6. The statistics:
Australia:
2011 -> 2015: ‘285,000’ new businesses’*
Within 36 months: 50% gone*
Within 60 months: 90% gone*
*ABS: Counts of Australian Businesses, including Entries and Exits, Jun 2011 to Jun 2015
7. Official reasons for failures
* Cash flow problems *
Unable to get enough customers
Unable to build the right team
8.
9. “Are we there yet?”
Only 5% are suited to be
Sole traders
10. We live in amazing times
UBER: The world's largest taxi company:
- Has no taxis
Facebook: The worlds most popular media provider:
- Creates no content
Alibaba: The world's most valuable retailer:
- Has no inventory
Airbnb: The world’s largest accommodation provider:
- Owns no hotel rooms
14. Interviewing successful entrepreneurs:
Accept you will need to do some selling
6 step process
Step 1: Do what you love
Step 2: Pick your niche
Make it “an inch wide, but go a mile deep”
Identify your ideal client
Find your ideal client’s chat rooms on social media
15. #3: Pick a sub-niche and become the expert
Become the go-to person: Deliver answers
Learn about their real pain (pain = $!)
Solve one pain amazingly well => leverage
Create and invite people to watch a 90 sec video
“The 3 biggest mistakes people make when..”
At the end: (1) Checklist and (2) Call to action
#1 Objective: Your list = Your future & fortune
18. Step 4: Create evangelists
Prospect => Customer => Client => Evangelist
Value ladder
Free educational video in exchange
First $ exchange <$10: ‘No brainer’ low cost
but High value
Gradual increase cost, and keep High value
(package up)
19. Step 5: Create a GREAT client experience
“Make it easy for your client to say Yes!”
Step 6: Be patient
25. The best solution creation tool I know
Eric Ries
US universities - INTUIT and GE
26. A path to follow
Make it easier to explain your vision and concept
Maximise the probability of developing a
winning solution
Attract co-creators
Attract finance, and
Provide ongoing updates to stakeholders
https://leanstartupmentoring.com/
28. Summary
Life is too short to create stuff nobody wants
Trust and work with your niche and ideal client
Be patient
29. To develop a profitable and sustainable business:
Getting the concepts right - Today
Sources of investment – 12 April
Marketing your business – 7 June
How to control growth – 13 September
34. Recommendations
Books:
Peter Thiel, Gary V, Russell Bronson
M. Gerber: “The E-Myth revisited”
T. Robbins: “Unlimited Power”
TV Programs:
SBS: “Small Business Secrets”