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Intelligent entrepreneurs by Bill Murphy Jr.

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This is a summary of the book "The Intelligent Entrepreneur: How Three Harvard Business School Graduates Learned the 10 Rules of Successful Entrepreneurship" by Bill Murphy Jr.

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Intelligent entrepreneurs by Bill Murphy Jr.

  1. 1. http://WhatILearnFromReading.com The Intelligent Entrepreneur: How Three Harvard Business School Graduates Learned the 10 Rules of Successful Entrepreneurship by Bill Murphy Jr. Teerawat Issariyakul Friday, February 1, 2013
  2. 2. http://WhatILearnFromReading.com Outline Entrepreneurs The Rules Summary Friday, February 1, 2013
  3. 3. http://WhatILearnFromReading.com Entrepreneurs What is an entrepreneur? Why would you like to be one of them Can you train to be one of them? What do you need to do to be one of them? Friday, February 1, 2013
  4. 4. http://WhatILearnFromReading.com Entrepreneurs Business owners “If you’re reading this book, it’s probably because you hope to become a truly successful entrepreneur. You want to build something dynamic, useful, and great, and may be even get rich in the process.” Friday, February 1, 2013
  5. 5. http://WhatILearnFromReading.com Why Entrepreneurs? Entrepreneurs Change/Rule the world Money for survival Tired of bureaucracy Focus on idea Employers Moving up the corporate ladder Money for my family It’s not bureaucracy; It’s the control mechanism Focus on Management Friday, February 1, 2013
  6. 6. http://WhatILearnFromReading.com The Problem with Tech Startups Begins with tech. founders Grows too fast The founders do not learn management skill fast enough. Fired by the investor! Sean Parker Friday, February 1, 2013
  7. 7. http://WhatILearnFromReading.com Mindset Matters It’s my idea! It’s mine! Why should I be kicked out from my own company? What do you care more? The company or yourself? Do you have management skills? Ideas are a dime a dozen. Execution is what is important.” -- Professor William A. Sahlman, HBS Friday, February 1, 2013
  8. 8. http://WhatILearnFromReading.com Why does most venture fails? Commitment Wrong Business Idea Understanding Market Hiring: Right people, right offer Money/Capital Communications New opportunities Bad luck/Blame bad luck for not understanding the true reason Friday, February 1, 2013
  9. 9. http://WhatILearnFromReading.com Jobs of Entrepreneurs Evaluate opportunities Access require resource Acquire the resource Manage the venture Harvest the value Friday, February 1, 2013
  10. 10. http://WhatILearnFromReading.com Entrepreneurship can be learned Entrepreneurship is NOT an innate ability Like an athlete ➠ The more you train the better you are! A process of believing and commitment rather than skill. Skill are commodity; You can always hire skillful people. Friday, February 1, 2013
  11. 11. http://WhatILearnFromReading.com 10 Rules! 1.Make the Commitment 2.Find a Problem, Then Solve It 3.Think Big, Think New, Think Again 4.You Can’t Do It Alone 5.You Must Do It Alone 6.Manage Risk 7.Learn to Lead 8.Learn to Sell 9.Persist, Persevere, Prevail 10.Play the Game for Life Friday, February 1, 2013
  12. 12. http://WhatILearnFromReading.com Rule#1: Make the Commitment Friday, February 1, 2013
  13. 13. http://WhatILearnFromReading.com What do you want? How badly do you want it? Follow the trend? Want to get rich? Disappointed from day jobs? Either way, you have to be committed! Friday, February 1, 2013
  14. 14. http://WhatILearnFromReading.com Assess Yourself Obligation: Family? Support: Environment, emotional support? Opportunity cost: Quit your jobs? Capability/Track record? “Opportunity is personal, not universal. It grows out of your talents, experiences, interests, and the problems that you’re uniquely positioned to perceive in the world."  Friday, February 1, 2013
  15. 15. http://WhatILearnFromReading.com Rule#2: Find a Problem, then Solve It Friday, February 1, 2013
  16. 16. http://WhatILearnFromReading.com Problem ➠ Solution DO NOT Begin with Solution! Problem Who care? Pain v.s. pleasure business Forget about your strength! Start with what interest you! If you fail, you’ll fail for what’s valuable to you “A real opportunity consists of both the problem and the proposed solution.” Friday, February 1, 2013
