SlideShare a Scribd company logo
ELEVEN
ESSENTIALS
FOR YOUNG
ENTREPRENEURS
Stephen King
@stephdokin
www.stephdokin.com
© 2016 Stephdokin Inc. All rights reserved. Duplication or distribution is encouraged, with proper attribution.
Mountain Park
School Grade 8
I am not THAT Stephen King
I’m this one
30 years of “Shipping Bits” and great teams
Co-Founder
Founder
Established 2008 2012-2015
Or a guitar hero?
Do you want to
be a guitar
player?
1
Essential
Curiosity and openness.
Lifelong journey of
listening and learning.
There is no such thing as
failure, only learning
opportunities.
You’re never as good as
the person you will
become!
Entrepreneurs have
a beginners mind.
2
Essential
Passion. Persistence.
Drive to get the ball in the end-zone despite all obstacles.
Manage time and cash. Create profitability.
Conquer “The Double Hump of Risk” (Product + Go-To-Market)
Entrepreneurs
get ‘er done.
3
Essential
Don’t predict the future. Invent it.
Skate to where the puck will be.
Change creates challenge. Without challenge,
there is no opportunity for success.
Learn from change. Industry. Technology.
Economic. Political. Financial. Government.
Cultural. Environmental.
Walk a mile in your customers shoes.
Then, create change.
Entrepreneurs adapt-
to embrace change.
change
My Samsung S5 is 3,000,000%
faster than my old Atari 400 computer
Genetics (DNA)
Alternate energy
Nanomedics (medical nanotechnology)
Vertical urban farming
Virtual reality experience designer
Smart home technicians
Senior / health care
Growing organs / 3D printing
Fitness & nutrition specialists
Computer / IT / Mobile programming
Big data w statistics
International law
Marketing
change
4
Essential
1. How does change create an opportunity?
(opportunities are vitamins or pain pills!)
2. Who will pay for your stuff?
(products and/or services)?
3. How much can you charge for it?
4. How big $$ is the market opportunity?
5. How easy is it to access the market –
to sell it to potential customers?
6. What were customers using before?
7. What other choices do they have?
Why would someone select you
and not your competition?
8. How much resources (time & money)
will you need to make it profitable?
Entrepreneurs smell
opportunity and $$$.
You work for 10 hours over 2 days; make and sell 4 pitchers of
regular lemonade, and 3 pitchers of sugar-free lemonade.
$ you make each sales transaction
--------------------------------------------------
1 Pitcher of regular. 8 cups sell for $0.05 cents each = $0.40.
1 Pitcher of “sugar-free” 8 cups sells for $0.25 cents = $2.00.
(4 pitchers X $0.40) + (3 pitchers X $2.00)
Total $ Revenue = $7.60
===================
Cost?
--------
70 Lemons = $8.00
Sugar = 3 lbs X $2.79 = $8.37 (sugar is bad for you, btw…)
Equivalent amount of Stevia = $14.56 (for sugar free lemonade)
1 cups of regular for thirsty you per hour = 10 * $0.05 = $0.50.
Spilled 4 cups at $0.20.
Little sister stole a cup.
8 cups left over at end that you threw away = $0.40.
-------------------------------
Cost to make 7 pitchers = ($31.93)
============================
Total Loss = ($24.43)
=================
Is this a “profitable” business
at 5 Cents a glass?
NO! You need to ensure you MAKE
more money than you SPEND!
IF regular cup = $0.50 and
sugar free cup = $1.00, revenue
would be $40, profit = $7.97*
The “Secret Sauce of Success”
* Still that not great of a business for 2 days work haha!
Entrepreneurs
have luck.
“I am a great believer
in luck, and I find the
harder I work the
more I have of it.”
~ Thomas Jefferson
Essential
5
Essential
Communication is a simple formula:
Quality of Idea X Effectiveness of Communication
Which is better?
10 X 1 = 10 5 x 5 = 25 3 X 10 = 30
Entrepreneurs
communicate.6
Entrepreneurs understand their brand:
• Who is your customer? (a.k.a. “persona”)
Talk in their language & be where they hang out.
• Inspire, don’t tell. Storytelling.
• Define “Value Statements,”
“Customer Benefits” and “Feature Statements”
• Feature: “Spinach is full of iron”
• Benefit: “Spinach is good for your bones”
• Value: “Spinach lets you kick Bluto’s butt”
Sell themselves. Sell ideas.
Sell products. Sell their company.
ABC = Always Be Closing.
If you don't ask, you will most
assuredly never hear “yes.”
Entrepreneurs
sell.
Essential
7
Everyone should code. Whether you are:
1) Building software or making websites,
2) Using technology to sell your products & services,
3) Adapting technology for internal processes,
4) Or … <whatever>
Entrepreneurs
code.8
Essential
… having coding & technical skills gives savvy
entrepreneurs the edge with speed as well as
access to markets.
Entrepreneurs
understand data.
Types of data
• Website Analytics
• Product Use
• Social Analytics
• Marketing + Sales
• Operational
• Service and support
• Financial
• Customer
Use data to help prioritize your team’s
strategy and tactics; i.e. what should
you spend your time and money on?
salesfunnel.stephdokin.com
9
Essential
Entrepreneurs
are good friends.1
Essential
“No man is a island.”
Entrepreneurs are rarely successful doing things by themselves.
They network (a.k.a. “Friendship”). They sell to “people” not “targets.”
They surround themselves with teams and advisors who make them
“whole.” Let each team member do their own job, but work as a unit
towards a common goal.
0
Good friends make good neighbours
Good neighbours make good communities.
Good communities make a good Calgary.
Good cities make a good Alberta.
Good provinces make a good Canada.
Good countries make a good Earth.
A note about friendship
Picture from Calgary flood, June 2013
Entrepreneurs
have fun.1
Richard Branson,
Virgin Group Founder
… losing a bet
1
Essential
Stephen King
President, Stephdokin.com
Co-founder, TheA100.com
@stephdokin
stephen@stephdokin.com
Thanks!
Questions?
Thoughts?
What will you create?

