Realising Your Dream

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Speech given to Entrepreneurship Club of Manchester Business School MBAs on 05/03/07

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Realising Your Dream

  1. 1. Presented to future entrepreneurs of Manchester Business School on 5 March 2007 By Manoj Ranaweera Founder and CEO of ebdex Ltd Realising Your Dream http://www.manojranaweera.com http://www.ebdex.co.uk [email_address]
  2. 2. On Death Bed How do you want to be remembered?
  3. 3. Your Dream http://www.necker.com
  4. 4. Your Inspiration
  5. 5. Two Paths Corporate Start Up (Unknown) Low Risk - Low returns Monthly income High Risk - High (potential) returns No initial monthly income Impact on family Life style
  6. 6. There is no right or wrong way Success depends on how you measure it!
  7. 7. My Dream @ 34 <ul><li>34/37/36 MBA </li></ul><ul><li>Marketing </li></ul><ul><li>Business development </li></ul><ul><li>Operations management </li></ul><ul><li>Project management </li></ul><ul><li>Design and engineering </li></ul><ul><li>Full project life-cycle </li></ul>Accelerate Your Dream!!! Leave a legacy! 40 Senior Executive 45 Board Director 50 CEO
  8. 8. Idea/concept Cracking idea! – is it business worthy! <ul><li>Validation - Validation - Validation </li></ul><ul><ul><li>Customer pain </li></ul></ul><ul><ul><li>Pain relief </li></ul></ul><ul><ul><li>Better than the competition </li></ul></ul><ul><li>Sustainable competitive advantage </li></ul><ul><li>Up and down the value chain </li></ul>What about vision?
  9. 9. Team 3 to 4 <ul><li>Single founder ideas - tough </li></ul><ul><li>Right skill sets </li></ul><ul><ul><li>Leadership </li></ul></ul><ul><ul><li>Product/service development </li></ul></ul><ul><ul><li>Sales </li></ul></ul><ul><ul><li>Operations </li></ul></ul><ul><li>Commitment </li></ul><ul><li>Volatility </li></ul><ul><li>Keep income streams open! </li></ul>Don’t get burnt out! Share the risk!
  10. 10. Funding <ul><li>Delay raising external funding </li></ul><ul><li>Family friends and fools </li></ul><ul><li>Grants </li></ul><ul><li>Angel funding </li></ul><ul><li>Seed corn funding </li></ul><ul><li>Debt finance </li></ul><ul><li>Venture capital </li></ul>Don’t forget: You need to live
  11. 11. Product/Service & Sales <ul><li>Product development lifecycle </li></ul><ul><li>Sales </li></ul><ul><li>Alignment </li></ul><ul><li>Pricing </li></ul><ul><li>Promotion </li></ul><ul><li>Delivery Management </li></ul><ul><li>Customer Support </li></ul>Can you scale?
  12. 12. Valuation <ul><li>Hang on to equity as long as possible </li></ul><ul><li>Don’t get too hung up about equity </li></ul>
  13. 14. What to watch for? <ul><li>Founders – right skill sets </li></ul><ul><li>Team – hire the best </li></ul><ul><li>Location – Silicon Valley vs. Manchester </li></ul><ul><li>Product – don’t underestimate development cycle </li></ul><ul><li>Differentiation – better than others – ensure sustainability </li></ul><ul><li>Pricing right </li></ul><ul><li>Boot strapping – ensure income stream at all times </li></ul><ul><li>Ask for help – get it free as much as possible </li></ul><ul><li>Choose the right platform </li></ul><ul><li>Speed to market </li></ul><ul><li>Launching too early – alpha, private beta, public beta </li></ul><ul><li>User involvement from the beginning </li></ul><ul><li>Raising too little money – watch cash flow </li></ul><ul><li>Half hearted effort </li></ul>
  14. 15. NW Start Up 2.0 15 March 07 @ KPMG Manchester <ul><ul><li>http://www.nwstartup20.co.uk </li></ul></ul><ul><li>Anish Kapoor – serial entrepreneur (Telecity, Yuuguuu) </li></ul><ul><li>Ed French - VC </li></ul><ul><li>Robert Wakeling – entrepreneur (Wadaro) </li></ul><ul><li>Mark Birbeck – Technologist (X-Port) </li></ul><ul><li>Rhys Jones – serial entrepreneur (Accountis) </li></ul>

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