Entrepreneurship Extravaganza a Success!

The Entrepreneurship Extravaganza on November 20 and 21 was a big success! Many students, staff members, and current and future entrepreneurs braved the snowy conditions to attend. If you weren’t able to make it, read the following posts to find out who was there and the advice they shared.

What should I do once I have an idea for a business?

In the Entrepreneurship Roundtable session, participants had the opportunity to speak with many panelists from a variety of industries and organizations designed to assist small businesses. Jim Cossler from the Youngstown Business Incubator shared this advice for entrepreneurs who are considering opening a business:

• Talk to as many people as possible who fall into your target market. Get as many opinions as you possibly can. This is your chance to find out what each person likes or dislikes about your proposed product or service. Just because you think it is a great idea doesn’t mean everyone else will. This exploratory phase is your chance to test the waters and gather opinions.


• Talk to people in the industry you want to enter. Get their opinions on whether there is a market for your product or service. Those who started out as entrepreneurs themselves may be willing to share their opinions and insight with you.


• Don’t be afraid to walk away from your first idea … and walk toward your second idea. Some people get hung up on their first idea and have a hard time letting it go, even if they discover it probably isn’t a feasible or profitable idea. Don’t be afraid to move on. Keep brainstorming new ideas. Your second or third idea may be even better than your first one.

How can I protect my business idea?

John Myers, the Executive-in-Residence at The University of Akron Research Foundation, spoke about the importance of doing your own market research before launching a business, having a solid business plan that maps out your first year or two, and using nondisclosure agreements when necessary (NDA).

• What is a nondisclosure agreement? A nondisclosure agreement is a legal contract between two parties that outlines confidential materials or knowledge the parties wish to share with one another for certain purposes, but wish to restrict access to. It is a contract through which the parties agree not to disclose information covered by the agreement. An NDA creates a confidential relationship between the parties to protect any type of confidential and proprietary information or a trade secret. An NDA protects non-public business information.


• Myers explained that even though you should talk to many people about your idea, some of those people might be interested in using your idea and pursuing it on their own. When you talk to someone in the industry you want to enter (or any other time the person might be a risk), you need to have them sign a nondisclosure agreement.