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#Slearnd - 11 principles startup businesses should know
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#Slearnd - 11 principles startup businesses should know

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This presentation was delivered at Morning Startup on 25 Nov 2013. It covers principles learned through involvement in startups, and most particularly in working with a quite extraordinary mentor in …

This presentation was delivered at Morning Startup on 25 Nov 2013. It covers principles learned through involvement in startups, and most particularly in working with a quite extraordinary mentor in Bill Daring. He had a great knack for a story, to get the best out of people and amazing vision as to the future in the digital space.

I am most grateful for his friendship. The world is a more interesting place for him having been here, and I hope you enjoy the lessons he shared.

Published in Business , Technology
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  • 1. emergination @JUSTINKDAVIES #SLEARND 11 PRINCIPLES STARTUPS SHOULD KNOW FROM THE SMELL OF GOOD BUSINESS BLOG @ WWW.JUSTINDAVIES.COM.AU DEDICATED TO BILL DARING EMERGINATION.COM.AU LINKEDIN.COM/IN/JUSTINKDAVIES SLIDESHARE.COM/JUSTINKDAVIES @JUSTINKDAVIES Wednesday, 25 September 13
  • 2. Wednesday, 25 September 13
  • 3. emergination @JUSTINKDAVIES ANCIENT HISTORY CAN YOU REMEMBER PRE CHROME PRE FACEBOOK PRE GOOGLE PRE FIREFOX WHERE EVERY WORD TOOK ON NEW MEANING BY ADDING “E” TO THE FRONT OF IT WHEN INTERNET EXPLORER WAS THE BEST BROWSER ON THE PLANET? WHEN EMAIL OUTSIDE OF THE ENTERPRISE WAS THE NEW FAD? Wednesday, 25 September 13
  • 4. emergination @JUSTINKDAVIES MY BACKGROUND DEGREE IN MARKETING, ENTERPRISE WORKSHOP, GAICD ADVERTISING INDUSTRY FOR 12 YEARS (BANKWEST, ANZ, TOWN AND COUNTRY, RACWA, BUNNINGS TREEFARMS, JAMES HARDIE, PLUS GOVT) STARTED E-BUSINESS CONSULTANCY KMPINTERNET.COM 4 WEEKS PRIOR TO TECH WRECK - MAJOR TURNING POINT, AND SETUP E2B (STARTUPS EVENT) 4 WEEKS AFTER OPENING THE DOORS THE BUSINESS LASTED A PRETTY INTENSE 18 MONTHS - AND IS THE SUBJECT OF THIS STORY Wednesday, 25 September 13
  • 5. emergination @JUSTINKDAVIES MORE RECENTLY RAN A SOFTWARE DEVELOPMENT BUSINESS FOR 7 YEARS (THE ONLY GUY WHO COULDN’T CODE…) EMERGINATION FOUNDED IN 2008 STARTUPS INCLUDING GOPC, MARKIT, VIRTUAL OBSERVER AND NOW PREZENTT PLUS IGNITION, SYDSTART, STARTUP WEEKEND, OZAPPS, CEBIT FOCUS ON BRINGING BUSINESSES INTO THE DIGITAL AGE, AND ASSISTING TECH BUSINESSES GROW WHY? WE NEED ROBUST BUSINESSES TO SUSTAIN OUR STANDARD OF LIVING - AND TECHNOLOGY PROVIDES THE COMPETITIVE EDGE Wednesday, 25 September 13
  • 6. emergination @JUSTINKDAVIES Wednesday, 25 September 13
  • 7. emergination @JUSTINKDAVIES SHORTLY YOU WILL BECOME UNEMPLOYABLE Wednesday, 25 September 13
  • 8. emergination @JUSTINKDAVIES SHORTLY YOU WILL BECOME UNEMPLOYABLE YOU WILL NEVER BE ABLE TO WORK FOR ANYONE ELSE AGAIN. Wednesday, 25 September 13
  • 9. Bill Daring & Justin Davies - Feb 2000 Wednesday, 25 September 13
  • 10. emergination @JUSTINKDAVIES THE SMELL OF GOOD BUSINESS PRINCIPLES SPINNING A PLATE WE’LL TELL YOU AT 4PM THE WORLD IS A WANKER AND THE IMPLICATION OF THAT IS? TALK TO ME IN NUMBERS CONFRONTING YOUR DEMONS HAPPINESS IS A TICKED LIST MANAGEMENT BY THE F WORD BRINGING THEM BACK IN FROM THE LEDGE GETTING ADVICE YOUR TIME IS YOUR LIFE Wednesday, 25 September 13
  • 11. emergination @JUSTINKDAVIES SPINNING A PLATE ENTREPRENEURS DO WELL TO CONSIDER BUSINESS STARTUPS LIKE SPINNING PLATES - YOU CAN KEEP A CERTAIN AMOUNT GOING AT THE SAME TIME, AND YOU CAN’T LEAVE THEM TO FOR TOO LONG PERTH AGENCY - PRINCIPAL WENT TO MARGARET RIVER, BUSINESS WENT DOWN THE TOILET ANOTHER: BUSINESS GREW FROM 5 TO 50 AND THEN HEMORRHAGED BACK TO 30 YOU MUST HAVE A FIRST AMONGST EQUALS DON’T GIVE EQUITY AWAY UNLESS YOU REALLY REALLY HAVE TO LOTS OF SMART PEOPLE WILL SAY NO. THEY MAY BE WRONG Wednesday, 25 September 13
  • 12. emergination @JUSTINKDAVIES E2B entrepreneurs2business the plug-in to the new e-conomy Wednesday, 25 September 13
  • 13. emergination @JUSTINKDAVIES “WE’LL TELL YOU AT 4PM” CROWD SOURCING IN THE YEAR 2000 POSTING QUESTIONS ON 100 NEWSGROUPS AND USING SOFTWARE TO ANALYSE THE ANSWERS CREATE A SELF DIRECTED, SELF EDUCATED MINDSET - ALIGNED TO A COMMON GOAL => PEOPLE AND BUSINESS ALIGNMENT = MASSIVE PERFORMANCE Wednesday, 25 September 13
  • 14. emergination @JUSTINKDAVIES PEOPLE RULES NO ASSISTANTS PAY IS MEASURED AGAINST PERFORMANCE BONUS ALL STAFF ON GROUP PERFORMANCE HAVE REGULAR TEAM MEETINGS PROMOTE SELF HELP AND SURVIVAL TACTICS DON’T HIDE THE BAD NEWS (OR THE GOOD NEWS) FROM STAFF DO NOT TOLERATE SYSTEM ABUSE OR BULLSHIT FROM STAFF - GET MARRIED SLOWLY AND DIVORCED QUICKLY (ALSO SEE F WORD MANAGEMENT) USE CONTRACT STAFF WHEREVER POSSIBLE (NO RISK, NO POLITICS, PAY ON PERFORMANCE, NO TAXES, NO HASSLE) Wednesday, 25 September 13
  • 15. emergination @JUSTINKDAVIES THE WORLD’S A WANKER THE FURTHER UP YOU GO, THE LESS BULLSHIT YOU’LL FIND MID LEVEL (EGO: WE DON’T NEED YOU) VS PARTNER (CLIENT FOCUSSED: WE NEED YOU TO HELP US HIT THE GOAL) JAN’RY, FEB’RY - IT’S GONNA BE GOOOOOD EVERYONE SAYS THEY CAN DO IT RIGHT UP UNTIL THEY CAN’T DO IT CULTURAL CRINGE: AUSTRALIA BEHAVES NOT AS ONE COUNTRY BUT A COLLECTION OF CITIES THAT HATE EACH OTHER YOU MUST PUNCH WAY ABOVE YOUR WEIGHT YOU COMPETITORS ARE NOT THAT BRIGHT, AND ARE TYPICALLY BURIED IN THEIR OWN CORPORATE BULLSHIT - IT BECOMES SURPRISINGLY EASY FOR THOSE WANTING TO BE GREAT TO COMPETE BE CONFIDENT - “I WAS WRONG ONCE…” Wednesday, 25 September 13
  • 16. emerginationJUDGING IS EASY, DOING IS HARD Wednesday, 25 September 13
  • 17. emergination TOUGH CROWD!!! Wednesday, 25 September 13
  • 18. emergination CEBIT TECHRAMP 7 PITCHES, 7 MINUTES Wednesday, 25 September 13
  • 19. emergination @JUSTINKDAVIES AND THE IMPLICATION OF THAT IS? MAJOR #FLEARN 11 PRESENTATIONS IN ONE DAY WILL NOT LEAD TO A SINGLE SALE IF YOU DON’T LISTEN FOR CLIENT PROBLEMS AVOID MY MISTAKE: BUY, READ AND STUDY “SPIN SELLING FIELDBOOK” AND “MAJOR ACCOUNT SALES” BY RACKHAM LEARN TO MANUFACTURE MONEY THE LEADER SHOULD SPEND AROUND 70% OF THEIR TIME SELLING / PITCHING BUILD A GREAT NETWORK Wednesday, 25 September 13
  • 20. emergination @JUSTINKDAVIES TALK TO ME IN NUMBERS YOU MUST BE ABLE TO EXPLAIN PLANS SIMPLY “I NEED A NUMBER TO PUT IN THIS BOX, WHAT IS IT?” THE BUSINESS CASES I LIKE USE PLAIN TEXT DESCRIPTIONS WITH NUMBERS AS ASSUMPTIONS, WHICH THEN BUILD CASHFLOWS EG: THERE ARE 1000 BUSINESSES IN WA. 2.5% WILL BUY IN YEAR 1, 5% IN YEAR 2 IF $BUSINESS_EXISTS =1, THEN MEASURE $CASHFLOW, REPEAT STARTUPS= CUSTOMER BEHAVIOUR = ACQUISITION, RETENTION, SIGNUP METRICS Wednesday, 25 September 13
