Source: Faltin 2009

Wenn eine Idee nicht zunächst einmal völlig absurd erscheint,

kann man sie gleich vergessen

Albert Einstein

Source: Faltin 2009

Der Fortschritt geschieht heute so schnell,dass während jemand eine Sache für gänzlich undurchführbar erklärt,er von einem anderen unterbrochen wird, der sie schon realisiert hat.

Albert Einstein(1879 - 1955)

Source: Faltin 2009

Sources of Financing

Equity financing

• your own funds• „family, friends and fools“• equity financing programmes by banks and government agencies• venture capital• business angels• capital market

Source: Faltin 2009

Debt financing

• „family, friends and fools“

• special programmes by banks and government agencies• loans• trade credits• payment in advance by customers• bonds

Sources of Financing

Source: Faltin 2009

Entrepreneurial Financing

Make financing an integrated part of your business model

Use your innovation for a recognizable competitive edge in the market in order to be attractive enough to:• make your customers willing to pay in advance

and/or negociate favourable payment conditions with your suppliers

• have the media report about your concept (or your person) for free (and hereby save on costly advertising)

• create goodwill and sympathy for your company in the public

• turn enthusiastic customers into evangelists and financiers of your company

Source: Faltin 2009

Die beste Finanzierung besteht darin, Kosten zu vermeiden!

Source: Faltin 2009

Wir hatten kein Geld.

Daher mussten wir kreativ an die Sache herangehen.

Richard BransonBusiness ist wie Rock´n´Roll

Source: Faltin 2009

“Intelligent Prototyping“

The principle:Try out first, only thereafter invest full scale.

Examples:1. Use Adwords at Google to try out market acceptance2. Create a website, offer a platform for critisising conventional

products3. Invite suggestions for improvements4. Check out techniques of rapid prototyping5. Create a testing environment

Source: Faltin 2009

Source: Faltin 2009

Ökonomie der Aufmerksamkeit

Wie kann ich in einer Materialschlacht, in einem Feuerwerk aufwändiger Werbung,

auffallen, wenn ich nur über vergleichsweise wenig

Kapital verfüge?

Source: Faltin 2009

Ökonomie der Sympathie

Wodurch werde ich sympathischer als meine Konkurrenten?

Damit ich weiterempfohlen werde.Damit die Medien im redaktionellen Teil über

mich berichten.

Source: Faltin 2009

Ökonomie der Authentizität

Wodurch werde ich glaubwürdiger als meine Konkurrenten?

Bedeutung der Persönlichkeit, der „Story“. Beispiele: Gottlieb Duttweiler, Claus Hipp, Karl Lagerfeld,

Richard Branson, Muhammad Yunus

Source: Faltin 2009

Entrepreneurial Marketing

Dinosaur Marketing

1. Put most of your money in advertising( falling victim to the “ law of diminishing attention”)It’s a potential strategy only for big companies

2. Hammer your brand name into people’s brains

Dinosaur Marketing

3. Set up a shop or even as much shops as possibleShops are a very expensive Concept. Shops easily carry a smell of commercialisation

4. Think of your customer as a stupid animal that you can outsmart easily.

(This is a tempting strategy because it often seems to succeed)

In fact, customers are not stupid.They are increasingly well educated and well informed.

Source: Faltin 2009© Faltin 2003

Source: david and goliath agency www.dngla.com

Source: Faltin 2009

Innovative Entrepreneurial Marketing

1. Create goodwill for your companyGo for a cause:Improve or protect something,provide a product for a better price. (This has to be a substantial part of your business model).Avoid, if possible, the context of commercialisation.

2. Find your own ways of attracting attention to your products.Use the specific circumstances of your approach ( your personalbackground, innovative aspects of your product )Play as unconventional, as unorthodox as possibleIn modern society the media are the key for attracting attention;paid advertisements are a poor and expensive substitute.

Source: Faltin 2009

Innovative Entrepreneurial Marketing

3. Understand people´s desire for connectivityModern societies cause lonelinessModern tour-operating and modern hotel accommodation add to the problem

instead of providing connectivity

4. Think of your customer as your partner and your ambassadorMake use of consumers education and the public efforts of consumers protectionShare your problems with your partners.Make them (unpaid) co-workers in your company.Build lasting relationships with your clients.(This is the most promising strategy to make you rich. Because maximising profits works best in the medium and long run)

Source: Faltin 2009

If you are really interested and want to do something revolutionary, you must learn

to ignore your customers.

Many customers are like rearview mirrors. They are extremely conservative and boring,

lacking imagination and they have no idea of their own desires.

Ridderstråle & Nordström in: Funky Business

- Wie kluge Köpfe das Kapitalzum Tanzen bringen -

München 2000

Source: Faltin 2009

One way to ruin your company isto listen to your customers too much.

In business and in politics, you have to lead, and not just listen to opinion polls.

Michael BloombergFounder of Bloomberg News

Source: Faltin 2009

We cannot expect from the customers to imagine the unimaginable.

That‘s our job.

Ridderstråle & Nordström in: Funky Business

- Wie kluge Köpfe das Kapitalzum Tanzen bringen -

München 2000

Source: Faltin 2009

Ideas for Entrepreneurial Marketing

Aikido Marketing (make use of the energy of your rivals)

Guerilla Marketing (use ambush tactics)

Caligula Marketing (spread an amazing story)

The Principle:Turn the conventional rules upside down;play as unorthodox as possible