More Related Content

What's hot

Business 101.1 class 5
Business 101.1 class 5Business 101.1 class 5
Business 101.1 class 5
Jennifer van der Meer
 
Product and Design Strategy Goals
Product and Design Strategy GoalsProduct and Design Strategy Goals
Product and Design Strategy Goals
Aurelius
 
The DNA of a Best Place to Work
The DNA of a Best Place to WorkThe DNA of a Best Place to Work
The DNA of a Best Place to Work
Glassdoor
 
DH Hello Intro Doc
DH Hello Intro DocDH Hello Intro Doc
DH Hello Intro Doc
Delivering Happiness
 
Selling Value to Different Customers
Selling Value to Different CustomersSelling Value to Different Customers
Selling Value to Different Customers
Hien Lam
 
Lessons learned from Flipkart & the early days at Facebook
Lessons learned from Flipkart & the early days at FacebookLessons learned from Flipkart & the early days at Facebook
Lessons learned from Flipkart & the early days at Facebook
TheFamily
 
Best Places to Work Roadshow | Keynote Presentation
 Best Places to Work Roadshow | Keynote Presentation Best Places to Work Roadshow | Keynote Presentation
Best Places to Work Roadshow | Keynote Presentation
Glassdoor
 
Lesara Culture Code
Lesara Culture CodeLesara Culture Code
Lesara Culture Code
Lesara
 
24-7 culture code
24-7 culture code24-7 culture code
24-7 culture code
24-7 inc.
 
