Joachim Behrendt Etohum Kampı Sunumu


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Joachim Behrendt 13 Ekim İzmir Etohum Kampı Sunumu

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Joachim Behrendt Etohum Kampı Sunumu

  2. 2. PERSONALITY & ENTREPRENEURSHIPLinks• Steve Jobs Speech: • Entrepreneurship as a Profession 2
  3. 3. AGENDAPersonality and EntrepreneurshipThe Entrepreneurial ProcessEarly-Stage Funding and Support13-Oct-12 Entrepreneurship as a Profession 3
  4. 4. PERSONALITY & ENTREPRENEURSHIPNecessary Characteristics of Entrepreneurs?• Commitment and determination• Courage• Leadership• Opportunity obsession• Tolerance of risk, ambiguity, and uncertainty• Creativity, self-reliance, and adaptability• Motivation to excel• ….(taken from Timmons / Spinelli, New Venture Creation, p.47)Do you have these characteristics?Can you be an entrepreneur?13-Oct-12 Entrepreneurship as a Profession 4
  5. 5. PERSONALITY & ENTREPRENEURSHIPMore Necessary Characteristics? Taken from: Kuratko, Entrepreneurship – Theory, Process, Practice, p.3113-Oct-12 Entrepreneurship as a Profession 5
  6. 6. PERSONALITY & ENTREPRENEURSHIPA More Useful Approach Source: Stokes / Wilson, Small Business Management, p. 5113-Oct-12 Entrepreneurship as a Profession 6
  7. 7. PERSONALITY & ENTREPRENEURSHIPBusiness Failure Rates US study UK studiesSource: Shane, Ihe Illusions of Entrepre- Source: Stokes / Wilson, Small Businessneurship, New Haven / London 2008 Management, p. 87 13-Oct-12 Entrepreneurship as a Profession 7
  8. 8. PERSONALITY & ENTREPRENEURSHIPMain Reasons for Failure Source: Kuratko, Entrepreneurship – Theory, Process, Practice, p.2 6813-Oct-12 Entrepreneurship as a Profession 8
  9. 9. PERSONALITY & ENTREPRENEURSHIPCreativity and Management Skills Source: Timmons / Spinelli, New Venture Creation, p. 5513-Oct-12 Entrepreneurship as a Profession 9
  10. 10. AGENDAPersonality and EntrepreneurshipThe Entrepreneurial ProcessEarly-Stage Funding and Support13-Oct-12 Entrepreneurship as a Profession 10
  11. 11. THE ENTREPRENEURIAL PROCESSOverview: Aspects of the Entrepreneurial ProcessSource: Volkmann / Tokarski / Grünhagen, Entrepreneurship in a European Perspective, p. 68 13-Oct-12 Entrepreneurship as a Profession 11
  12. 12. THE ENTREPRENEURIAL PROCESSThe Seven Sources for Innovative Opportunities• The Unexpected • Example: Unexpected success of IBM PC• The Incongruous • Examples: Invention of container ships / roll-on-roll-off ships, overnight package delivery• Process Needs • Examples: McDonalds, microwave ovens• Industry and Market Structures • Examples: Printing industry, ERP software, media industry• Demographics • Examples: Health care industry, universities in Turkey• Changes in Perception • Examples: Fashion industry, organic food• New Knowledge • Examples: Electricity, light bulb, internet, mobile phone, robotics, ...• Source: Drucker, Innovation and Entrepreneurship, pp.27-11713-Oct-12 Entrepreneurship as a Profession 12
  13. 13. THE ENTREPRENEURIAL PROCESSOpportunity Screening Process FunnelSource: Harper, Extraordinary Entrepreneurship,, p.12713-Oct-12 Entrepreneurship as a Profession 13
  14. 14. THE ENTREPRENEURIAL PROCESSClassification Guidelines for the VOS Indicator Source: Leach / Melicher, Entrepreneurial Finance, p.5513-Oct-12 Entrepreneurship as a Profession 14
  15. 15. AGENDAPersonality and EntrepreneurshipThe Entrepreneurial ProcessEarly-Stage Funding and Support13-Oct-12 Entrepreneurship as a Profession 15
  16. 16. EARLY-STAGE FUNDING & SUPPORTInitial New Venture LossesSource: Timmons, J.A./Spinelli, S., New Venture Creation, p.42713-Oct-12 Entrepreneurship as a Profession 16
  17. 17. EARLY-STAGE FUNDING & SUPPORTLemons and PearlsSource: Timmons / Spinelli, New Venture Creation, p. 15813-Oct-12 Entrepreneurship as a Profession 17
  18. 18. EARLY-STAGE FUNDING & SUPPORTVenture Capitalist EvaluationSource: Kuratko, D,F., Entrepreneurship – Theory, Process, Practice, p.22213-Oct-12 Entrepreneurship as a Profession 18
  19. 19. EARLY-STAGE FUNDING & SUPPORTFinancing Life CyclesSource: Timmons, J.A./Spinelli, S., New Venture Creation, p.43313-Oct-12 Entrepreneurship as a Profession 19
