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The slides from our recent workshop on entrepreneurship at the AISEC Youth to Business Forum

The slides from our recent workshop on entrepreneurship at the AISEC Youth to Business Forum

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    Aisec presentation   with videos (2) Aisec presentation with videos (2) Presentation Transcript

    • @csralahligroup
    • Our aim is to support young people to start a business. We run training and mentorship programs to take you from forming ideas right through to seeking investment. We are completely not for profit and the company aims to give back to the community.@csralahligroup
    • The Anatomy of Entrepreneurship@csralahligroup
    • http://www.youtube.com/watch?v= T6MhAwQ64c0 Entrepreneurs can change the world@csralahligroup
    • What is Enterprise? The mindset to create the change you want to see@csralahligroup
    • Hacking & Hustling @csralahligroup
    • How can you be Entrepreneurial? 1. Starting your own Business 2. Working for a start-up 3. Intrapreneurship @csralahligroup
    • Famous Intrapreneurship Examples3M: started as a Mining and Manufacturing company.One employee developed a special adhesive and another added it to his scrap paper.Company has sold over $1bn of the little thingsGoogle 20% time:Employees work one day a week on anything they want.Products launched from this: gmail, orkut @csralahligroup
    • Famous Intrapreneurship Examples @csralahligroup
    • Is entrepreneurship a viable career option after University? @csralahligroup
    • The Good Working on your Passion Autonomy Potential Income Developing your skills@csralahligroup
    • The Bad Hard Work Uncertainty Opportunity Cost of Employment@csralahligroup
    • The Ugly Little sleep ↓ Hair loss ↓ Divorce ↓ Bankruptcy ↓ Less sleep and more hair loss@csralahligroup
    • Most common rebuttal "Yes, starting a business is the dream, but I think it is better to go into employment, learn a bit, accumulate some capital and THEN do my own thing".@csralahligroup
    • Perceived Risk Difficult to identify… Impossible to quantify Highlights importance of your ability to handle uncertainty Belief (or the lack of) is self reinforcing – “Whether you think you can or you can’t; you’re right.” – Henry Ford@csralahligroup
    • “Once you graduate, on average, you have 4-5 years before you are married. This is a window of opportunity. Go tell your new wife you are leaving your investment banking job to start a business that may fail and see how she responds.”@csralahligroup
    • The success stories Become: -rich -famous -live your dream@csralahligroup
    • Another, more common story: Gain: -A good income - lots of travel -live your dream @csralahligroup
    • And if all goes wrong You fail, and you: -Move to Dubai -Secure a great job -Learn much for next time @csralahligroup
    • Video – jobs commencement speechhttp://www.youtube.com/watch?feature=endscreen&NR=1&v=c5aY6rMbOB o @csralahligroup
    • Activity: Is entrepreneurship a viable career option after University? @csralahligroup
    • Decision Considerations Priorities: Constraints: • Working on a passion • Your parents • Income Potential • Capital • Income Security • Time • Developing your skills • Working Potential Liabilities: autonomously • Marriage and Children • Mortgages@csralahligroup
    • Activity Stand up if you want to start a business when graduating Stay standing if you know what business idea you want to start Stay standing if you think you can do it Stay standing if you know how Stay standing if you will@csralahligroup
    • The start-up process You>team>idea>structuring >development>scaling-financing@csralahligroup
    • YOU! “You want to know how to paint a perfect painting? Its easy. Make yourself perfect and then just paint naturally.”@csralahligroup
    • 1) Determination = Willfulness + Discipline + AmbitionWillfulness: When you want something, you must have it, no matter what.Discipline: You have to be hard on yourself and not give in to new wills counter to your goal.Ambition: Is a person determined to go for a 100m jog determined? Have hubris – choose scary goals! @csralahligroup
    • The Melon Seed ModelThe more willful you are, the more disciplinedyou have to be.We can imagine will and discipline as twofingers squeezing a slippery melon seed. Theharder they squeeze, the further the seedflies, but they must both squeeze equally orthe seed spins off sideways. @csralahligroup