10+ Steps to Scaling Your Cheer Squad - Entrepreneurship 101
10+ Steps to Scaling Your Cheer Squad - Entrepreneurship 10110+ Steps to Scaling Your Cheer Squad - Entrepreneurship 101
10+ Steps to Scaling Your Cheer Squad - Entrepreneurship 101
MaRS Discovery District
 
New Year's Business Planning: How to Set Goals & DOMINATE 2016
New Year's Business Planning: How to Set Goals & DOMINATE 2016New Year's Business Planning: How to Set Goals & DOMINATE 2016
New Year's Business Planning: How to Set Goals & DOMINATE 2016
Surefire Local
 
NextView Ventures 2014 Year in Review
NextView Ventures 2014 Year in ReviewNextView Ventures 2014 Year in Review
NextView Ventures 2014 Year in Review
NextView Ventures
 
The art of interaction: How to find and keep top employees
The art of interaction: How to find and keep top employeesThe art of interaction: How to find and keep top employees
The art of interaction: How to find and keep top employees
Intuit Inc.
 
Scaling Outside Canada - Entrepreneurship 101
Scaling Outside Canada - Entrepreneurship 101Scaling Outside Canada - Entrepreneurship 101
Scaling Outside Canada - Entrepreneurship 101
MaRS Discovery District
 
CULTURE OF INNOVATION
CULTURE OF INNOVATIONCULTURE OF INNOVATION
CULTURE OF INNOVATION
Digital Natives
 
EIA2017Italy - Mike Lawless - VDD (Value Differentiation Durability) Test for...
EIA2017Italy - Mike Lawless - VDD (Value Differentiation Durability) Test for...EIA2017Italy - Mike Lawless - VDD (Value Differentiation Durability) Test for...
EIA2017Italy - Mike Lawless - VDD (Value Differentiation Durability) Test for...
European Innovation Academy
 
Women in Tech: How to Build A Human Company
Women in Tech: How to Build A Human CompanyWomen in Tech: How to Build A Human Company
Women in Tech: How to Build A Human Company
Luminary Labs
 
My Personal CORE Strategy: Brand, Customers, Goals
My Personal CORE Strategy: Brand, Customers, Goals My Personal CORE Strategy: Brand, Customers, Goals
My Personal CORE Strategy: Brand, Customers, Goals
Jose Caballer
 

What's hot (18)

Business 101.1 class 5
Business 101.1 class 5Business 101.1 class 5
Business 101.1 class 5
 
Product and Design Strategy Goals
Product and Design Strategy GoalsProduct and Design Strategy Goals
Product and Design Strategy Goals
 
The DNA of a Best Place to Work
The DNA of a Best Place to WorkThe DNA of a Best Place to Work
The DNA of a Best Place to Work
 
DH Hello Intro Doc
DH Hello Intro DocDH Hello Intro Doc
DH Hello Intro Doc
 
Selling Value to Different Customers
Selling Value to Different CustomersSelling Value to Different Customers
Selling Value to Different Customers
 
Lessons learned from Flipkart & the early days at Facebook
Lessons learned from Flipkart & the early days at FacebookLessons learned from Flipkart & the early days at Facebook
Lessons learned from Flipkart & the early days at Facebook
 
Best Places to Work Roadshow | Keynote Presentation
 Best Places to Work Roadshow | Keynote Presentation Best Places to Work Roadshow | Keynote Presentation
Best Places to Work Roadshow | Keynote Presentation
 
Lesara Culture Code
Lesara Culture CodeLesara Culture Code
Lesara Culture Code
 
24-7 culture code
24-7 culture code24-7 culture code
24-7 culture code
 
10+ Steps to Scaling Your Cheer Squad - Entrepreneurship 101
10+ Steps to Scaling Your Cheer Squad - Entrepreneurship 10110+ Steps to Scaling Your Cheer Squad - Entrepreneurship 101
10+ Steps to Scaling Your Cheer Squad - Entrepreneurship 101
 
New Year's Business Planning: How to Set Goals & DOMINATE 2016
New Year's Business Planning: How to Set Goals & DOMINATE 2016New Year's Business Planning: How to Set Goals & DOMINATE 2016
New Year's Business Planning: How to Set Goals & DOMINATE 2016
 
