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Speaking about entrepreneurship - by Jacob Hagemann
 

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. ...

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 Speaking about entrepreneurship - by Jacob Hagemann Presentation Transcript

    • 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’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
    • 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
    • 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 realistic? 10 things to remember! 6
    • 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 Inventors The Creative Entrepreneur New Technology Nerd New Products New Processes Spots what is missing!
    • Main difference! The inventor’s main driver is The entrepreneur’s main driver is Creating the Product Creating the Business 12
    • 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 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
    • 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 University Press, 2010) 21
    • 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 Entrepreneur 23
    • 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
    • So the question is: Are you an entrepreneur?  Are you comfortable with: – Chaos – Uncertainty  Are you: – Flexible – Agile – Passionate – Driven – Persistent – Self-confident
    • 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
    • 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.
    • 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
    • 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 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
    • 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
    • Where do you fit? Time to market High Low A High Low B Probability of success Potential output C High Low High Cost Low
    • Inventions & Behavior Time to market High Low A High Low Probability of success Potential output High Low High Cost Low
    • Changing Business Models High Time to market Low Low High B Potential output Probability of success High Low High Cost Low
    • Creating the stronger offering High Time to market Low Low High Probability of success Potential output C High Low High Cost 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  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.
    • 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
    • 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
    • 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? – – – – 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.
    • 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?
    • 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!
    • 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
    • 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