    • Focus on what you can controlDetermine how much time you want to spend with friends, washing, sleeping, gym, eating, employment in a typical week – how many hours do you have to work on your business in a week?This is something you will always be able to control. @csralahligroup
    • 10,000 hours@csralahligroup
    • If you really love working on something, you dont need determination to drive you; its what youd do anyway. @csralahligroup
    • IntelligenceNo coincidence Facebook, Microsoft, & Google all came for the World’s best UniversitiesThe one thing to take from University is to learn to think critically:• What are they key assumptions behind the argument?• Is this piece of information relevant?• What is its significance? @csralahligroup
    • ImaginationIts not so important to be able to solvepredefined problems quickly as to be able tocome up with surprising new ideas.In the startup world, most good ideas seembad initially.If they were obviously good, someone wouldalready be doing them. @csralahligroup
    • ResourcefulnessBecome easy to talk to, listen, then follow, chase, chase, chase that advice until you achieve your its goal.“A word to the wise is sufficient." @csralahligroup
    • Adaptability “Planning is a useful servant but a dangerous master” React to what you learn. Aim for the right level of stubbornness@csralahligroup
    • Be a “People Person” First they need to understand the vision Persuade others to follow your vision This quality of leadership applies everywhere in a start-up: Sales - Team@csralahligroup
    • Team What is a good team? 1) Unified goal – all passionate about the idea 2) Complementary (different skills) 3) Complementary personalities (no army of generals) 4) Long relationships with people you trust@csralahligroup
    • “Startups do to the relationship between the founders what a dog does to a sock: if it can be pulled apart, it will be.” @csralahligroup
    • How do you find them? 1. Friends 2. Join societies/clubs – Apple homebrew computing club 3. Attend enterprise events.. StartUp Weekend 4. Workspaces: MakeBusinessHub & Pavillion 5. Online founders dating!!@csralahligroup
    • Idea@csralahligroup
    • Problem identifying‘The important thing is not to stop questioning” Albert Einstein @csralahligroup
    • The Value Proposition Business exist to solve problemsWe offer X, which solves the problem of Y, for the group of Z people. @csralahligroup
    • Idea – Team fit @csralahligroup
    • Domain ExpertiseRule #1 : Start a business where you are the customerUnique combinations of expertise only you haveDo random shizzle.. Jobs dropping in on a calligraphy class @csralahligroup
    • Key Questions to ask:1) Identify within the team: passions, skills, networks, backgrounds. (domain experience)2) Identify problems team members face in those areas.3) Identify needs team members face within those areas. @csralahligroup
    • Key Questions to ask:– Identify the archetypical profile of who encounters this problem/need. Describe in terms of demographical/socio- economic terms/tastes.– In what circumstances/situations do they encounter the problem/need?– How are people affected by the problem/need? What are the emotions experienced from the pain? How intensive is the pain? How frequent does it occur?– What outcome do they want? (in the form of: Direction, Unit of measurement, Functional Outcome)– How do customers currently solve the problem/need? @csralahligroup
    • Creativity -http://vimeo.com/25380454 @csralahligroup
    • Disruptive innovation @csralahligroup
    • Sophisticated technology that simplifiesFirst, a change in technology occurs which is an enabler for a change in business model. @csralahligroup
    • Low-cost innovative business modelSecond, the emergence of the new business model disrupts the existing arrangements for providing a specific type of service @csralahligroup
    • Economically coherent value networkThird, supporting networks must be put in place; often it is not possible to disrupt just one part of the existing system but rather a whole series of inter-linked changes are needed. @csralahligroup
    • Standards that facilitate changeThe exact way in which all this plays out isimportantly dependent on the governmentregulations and policy environment relevantto innovation. @csralahligroup
    • Structuring Your Idea “If I had one hour to save the world, I would spend 55 minutes defining the problem and only five minutes finding the solution.” – Albert Einstein@csralahligroup
    • Business Model Canvas @csralahligroup
    • Lean Start-upBuild – Measure – Learn - IterateSign Up to this:http://www.udacity.com/view#Course/ep245/C ourseRev/1 @csralahligroup
