Entrepreneurship: a self-experiment

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Entrepreneurship: a self-experiment

  1. 1. [Quelle] 92 95 83 141 130 30 8 143 134 174 79 117 19 140 198 63 84 115 137 175 169 206 Entrepreneurship: a self-experiment Nico Ebert 03.12.2013 207 203
  2. 2. 130 30 8 79 117 19 140 198 63 84 115 137 [Quelle] At the beginning of the year we‘ve started a business... 92 95 83 .. and I will NOT talk about – „How you should do it“ – „10 Tips for success“ or „7 Tools you need“ – „How good/great/catastrophic everything went“ – „How much money we‘ve raised/lost“ 141 143 134 174 175 169 206 207 203 … but what I have learned in this experiment. 2
  3. 3. [Quelle] Experiment setup: People, Skills & Time 92 95 83 141 130 30 8 143 134 174 79 117 19 175 169 206 140 198 63 207 203 84 115 137 3
  4. 4. [Quelle] Experiment setup: Idea (not brilliant, just good enough) 92 95 83 141 130 30 8 143 134 174 79 117 19 175 169 206 140 198 63 207 203 84 115 137 4
  5. 5. 130 30 8 79 117 19 [Quelle] Experiment setup: What we liked about the idea... 92 95 83 a.  We both had relevant experience 141 143 134 b.  We liked working with pupils 174 175 169 c.  We like quality (products) 206 140 198 63 84 115 137 207 203 d.  Medium risk / return / scalability (existing demand) 5
  6. 6. [Quelle] Experiment setup: Motivation (Job frustration + Believe) 92 95 83 141 130 30 8 143 134 174 79 117 19 175 169 206 140 198 63 207 203 84 115 137 6
  7. 7. [Quelle] Experiment setup: Capital (Invest + Living) 92 95 83 141 130 30 8 143 134 174 79 117 19 140 198 63 175 169 but 206 207 203 84 115 137 7
  8. 8. [Quelle] 08 - 12/2012: a „brilliant“ concept with a friend 92 95 83 141 130 30 8 143 134 174 79 117 19 175 169 206 140 198 63 207 203 84 115 137 8
  9. 9. [Quelle] 08 - 12/2012: a „brilliant“ concept with a friend 92 95 83 141 130 30 8 143 134 174 79 117 19 175 169 206 140 198 63 207 203 84 115 137 9
  10. 10. 130 30 8 79 117 19 [Quelle] 08 - 12/2012: friend is unclear about joining 92 95 83 „I don‘t see the USP in the model – everbody could easily copy your business model. I prefer ventures involving more risk, external capital and a hard-tocopy product.“ 141 143 134 174 175 169 206 140 198 63 84 115 137 207 203 „We don‘t have this single outstanding USP. We just want to do everything a little bit better than our competition. Better teachers, better marketing, better management...“ 10
  11. 11. 130 30 8 79 117 19 [Quelle] What to do next? 92 95 83 a.  Go on trying to convince her until she is excited 141 143 134 b.  Push for clear yes/no decision 174 175 169 c.  Just let go, time will tell 206 140 198 63 84 115 137 207 203 d.  Change the business model until the USP is visible to all e.  ? 11
  12. 12. [Quelle] 08 - 12/2012: Failing a self-assessment 92 95 83 141 130 30 8 143 134 174 79 117 19 175 169 206 140 198 63 207 203 84 115 137 12
  13. 13. 130 30 8 79 117 19 140 198 63 84 115 137 [Quelle] What to do next? 92 95 83 a.  Do nothing, just ignore it 141 143 134 b.  Work on your weaknesses (external coaching, reading ...) 174 175 169 c.  Compensate missing skills/weaknesses with other complementary people 206 207 203 d.  Stop the experiment e.  ? 13
  14. 14. [Quelle] Christmas 2012: Liquidity plan ! Shock 92 95 83 141 130 30 8 143 134 174 79 117 19 175 169 206 140 198 63 207 203 84 115 137 14
  15. 15. 130 30 8 79 117 19 140 198 63 84 115 137 [Quelle] What to do next? 92 95 83 a.  Get additional funding (FFF) or part time jobs to gain time (4-5 months). 141 143 134 174 b.  Rework & down-size concept and plan better, than start 1-2 month(s) later. 175 169 206 207 c.  Leave concept as it is, focus on tasks for customer acquisition, fix the rest later. 203 d.  ? 15
  16. 16. [Quelle] January 2013: Confrontation with reality ! Shock 92 95 83 141 130 30 8 143 134 174 79 117 19 175 169 206 140 198 63 207 203 84 115 137 16
  17. 17. 130 30 8 79 117 19 [Quelle] What to do next? 92 95 83 a.  Do nothing and let lie sleeping dogs. 141 143 134 b.  Get a lawyer and fight for your right. 174 c.  175 Ask other Cantons than Zurich. 169 206 140 198 63 d.  Change our business model (e.g. „Arbeitsvermittlung“ only). 84 115 137 e.  Get additional funds and apply for „Personalverleih“ in Zurich. f.  ? 207 203 17
  18. 18. [Quelle] March 2013: Solution (Tiny office in Businesspark Zug) 92 95 83 141 130 30 8 143 134 174 79 117 19 175 169 206 140 198 63 207 203 84 115 137 18
  19. 19. [Quelle] April 2013: Ready to go 92 95 83 141 130 30 8 143 134 174 79 117 19 175 169 206 140 198 63 207 203 84 115 137 19
  20. 20. 130 30 8 79 117 19 [Quelle] April 2011: Dealing with different work styles 92 95 83 141 143 „This customer feedback email can wait until tomorrow.“ 134 174 175 169 206 140 198 63 84 115 137 207 203 „We have to reply any customer in a given time frame of half a day maximum.“ 20
  21. 21. 130 30 8 79 117 19 140 198 63 84 115 137 [Quelle] What to do next? 92 95 83 a.  Convince the other person that your style is better in this situation 141 143 134 b.  Adapt your own work style 174 175 169 c.  Accept the other persons work style 206 207 203 d.  Separate team members e.  Leave the company / fire team member f.  ? 21
  22. 22. [Quelle] May/June 2013: First customers & Staff 92 95 83 141 130 30 8 143 134 174 79 117 19 175 169 206 140 198 63 207 203 84 115 137 22
  23. 23. 130 30 8 79 117 19 140 198 63 84 115 137 [Quelle] July 2013: Demand drop or „Holidays in Zurich“ 92 95 83 a.  Invest in additional marketing activities to get the few remaining customers 141 143 134 174 b.  Work on marketing activities to be prepared for school start in August 175 169 206 207 c.  Relax and go on holidays 203 d.  Panic and work harder (Work for work‘s sake) e.  ? 23
  24. 24. [Quelle] August 2013: Marketing activities 92 95 83 141 130 30 8 143 134 174 79 117 19 175 169 206 140 198 63 207 203 84 115 137 24
  25. 25. [Quelle] August 2013: Marketing activities 92 95 83 141 130 30 8 143 134 174 79 117 19 175 169 206 140 198 63 207 203 84 115 137 25
  26. 26. 130 30 8 79 117 19 140 198 63 84 115 137 [Quelle] Access the marketing impact! 92 95 Marketing instrument Very good Quite ok 83 Close to zero 1. Mass media (Zurich) 141 2. Direct mailing campaign (500 selected households) 134 143 174 3. Exhibition at Expat Expo Zurich (2 People, 1 Day) 175 169 4. Google Search Marketing 206 5. Facebook Site 207 203 6. Gymi-Guidelines for pupils (Website) 7. Scholarship-Flyer (Mailing to 700 schools) 8. Standard-Flyer (Mailing to 50 schools) 9. Word of mouth 26
  27. 27. 130 30 8 79 117 19 140 198 63 84 115 137 [Quelle] Access the marketing impact! 92 95 Marketing instrument Very good Quite ok 83 Close to zero 1. Mass media (Zurich) x 141 2. Direct mailing campaign (500 selected households) x 134 3. Exhibition at Expat Expo Zurich (2 People, 1 Day) x 4. Google Search Marketing 9. Word of mouth 175 x 206 x 207 203 x 7. Scholarship-Flyer (Mailing to 700 schools) 8. Standard-Flyer (Mailing to 50 schools) 174 169 5. Facebook Site 6. Gymi-Guidelines for pupils (Website) 143 x x x 27
  28. 28. [Quelle] September 2013: Customer situation 92 95 Hours per Customer in September 2013 83 141 130 30 8 143 134 174 79 117 19 175 169 206 140 198 63 207 203 84 115 137 28
  29. 29. [Quelle] What to do next? 92 95 83 a.  Leave as it is, the long tail is the nature of the business 141 130 30 8 79 117 19 140 198 63 84 115 137 143 134 b.  Focus on the customers with the best cost-benefit ratio à loose revenue 174 175 169 c.  Invest in business operations to increase efficiency 206 207 203 d.  Create 2 different business models for different customer segments e.  ? 29
  30. 30. 130 30 8 79 117 19 [Quelle] October 2013: failing your goals 92 95 Revenue Businessplan January 2013 83 141 143 134 174 Reality 175 169 206 140 198 63 207 203 84 115 137 30
  31. 31. [Quelle] What to do next? 92 95 83 a.  Fire yourself and push the eject button. 141 130 30 8 143 134 b.  Search for what went wrong, fix it and go on. 174 79 117 19 140 198 63 84 115 137 175 169 c.  As long as the revenue increases we must do something right. Let‘s go on. 206 207 203 d.  Reduce the effort you put into the project. e.  ? 31
  32. 32. [Quelle] Every Döner store owner knows more than me 92 95 83 141 130 30 8 143 134 174 79 117 19 175 169 206 140 198 63 207 203 84 115 137 32
  33. 33. [Quelle] There are as many entrepreneur types as enterprise types 92 95 83 141 130 30 8 143 134 174 79 117 19 175 169 206 140 198 63 207 203 84 115 137 Source: lighthouse8.com/the-myer-briggs-personality-test/ 33
  34. 34. [Quelle] A business plan is no fun, but helps me to focus 92 95 83 141 130 30 8 143 134 174 79 117 19 175 169 206 140 198 63 207 203 84 115 137 34
  35. 35. [Quelle] Panic/anxiety is normal if I‘ve no experience 92 95 83 141 130 30 8 143 134 174 79 117 19 175 169 206 140 198 63 207 203 84 115 137 35
  36. 36. [Quelle] I‘ve to accelerate what cannot be avoided 92 95 83 141 130 30 8 143 134 174 79 117 19 175 169 206 140 198 63 207 203 84 115 137 36
  37. 37. [Quelle] There is no alternative to trying, loosing time & money 92 95 83 141 130 30 8 143 134 174 79 117 19 175 169 206 140 198 63 207 203 84 115 137 37
  38. 38. [Quelle] "Expectations ! #Happiness & Learning ability 92 95 83 141 130 30 8 143 134 174 79 117 19 175 169 206 140 198 63 207 203 84 115 137 38
  39. 39. [Quelle] I‘ve to dare not listen to advice/feedback 92 95 83 141 130 30 8 143 134 174 79 117 19 175 169 206 140 198 63 207 203 84 115 137 39
  40. 40. [Quelle] It is more like arranging a garden than creating a sculpture... 92 95 83 141 130 30 8 143 134 174 79 117 19 140 198 63 175 169 but 206 207 203 84 115 137 40
  41. 41. 130 30 8 79 117 19 140 198 63 84 115 137 [Quelle] What I‘ve learned... 92 95 83 1.  Every Döner store owner knows more in the beginning than me 141 143 2.  There are as many entrepreneur as enterprise types 3.  A business plan is no fun, but helps me to prioritize/focus 4.  134 174 175 169 Panic/anxiety is normal if I have no experience 206 5.  I‘ve to accelerate what cannot be avoided 6.  There is no alternative to trying many things, losing time and money 7.  ê 8.  I‘ve to dare not listen to advice / feedback 9.  It is more like arranging a garden than creating a sculture. Expectations à é 207 203 Happiness & Learning ability 41

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