  17. 17. http://WhatILearnFromReading.com A Recipe for Success Finish the school People like Zuckerberg, Jobs, Gates are rare Learn about finance, incorporation, etc. Work for others and gain experience! Friday, February 1, 2013
  18. 18. http://WhatILearnFromReading.com Rule#3: Think Big, Think New, Think Again Friday, February 1, 2013
  19. 19. http://WhatILearnFromReading.com Think Big Life is short! Make it worth your time, your customers’ time, your investors’ time. Friday, February 1, 2013
  20. 20. http://WhatILearnFromReading.com Think New Think Different! “The people who are crazy enough to think that they can change the world are the one who do!” -- Steve Jobs --Apple Think Different Campaign, 1997 Friday, February 1, 2013
  21. 21. http://WhatILearnFromReading.com Friday, February 1, 2013
  22. 22. http://WhatILearnFromReading.com Think New Your customer needs to think new too! ➠ Educate them Protect your innovation Large organization may undercut you Do something radical; They have more legacy, i.e., more to lose than you do. “Innovation usually comes from either bringing a new technology to an industry or coming up with a new business model.” Friday, February 1, 2013
  23. 23. http://WhatILearnFromReading.com Think again No great innovator get things right by the first time! Apple Not good at inventing things Good at making existing things perfect “If coming up with innovative ideas is difficult, doing so again and again is much harder.” Friday, February 1, 2013
  24. 24. http://WhatILearnFromReading.com Rule#4: You Can’t Do It Alone Friday, February 1, 2013
  25. 25. http://WhatILearnFromReading.com Teamwork It’s hard to do it alone. There are always the second person Steve Jobs Steve Wozniak Bill Gates Paul Allen Mark Zuckerberg Eduardo Saverin Friday, February 1, 2013
  26. 26. http://WhatILearnFromReading.com Teamwork Business plan matters but founders are even more important 2-3 founders Complementary skills Too many founders ➠ Disagreement! Friday, February 1, 2013
  27. 27. http://WhatILearnFromReading.com Finding your team Be passionate Go to the right place Be sociable Use all networks you have Use Technology “people are drawn  to the excitement of somebody who is really alive, really on fire about something” Friday, February 1, 2013
  28. 28. http://WhatILearnFromReading.com Rule#5: You Must Do It Alone Friday, February 1, 2013
  29. 29. http://WhatILearnFromReading.com A Lonely Life It’s hard to do it alone. But, it’s your dream. You must do it alone! No one in this world can make you truly satisfied! You parent can be your worst enemy You are leaving high-paying jobs! What do you expect them to say. Bottom-line: Be prepare for loneliness “To  be  a  champ  you  have  to  believe  in  yourself  when  nobody  else  will.” -- Sugar  Ray  Robinson Friday, February 1, 2013
  30. 30. http://WhatILearnFromReading.com A Lonely Life You will have to face disappointment Look at and talk to other entrepreneurs Inventorize your success and build up confidence Be proud: At least you are trying to do something others’re afraid to do. Friday, February 1, 2013
  31. 31. http://WhatILearnFromReading.com Rule#6: Manage Risk Friday, February 1, 2013
  32. 32. http://WhatILearnFromReading.com Risk: Take v.s. Manage What is risk? Is not taking risk risky? We don’t take risk. We manage risk, i.e., collect, assess, minimize Different people different risk Always have a plan B. Maintain liquidity: DROOM “One  of  the  great  myths  about  entrepreneurs  is  that  they  are  risk  seekers.  All  sane  people  want   to  avoid  risk.” – Professor  William  Sahlman, HBS Friday, February 1, 2013
  33. 33. http://WhatILearnFromReading.com Rule#6: Manage Risk Friday, February 1, 2013
  34. 34. http://WhatILearnFromReading.com Risk: Take v.s. Manage What is risk? Is not taking risk risky? We don’t take risk. We manage risk, i.e., collect, assess, minimize Different people different risk Always have a plan B. Maintain liquidity: DROOM “One  of  the  great  myths  about  entrepreneurs  is  that  they  are  risk  seekers.  All  sane  people  want   to  avoid  risk.” – Professor  William  Sahlman, HBS Friday, February 1, 2013
  35. 35. http://WhatILearnFromReading.com Rule#7: Learn to Lead Friday, February 1, 2013
