look to for information on this subject is MyMoney.gov. From their site:

MyMoney.gov is the U.S. government’s website dedicated to teaching all Americans the basics about financial education. Whether you are buying a home, balancing your checkbook, or investing in your 401(k), the resources on MyMoney.gov can help you maximize your financial decisions. Throughout the site, you will find important information from more than 20 Federal agencies and Bureaus designed to help you make smart financial choices.

Recently, Center for Entrepreneurship Director and Professor John Bradley Jackson participated in a seminar hosted by the Center for Economic Education on campus to help people become more financially literate. Talking about how to formulate a business plan, Professor Jackson explained to those in attendance what the purpose of a business plan was, how to develop one and resources that they could use to help them in their business endeavors.

Center for Entrepreneurship Director John Bradley Jackson lectures on the importance of business plans to a group of people who are hard at work improving their financial literacy skills.

Center for Economic Education Director Dr. Radha Bhattacharya oversaw a full slate of presentations like Director Jackson’s. “Teaching Economics,” “The Stock Market Game and Personal finance” and “Future Financial Life” were just three of the other presentations given through this day of financial literacy bolstering. If you would like to know when the next event like this is going to happen please follow the Center for Economic Education and the Center for Entrepreneurship as well.

CSUF Business Plan Competition 2013 Finals

After months of hard work by our student entrepreneurs we have a winner! But before we get ahead of ourselves here let us first talk about the Finals.

It was a morning event and, unlike the first CSUF Business Plan Competition Finals, we had good weather, which was nice. The three finalists – Synova Life Sciences, NixFix Chasers and The Edge – were all in top form during their presentations and each team impressed our judges and the crowd. It was a close competition (very close actually) and in the end Synova Life Sciences won the day with NixFix Chasers taking second place and The Edge third.

(Watch this video summary of the event for some more depth about the Finals)

Synova Receiving 1st Place Award
From L to R: Thomas Flores, Bryan Trivedi, Cesar Enchante, John Chi & John Bradley Jackson

This competition is a rigorous event that forces all entrants to address the important aspects that face every new business such as:

  • How will you market this business?
  • Who are your customers?
  • Who is on your team and what holes do you need to fill in your founding team?
  • What is the competitive landscape?
  • How much funding do you need to successfully launch this business?
  • How will your company fair financially over the coming three years?

NixFix Receiving 2nd Place Award
From L to R: Nick Ajluni & John Bradley Jackson

And so on with these probing questions which elicit much more circumspect plans from our students. These are the kinds of questions that every entrepreneur must face while launching a business and being able to put forth these questions to students before they take their first steps on this journey is invaluable to their growth as a student entrepreneur.

What is really impressive about many of the plans that we saw during this competition is that they are in the process of launching these businesses or will soon launch them (included in this group are all three finalists). Of course, some of the student entrepreneurs won’t end up launching their ideas but some will, which is what is important.

The Edge Receiving 3rd Place Award
From L to R: Mayra Figueroa & John Bradley Jackson

In the future we plan on doing some posts on the individual teams that participated in this competition so make sure to check back from time to time.