  20. 20. EARLY-STAGE FUNDING & SUPPORTIndustry Statistics Statistics Trend y-o-y (Europe) Europe USANumber of networks 400 360Of which commercial c. 20%Estimated number of business 70k 320kangelsTotal amount invested annually € 3 - 4 bln $22.5 billionby angels (est.)VC investments in seed and circa € 1.6 bln $1.9 bnstart-up/early stage EUROPEAN ANGEL MARKET= c. 21.9% OF US ANGEL MARKETSources: European Business Angel Network (EBAN); NVCA (National Venture Capital Association) Yearbook2011; Center for Venture Research at the University of New Hampshire13-Oct-12 Entrepreneurship as a Profession 20
  21. 21. EARLY-STAGE FUNDING & SUPPORTInvestment Process of Business AngelsSource: Volkmann, C.K./Tokarski, K.O./Grünhagen, M., Entrepreneurship in a European Perspective, p.30013-Oct-12 Entrepreneurship as a Profession 21
  22. 22. EARLY-STAGE FUNDING & SUPPORTPossible Roles of Business Angels• Passive • 1-2 times a year. • You invest with others and receive information on the company like all other shareholders. A shareholder meeting is usually held once a year.• Active • Average 0.5-2 days a month alone or as a group. • Usually as a Board Member or Advisor. When you make the investment you have to decide whether or not you want to be on the Board and negotiate it as a term.• Very Active • 1 day a week alone or as a group. • Usually playing an operational role. Need to discuss upfront if you will be compensated for it and if yes, how much and split of cash and equity.• Adopted from: GoBeyond, Early Stage Investing, Business Angel Training, September 201213-Oct-12 Entrepreneurship as a Profession 22
  23. 23. EARLY-STAGE FUNDING & SUPPORTThe BIC Business Angel Model: Targets• Support the company in reaching its predefined targets within the next 2 to 3 years• Making the company ready for its next phase (rapid growth phase)• Making the company ready for international activities (strategic partnerships, joint ventures, participations, international M&A activities)• If intended by founders and required by the business, initiate next round of venture financing (usually by Venture Capital / Private Equity Funds)• Maintain independence of the company• Accelerating company growth and development• Within the next 3 years, • Do everything necessary to reach the defined quantitative and qualitative targets, • Provide sufficient cash to maintain and accelerate its operations, • Establish a fully institutionalized and professionalized company, and separating the roles of owners and managers, • Continuously support all management, frontend and backend activities of the company, • Set up and establish relevant management and backup business functions without incurring the related cost by providing BIC business support services; • Set up and integrate the necessary IT environment, represent the company and offer its products and services via Internet on fixed and mobile platforms, and establish a firm presence in the relevant social media by providing nexum IT and digital agency services.13-Oct-12 Entrepreneurship as a Profession 23
  24. 24. EARLY-STAGE FUNDING & SUPPORTBIC & Nexum Services B2B, B2C, B2E  Web Design  Restructuring for Strategic Growth Content Management Systems  Special Projects  Restructuring in the Recession Back Office Application Integration  Advergames  Accounting and Controlling Solutions Analysis, design and Development of Web-based IT  Content Management  Corporate Performance Projects Management  Online Marketing Search Engine Optimization  Treasury Management Systems Epsilon (E-mail marketing  Mobile Marketing  Cash and Market Risk service) Management  Social Media Omniture (Web Analysis  Mergers & Acquisitions Support Service) Services Mobile Apps Development  Institutionalizing and Strategic Growth for Family Businesses Impleon (Content and Product Management System)  ERP Solutions N-Social (Corporate Portal) N-Signage (digital Broadcasting)13-Oct-12 Entrepreneurship as a Profession 24
