Eleven Essentials For Entrepreneurs

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This was prepared for budding entrepreneurs at the Student Hackathon at Mount Royal University during Alberta Tech Week #abtw2013 as part of @accelerateab conference. Thanks for having me! Afer 30 years of "shipping bits" (software entrepreneur), it was fun to distill what I see in all the many entrepreneurs who have inspired me, and what I think is important to success (both $$$ and personal satisfaction / growth). Enjoy!

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  • British business magnate Richard Branson has lost his latest job because of orange juice.The Virgin Group founder had his legs shaved, put on lipstick and squeezed into a red skirt to honor a bet by serving as a flight attendant Sunday on an AirAsia trip from Perth, Australia, to Malaysia.But he earned a reprimand from AirAsia chief Tony Fernandes after he deliberately dumped a tray of orange juice on Fernandes' lap.Branson lost a bet to Fernandes in 2010 after they wagered that their Formula One racing teams would finish ahead of each other. Fernandes' team landed two spots above Branson's.
  • Eleven Essentials For Entrepreneurs

    1. ELEVEN ESSENTIALS FOR ENTREPRENEURS Stephen King President, Stephdokin.com CEO, TCELab.com EIR, AcceleratorYYC @stephdokin www.stephdokin.com #Hackathon @accleratorYYC © 2014 Stephdokin Inc. All rights reserved. Duplication or distribution is encouraged, with proper attribution.
    2. #hackYYC
    3. I am not THAT Stephen King I‟m this one
    4. 30 years of “Shipping Bits”
    5. Stephen-On-A-Page Education: BCS Bachelor of Computer Science CFP Certified Financial Planner 1988-2007: I’ve driven over $500M in revenue and participated in over 50 product and program launches / lifecycles; a combination of executive branding/marketing + technical know-how + roll-up-yer-sleeves. From 2008: Digital Brand Consultant Co-Founder Founder
    6. Do you want to be a guitar player? Or a guitar hero?
    7. “Entrepreneur” is both who we are and what we do. We work in businesses of all sizes, not just start-ups. We’re not “born” with it in our DNA – we create ourselves!
    8. Essential 1 Entrepreneurs have a beginners mind. Curiosity and openness. Lifelong journey of listening and learning. There is no such thing as failure, only learning opportunities. You’re never as good as the person you will become!
    9. Essential 2 Entrepreneurs get „er done. Drive to get the ball in the end-zone despite all obstacles Manage time and cash to profitability by creating revenue in 3 different ways (new customers, retention, increased ASP) Conquer “The Double Hump of Risk” (Product + Go-To-Market)
    10. Essential 3 Entrepreneurs adaptto embrace change. Change creates challenge. Without challenge, there is no opportunity for success. Learn from change. There are many things beyond your control! Industry. Technology. Economic. Political. Government. Cultural. Walk a mile in your customers shoes. Then, create change.
    11. change My Samsung Note II is 1,500,000% faster than my old Atari 400
    12. Essential 4 Entrepreneurs smell opportunity and $$$. 1. How does change create an opportunity? (opportunities are vitamins or pain pills!) 2. Who will pay for your products / services / solutions? 3. How much can you charge for it? 4. How big $$ is the market opportunity? 5. How easy is it to access the market – to sell it to potential customers? 6. What were customers using before? 7. What other choices do they have? Why would someone select you and not your competition? 8. How much resources (time & money) will you need to make it profitable? When opportunity knocks, answer these questions before opening the door!
    13. Essential 5 Entrepreneurs communicate. Which is better? A. “10 out of 10” idea or product poorly communicated? 10 X 1 = 10 B. “5 out of 10” idea or product that is properly communicated? 5 x 5 = 25 C. A “3 out of 10” idea or product that becomes viral? 3 X 10 = 30 Entrepreneurs define clear Customer Benefit and Feature statements. What do customers LOVE/NEED that is uniquely yours? Does the brand represent the product?
    14. Essential 6 Entrepreneurs have luck. I am a great believer in luck, and I find the smarter I work the more I have of it.* * As modified from original quote “I am a great believer in luck, and I find the harder I work the more I have of it.” ~ Thomas Jefferson
    15. Essential 7 Entrepreneurs code. Whether you are building software technology to sell, using technology to sell your physical products & services or adapting technology for internal processes, having coding & technical skills gives savvy entrepreneurs the edge with speed and access to markets.
    16. Essential 8 Entrepreneurs analyze data. Types of data • Website Analytics • Product Use • Social Analytics • Marketing + Sales • Operational • Financial • Customer Use data to help prioritize your team’s strategy and tactics.
    17. Essential 9 Entrepreneurs sell. Sell themselves. Sell ideas. Sell products. Sell their company. ABC = Always Be Closing. If you don't ask, you will most assuredly never hear “yes.”
    18. Essential 10 Entrepreneurs are good friends. Entrepreneurs are rarely successful doing things by themselves. They network (a.k.a. “Friendship”). They sell to “people” not “targets.” They surround themselves with teams and advisors who make them “whole.”
    19. Essential 11 Entrepreneurs have fun.
    20. What will you create? Thanks! Questions? Thoughts? stephen@stephdokin.com @stephdokin www.stephdokin.com

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