Entrepreneurship according to
Jacob Hagemann

1
2
Why am I here to day?
 My start-up biography
–
–
–
–
–
–
–

Worked as an entrepreneur since 1998
Involved in 14 start-up’...
My EMBA
 I survived the IT Crisis in 2000 – 2001 with a tough turn-around!
 I have experienced extreme growth from 2002 ...
My work / life philosophy

Work till you die!

Retire while you can!

5
Agenda

What is Entrepreneurship?

Inventors and Entrepreneurs?
The DNA of an Entrepreneur
Is your business idea reali...
WHAT IS
ENTREPRENEURSHIP?

searcus

group

7
“Entrepreneurship is the
act of bringing life to
the ideas of inventors.”
“Entrepreneurship is like
art. Don’t do it for the
money. Do it because
you have to.”
INVENTORS AND
ENTREPRENEURS
....it takes two to Tango!

searcus

group

10
Entrepreneurs vs.

Ideas

Creates
Business plans
Spot the cash
flow
Find investors
Leader
Passionate
about
selling

Invent...
Main difference!

The inventor’s main driver is

The entrepreneur’s main driver is

Creating the Product

Creating the Bus...
Who are
you?
13
The inventor

14
The entrepreneur

15
The creative entrepreneur

16
Your ability to realize as early as possible who you are, will be
fundamental for your
success!
17
I am more entrepreneur than inventor!
Value of Entreprenur

Company Maturity

8
7
6
5
4
3
2
1
0

C
I O
D N
E C
A E
S P
T

...
The DNA
of an entrepreneur

19
Are you born to be
an entrepreneur?
Or do you become
an entrepreneur?
48%

Of your ability as an entrepreneur is
determined by your genes!

Source: Born Entrepreneurs, Born Leaders, (Oxford Un...
When did
you last
check your
genes?
22
My Great Grandfather, Gustav Adolph Hagemann (16.5.1848 – 26.4.1916)

Chemical Engineer

Inventor

Investor and Entreprene...
Genes or not!

Just like artists needs to learn how to use a
pencil, an entrepreneur needs the skills to
build and run a ...
So the question is: Are you an entrepreneur?
 Are you comfortable with:
– Chaos
– Uncertainty
 Are you:
– Flexible
– Agi...
Can you?

Spot and execute business opportunities
Identify cash-flow and raise start-up
capital
Find the right people t...
Do you have what it takes?
 The entrepreneurs that contain the above mentioned capabilities and abilities are
most likely...
If you are still in doubt!
 Take a deep breath and read the following 8 lines:
–
–
–
–
–
–
–
–

Administration
Staff resp...
IS YOUR BUSINESS IDEA
REALISTIC?
Is there a match between you and your project?

searcus

group

29
What is the fundamental idea?

Creating a
stronger offering
Apple, Ipod and
computers
Starbucks
Searcus
Noma
Ryan Air

Cha...
You and your project needs to be aligned!
 To what degree are you
–
–
–
–
–
–

…ready to risk all you have?
…looking for ...
Where do you fit?
Time to market

High

Low

A

High

Low

B

Probability
of success

Potential
output

C
High

Low
High

...
Inventions & Behavior
Time to market

High

Low

A

High

Low

Probability
of success

Potential
output

High

Low
High

C...
Changing Business Models
High

Time to market

Low
Low

High

B

Potential
output

Probability
of success

High

Low
High
...
Creating the stronger offering
High

Time to market

Low
Low

High

Probability
of success

Potential
output

C
High

Low
...
10 THINGS TO REMEMBER
When starting up a business

searcus

group
Don’t be first! (1)
Be the first fastest follower
 Being the first will make you the benchmark for everyone to beat
 Usu...
Start-up’s are dynamic (2)
There are no average start-ups
 Most will change their business model within the first 12 – 18...
Be ready to burn the boat! (3)
Cannibalize your own business before someone
else does it.
 While you are in the middle of...
Your biggest risk (4)

Your self!
– Tripping over your own two feed.

40
Cash flow/ Revenue Model (5)
 How do you plan to make money?
 When does the money come in?
 How big is the market?
–
–
...
Customers (6)
 No customers – no money
– Users vs. Payers
– Examples:
 Google (users are you and I – payers are advertis...
Competition (7)

When competitions become an issue – its because
you are doing something right!
 Don’t worry about the co...
Use your network (8)
 Your network is key to get a good start!
 But, but, but…be careful who you ask for advice:
 Every...
People, People, People (9)

Hook up with the right people
 Get help from professionals!