  25. 25. EARLY-STAGE FUNDING & SUPPORTGeneral Business Angel Support• Management • Participation in board of directors as non-executive director • Regular (weekly) management meetings with founder and, if required, additional managers• External Relations • Organizing of, and participation in relevant meetings with potential strategic partners, for example suppliers, distributors, domestic and international customers • If required, entrepreneurial associations and co-investing business angels • Governmental and nongovernmental supportt institutions (e.g. Teknoparks) • For exit: Venture capital funds, private equity funds, strategic investors • Organization of necessary external support , for example Tax advisor / auditor, legal counsel, PR agency, online / social media marketing support, HR consultants / HR platforms• Strategy and Business Model • Decision on business model(s) and scope of activities • Initial strategy definition (workshops, interviews / meetings with market participants) • Breakdown of strategic planning into functional strategy plans, strategic tasks, milestones • Setup and implementation of a quarterly strategy controlling process • Setup of budget planning process, definition of initial budget and initial 5-year financial planning • Definition of profitability measurement system (business units, products / services, customers) • Setup and implementation of budget controlling and reporting system13-Oct-12 Entrepreneurship as a Profession 25
  26. 26. EARLY-STAGE FUNDING & SUPPORTBIC Business Support Services• Business Support Services • Market and Competitor Research • Marketing & PR • Sales Organization and Sales Controlling • Business Process Analysis and Optimization • Organizational Structure • HR Services (Search&Selection, Compensation&Benefits, HR Legal, Job Descriptions & Career Paths) • External Accounting (Statutory Accounting, IFRS Accounting) • Financial and Operational Controlling, Repoting Systems • Treasury Services (Cash Management, Risk Management, Debt / Credit Management, Banking Relations) • Legal Services, Regulatory Compliance, IP rights13-Oct-12 Entrepreneurship as a Profession 26
  27. 27. EARLY-STAGE FUNDING & SUPPORTNexum Support Services• Digital Agency Services • Branding and Corporate Identity • Design and Development of Online and Offline Marketing Tools • Online Marketing • Mobile Marketing • Social Marketing• IT Services • Analysis. Design and Development of Web-based IT Solutions • Software Selection, Make-or-Buy-Decision Support • Outsourced T Management • IT Consultancy • Content Management Systems • B2B, B2C, B2E Platform Development • IT Systems Integration • Search Engine Optimization • Web Analytics • E-mail Marketing • Mobile and Social Media Application Development • IT Support Services13-Oct-12 Entrepreneurship as a Profession 27
  28. 28. EARLY-STAGE FUNDING & SUPPORTRelevant Conditions• Participation / shareholding between 20% and 30% targeted • …. But founders have to stay in business as shareholders and employees during investment period• Cash injections by J.Behrendt / BIC / nexum, based on 3-year financial planning • .. But use of cash linked to business planning, including support services BIC / nexum• Services charges BIC / nexum subsidized, charged with 50% market price • … But founders have to sign employment contract at 50% market salary level (plus bonus) with noncompetition and nonsolicitation clauses• Company remains under control of founders despite high additional cash and noncash investments by business angels • … But certain decisions require unanimous vote on general assembly / board of directors level (“veto rights”)• Exit or regular dividend payouts earliest after 3 years targeted • Option 1: Next round venture financing, sale of shares to VC or PE funds • Option 2: Share buyback by founders (at market values) • Option 3: J.Behrendt / BIC / nexum remain shareholders but start receiving regular dividends from company • Dividend should provide market-oriented returns under consideration of venture risk13-Oct-12 Entrepreneurship as a Profession 28
  29. 29. BIC BEHRENDT INTERNATIONAL CONSULTINGDr. Joachim BehrendtPhone: +90 212 328 1939Fax: +90 212 328 1933Email: