What you will learn todayTypical Entrepreneur PersonaEntrepreneur MarketplaceWhat Do Entrepreneurs Care About?Working with Startups
Who is an entrepreneur?• An entrepreneur is someone that has a visionof what the customer and the market need.• The entrepreneur doesnt take a NO as anoption. The entrepreneur isnt just a dreamer.•The entrepreneur implements this dream inhis/her enterprise sooner or later, no matterwhere and how. Technology may be enabler orfacilitator to implement the vision.
The 5 types of entrepreneurs1. Home-run Sluggers: want to change the world in a big and obvious way. Sluggers would rather make a single business their life’s work.2. On-base Hitter: entrepreneurs are content to achieve success in bite-sized bits on a regular basis, rather than all in one flourish. Each has been a success, though none has been a bulls eye.3. Fact Finders: entrepreneurs who seek details before making decisions. Each answer to a fact finder’s question triggers a new set of questions.4. Follow-Through: entrepreneurs love systems think in a linear fashion, where Step 1 leads to Step 2 and so on. Their companies tend to operate by methodology.5. Implementers: live in the physical world and enjoy building and fixing things. They are innovative by nature, and always looking to build the proverbial better mousetrap.
5 successful entrepreneur traits from Steven Bertoni•Live in your Passion -- To achieve your goal, you need somethingthat will drive you forward every day.•Feel your Guts -- There isn’t always time to conduct market research.As Steve Jobs said, “People couldnt know what they would like whenthey had never seen it before.“•Sleep Less than your team-- As an entrepreneur, be prepared tohandle anything, anytime, anywhere.•Keep your Connections -- In the world of start-ups andentrepreneurship, connections are everything. Keep all the doors open,no matter what.•Understand Tenacity -- Most entrepreneurs fail multiple times beforethey become successful. Accepting failure is one of the smartestdecisions you can make as an entrepreneur.
True or False game timeTrue or False: The average and median age of companyfounders when they started their current companies was 40.True or False: More than 70 percent of entrepreneurs havea desire to build wealth as an important motivation inbecoming an entrepreneur and building a company.True or False: The majority of entrepreneurs never completea college education.
14 quick and fun facts1. The average and median age of company founders whenthey started their current companies was 40.2. 95% of respondents themselves had earned bachelor’sdegrees, and 47% had more advanced degrees.3. Less than 1% came from extremely rich or extremely poorbackgrounds.4. 15.2% of founders had a sibling that previously started abusiness.
14 quick and fun facts5. 70% of respondents indicated they were married when theylaunched their first business. An additional 5.2% were divorced,separated, or widowed.6. 59.7% of respondents indicated they had at least one child whenthey launched their first business, and 43.5% had two or morechildren.7. The majority of the entrepreneurs in the sample were serialentrepreneurs. The average number of businesses launched byrespondents was approximately 2.3.8. 74.8% indicated desire to build wealth as an important motivationin becoming an entrepreneur.
14 quick and fun facts9. Only 4.5% said the inability to find traditional employment was animportant factor in starting a business.10. Only 11% of the first-time entrepreneurs received venture capital,and 9% received private/angel financing. Of the overall sample, 68%considered availability of financing/capital as important. Of theentrepreneurs who had raised venture capital for their most recentbusinesses, 96% considered financing important.11. Entrepreneurship doesn’t always run in the family. More than half(51.9%) of respondents were the first in their families to launch abusiness.
14 quick and fun facts12. The majority of respondents (75.4%) had worked as employeesat other companies for more than six years before launching theirown companies.13. 86% of Ivy-League graduates ranked university education asimportant, as compared with 70% of the overall sample.14. 98% of respondents named lack of willingness or ability to takerisks as the biggest barrier to entrepreneurial success.
Entrepreneur lifecycle Start a childhood business / learn skill early Go to college / skip college to develop business Create a brilliant idea Start a company / bootstrap or angel funded Build product / launch product Get more funding Expand operations Get more funding Become profitable Sell business Start another business
Representing startups: what’s good to know• One person does 2-3 or more jobs or “wears different hats”• Speed is crucial – you have to work fast• Stay focused on the goals, even if the target is moving• Things change on a dime• Things are done on the fly – planning and executing go hand in hand• Timing is in bursts and not steady betty• PR value must extend across the organization
How Metis works with our entrepreneurs1. We understand the risks and rewards that our entrepreneurs areworking with day to day, and know the big picture.2. We are willing to be more liberal with assigned duties andscheduling, as tasks are never carved in stone with startups.3. We assert our opinions and insights.4. We know more about our entrepreneurs and their companies thanjust the standard PR aspects, we are an extended arm on theirmarketing teams.5. We appreciate having the in and out aspects of our entrepreneur’sbusiness.