45
Be realistic about you role! (10)

The CEO

The Creative Entrepreneur
Who are you?

47
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Speaking about entrepreneurship - by Jacob Hagemann

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About 2 years ago I did this presentation about entrepreneurship at the EMBA at Lugano University.

I use my own experience and the experience of 15 entrepreneurs that participated in a short questionnaire about Entrepreneurship.

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Speaking about entrepreneurship - by Jacob Hagemann

  1. 1. Entrepreneurship according to Jacob Hagemann 1
  2. 2. 2
  3. 3. Why am I here to day?  My start-up biography – – – – – – – Worked as an entrepreneur since 1998 Involved in 14 start-up’s 1 IPO (Search Marketing Agency) 4 exited (Two in Online Retail, Mobile Content, SEO Agency) 4 close-down (Real estate, Logistics, Agency and Gambling) 2 live and operational (Agency and Technology) 3 in early start-up (Agency, Auction, Toys)  And I have combined this with the experience of 15 other entrepreneurs making up for at total of 175 years of entrepreneurship and more than 100 companies, today accounting for more than 5.000 employees. 3
  4. 4. My EMBA  I survived the IT Crisis in 2000 – 2001 with a tough turn-around!  I have experienced extreme growth from 2002 – 2007  I saw the markets go down during 2008 financial crisis and had to sell/close-down 3 companies and close another 3.  I founded, a now successful company, during downtime in 2010  I made a spin-of from one company to another in 2012  I have raised money from investors  I expect to be part of at least 20 – 30 other start-ups during the next 60 years. 4
  5. 5. My work / life philosophy Work till you die! Retire while you can! 5
  6. 6. Agenda What is Entrepreneurship? Inventors and Entrepreneurs? The DNA of an Entrepreneur Is your business idea realistic? 10 things to remember! 6
  7. 7. WHAT IS ENTREPRENEURSHIP? searcus group 7
  8. 8. “Entrepreneurship is the act of bringing life to the ideas of inventors.”
  9. 9. “Entrepreneurship is like art. Don’t do it for the money. Do it because you have to.”
  10. 10. INVENTORS AND ENTREPRENEURS ....it takes two to Tango! searcus group 10
  11. 11. Entrepreneurs vs. Ideas Creates Business plans Spot the cash flow Find investors Leader Passionate about selling Inventors The Creative Entrepreneur New Technology Nerd New Products New Processes Spots what is missing!
  12. 12. Main difference! The inventor’s main driver is The entrepreneur’s main driver is Creating the Product Creating the Business 12
  13. 13. Who are you? 13
  14. 14. The inventor 14
  15. 15. The entrepreneur 15
  16. 16. The creative entrepreneur 16
  17. 17. Your ability to realize as early as possible who you are, will be fundamental for your success! 17
  18. 18. I am more entrepreneur than inventor! Value of Entreprenur Company Maturity 8 7 6 5 4 3 2 1 0 C I O D N E C A E S P T S T R A T E G Y S T A R T I N G U P Development Sales & Marketing Accounting Invoicing Hiring Lawyers Pension Maternity Leave Holiday Salaries Structure Implementation Rules Politics Communication All the fun stops
  19. 19. The DNA of an entrepreneur 19
  20. 20. Are you born to be an entrepreneur? Or do you become an entrepreneur?
  21. 21. 48% Of your ability as an entrepreneur is determined by your genes! Source: Born Entrepreneurs, Born Leaders, (Oxford University Press, 2010) 21
  22. 22. When did you last check your genes? 22
  23. 23. My Great Grandfather, Gustav Adolph Hagemann (16.5.1848 – 26.4.1916) Chemical Engineer Inventor Investor and Entrepreneur 23
  24. 24. Genes or not! Just like artists needs to learn how to use a pencil, an entrepreneur needs the skills to build and run a company. These skills can be taught - but the creative energy and the burning flame you either have, or you don t. 24
  25. 25. So the question is: Are you an entrepreneur?  Are you comfortable with: – Chaos – Uncertainty  Are you: – Flexible – Agile – Passionate – Driven – Persistent – Self-confident
  26. 26. Can you? Spot and execute business opportunities Identify cash-flow and raise start-up capital Find the right people to help you build a business
  27. 27. Do you have what it takes?  The entrepreneurs that contain the above mentioned capabilities and abilities are most likely to become successful. – Everybody gets ideas – every day. – Very few realize it - hence attempt to realize the idea.  Of those who try to realize only 10 % actually start up a business.  And of those 10 % only 20 % survive more than 18 month of operation.  The survivors are the real entrepreneurs.