NextView Ventures 2014 Year in Review
NextView Ventures 2014 Year in ReviewNextView Ventures 2014 Year in Review
NextView Ventures 2014 Year in Review
 
The art of interaction: How to find and keep top employees
The art of interaction: How to find and keep top employeesThe art of interaction: How to find and keep top employees
The art of interaction: How to find and keep top employees
 
Scaling Outside Canada - Entrepreneurship 101
Scaling Outside Canada - Entrepreneurship 101Scaling Outside Canada - Entrepreneurship 101
Scaling Outside Canada - Entrepreneurship 101
 
CULTURE OF INNOVATION
CULTURE OF INNOVATIONCULTURE OF INNOVATION
CULTURE OF INNOVATION
 
EIA2017Italy - Mike Lawless - VDD (Value Differentiation Durability) Test for...
EIA2017Italy - Mike Lawless - VDD (Value Differentiation Durability) Test for...EIA2017Italy - Mike Lawless - VDD (Value Differentiation Durability) Test for...
EIA2017Italy - Mike Lawless - VDD (Value Differentiation Durability) Test for...
 
Women in Tech: How to Build A Human Company
Women in Tech: How to Build A Human CompanyWomen in Tech: How to Build A Human Company
Women in Tech: How to Build A Human Company
 
My Personal CORE Strategy: Brand, Customers, Goals
My Personal CORE Strategy: Brand, Customers, Goals My Personal CORE Strategy: Brand, Customers, Goals
My Personal CORE Strategy: Brand, Customers, Goals
 

Viewers also liked

Startups are Hard. Like, Really Hard. @luketucker
Startups are Hard. Like, Really Hard. @luketuckerStartups are Hard. Like, Really Hard. @luketucker
Startups are Hard. Like, Really Hard. @luketucker
Empowered Presentations
 
Lean pricing startups
Lean pricing startupsLean pricing startups
Lean pricing startups
Omar Mohout
 
A start up journey Manly Entrepreneurs Meetup February 2016
A start up journey Manly Entrepreneurs Meetup February 2016A start up journey Manly Entrepreneurs Meetup February 2016
A start up journey Manly Entrepreneurs Meetup February 2016
In Marketing We Trust
 
5 Phases of Startup Growth
5 Phases of Startup Growth 5 Phases of Startup Growth
5 Phases of Startup Growth
Morgan Brown
 
11 big strategy ideas
11 big strategy ideas11 big strategy ideas
11 big strategy ideas
CPA Australia
 
Smarta home business
Smarta home businessSmarta home business
Smarta home business
Smarta .com
 
Building Innovation- Kim Herforth Nielsen, 3XN Architects
Building Innovation- Kim Herforth Nielsen, 3XN ArchitectsBuilding Innovation- Kim Herforth Nielsen, 3XN Architects
Building Innovation- Kim Herforth Nielsen, 3XN Architects
MIPIMWorld
 
Scott Whitmire - Just What is Architecture Anyway
Scott Whitmire - Just What is Architecture AnywayScott Whitmire - Just What is Architecture Anyway
Scott Whitmire - Just What is Architecture Anyway
iasaglobal
 
Innovation in software architecture
Innovation in software architectureInnovation in software architecture
Innovation in software architecture
Vishy Poosala
 
ARCHITECTURAL INNOVATION: EVENTING, EVENT SOURCING
ARCHITECTURAL INNOVATION: EVENTING, EVENT SOURCINGARCHITECTURAL INNOVATION: EVENTING, EVENT SOURCING
ARCHITECTURAL INNOVATION: EVENTING, EVENT SOURCING
Skills Matter
 
Startup church
Startup churchStartup church
Startup church
Franck Nouyrigat
 
THE CONCEPT OF SUSTAINABLE DEVELOPMENT
THE CONCEPT OF SUSTAINABLE DEVELOPMENTTHE CONCEPT OF SUSTAINABLE DEVELOPMENT
THE CONCEPT OF SUSTAINABLE DEVELOPMENT
sanghitadeb
 
