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9 entrepreneurial leverages (explained)

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9 entrepreneurial leverages of a Successful Entrepreneur. Long Explained version.

9 entrepreneurial leverages of a Successful Entrepreneur. Long Explained version.

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  • 1. 9 leverages explained 9 leverages of a Successful Entrepreneur Ilkka O. LavasSuccessful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 2. How would you define Success?Successful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 3. How would you define Success? Success is not a destination success is a journeySuccessful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 4. 1. Define what Success means to youStep 1 Successful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 5. My definition on SuccecssMy definition on success:1) I can do what I am good at and what I enjoy2) I feel enough challenge in my projects and businesses. I can work with the people who are more skilled than I.3) My family and kids are feeling good4) I learn new things and develop personally5) Change the world: My life can give positive affect to my fellows, my friends, the City I am living in, Finland, Europe and World.Notice:SUCCESS FOR ME DOES NOT MEAN MONEY! Successful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 6. Step 2. Think what could be your own Successful Entrepreneurial leveragesArchimedes once stated:If I had a lever long enough I could move the world. Successful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 7. 3. Learn from the bestThink about your idols: Whay are their leverages in life? What are they passionate about? What are their success factors? Successful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 8. 9 leverages of my Successful Entrepreneurial Life1. Team Entrepreneurship2. Digital distribution3. Digital marketing4. Team Entrepreurial Partnerships5. Strategic alliances6. Searching for long lasting customerships7. The essence of delegation8. Multiple companies somehow related to my skills (IT, business, marketing)9. I keep myself in good fit mentally and physically. I want to learn new things all the time. Successful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 9. 1st leverage: Team Entrepreneurship Successful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 10. 1st leverage: Team Entrepreneurship• Multiple Academic Studies have noticed and underlined, that successful growth enterprices are run by team of 3-5 members.• Networking: In 2005 I started to discuss with entrepreneurial people about startups. I have met hundreds entrepreneurs and asked them to contact me if they have an idea where they think that I can help with my IT, marketing, business and Internet skills.• Business plan analyzing: I have analyzed more than 20 business plans every year. Many are crazy, many are too small. Some don’t even have a proper plan yet, only a idea without calculations. Some of them I helped. With some of them I have started up a company. Successful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 11. 2nd leverage: Digital distribution• Most of my companies are on IT field and we can use digital distribution as a leverage• I can use Slideshare to tell you these things• I can distribute dictionary over the web: i.e. www.mydictionary.pro , this was not possible 20 years ago.• I can distribute online shopping catalogue in form of eshop i.e. www.suomikauppa.fi• Think if you can use digital distribution as a leverage Successful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 12. 3rd leverage: Digital marketing• Buying advertising space in magazines is very expensive• Conversion rates from printed magazines to online are low• Think how you can use digital marketing as a leverage Successful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 13. 4th leverage: Team Entrepreurial Partnerships• Team Entrepreneur Partners in my businesses constist of: Business Angels, Professional Directors, Customs Software professional, Software Hosting professional, talented Software developers, Internet Marketing specialists, BIM specialists and professionals, Financial Geniouses, Watch Enthusiastic• I have 10-100% ownership of my companies. A total 66 people working in these companies and a total revenue of 5 Meur.• Don’t get greedy. Give shares for your partners when they can give value to the business and help it grow faster than you could yourself. Successful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 14. 5th leverage: Strategic alliances• Sometimes business partner or contractor can give your business leverage that will be competitive edge.• That may be relations, contact, infrastructure or anything• You should not compete if you don’t have abilitity to compete• Think if there are some strategic alliances that can help you grow your business faster. One of your customers maybe?• Can you transform your contractor to be your sales channel? Successful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 15. 6th leverage: Searching for long lasting customerships• You should always look for win-win-win situations where: – You win – Your customer Wins – Endcustomer Wins• Only winwinwin customerships will last forever.• Sell once and make sure you create value Successful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 16. 7th leverage: The essence of delegation No-one is irreplaceable• Even you should think yourself as non-irreplaceable.• Lead and develop your business to survive without you.• Test: Take 5 week vacation and let your people run your company. Turn off your telephone and let them develop your business better than you could ever lead.• Stop thinking: – “If I do it myself, it will get done right.” – “I always know what needs to be done.” – “I do everything anyway, so I don’t need help.”• DELEGATE AND TRUST! Successful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 17. 