Take a Risk and Start Your Company

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Take a Risk and Start Your Company

  1. 1. From MBA to Entrepreneur: Take a Risk & Start Your Company! featuring: Andrew D’Souza Chief Revenue Officer of Caitlin Quan Evisors Marketing & Operations AssociateHosted by: Hosted by: Career Advisors on Demand..com/webinars
  2. 2. I. About Andrew II. What is Entrepreneurship and why should you care? III. Entrepreneurial roles IV. Starting your own V. Tips & Resources VI. Q&A Agenda Hosted by: Career Advisors on Demand..com/webinars
  3. 3. About Andrew ✗✔ Hosted by: Career Advisors on Demand..com/webinars
  4. 4. Entrepreneurship I. About Andrew II. What is Entrepreneurship and why should you care? III. Entrepreneurial roles IV. Starting your own V. Tips & Resources VI. Q&A Hosted by: Career Advisors on Demand..com/webinars
  5. 5. What is an entrepreneur? An entrepreneur: • Sees an opportunity • Makes a plan • Starts the business • Manages the business • Receives the profits - US SBA Hosted by: Career Advisors on Demand..com/webinars
  6. 6. Why is this important? • The concept of a “career” is changing • Career path transcends employer • Core skills: – Continuous learning – Ambiguous problem solving – Adaptability – Networking – “Seeing around corners” • Entrepreneurs will win this generation Hosted by: Career Advisors on Demand..com/webinars
  7. 7. Entrepreneurship I. About Andrew II. What is Entrepreneurship and why should you care? III. Entrepreneurial roles IV. Starting your own V. Tips & Resources VI. Q&A Hosted by: Career Advisors on Demand..com/webinars
  8. 8. Where to be an Entrepreneur • Massive company • Established, but growing startup • “Hot” startup • Early-stage startup (seed/series A-funded, ) • Start your own • Other roles which interface with startups: – VC – Corp Dev / Bus Dev for a larger corporation Hosted by: Career Advisors on Demand..com/webinars
  9. 9. Roles at a Startup • Technical Leadership • Product Management • Sales • Marketing • Finance • Business Development EarlystageLaterstage Hosted by:See the rest at evisors.com/webinars/webinar/47
  10. 10. Technical Leader The Role • Lead the engineering/product team • Prioritize resources across product features • Ensure deadlines are met and product is reliable Key Skills • Software engineering / technical problem-solving • Organization and prioritization • Team management Proving yourself • Build something awesome • Run an engineering team Hosted by:See the rest at evisors.com/webinars/webinar/47
  11. 11. Product Manager The Role • Own the product vision / define roadmap • Understand customer needs, translate to engineering requirements • Prioritize features based on business needs Key Skills • Communication across an organization • Data-driven, hypothesis-driven • Design sense Proving yourself • Build something awesome • Create a product brief • Blog Hosted by:See the rest at evisors.com/webinars/webinar/47
  12. 12. Sales The Role • Find customers • Close business • Hire and manage other salespeople Key Skills • Organization • Tenacity and work ethic • Communication Proving yourself • Sell something, have a track-record • Start “commission-only” • Follow-through Hosted by:See the rest at evisors.com/webinars/webinar/47
  13. 13. Marketing The Role • Build brand awareness / buzz • Acquire customers / users • Manage marketing budget Key Skills • Creativity and copywriting skills • Data-driven • Design sense • Social media savvy Proving yourself • Blog, establish social media presence • Learn to build landing pages and run SEO/SEM/Email campaigns • Offer to work on discrete projects Hosted by:See the rest at evisors.com/webinars/webinar/47
  14. 14. Finance The Role • Own the financial model • Monitor and report on key business metrics • Provide input on strategic decisions • Provide support for fundraising and M&A efforts Key Skills • Financial acumen • Comfort with numbers and modeling • Strategic thinking Proving yourself • Previous experience in finance • Offer to review a startup’s model / pitch • Work with VCs Hosted by:See the rest at evisors.com/webinars/webinar/47
  15. 15. Business Development The Role • Establish strategic partnerships • Develop new revenue streams Key Skills • Creativity • Negotiation • Networking • Organization Proving yourself • Get referred by a VC, strategic partner or other strong connection • Present a business development plan • Set up meetings with prospective partners Hosted by:See the rest at evisors.com/webinars/webinar/47
