Are you an entrepreneur who wants to start your own business, or are in the process of starting one? You’ve probably heard of the infamous statistic that about 90% of startups eventually fail and might be feeling discouraged. Don’t fret; we’re here to help you become the 10% that does make it. It all starts with a solid foundation based on education and support, something that 1 Million Cups is all about.
How it Works
1 Million Cups is an educational program developed by the Kauffman Foundation. It brings entrepreneurs to the forefront of their communities.
It works by having entrepreneurs apply to become one of the two weekly presenters. Once accepted into the program, the entrepreneur receives invaluable educational videos that will help them analyze their business idea in-depth as well as help prepare them for their presentation. After watching those videos, entrepreneurs will have six minutes to present their idea to their community and then have 15-20 minutes of Q&A.
This program has several benefits for entrepreneurs. First and foremost, they receive educational resources that will guide them through their business venture. A good startup needs a solid foundation and the resources that 1 Million Cups provide aids in the development entrepreneurs’ educational foundation.
Second, entrepreneurs receive feedback on their business idea. They receive feedback from the community and from entrepreneurs just like themselves. Presenters may be challenged during the Q&A session and it will only make their idea stronger by the end of the presentation.
Last, but not least, entrepreneurs will gain support from the community. Support is critical for any startup business, and this program puts entrepreneurs at the forefront of their community. They can connect with other entrepreneurs in the area, get a head start in customer acquisition, or simply network with a wide range of people. The community benefits as well by getting to know more about the businesses being developed in their region.
By the end of the experience, entrepreneurs will leave feeling better prepared, more confident, and more focused.
Want to Learn More?
If you want to learn about the Kauffman Foundation’s 1 Million Cups program, click here. As always, MAGIC is here to help entrepreneurs thrive, and if you have any questions or want additional resources, feel free to contact us at any time.