    • Video – lean startuphttp://www.youtube.com/watch?feature=player_embedded&v=TXj3F5MdHU U#! @csralahligroup
    • Metrics CPA – LTV – Churn – GPM - Burn@csralahligroup
    • ActivityIn groups of 5, work out the business model of an internet portal that connects students with graduate jobs @csralahligroup
    • Business Models Typology• Solution shops• Value-Adding Process Businesses• Facilitated Network Businesses @csralahligroup
    • Solution shops• Solution shops are structured to diagnose and solve unstructured problems using highly trained experts.• Logo of famous company in this type of business model as described below. (do same for next two slides) @csralahligroup
    • Value-Adding Process BusinessesValue added processes generally takeincomplete inputs transforming them intocomplete outputs of greater value. @csralahligroup
    • Facilitated network businessesA business model paradigm in which abackbone system is used to connect togetherlike-minded customers so they can exchangegoods and services, share information,collaborate, or socialize with littleintermediation. @csralahligroup
    • Developing Your Idea ….Get out of the building!@csralahligroup
    • Video – customer developmenthttp://www.youtube.com/watch?feature=player_embedded&v=PFlSiHWaaM s#! @csralahligroup
    • Testing Methods• Talking to customers/partners• Look at other companies with similar business models• Google Analytics• MixpanelNo Surveys! @csralahligroup
    • MVPWhat is the minimum product can produce?Get it into the marketplace then adapt based on the response. @csralahligroup
    • The role of intuition“If Id asked my customers what they wanted, theyd have said a faster horse.” Henry FordKnow when to use each paradigmFind the balanceWhen you can’t decide... follow your gut!Without intuition you will just have ideas everyone else has though of. @csralahligroup
    • ScalingSatisfy a focused niche well with a strong value proposition.Build processes that can be repeated so the value proposition can reach a wider audience. @csralahligroup
    • AdoptionThe future is already here; its just not widelydistributed yet @csralahligroup
    • Financing your idea Money follows ideasIf you present a proven concept with significant potential ($) you will find investment Get enough money to prove your initial idea (MVP) @csralahligroup
    • Khalifa fund and Dubai SMEOffers a number of funding options to Emirati entrepreneurs; mostly loans. You must be over 21 years old and provide a part of the business cost. @csralahligroup
    • Accelerators• An accelerator typically offers a 3 month program where experienced entrepreneurs will mentor, advise and connect you to catalyse your start-up.• And of course you get equity investment @csralahligroup
    • Angel Investors• Typically high net-worth individuals, often successful entrepreneurs themselves; will invest in start-ups in exchange for an equity stake.• Often such investors bring more than just finance; the experience and direction they can provide are often more valuable than the money. @csralahligroup
    • CrowdFunding The idea is that funders want to see theproject/product/service come to life and are willing to give a small amount of money to make it happen (between $10-1000). @csralahligroup
    • Equity CrowdFunding• This will involve selling small amounts of equity to many investors in a very similar way to traditional crowd funding. @csralahligroup
    • Personal Savings• Without a proven concept, in truth, few people are likely to give you any finance, therefore using your own money is often the only way. @csralahligroup
    • Personal FinanceAnother common method is to use personal credit cards or the re- mortgage of your house to start a business. @csralahligroup
    • Bank Loans• To start a business, it is very difficult to secure finance in the form of a traditional business loan from a bank. @csralahligroup
    • Golden Resources• UAE events and resources: (http://uae- enterprise.blogspot.com/)• Paul graham website essays• Udacity – Steve Blank• Watch the movie: the Avaitor @csralahligroup
    • Connect on twitter: …and we shall send you the presentation @csralahligroup
    • Our Upcoming Program Microsoft Social Enterprise Program Enterprise Launch Global Business opportunities@csralahligroup
    • FocusDon’t set out to build the best, most fantastic business ever seen.Find the first stepLay one brick at a time and ensure its laid perfectly. @csralahligroup
    • Thank youRemember:Fill out the feedback and include your contact details @csralahligroup