  36. 36. http://WhatILearnFromReading.com Roles of Leaders Not to be more intelligent But to Inspire/motivate/connect to your people Hire/Fire Run a meeting Moderate conflicts Lead them towards a common goal “Leadership is getting someone to do what they don’t want to do, to achieve that they want to achieve” -- Coach Tom Landry Friday, February 1, 2013
  37. 37. http://WhatILearnFromReading.com What Leaders Need to Do Be passionate Communicate: Listen! Make you destination clear Put aside your ego Arrange PARTY! Friday, February 1, 2013
  38. 38. http://WhatILearnFromReading.com Rule#8: Learn to Sell Friday, February 1, 2013
  39. 39. http://WhatILearnFromReading.com Selling in IMPORTANT! Leading = selling your ideas = convincing people For a good sales person Prepare to take “No” “No” = Undecided Don’t Lie! Lying is good only for a short-term “People want to believe. They want to believe in you. They want to believe in your company. And, your job is simply to give them the opportunity to believe.” Friday, February 1, 2013
  40. 40. http://WhatILearnFromReading.com Rule#9: Persist, Persevere, Prevail Friday, February 1, 2013
  41. 41. http://WhatILearnFromReading.com Persist! It’s normal to encounter 100 “no” before a “yes” Do not give up! Old saying: What doesn’t kill you will make you stronger! “Never give in. Never give in. Never, never, never, never – in nothing, great or small, large or  petty – never give in, except to convictions of honor and good sense.” – Winston Churchill Friday, February 1, 2013
  42. 42. http://WhatILearnFromReading.com Correlation of Attempts Success leads to more success Failure may not lead to success Not getting things right from the beginning Success is a better lesson People don’t usually admit and correct their failure! Friday, February 1, 2013
  43. 43. http://WhatILearnFromReading.com Keep Trying If you’d like to reach the top: - Don’t be afraid of hardness and exhaustion - If you fail, at least you die trying. - Start now! Friday, February 1, 2013
  44. 44. http://WhatILearnFromReading.com To Be Successful Keep the record of what you did well Read as much as you can When you can’t move forward, look for other solution “The idea just gets you started. Once you get in the game, you’ve got to work at it until you figure it out. And no matter what we do, no matter how much success we have in a given year, the game is always about survival. Nothing stays the same for ten years. We’ve had to change our strategy year after year after year. If you can survive through all the tough times, you’ll be that much stronger when the good times finally come.” -- Marla Malcolm Beck Friday, February 1, 2013
  45. 45. http://WhatILearnFromReading.com It’s time to sell your company Nothing is good forever. Find the right moment. Sell your company The investors might even hire you to run your company Friday, February 1, 2013
  46. 46. http://WhatILearnFromReading.com Rule#10: Play the Game for Life Friday, February 1, 2013
  47. 47. http://WhatILearnFromReading.com Life and Success Define your success: Money, Make impact, Exploit your full potential What exactly do you want? Friday, February 1, 2013
  48. 48. http://WhatILearnFromReading.com Your Life: Balancing or Juggling? Important things in life Happiness AchievementSignificance Legacy Friday, February 1, 2013
  49. 49. http://WhatILearnFromReading.com If you are an entrepreneur,... “Entrepreneurship isn’t just about solving a problem, building a venture, managing risk, or  making money. It’s about having a positive impact on the world, making the most of the gifts  you’ve been given, and realizing your full potential as a human being. An intelligent  entrepreneur, in short, plays this game for life.”  Friday, February 1, 2013
  50. 50. http://WhatILearnFromReading.com Summary We can learn to be an entrepreneur There are few things you need to be successful ➠ Start with passion and commitment ➠ End with patience and persistence But most of all, DEFINE your own “SUCCESS” Friday, February 1, 2013
  51. 51. http://WhatILearnFromReading.com More like this? Please visit Opening date: 12/12/2012 www.WhatILearnFromReading.com Friday, February 1, 2013
  52. 52. http://WhatILearnFromReading.com Discussion? Friday, February 1, 2013

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