What is a Startup?
What is a Startup?What is a Startup?
What is a Startup?
Ricardo Moraes
 
PICNIC Organic Design, Living Architecture
PICNIC Organic Design, Living ArchitecturePICNIC Organic Design, Living Architecture
PICNIC Organic Design, Living Architecture
Rachel Armstrong
 
Architecture Debate
Architecture DebateArchitecture Debate
Architecture Debate
Galala University
 
SKL UN Kimia (1-6) soal dan pembahasan - XII IPA - SMA
SKL UN Kimia (1-6) soal dan pembahasan - XII IPA - SMASKL UN Kimia (1-6) soal dan pembahasan - XII IPA - SMA
SKL UN Kimia (1-6) soal dan pembahasan - XII IPA - SMA
Oxsa Picasso
 
WEEF Florence Italy Conference 2015
WEEF Florence Italy Conference 2015WEEF Florence Italy Conference 2015
WEEF Florence Italy Conference 2015
Galala University
 
Lviv Freelance Forum - Володимир Самольотов & Євгеній Белошицький: "Upwork: G...
Lviv Freelance Forum - Володимир Самольотов & Євгеній Белошицький: "Upwork: G...Lviv Freelance Forum - Володимир Самольотов & Євгеній Белошицький: "Upwork: G...
Lviv Freelance Forum - Володимир Самольотов & Євгеній Белошицький: "Upwork: G...
Lviv Startup Club
 
Architecture in the Middle East
Architecture in the Middle EastArchitecture in the Middle East
Architecture in the Middle East
Galala University
 
Lecture IMTelkom MM-Biztel: Architectural Innovation
Lecture IMTelkom MM-Biztel: Architectural  InnovationLecture IMTelkom MM-Biztel: Architectural  Innovation
Lecture IMTelkom MM-Biztel: Architectural Innovation
Djadja Sardjana
 

Viewers also liked (20)

Startups are Hard. Like, Really Hard. @luketucker
Startups are Hard. Like, Really Hard. @luketuckerStartups are Hard. Like, Really Hard. @luketucker
Startups are Hard. Like, Really Hard. @luketucker
 
Lean pricing startups
Lean pricing startupsLean pricing startups
Lean pricing startups
 
A start up journey Manly Entrepreneurs Meetup February 2016
A start up journey Manly Entrepreneurs Meetup February 2016A start up journey Manly Entrepreneurs Meetup February 2016
A start up journey Manly Entrepreneurs Meetup February 2016
 
5 Phases of Startup Growth
5 Phases of Startup Growth 5 Phases of Startup Growth
5 Phases of Startup Growth
 
11 big strategy ideas
11 big strategy ideas11 big strategy ideas
11 big strategy ideas
 
Smarta home business
Smarta home businessSmarta home business
Smarta home business
 
Building Innovation- Kim Herforth Nielsen, 3XN Architects
Building Innovation- Kim Herforth Nielsen, 3XN ArchitectsBuilding Innovation- Kim Herforth Nielsen, 3XN Architects
Building Innovation- Kim Herforth Nielsen, 3XN Architects
 
Scott Whitmire - Just What is Architecture Anyway
Scott Whitmire - Just What is Architecture AnywayScott Whitmire - Just What is Architecture Anyway
Scott Whitmire - Just What is Architecture Anyway
 
Innovation in software architecture
Innovation in software architectureInnovation in software architecture
Innovation in software architecture
 
ARCHITECTURAL INNOVATION: EVENTING, EVENT SOURCING
ARCHITECTURAL INNOVATION: EVENTING, EVENT SOURCINGARCHITECTURAL INNOVATION: EVENTING, EVENT SOURCING
ARCHITECTURAL INNOVATION: EVENTING, EVENT SOURCING
 
Startup church
Startup churchStartup church
Startup church
 
THE CONCEPT OF SUSTAINABLE DEVELOPMENT
THE CONCEPT OF SUSTAINABLE DEVELOPMENTTHE CONCEPT OF SUSTAINABLE DEVELOPMENT
THE CONCEPT OF SUSTAINABLE DEVELOPMENT
 
What is a Startup?
What is a Startup?What is a Startup?
What is a Startup?
 
