The making of an entrepreneur by pier paolo mucelli @nacue 2010 02


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The making of an entrepreneur by pier paolo mucelli @nacue 2010 02

  1. 1. Pier Paolo Mucelli “ The Making of an Entrepreneur” ENTREPRISE BOOTCAMP - Jan 2010
  2. 2. Background <ul><li>Originally from North East of Italy (manufacturing cluster) </li></ul><ul><li>Father successful entrepreneur (self made) </li></ul><ul><li>Two brothers run a large manufacturing company (plastic card industry), exporting worldwide </li></ul><ul><li>Other family members set up businesses in the past with mixed success </li></ul><ul><li>Family witnessed several economic cycles in 60ies, 70ies, 80ies, 90ies, 00ies, and 10ies </li></ul>
  3. 3. Education / Working Experience <ul><li>Graduated at Warwick University late 80ies </li></ul><ul><li>Specialization in international marketing in Toulouse - Sup De Co </li></ul><ul><li>Worked during summer as intern </li></ul><ul><li>First real job as management consultant, quit after 9 months </li></ul><ul><li>Joined university friends and worked in sales with a new company in Malaysia (manufacturing) in early 90ies </li></ul><ul><li>Become Vice President with worldwide sales responsibility, company exported to 100 countries </li></ul><ul><li>2000 failed stock market float, resigned early 2001 </li></ul>
  4. 4. The Business Idea <ul><li>Original idea end of 1999 </li></ul><ul><li>Brand eOffice registered before business was born </li></ul><ul><li>Influenced by dot-com boom of late 90ies, emergence of new technologies and ways of working </li></ul><ul><li>Fascinated by design and technology, ideal to create a great workplace for entrepreneurs and small businesses </li></ul>
  5. 5. eOffice – The Concept <ul><li>eOffice  offers beautifully designed, high tech, fully furnished and serviced offices in city centre locations </li></ul><ul><li>eOffice  workspace is based on an open plan environment, or “office neighbourhoods” with few wall to wall partitions, where good aesthetics and design are combined with information-age technology. </li></ul><ul><li>Main service lines are virtual offices (business address and telephone answering), hot desking (touch down), fully furnished office, meeting and conference facilities </li></ul><ul><li>Additional services include administration and online services, making eOffice a one-stop-shop for start-ups and SMEs </li></ul><ul><li>Strong activities for members, including company visits, networking events and powerful online communities ( </li></ul><ul><li>eOffice  centres provide a suitable office solution for small businesses, start-ups and self-employed, in particular in the creative, media and technology sectors </li></ul><ul><li>All services are sold online, with an ecommerce platform </li></ul>
  6. 6. <ul><li>eOffice Soho </li></ul>
  7. 7. <ul><li>eOffice Manchester </li></ul>
  8. 8. <ul><li>eOffice Birmingham </li></ul>
  9. 9. <ul><li>eOffice Bristol </li></ul>
  10. 10. How did I start <ul><li>Idea : Develop a unique concept, a superior offering to the current offers in the market </li></ul><ul><li>Funding : Received funds from father to buy a flat in London, sold it and invested in the business </li></ul><ul><li>Premises : rented a small room at my accountant office </li></ul><ul><li>Team : Initially only a part time marketing consultant, then employed cousin as sales executive, only started to employ after launch </li></ul><ul><li>Launch: after Sep 11 th landlords become more flexible, secured first lease and launched in Soho Apr 2 nd 2002 </li></ul>
  11. 11. Early Challenges <ul><li>Very slow take up because of economic slowdown and lack of visibility </li></ul><ul><li>Company loss making immediately after launch </li></ul><ul><li>Early technical glitches </li></ul><ul><li>Small and inexperienced team </li></ul>
  12. 12. Turn around <ul><li>Focused on providing personalised service to existing clients </li></ul><ul><li>Launched Google ad campaign </li></ul><ul><li>Serial networking and presence at local exhibitions </li></ul><ul><li>Small but dedicated team </li></ul><ul><li>Company breaks even after 18 months </li></ul><ul><li>Expansion starts in 2006 </li></ul><ul><li>Currently in 4 UK locations, soon to launch franchise scheme </li></ul>
  13. 13. Building Knowledge <ul><li>Properties: Working with property consultant to identify appropriate sites. Visited hundreds of properties since 2001, hands on approach </li></ul><ul><li>Interiors: Since 2000, visited major design/trade exhibitions including Salone del Mobile – Milano, and French/Germany/UK fairs </li></ul><ul><li>Technology: Attending small and large technology events, including Cebit </li></ul><ul><li>Start up community : Attending smaller events targeting startup community in London and UK, and sponsoring many events </li></ul><ul><li>Client Networking: Participating to eOffice networking events (Net Thursdays, Coffee Fridays, and Lunch with the CEO), to understand clients requirements. Several online group resources </li></ul><ul><li>Knowledge building: Subscribing to over 50 publications, and several specialised newsletters/blogs/online resources </li></ul>
  14. 14. Tips and lessons learned <ul><li>Knowledge: Prepare yourself, study the market, attend events/fair/presentation and read a lot </li></ul><ul><li>Innovate: W hatever you do, do it better than existing providers, offer benefits to your clients </li></ul><ul><li>Marketing: Try different marketing and promotional activities and then focus on the most effective </li></ul><ul><li>People : Even with the best products/services, you need a good team around you to implement your vision </li></ul><ul><li>Perseverance: If you believe in what you do, be focused and patient, it takes a long time to build a stable business </li></ul>
  15. 15. The Myths of Entrepreneurship <ul><li>Work for yourself: You are working for everybody else (other shareholders, your employees, banks, business partners, suppliers and clients) </li></ul><ul><li>Great lifestyle: Get ready for longer hours, shorter holidays and more responsibilities </li></ul><ul><li>Make money: A small percentage of small businesses succeed and be prepared to get no salary for a long period of time </li></ul>
  16. 16. Current Opportunities for Startups <ul><li>The Workforce: You can outsource several company functions and bright human resources are available at competitive conditions </li></ul><ul><li>The Workplace: You can work anywhere and your workplace infrastructure can be flexible, scalable and economic </li></ul><ul><li>The Markets: WWW (worldwideweb) gives access to global information resources and international markets as never before </li></ul>
  17. 17. Resources <ul><li>Techcruch: </li></ul><ul><li>Seth Godin: </li></ul><ul><li>MyeOffice Blog: </li></ul><ul><li>SmallBiz Pod: </li></ul>