SPONSORED BY THE NATIONAL COUNCIL OF YOUNG ISRAEL TOURO GRADUATE SCHOOL OF BUSINESS THE JEWISH PRESS DECEMBER 18,

2008

Entrepreneurship the result of a disciplined,

systematic process of applying creativity and innovation to the needs and opportunities in the marketplace. Entrepreneurs connect their creative ideas with the purposeful action and structure of a business. APPLICATION: Find Creative ways of Fund Raising 1

One who creates a new approach to fund raising in the face of risk and uncertainty for the purpose of achieving revenue and growth by identifying opportunities and assembling the necessary resources to capitalize on them.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15.

Confidence Perseverance, determination Energy, diligence Resourcefulness Ability to take calculated risks Dynamism, leadership Optimism Need to achieve Versatility; knowledge of product, market, machinery, technology Creativity Ability influence others Ability to get along well with people Initiative Flexibility Intelligence

16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31.

Responsibility Foresight Accuracy, thoroughness Cooperativeness Profit orientation Ability to learn from mistakes Sense of power Pleasant personality Egotism Courage, independence Imagination Perceptiveness Tolerance for ambiguity Aggressiveness Capacity for enjoyment Honesty, integrity 3

The opportunity to: Create your own programs Make a difference Maximize your $$$$ potential Reap impressive fundraising results Contribute to the community and to be recognized for your efforts Do what you enjoy and to have fun at it
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Myth 1: Entrepreneurs Are Doers, Not Thinkers Myth 2: Entrepreneurs Are Born, Not Made Myth 3: Entrepreneurs Are Always Inventors Myth 4: Entrepreneurs Are Academic and Social Misfits Myth 5: Entrepreneurs Must Fit the Profile Myth 6: All Entrepreneurs Need Is Money Myth 7: All Entrepreneurs Need Is Luck Myth 8: Ignorance Is Bliss For Entrepreneurs Myth 9: Entrepreneurs Seek Success But Experience High Failure Rates Myth 10: Entrepreneurs Are Extreme Risk Takers (Gamblers)
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Know your institutional goals in depth (budget) Develop a long range solid strategy Identify and manage financial resources Understand financial cash flow Learn to manage people effectively Keep in tune with program timeliness 6

YES!

By overcoming paradigms and by suspending conventional thinking long enough to consider new and different alternatives! 7

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12.

Naah. Cant (said with head shake & air of finality) Thats the dumbest thing I ever heard. Yeah, but if you did that. (poses unlikely disaster cause) We already tried that-years ago. Weve done all right so far; why do we need that? I dont see anything wrong with the way were doing it now. That doesnt sound too practical. Weve never done anything like that before. Its not in the budget. Where do you get these weird ideas? Lets get back to reality.
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Focusing on being logical Blindly following the rules Constantly being practical Viewing play as frivolous Searching for the one right answer (and be different)

Becoming overly specialized Avoiding ambiguity Fearing looking foolish Fearing mistakes and failure Believing that Im not creative

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Is there a new way to do it? Can you borrow or adapt it? Can you give it a new twist? Do you merely need more of the same? Less of the same?

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Is there a substitute? Can you rearrange the parts? What if you do just the opposite? Can you combine ideas? Can you put it to other uses?

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What else could you make from this? Are there other fundraising opportunities for it? Can you reverse it? Can you rearrange it? What idea seems impossible, but if executed would revolutionize your fundraising?

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ADAPTOR

INNOVATOR

Employs disciplined, precise, methodical Approaches tasks from unusual approach angles Is concerned with solving, rather than Discovers problems and avenues finding, problems of solutions Attempts to refine current practices Questions basic assumptions related to current practices Tends to be mean oriented Has little regard for means; is more interested in ends Is capable of extended detail work Has little tolerance for routine work Is sensitive to group cohesion and Has little or no need for consensus; cooperation often is insensitive to others 14

Talk with congregants Look for uses for your institutions products or services in other markets Reward creativity Develop procedure to capture ideas

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Allow yourself to be creative Give your mind fresh input every day Observe the products and services of other institutions, especially those in completely different markets Recognize the creative power of mistakes
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Brainstorming
Goal is to create a large quantity of novel and imaginative ideas.

Keep the group small Two pizza rule. Make the group as diverse as possible. Organizational position is irrelevant. Have a well-defined problem, but dont reveal it ahead of time. Limit the session to 40 to 60 minutes. Take a field trip. Appoint a recorder.
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Use a seating pattern that encourages interaction. Throw logic out the window. Encourage all ideas from the team. Shoot for quantity of ideas over quality of ideas. Forbid criticism. Encourage idea hitch-hiking. Dare to imagine the unreasonable. 18

Identify your best donor targets, never passing up the opportunity to get their names.

Enhance your fundraising by giving prospective donors information about their goals and how you will use funds.

Collect data on these targets, linking their identities to their congregation activities

See non-givers reluctance for what it is - a chance to improve your services and quality. Encourage complaints and then fix them!

Calculate long-term value of donors so you know which ones are most desirable (and most profitable).

Know what your prospects giving cycle is and time your fundraising efforts to coincide with it - just-in-time marketing.

Make sure your institutions product and service quality will astonish your customers

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Validate the idea as accurate and useful.

Is it really a better solution? Will it work? Is there a need for it? If so, what is the best application of this idea in our fundraising agenda? Does this fundraising event or activity fit into our core competencies? How much will it cost to establish and maintain? Can we make it appear to be reasonable and fulfilling?

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Answers key congregant question: Whats in it for me? Consider intangible or psychological benefits as well as tangible ones.
Find a niche and fill it. Dont just sell; entertain. Strive to be Unique
Can I try some of your painkiller?

-Get well soon

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1. Choosing the right sources of fundraising is a decision that will influence your institution for a lifetime. 2. The money is out there; the key is knowing where to look. 3. Raising money takes time and effort. 4. Creativity counts. Entrepreneurs have to be as creative in their searches for funds as they are in developing their ideas.
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