PICNIC Organic Design, Living Architecture
PICNIC Organic Design, Living ArchitecturePICNIC Organic Design, Living Architecture
PICNIC Organic Design, Living Architecture
 
Architecture Debate
Architecture DebateArchitecture Debate
Architecture Debate
 
SKL UN Kimia (1-6) soal dan pembahasan - XII IPA - SMA
SKL UN Kimia (1-6) soal dan pembahasan - XII IPA - SMASKL UN Kimia (1-6) soal dan pembahasan - XII IPA - SMA
SKL UN Kimia (1-6) soal dan pembahasan - XII IPA - SMA
 
WEEF Florence Italy Conference 2015
WEEF Florence Italy Conference 2015WEEF Florence Italy Conference 2015
WEEF Florence Italy Conference 2015
 
Lviv Freelance Forum - Володимир Самольотов & Євгеній Белошицький: "Upwork: G...
Lviv Freelance Forum - Володимир Самольотов & Євгеній Белошицький: "Upwork: G...Lviv Freelance Forum - Володимир Самольотов & Євгеній Белошицький: "Upwork: G...
Lviv Freelance Forum - Володимир Самольотов & Євгеній Белошицький: "Upwork: G...
 
Architecture in the Middle East
Architecture in the Middle EastArchitecture in the Middle East
Architecture in the Middle East
 
Lecture IMTelkom MM-Biztel: Architectural Innovation
Lecture IMTelkom MM-Biztel: Architectural  InnovationLecture IMTelkom MM-Biztel: Architectural  Innovation
Lecture IMTelkom MM-Biztel: Architectural Innovation
 

Similar to Eleven Essentials for Young Entrepreneurs

Gonegosyo marketing-ardy-gensan2010
Gonegosyo marketing-ardy-gensan2010Gonegosyo marketing-ardy-gensan2010
Gonegosyo marketing-ardy-gensan2010
Ardy Roberto
 
Guru's Marketing Plan
Guru's Marketing PlanGuru's Marketing Plan
Guru's Marketing Plan
hina shah
 
Eleven Essentials For Entrepreneurs
Eleven Essentials For EntrepreneursEleven Essentials For Entrepreneurs
Eleven Essentials For Entrepreneurs
Stephen King
 
Sales Ideas from Tom Peters
Sales Ideas from Tom PetersSales Ideas from Tom Peters
Sales Ideas from Tom Peters
RAD-INFO, Inc.
 
Eight Powerful Strategies to Attracting More Ideal Customers
Eight Powerful Strategies to Attracting More Ideal CustomersEight Powerful Strategies to Attracting More Ideal Customers
Eight Powerful Strategies to Attracting More Ideal Customers
PROTRADE United
 
test
testtest
test
jpgthumb
 
The Lean Investor (Dallas, Nov 2014)
The Lean Investor (Dallas, Nov 2014)The Lean Investor (Dallas, Nov 2014)
The Lean Investor (Dallas, Nov 2014)
Dave McClure
 
Introduction to Entrepreneurship 101/Finding and Validating Your Idea - Entre...
Introduction to Entrepreneurship 101/Finding and Validating Your Idea - Entre...Introduction to Entrepreneurship 101/Finding and Validating Your Idea - Entre...
Introduction to Entrepreneurship 101/Finding and Validating Your Idea - Entre...
MaRS Discovery District
 
Whitcliffe challenge 2013
Whitcliffe challenge 2013Whitcliffe challenge 2013
Whitcliffe challenge 2013
GomersalStMarys
 
