The Greater Fool - On Entrepreneurship

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This is a presentation on is a fun presentation on the most important focus points when starting up a business.

Author: Eva Hukshorn, EFactor

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The Greater Fool - On Entrepreneurship

  1. 1. THE  GREATER  FOOL  Eva  Hukshorn,  Partner  EFactor  
  2. 2. WHO  IS  THIS  PERSON  IN  THE  FRONT   OF  YOUR  CLASS  ROOM??           2  
  3. 3. EVA  HUKSHORN  IS  MY  NAME           3  
  4. 4. GERMANY   TRAVELLING  THE  WORLD   MANAGEMENT  BUY  IN   SOCIAL  MEDIA   SHOWLINQ   ENTREPRENEUR   MERGERS   CREATIVE   ECONOMICS  FUNDING   GRONINGEN   NETHERLANDS   PASSIONATE   NEW  YORK   AMBITIOUS   STRATEGY  CONSULTANT   STRATEGY   MARKTLINK   LONDON   ACCENTURE   TREFOIL  ENERGY   GLOBAL  THINKERS  FORUM  START  UP  COACH   SOCIOLOGY   SAGITARRIUS   ART   TAIWAN   INFORMAL  INVESTOR   CMA   CLEANDRINKS   ABN  AMRO/RBS   EFACTOR   CROWDFUNDING   FINANCE   INVESTMENT  BANKER   BUSINESS  WOMEN  OF  THE  YEAR   YOUNGEST  OF  5   ACQUISITIONS   AMSTERDAM   4  
  5. 5. 1.  What:  Largest  entrepreneurial  plaKorm  worldwide  2.  Where:  Online  –  On  Earth  3.  Who:  StarSng  up  &  acceleraSon  4.  How:  Funding,  Coaching,  Discount  Tools,  Events,  Networking   5  
  6. 6. There’s  basically  two  ways  to  be  financially  successful  as  a   company.  One,  you  could  rely  on  ;me-­‐tested  business   fundamentals.  I  call  this  the  Warren  Buffet  model.    Two,  you  could  rely  on  the  greater  fool  theory,  which  is  that  with  enough  hype,  smoke,  and  mirrors  you  can  find  a  buyer   who  is  an  even  greater  fool  than  your  investors.     Quote  -­‐  Tony  Stubblebine   Serial  Entrepreneur,  Internet  Consultant,  Author   6  
  7. 7. Successful  entrepreneurship:  Luck  or  Reason?   7    
  8. 8. BOTH  Luck  is  where  Opportunity  meets  PreparaSon   8  
  9. 9. DEAR  TO  DREAM               9    
  10. 10.             10    
  11. 11. KEY  ELEMENTS     11  
  12. 12. KEY  ELEMENTS     12  
  13. 13. KEY  ELEMENTS     13  
  14. 14. KEY  ELEMENTS     14  
  15. 15. MONEY  •  Your  investment  does  not   consist  only  of  Sme  spend  •  Become  as  criScal  as  your   external  investors  would  be  •  Money  is  the  end-­‐game  of   the  investor,  so  is  yours   15  
  16. 16. PERSISTANCY    1.  85%  of  ideas  do  not  startup    2.  50%  of  the  startups  are  not  alive  aber  5  years  3.  On  average  it  takes  3.8x  companies  to  be  successful    4.  Less  then  10%  of  the  startups  get  funded  with  equity:   •    0.03%  venture  capital  /  2%  by  informal  investors     •  It  takes  1.5  years,  32  versions  of  your  business  plan  and     speaking  to  20  investors  at  least  3  Smes    5.  65%  of  entrepreneurs  have  personal  loans   16    
  17. 17. BOOTSTRAPPING     Achieving  as  much  as  possible    with  as  lifle  money  as  possible    1.  Funding  from  own  funds    2.  Funding  from  revenue   3.  Lean  &  mean    4.  Be  creaSve    5.  Case  study…   17    
  18. 18. BOOTSTRAPPING  –  CASE  STUDY  SYMBID:  DUTCH  EQUITY  BASED  CROWDFUNDING  PLATFORM   •  TOTAL  VALUE  PLATFORM:        EUR  2.046.000                      USD  2.7mio   •  CASH  OUT  SYMBID:          EUR  176.000                      USD  230k   •  TOTAL  BOOTSTRAPPING  PROFIT:  EUR  1.864.00                      USD  2.4mio   18  
  19. 19. BOOTSTRAPPING  –  CASE  STUDY  SYMBID  PARTNER   WHAT     VALUE:   SYMBID  PAID:  BDO     500  hours  of  advice  (280  Euro/hour)   EUR  140.000   EUR  0  AKD   175  hours  of  advice  (280  Euro/hour)   EUR  50.000   EUR  20.000  Technology   Shareholder       EUR  250.000   EUR  150.000   India  mockup  on  western  standards    MarkeSng   Affiliate  Model,  Social  Media,              Free   EUR  500.000   EUR  5.000   Publicity  Team   No  Salary     EUR  600.000   EUR  0  Advisors  Investors   CelebriSes  +  Specialists     @  discount  if  next  investor  at  higher   EUR  500.000   EUR  1.000     (2  dinners)   price   19    
  20. 20. PREPARATION               20  hXps://www.youtube.com/watch?v=TWfph3iNC-­‐k    
  21. 21.             21    
  22. 22. BUSINESS  BIBLE  1 YOUR  IDEA   •  Time  spend:  6-­‐9  months   •  Problem  solved  for  whom   •  Kinder-­‐Überraschung  effect    2 YOUR  BUSINESS  PLAN     •  Time  spend:  2-­‐3  months     •  Details  of  the  execuSon  process     •  5  years,  3  phases,  1st  phase  18  months  explicit   22      
  23. 23. PITCHING  &  PRESENTATION               23  hXps://www.youtube.com/watch?v=i6O98o2FRHw    
  24. 24.             24    
  25. 25. NETWORKING   C2  x  F  x  √T  =  Cl  C  =  CHEMISTRY   T  =  TIME  F  =  FUN   Cl  =  CLICK     25  
  26. 26. SALES  SALES  SALES  SALES  SALES  SALES  SALES  SALES  SALES  SALES  SALES     Every  sale  has  5  basic  obstacles:     no  need,  no  money,  no  hurry,  no  desire,  no  trust   1.  Fear  #1!!   2.  First  department  you  build   3.  Knights  vs.  farmers   4.  Numbers  game   5.  Shut  up   26  
  27. 27.  CONCLUSION??           27    
  28. 28. DEAR  TO  DREAM               28    
  29. 29.  AND  A  TRIBUTE  TO  THE  GREATER  FOOL           29    
  30. 30. A  TRIBUTE  TO  YOU!             30    
  31. 31. A  TRIBUTE  TO  THE  CRAZY  ONES…               GOOD  LUCK!   31  hXp://www.youtube.com/watch?v=8rwsuXHA7RA   R.I.P    
  32. 32. 32  
  33. 33. Thank  you!   Eva  Hukshorn:  eva@efactor.com  

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