8th leverage: Multiple companiessomehow related to my skills (IT, business, marketing)• When you have more companies in different business sectors, some of them are growing when others are not.• Business portfolio is more stable• Companies have synergies, one can help each other• I can help companies to grow faster with my network• I invest in businesses – that can find leverage on IT field – and where I can give knowledge of my IT experience – and wisdom from my networks – sweat equity or equity Successful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 18. Business portfolio 1. Lavasdesign Oy – investment, it –consulting, startups and entrepreneurship eCommerce, Internet Customs Internet W3 Social 3D-Cad / marketing declaration Spam and portalGroup shopping BIM and logistics software Virus businessFinland and Cent Software company company protection es Oy auction import Ilmainensana LaKo Trade Oy Samex Solutions Oy company Suomikauppa.FI Sad-e.fi company company CTRL Service Oy / kirja.fi Software WanhatWarikset.co Micro Aided sanakirjani.fi EMCS stock Hintabingo Oy No Spam Service projects m Design Oy Kaannos.com reporting software Karkkigalleria.fiTeam Entrepreneur Partners in my businesses constist of:Business Angels, Professional Directors, Customs Software professional, Software Hostingprofessional, talented Software developers, Internet Marketing specialists, BIM specialists andprofessionals, Financial Geniouses, Watch EnthusiasticI have 10-100% ownership of my companies. Total 66 people working in these companies andtotal revenue 5 Meur.At least in small markets like Finland, it is better to have many businesses running at the same time. Businesses can be running on separate companies or in one company depending on ownership/shareholder structure. Successful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 19. I keep myself in good fit me and physically. I want to new things all the 9th levSuccessful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 20. Listen to professionals• Even if you don’t believe in tv-screen on your eyeglasses or people checkin in to your shop with gps enabled smartphones. Listen to futurists and think these as possibilities to create new business and new Photo (C) Engadget value to your customers. Successful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 21. Entrepreneurial Tips and Tricks : Stay on track, keep your eyes openOnly thing that is sure about the future is that the future is different.Even I have heard people saying:• 1996 ”TeleFax will never die.”• early 2000 ”I don’t need email”• 1998 ”Disks will never die”• 2000 some bosses still said ”I will not need mobile phone.” Successful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 22. When you spend 8 hours doingsomething, you should be able enjoy it• Most important thing in work life is to enjoy work and your achievements at work itself good feeling to• You need to have go to work every day• If you don’t like your job or don’t feel good at the job: QUIT Successful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 23. We need more flow in our work• Skill level High vs challenge level Challenge level Low Low Skill level High Successful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 24. Things I learned• The longer I live and the more I study, the more I learn that I know nothing.• I can travel to Asia and Australia and Japan. I can travel to 21 countries, but I still learn new things even in my neighbourhood.• I need to network with people who have experience in different fields than I.  This leads to team entrepreneurship Successful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 25. Things I learned : I have seen nothing and I don’t know anything• ”I have experienced many adventures but the journey is just in the beginning. I have stories to tell and I have to say that the world is full of wonderful things. The more I have travelled the better I know that I have seen nothing. The more I am away from Finland, the more I respect and love Finland.” - Juha Viitala, owner of travel agency Mandala Travel Successful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 26. ”I have seen nothing. The more I travel, the more I love Finland.”, (C) Juha Viitala, Mandala Travel Successful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 27. Entrepreneurial Tips and Tricks: Prioritization and time management• Teach yourself all the tips and tricks to – Prioritize things – Manage your time• Discuss with your friends about: – What time management techniques they are using • Learn from the best – Read books, go to seminars, find a mentor Successful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 28. Entrepreneurial Tips and Tricks :There are always other things to do• I am member in 7 non-profit organizations, I have 2 kids, I have 2 motorbikes and I love to swim, travel and play golf. I need to prioritize!• We people: have only 24 hours per day, which means 8760 hours per year.• Decide what you want to do with your life.• Prioritize things• I could work 80 hours per week but I don’t. See my weekly plan (next slide). Successful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 29. My 168 hours per week Week schedule time for my self, rest travel to w ork (per w eek) w ith kids and family being w ith friends sleeping other free time / sports active sports w atching movies w atching tv eating personal development w orkSuccessful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 30. Successful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com
  • 31. Successful Entrepreneur• Ilkka O. Lavas, Successful Finnish Entrepreneur www.ilkkaolavas.com• Twitter (I tweet in english): http://twitter.com/#!/lavas• Linkedin: http://www.linkedin.com/in/ilkkaolavas• Blog about successful entrepreneurship in finnish: http://menestyvayrittaja.yrittaja.info/• My public facebook (mostly in finnish): http://www.facebook.com/ilkkaolavas• Subscribe to my public Slideshare: http://www.slideshare.net/ilkkalavas Successful Entrepreneur Ilkka O. Lavas http://www.slideshare.net/ilkkalavas www.ilkkaolavas.com