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Why entrepreneurship as a career

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My presentation to Career Zoo on why chose entrepreneurship as a career 13th September 2014 https://archive.today/eKoga

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Why entrepreneurship as a career

  1. 1. Why choose entrepreneurship as a career Growing Ireland’s Startup Sector #startupIRL Presentation at
  2. 2. Growing Ireland’s Startup Sector #startupIRL
  3. 3. What is an entrepreneur? Growing Ireland’s Startup Sector #startupIRL
  4. 4. Growing Ireland’s Startup Sector #startupIRL
  5. 5. Growing Ireland’s Startup Sector #startupIRL
  6. 6. Growing Ireland’s Startup Sector #startupIRL
  7. 7. One who organises, manages and assumes the risks of a business enterprise creating jobs and innovative offerings. Growing Ireland’s Startup Sector #startupIRL
  8. 8. Growing Ireland’s Startup Sector #startupIRL
  9. 9. Growing Ireland’s Startup Sector #startupIRL
  10. 10. 1. Vision 2. Ability to create/increase value 3. Mastery Knowledge 4. Focus 5. Communication Skills 6. Networking Skills/Allies 7. Passion 8. 10 Thousand Hours 9. Confidence 10. Fortitude Growing Ireland’s Startup Sector #startupIRL
  11. 11. Growing Ireland’s Startup Sector #startupIRL
  12. 12. What is a business opportunity? Growing Ireland’s Startup Sector #startupIRL
  13. 13. Growing Ireland’s Startup Sector #startupIRL
  14. 14. Business Ideas are not Business Opportunities… Unless they Solve Business Problems! Growing Ireland’s Startup Sector #startupIRL
  15. 15. 95% of the value of a business idea is in its successful execution Growing Ireland’s Startup Sector #startupIRL
  16. 16. Growing Ireland’s Startup Sector #startupIRL
  17. 17. What is a startup? Growing Ireland’s Startup Sector #startupIRL
  18. 18. “A startup is a company designed to grow fast. “ Paul Graham founder of Y-Combinator Growing Ireland’s Startup Sector #startupIRL
  19. 19. “Particular focus on entrepreneurship as two thirds of all new jobs are created by startup businesses.” Growing Ireland’s Startup Sector #startupIRL
  20. 20. Bringing it all together… The right fit of person + right idea + relevant domain knowledge/network + timing = High Impact Startup! Growing Ireland’s Startup Sector #startupIRL
  21. 21. Why get involved in a startup? Growing Ireland’s Startup Sector #startupIRL
  22. 22. “No more jobs for life - they went out with the milkround” The Independent Newspaper Growing Ireland’s Startup Sector #startupIRL
  23. 23. Growing Ireland’s Startup Sector #startupIRL
  24. 24. YOUR DREAM JOB DOES NOT EXIST. YOU MUST CREATE IT Growing Ireland’s Startup Sector #startupIRL
  25. 25. Choose a job you love, and you will never have to work a day in your life. Confucius Growing Ireland’s Startup Sector #startupIRL
  26. 26. Growing Ireland’s Startup Sector #startupIRL
  27. 27. “What matters in Silicon Valley is how much effect you have on the world.” Paul Graham Cities & Ambition Growing Ireland’s Startup Sector #startupIRL
  28. 28. “Someone that has worked for a startup for 3 months is worth more to my business than a Masters student that hasn’t” Dylan Collins Growing Ireland’s Startup Sector #startupIRL
  29. 29. There has never been a better time to startup in light of the resources available and the speed you can get to market Growing Ireland’s Startup Sector #startupIRL
  30. 30. Small teams of individuals can do what only governments and large corporations could have ever done in the past. Growing Ireland’s Startup Sector #startupIRL
  31. 31. 10 years ago the optimal amount of capital required to help a software company to scale successfully: ● $15 million The same can be achieved now for: ● $1 million Growing Ireland’s Startup Sector #startupIRL
  32. 32. Incubators (Dublin) ● NDRC Launchpad ● Dogpatch ● Wayra ● Propellor ● Nova UCD, TCD campus ● Ustart (DCU accelerator) ● Greenhouse (virtual incubator) ● Foodworks ● HealthXL Startup Bootcamp ● Guinness Enterprise Centre New Frontiers ● 150 participants ● €15K grant, six month program ● 11 Institutes of Technology ● Country-wide ● 20% female Growing Ireland’s Startup Sector #startupIRL
