On Friday, October 8th Thunderbird Entrepreneurial Network organized one of the most awaited entrepreneurship events this fall – THE HIVE. It was an intimate gathering of 15 entrepreneurs and aspiring entrepreneurs who brought some great business ideas to the table. Jonathan Hegranes, winner of last year’s TEN Business Plan Competition, shared some extremely valuable information about how he launched his website Turbo140.com. He went over a lot of technical services he had to deal with on Turbo140, including how search engine optimization works, site design considerations, payment solution options, and use of social media (especially Twitter and Facebook). He also shared tips on writing a business plan, the journey from ideation to execution, finding the right employees, strategies to consider before launching the business.
“An aspiring entrepreneur shouldn't be afraid to get their ideas out there - whether by participating in business plan competitions or discussing with classmates. We need to stop being so secretive about our ‘big idea’, “ said Jonathan. “Instead we really need to put ourselves and our ideas out into the world -- it's the only way to get honest feedback, discover new opportunities, uncover gaps in your business model, and most importantly network with people who can help further your idea.”
Other issues addressed were legal considerations, patent and trademark registration processes, company capitalization, vesting of stock, and the amount of equity to give out to various positions. Another important subject matter was angel investors and venture capital financing. Finally, true to the Thunderbird spirit, there were discussions about how investors’ expectations vary from state to state and nation to nation. “Arizona investors will want you to wear a suit while presenting a formal business plan whereas California investors care more about seeing you demo the product/service - preferably while wearing beat up jeans.”