  • 21. emergination @JUSTINKDAVIES CONFRONT YOUR DEMONS WHAT IF I RUN OUT OF CASH? WHAT IF THE MARKET WONT BUY? WHAT IF THERE IS A MARKET CRASH? Wednesday, 25 September 13
  • 22. emergination @JUSTINKDAVIES HAPPINESS IS A TICKED LIST MONEY DOES NOT NEED TO BE THE MOTIVATOR TAKE TIME TO UNDERSTAND YOUR PEOPLE AND WHAT THEY EXCEL AT - AND WHAT IS HARD WORK NOTHING INFURIATES PEOPLE MORE THAN APPLYING EFFORT TO DISCOVER IT WASTED OR NOT VALUED PAINT A VISION OF THE FUTURE, AND WHAT THEY WILL BECOME - A STRETCH THAT THEY PERHAPS CAN’T SEE, BUT YOU CAN Wednesday, 25 September 13
  • 23. emergination @JUSTINKDAVIES MANAGEMENT BY THE F WORD THERE IS A BALANCE TO BE HAD - BUT NOTHING SHAKES PEOPLE OUT OF BEING ORDINARY LIKE BEING HELD TO A STANDARD OF EXCELLENCE BEYOND WHAT THEY BELIEVE THEY ARE CAPABLE OF Wednesday, 25 September 13
  • 24. emergination @JUSTINKDAVIES BRINGING THEM BACK IN FROM THE EDGE CONSULTANTS NEED TO BE KEPT ABOUT 105-110% UTILISED TO MAINTAIN HAPPINESS WHEN IT GETS MUCH BEYOND THIS, YOU COULD FIND YOUR TEAM OR CERTAIN TEAM MEMBERS LINING UP TO THROW THEMSELVES OUT OF THE WINDOW STARTUPS CAN BE MORE MANIC - WHICH MEANS THE INTENSITY OF MOOD IS MORE SIGNIFICANT THE CAUSE: EXPECTATIONS THEY HAVE SET FOR THEMSELVES AND HURDLES THEY HAVEN’T BEEN ABLE TO JUMP OVER THIS IS WHERE REMINDING THEM HOW FAR THEY HAVE GROWN IS IMPORTANT Wednesday, 25 September 13
  • 25. emergination @JUSTINKDAVIES GETTING ADVICE YOU WILL ALWAYS GET CONFLICTING ADVICE MANY WHO HAVE NEVER DONE A STARTUP ARE ATTRACTED TO THE SEXINESS OF IT - BUT DON’T PUT THEIR OWN MONEY ON THE LINE REMEMBER HOW PEOPLE ARE REMUNERATED HOURLY = NO INCENTIVE TO FINISH EARLY FIXED PRICE = POSSIBLE HIGHER PROFIT FOR RISK TRUST YOUR GUT, WHAT DOES IT SMELL LIKE TO YOU? GETTING ADVICE Wednesday, 25 September 13
  • 26. emergination DO BUSINESS WITH PEOPLE THAT YOU LIKE, TRUST AND RESPECT WARREN BUFFET Wednesday, 25 September 13
  • 27. emergination @JUSTINKDAVIES YOUR TIME IS YOUR LIFE PERCEIVE WHAT TO SAY NO TO. SET BOUNDARIES EXPRESSED DIFFERENTLY F..KING FRIGHTENING FOCUS READ POWER OF LESS, 4 HOUR WORK WEEK, POWER OF FOCUS, THE TIME TRAP PEOPLE WILL ASK FOR YOUR TIME FOR FREE - YOU MAY GIVE A DIFFERENT RESPONSE IF THEY ASKED YOU FOR $200 PAYING IT FORWARD IS ALSO A GOOD THING - WHAT IS THE RIGHT BALANCE? IT IS YOUR MATES AND FRIENDSHIPS THAT REALLY COUNT, SO KEEP THINGS, PARTICULARLY EGOS, IN PERSPECTIVE Wednesday, 25 September 13
  • 28. emergination @JUSTINKDAVIES GET UNIVERSAL AND CONTEMPORARY SKILLS SOME THINGS ARE TIMELESS STRATEGY, TEAM BUILDING, LEADERSHIP, NETWORKS WHEN YOU GET LOST ALONG THE WAY, READ DRUCKER, TSUN TSUI, AND BIOGRAPHIES - AND LEAN ON A MENTOR / ADVISORY BOARD SOME THINGS ARE MORE TEMPORARY TECHNICAL PLATFORMS, FLAVOUR OF THE MONTH IN TECH (CLOUD, MOBILE, BIG DATA) Wednesday, 25 September 13
  • 29. emergination STORIES ARE REMEMBERED Wednesday, 25 September 13
  • 30. emergination @JUSTINKDAVIES ONCE YOU’VE CRACKED IT YOU CAN DO ANYTHING…. SO GET ON WITH IT! GOOD LUCK! Wednesday, 25 September 13