  33. 33. €5K Innovation Voucher €15K Feasibility Grant Growing Ireland’s Startup Sector #startupIRL
  34. 34. Traditional career options such as law and accountancy carry a familiarly reassuring school/university type progression. In contrast the entrepreneur gets a blank piece of paper. They for the most part are expected to operate without boundaries, guidance or feedback on progress. Growing Ireland’s Startup Sector #startupIRL
  35. 35. ● The average hours worked by early stage entrepreneurs: 74 hours per week ● The average salary of early stage entrepreneurs: €25,000 ● The average time to first enterprise sale: 16 months Growing Ireland’s Startup Sector #startupIRL
  36. 36. Growing Ireland’s Startup Sector #startupIRL
  37. 37. Growing Ireland’s Startup Sector #startupIRL
  38. 38. What is Startup Ireland? Growing Ireland’s Startup Sector #startupIRL
  39. 39. “Ireland has some amazing entrepreneurs but not nearly enough of them.” Minister Richard Bruton Growing Ireland’s Startup Sector #startupIRL
  40. 40. “Where would we start, with a degree we can get a job and the employer provides the framework…” Final Year Undergrad Growing Ireland’s Startup Sector #startupIRL
  41. 41. “Ireland must encourage entrepreneurship as a norm rather than an exception.” Growing Ireland’s Startup Sector #startupIRL
  42. 42. Changing hearts and minds towards entrepreneurship in Ireland Growing Ireland’s Startup Sector #startupIRL
  43. 43. #V2020StartupIsland Dublin to be global tech startup hub Growing Ireland’s Startup Sector #startupIRL
  44. 44. Some common myths about startups... Growing Ireland’s Startup Sector #startupIRL
  45. 45. Growing Ireland’s Startup Sector #startupIRL
  46. 46. Growing Ireland’s Startup Sector #startupIRL
  47. 47. Building a startup is not easy it takes a lot of Time, Dedication & Energy… but so do most jobs! Growing Ireland’s Startup Sector #startupIRL
  48. 48. My 10 golden rules for startups Growing Ireland’s Startup Sector #startupIRL
  49. 49. Be careful what you sign in the early days and check for what you are committing yourself to in terms of notice terms and length of the agreements. 1 Growing Ireland’s Startup Sector #startupIRL
  50. 50. "If it’s not in writing it never happened." Get agreements in writing. 2 Growing Ireland’s Startup Sector #startupIRL
  51. 51. Equity is blood, preserve it for as long as possible before giving any of it away. 3 Growing Ireland’s Startup Sector #startupIRL
  52. 52. Don’t blow the budget on “gold plating” the first version through feature and scope creep. – Fail early, fail cheap. 4 Growing Ireland’s Startup Sector #startupIRL
  53. 53. Cart before the horse – do the feasibility research (including asking customers how much they would pay you for it) before writing any specifications documents. 5 Growing Ireland’s Startup Sector #startupIRL
  54. 54. Don’t re-invent the wheel, check Kickstarter, leverage opensource. 6 Growing Ireland’s Startup Sector #startupIRL
  55. 55. Make sure you keep 40%+ of your budget for sales and marketing! 7 Growing Ireland’s Startup Sector #startupIRL
  56. 56. Look to automate and streamline standard processes from the word go. Many startups fail to scale as the entrepreneur gets bogged down in admin “stuff”. 8 Growing Ireland’s Startup Sector #startupIRL
  57. 57. If you can build your business from cashflow without equity investment do so (until you need to scale). 9 Growing Ireland’s Startup Sector #startupIRL
  58. 58. Start with the end in mind – have a clear plan of what you are doing and what you want to get out of it – write it down too. 10 Growing Ireland’s Startup Sector #startupIRL
  59. 59. You don’t have to start a business to gain entrepreneurial skills and capabilities, why not intern with a startup through Startup Ireland Growing Ireland’s Startup Sector #startupIRL
  60. 60. CONCLUSION Growing Ireland’s Startup Sector #startupIRL
  61. 61. Become an entrepreneur not because you have to but because you WANT to! Growing Ireland’s Startup Sector #startupIRL
  62. 62. Think Big Act Now Change Ireland Social Entrepreneurs Ireland Growing Ireland’s Startup Sector #startupIRL
  63. 63. Growing Ireland’s Startup Sector #startupIRL
  64. 64. Representing Ireland’s Startup Sector

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