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Unexpected Entrepreneur Presentation

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Unexpected Entrepreneur Presentation

  1. 1. What Makes Start-Ups Go Advice for the Unexpected Entrepreneur
  2. 2. Understanding the Entrepreneurial Mindset vs. The Secret Rules of Investors
  3. 3. Reality Cheque <ul><li>Starting One’s Own Business is American Mythology </li></ul><ul><li>Harris Poll: Starting own Business is 47% of workday fantasies vs. 53% for sex </li></ul>
  4. 4. Motives Matter <ul><li>Making Money vs. Chasing a Dream </li></ul><ul><li>Owning Your Destiny </li></ul><ul><li>Consulting is Entrepreneurship </li></ul>
  5. 5. First, Be Credible! <ul><li>Who and What you stand for: </li></ul><ul><li>Sets Expectations </li></ul><ul><li>Earns Permissions </li></ul>
  6. 6. Ideal Mindset <ul><li>Passion and Attitude </li></ul><ul><li>Flexibility </li></ul><ul><li>Overcoming Obstacles </li></ul><ul><li>Survival Underwater </li></ul>
  7. 7. Entrepreneur Self-Check <ul><li>Are you a </li></ul><ul><li>Salesman </li></ul><ul><li>Head Coach </li></ul><ul><li>Technologist </li></ul><ul><li>Team Leader </li></ul>
  8. 8. Investible vs. Non-Investible <ul><li>Realistic evaluation saves wasted time and long-term credibility </li></ul><ul><li>Non-investible can change </li></ul><ul><li>Ill-conceived investible either crashes or never gets off the ground </li></ul>
  9. 9. View from the VCs <ul><li>Traction </li></ul><ul><li>Survivability </li></ul><ul><li>Payday </li></ul>
  10. 10. Jockey Not the Horse <ul><li>Who you are matters more than the idea </li></ul>
  11. 11. The Secret Hierarchy of Entrepreneurs <ul><li>Successful Serial Entrepreneurs </li></ul><ul><li>10 Year Veteran </li></ul><ul><li>Twentysomething Moonshot </li></ul><ul><li>Senior Superiority? </li></ul>
  12. 12. Why Your Background Counts <ul><li>Judged by Family Background </li></ul><ul><li>Explains Your Exposure to a World </li></ul><ul><li>Tapping Connections </li></ul><ul><li>Accountable to a Community </li></ul>
  13. 13. VC Dream Team <ul><li>Chief Salesman </li></ul><ul><li>Technologist </li></ul><ul><li>CFO </li></ul>
  14. 14. Investible <ul><li>High Growth Area </li></ul><ul><li>Inside Access </li></ul><ul><li>Solving Known Problem </li></ul><ul><li>Proven Team </li></ul><ul><li>Selling Mentality/Self-Start </li></ul><ul><li>Skin in the Game </li></ul>
  15. 15. Non-Investible …. but possibly financable <ul><li>Growing Consultancy </li></ul><ul><li>Lifestyle Business </li></ul><ul><li>(Service, Shop, Restaurant, B&B etc.) </li></ul><ul><li>Franchise </li></ul>
  16. 16. Who Got Money – Who Didn’t <ul><li>Understand the Investor Psychology </li></ul><ul><li>The Science of Referrals : Implicit Association Test </li></ul><ul><li>Hot Growth Area </li></ul>
  17. 17. How to Enhance Expectations <ul><li>Anticipate career baggage </li></ul><ul><li>Appear Flexible </li></ul><ul><li>Passionate and Salesmanlike </li></ul><ul><li>vs. Too Certain and Presumptuous </li></ul><ul><li>Pragmatic vs. Perfecting </li></ul><ul><li>Skin in the Game (Overt or implied) </li></ul>
  18. 18. You’re In It For the Long Haul <ul><li>Be Positive </li></ul><ul><li>Leave the Door Open </li></ul><ul><li>Stay credible and eventually you’ll win </li></ul>
  19. 19. Common Errors <ul><li>Grand Ideas </li></ul><ul><li>Unified Field Theories (Wormholes OK) </li></ul><ul><li>Feelings/Help the World </li></ul><ul><li>No Skin in the Game </li></ul><ul><li>Not High Growth (10x) </li></ul>
  20. 20. What to Avoid <ul><li>“ Head of State” </li></ul><ul><li>“ Chief Advisor” </li></ul><ul><li>“ Resident Guru” </li></ul><ul><li>“ Mr. Rolodex/Mr. Golf” </li></ul><ul><li>– unless you do sales. </li></ul><ul><li>Billable hours mentality </li></ul>
  21. 21. Know Your Close…Without Being Closed <ul><li>Have a realistic valuation based on reasonable comparables </li></ul><ul><li>Know standard deal structures </li></ul><ul><li>Show flexibility but not spinelessness </li></ul>
  22. 22. Good Luck!
  23. 23. Entrepreneurs on Prime Time

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