  16. 16. Breaking in • Narrow focus (industry, stage, role, short-list) • What’s your pitch? Unique advantage over others? • Have you done it before? – less experience in industry/role = larger/more established company • Work with startups/VCs while in school – THM Business Development Associate (toph.at/about/careers) – Research projects for VC firms • Work the network (alumni, friends, family, etc.) Hosted by:See the rest at evisors.com/webinars/webinar/47
  17. 17. Entrepreneurship I. About Andrew II. What is Entrepreneurship and why should you care? III. Entrepreneurial roles IV. Starting your own V. Tips & Resources VI. Q&A Hosted by:See the rest at evisors.com/webinars/webinar/47
  18. 18. Starting your own • Start with a burning problem – (“Need dog food NOW, but no time to buy it”… = ) • Identify an opportunity where you have an unfair advantage – Unique insight – Relentless obsession • Don’t start a company simply “to be an entrepreneur” Hosted by:See the rest at evisors.com/webinars/webinar/47
  19. 19. Lean Startup • Minimum Viable Product • “Pivot” based on customer feedback • Maximize learning, minimize costs Hosted by:See the rest at evisors.com/webinars/webinar/47
  20. 20. Sources of Funds • Customers • Grants / competitions • Yourself • Incubators • Friends / family • Loans • Professional angels / seed investors • VCs EasiestHardest Hosted by:See the rest at evisors.com/webinars/webinar/47
  21. 21. What investors care about In order of importance…. • Traction • Founders (what makes you special? In general? For this idea?) • Market Size ($5B+) – Top-down (TAM) – Bottom-up (SAM) – Market growth • Product differentiation • Barriers Hosted by:See the rest at evisors.com/webinars/webinar/47
  22. 22. Hacking fundraising • Profitable investment = not good enough … need to be the next Facebook • Scarcity / competition / FOMO are your friends • Social proof – get strong referrals • Control the timing – Raising $X – round is closing in 2 months – Only flying in for a few days • Control the message – Press – Product launches – Intros • Do your homework before asking for intros… don’t waste your time Hosted by:See the rest at evisors.com/webinars/webinar/47
  23. 23. Entrepreneurship I. About Andrew II. What is Entrepreneurship and why should you care? III. Entrepreneurial roles IV. Starting your own V. Tips & Resources VI. Q&A Hosted by:See the rest at evisors.com/webinars/webinar/47
  24. 24. Networking Tips Getting started • Get to events (StartupDigest, Meetup, Eventbrite, etc.) • Quality over quantity Follow-through • Be specific in the ask (i.e. “I’d love 15 minutes to learn about X opportunity at Y startup” vs. “I want to get together and chat about the industry”) Follow-up • Thank them for their time • Close the loop on intros Hosted by:See the rest at evisors.com/webinars/webinar/47
  25. 25. Resources • Quora.com – ask anything, get great answers • PaulGraham.com / bhorowitz.com • Startup of You • Inbound Marketing • Spin Selling • Lean Startup • VentureHacks.com • Venture Deals • Angel.co – follow early-stage startups Hosted by:See the rest at evisors.com/webinars/webinar/47
  26. 26. Entrepreneurship I. About Andrew II. What is Entrepreneurship and why should you care? III. Entrepreneurial roles IV. Starting your own V. Tips & Resources VI. Q&A Hosted by:See the rest at evisors.com/webinars/webinar/47
  27. 27. Questions & Answers Hosted by:See the rest at evisors.com/webinars/webinar/47
  28. 28. Questions & Answers Question 1: When do you suggest that students start focusing on a business plan while in school? Hosted by:See the answer at evisors.com/webinars/webinar/47
  29. 29. Questions & Answers Question 2: Do you recommend students get some work experience first before going into entrepreneurship? Hosted by:See the answer at evisors.com/webinars/webinar/47
  30. 30. Questions & Answers Question 3: What were the major challenges in raising money for your business? Hosted by:See the answer at evisors.com/webinars/webinar/47
  31. 31. Questions & Answers Question 4: What is your perspective on holding a job while starting a company? Hosted by:See the answer at evisors.com/webinars/webinar/47
  32. 32. Questions & Answers Question 5: How important is location when starting your business? Hosted by:See the answer at evisors.com/webinars/webinar/47
  33. 33. Questions & Answers Question 6: What are your alternate career recommendations for students in today’s economy? Hosted by:See the answer at evisors.com/webinars/webinar/47
  34. 34. Book your session with Andrew at: www.evisors.com/expert/704 Fundraising advice: how to pitch your idea to investors Career advice: Compare consulting, operating roles and start-up/entrepreneurial endeavours Business plan feedback: Interested in starting a company? What does it take? Connect Andrew D’Souza Chief Revenue Officer of Hosted by:See the rest at evisors.com/webinars/webinar/47
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