  28. 28. If you are still in doubt!  Take a deep breath and read the following 8 lines: – – – – – – – – Administration Staff responsibility Paperwork Accounting Insurance Bureaucracy Sceptic people Hiring & training  How do you feel?  I’m ok? (you are not an entrepreneur, sorry!)  I’m exhausted, my heart is hammering (You have a good chance of being an entrepreneur) 28
  29. 29. IS YOUR BUSINESS IDEA REALISTIC? Is there a match between you and your project? searcus group 29
  30. 30. What is the fundamental idea? Creating a stronger offering Apple, Ipod and computers Starbucks Searcus Noma Ryan Air Changing The Business model Making inventions Apple Itunes AT&T Car Leasing Spotify Skype The car The phone The PC The Plane Curing deceases New sources of energy Changing The Behaviour Google Amazon Facebook Ebay 30
  31. 31. You and your project needs to be aligned!  To what degree are you – – – – – – …ready to risk all you have? …looking for the one big thing that will make you hyper rich? …ok with not succeeding? …in place with the the funds necessary to invest in your business? …working with investors? …patient?  To what degree is your start-up/project – – – – – A potential Blockbuster entering a risky market Similar to other business’ out there In need of a lot of cash In need of a long develop 31
  32. 32. Where do you fit? Time to market High Low A High Low B Probability of success Potential output C High Low High Cost Low
  33. 33. Inventions & Behavior Time to market High Low A High Low Probability of success Potential output High Low High Cost Low
  34. 34. Changing Business Models High Time to market Low Low High B Potential output Probability of success High Low High Cost Low
  35. 35. Creating the stronger offering High Time to market Low Low High Probability of success Potential output C High Low High Cost Low
  36. 36. 10 THINGS TO REMEMBER When starting up a business searcus group
  37. 37. Don’t be first! (1) Be the first fastest follower  Being the first will make you the benchmark for everyone to beat  Usually very expensive to create a non existent market  Difficult to get capital  No players in the market! Maybe the opportunity is not so great.
  38. 38. Start-up’s are dynamic (2) There are no average start-ups  Most will change their business model within the first 12 – 18 month  Customers will educate you – if you listen  Income will not grow as fast as you think  Cost will grow faster then you think 38
  39. 39. Be ready to burn the boat! (3) Cannibalize your own business before someone else does it.  While you are in the middle of you start-up opportunity and threats come along. Market may change dramatically and you should always be ready to abandon strategy to go for other and better opportunity. 39
  40. 40. Your biggest risk (4) Your self! – Tripping over your own two feed. 40
  41. 41. Cash flow/ Revenue Model (5)  How do you plan to make money?  When does the money come in?  How big is the market? – – – – Total available market? Served available market? Target Market Segments  Make a Revenue model that is so clear that even a child can see the potential.
  42. 42. Customers (6)  No customers – no money – Users vs. Payers – Examples:  Google (users are you and I – payers are advertisers.)  How should customers find you?  Why should customers chose to buy your product if and when they find you?
  43. 43. Competition (7) When competitions become an issue – its because you are doing something right!  Don’t worry about the competitors – be happy when they try to squeeze you!  Invite them to lunch – share experience!
  44. 44. Use your network (8)  Your network is key to get a good start!  But, but, but…be careful who you ask for advice:  Everybody is different and the advice of one person will be his or her personal advice, based on who they are as a person: How risky he or she is? How smart he or she is? Is he giving this advice because he did not dare to go the other way? Did he choose to do A because he could not do B Is he a bad negotiator and could not get the right prices Is the advice based on something he or she is very good at and where they are super connected – and therefore have easy access – will it be the same for me? – And so I goes on! – – – – – – 44
  45. 45. People, People, People (9) Hook up with the right people  Get help from professionals! 45
  46. 46. Be realistic about you role! (10) The CEO The Creative Entrepreneur
  47. 47. Who are you? 47

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