Can We Boil Entrepreneurial Success Down to One Thing?

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Entrepreneurs come and go. Good business ideas are dime-a-dozen. So what is the differentiator between success and fail? If you could boil it all down to one thing…

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Can We Boil Entrepreneurial Success Down to One Thing?

  1. 1. BOILING SUCCESSFUL ENTREPRENEURSHIP DOWN TO “ONE THING” A Journey Through Common Startup Hurdles +Chris Mohritz | chris@mohritz.co
  2. 2. THE ONE THING Care to venture a guess?
  3. 3. A QUESTION FOR IRV THE ORACLE
  4. 4. OUR JOURNEY ● Where did this come from? ● 4 common hurdles & misconceptions ● Net it out ● How does it apply? feel free to interrupt me with questions / comments anytime
  5. 5. BACKGROUND Where did this come from?
  6. 6. MY HUMBLE OPINION ● The world needs more entrepreneurs ● Too many startups fail to thrive My experience: ● 90% do nothing or near nothing ● 5% do enough to get by ● 3% do enough to stay ahead of the 5% ● 2% excel This presentation is aimed at people in or want to be in the 2%
  7. 7. ALIGNING BLOCKS OF SUCCESS ● Creates a point of reference for putting the startup process into perspective ● Provides achievable chunks
  8. 8. MINDSET OVER PRODUCT ● “Entrepreneurship is 90% execution, 10% idea” ● Investors place much higher importance on the quality of entrepreneur vs. quality of product ● How many great ideas never get anywhere?
  9. 9. TODAY’S GOAL ● Help align mindset “elements of success” ● Exploring some of the most common hurdles I see youtu.be/gCg_XZ7569A
  10. 10. BARRIERS TO SUCCESS Common hurdles & misconceptions
  11. 11. HURDLE #1: WRONG EXPECTATIONS
  12. 12. THE BANDWAGON IS ROLLING ● Has become trendy to be an entrepreneur ● Not everyone is cut out for startup ● Many different theories and paths to follow ● Plenty of misconceptions ● Entrepreneurship: volunteering to overcome unnecessary obstacles* * - derived from: venturebeat.com/2011/01/20/game-guru-jane-mcgonigal-says-gamification- should-be-hard-not-easy/
  13. 13. COULDN’T RESIST...
  14. 14. SERVING A NEED ● “Incubators” cropping up everywhere ● Most just go through the motions ● Startup Incubator: passive access to resources & education ● Startup Accelerator: more structured & result-oriented incubator ● Startup Bootcamp: immersive accelerator ● Coworking spaces: shared office * - none of these are clearly defined at present, everyone has their own version (mostly marketing spin)
  15. 15. Do they teach theory? Or are they a sherpa? ● Education-centered ● Momentum-centered ● Knowledge milestones ● Result milestones ● Consider this ● Do this KNOW WHAT YOU’RE GETTING Learn how an engine works Learn how to drivevs.
  16. 16. HURDLE #2: WEAK COMMITMENT
  17. 17. PAYING THE DUES "Do today what others are unwilling to do, and you'll get the things others can't have tomorrow." ~Jordan Belfort ● Put in the hours ● Learn the new skills ● Do the grunt work
  18. 18. HIDDEN COMMITMENTS ● The art of self-sabotage ● Self-talk (“I hate technology”, etc.) ● Fear of success
  19. 19. RESILIENCE “Everybody has a plan until they get punched in the mouth.” ~Mike Tyson ● Risk tolerance ● Confidence in your abilities ● Lack of follow-through
  20. 20. HURDLE #3: EYE ON WRONG BALL
  21. 21. "The purpose of business is not to make money, it's to monetize value.” ~Jordan Belfort ● Putting money before value creation ● Falling in love with your product MISALIGNED PRIORITIES
  22. 22. OBVIOUS DOESN’T MEAN CORRECT
  23. 23. HURDLE #4: EGO-CONTROLLED
  24. 24. BLOCKING INPUT ● “I’m right” dependency ● Distorts entire decision-making process Note: ● Ego-controlled (bad) ● Ego-driven (good)
  25. 25. SINATRA SYNDROME ● “I did it my way” ● Trying to force an idea into the market ● Extremely difficult path today (expensive, slow-moving, etc.) ● Customers drive the ship now (social media, more options, etc.)
  26. 26. THE BLAME GAME ● Side-stepping responsibility ● Knee-jerk finger-pointing ● Excuse machine
  27. 27. GETTING TO THE ROOT Net it out
  28. 28. WHAT’S AT THE CORE?
  29. 29. THE ORACLE ANSWERS "You're looking for obstacles rather than looking for magic." ~Irv The “One Thing”... Subconscious Perspective
  30. 30. ● Seeing the opportunity through the hurdles ● Focusing on the correct goal ● Living "I'm an entrepreneur, I don't do normal" ● (Real) commitment to the right goal ● Vision to see past the hurdles ● Understanding your options and taking advantage of available resources WHAT IS MAGIC?
  31. 31. What is your immediate (subconscious) reaction to a new situation? ● Opportunity, or ● Pain Example: When first walk into a “fixer-upper” house, what do you see? ● All the possibilities, or ● All the headaches VERY SUBTLE, VERY REVEALING
  32. 32. TO SUM IT UP... Follow the magic
  33. 33. Feedback? Questions? chris@mohritz.co

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