Tom Peters with KPMG
Tom Peters with KPMGTom Peters with KPMG
Tom Peters with KPMG
Phi Jack
 
The Lean Investor: Lots of Little Bets (Boston, Dec 2014)
The Lean Investor: Lots of Little Bets (Boston, Dec 2014)The Lean Investor: Lots of Little Bets (Boston, Dec 2014)
The Lean Investor: Lots of Little Bets (Boston, Dec 2014)
Dave McClure
 
From an idea to a Startup
From an idea to a StartupFrom an idea to a Startup
From an idea to a Startup
Giuliano Iacobelli
 
How To Pitch A Vc
How To Pitch A VcHow To Pitch A Vc
How To Pitch A Vc
Gina Evans
 
Pricing Learn Plantation.pptx
Pricing Learn Plantation.pptxPricing Learn Plantation.pptx
Pricing Learn Plantation.pptx
ssusere87fcc
 
Granbury Trick or Treat Presentation.pdf
Granbury Trick or Treat Presentation.pdfGranbury Trick or Treat Presentation.pdf
Granbury Trick or Treat Presentation.pdf
superheroescool
 
The Lean Investor: Lots of Little Bets (Melbourne, Dec 2014)
The Lean Investor: Lots of Little Bets (Melbourne, Dec 2014)The Lean Investor: Lots of Little Bets (Melbourne, Dec 2014)
The Lean Investor: Lots of Little Bets (Melbourne, Dec 2014)
Dave McClure
 
How to create strong businesses & brilliant brands
How to create strong businesses & brilliant brands How to create strong businesses & brilliant brands
How to create strong businesses & brilliant brands
DistillVentures
 
How to create strong businesses & brilliant brands
How to create strong businesses & brilliant brands How to create strong businesses & brilliant brands
How to create strong businesses & brilliant brands
Rosie Scott
 
CounterWatch™ - Investor Guide and Product Reference
  CounterWatch™ - Investor Guide and Product Reference  CounterWatch™ - Investor Guide and Product Reference
CounterWatch™ - Investor Guide and Product Reference
EMERGE PRODUCTS LLC
 
Builders Marketing Master Class
Builders Marketing Master ClassBuilders Marketing Master Class
Builders Marketing Master Class
PROTRADE United
 

Similar to Eleven Essentials for Young Entrepreneurs (20)

Gonegosyo marketing-ardy-gensan2010
Gonegosyo marketing-ardy-gensan2010Gonegosyo marketing-ardy-gensan2010
Gonegosyo marketing-ardy-gensan2010
 
Guru's Marketing Plan
Guru's Marketing PlanGuru's Marketing Plan
Guru's Marketing Plan
 
Eleven Essentials For Entrepreneurs
Eleven Essentials For EntrepreneursEleven Essentials For Entrepreneurs
Eleven Essentials For Entrepreneurs
 
Sales Ideas from Tom Peters
Sales Ideas from Tom PetersSales Ideas from Tom Peters
Sales Ideas from Tom Peters
 
Eight Powerful Strategies to Attracting More Ideal Customers
Eight Powerful Strategies to Attracting More Ideal CustomersEight Powerful Strategies to Attracting More Ideal Customers
Eight Powerful Strategies to Attracting More Ideal Customers
 
test
testtest
test
 
The Lean Investor (Dallas, Nov 2014)
The Lean Investor (Dallas, Nov 2014)The Lean Investor (Dallas, Nov 2014)
The Lean Investor (Dallas, Nov 2014)
 
Introduction to Entrepreneurship 101/Finding and Validating Your Idea - Entre...
Introduction to Entrepreneurship 101/Finding and Validating Your Idea - Entre...Introduction to Entrepreneurship 101/Finding and Validating Your Idea - Entre...
Introduction to Entrepreneurship 101/Finding and Validating Your Idea - Entre...
 
Whitcliffe challenge 2013
Whitcliffe challenge 2013Whitcliffe challenge 2013
Whitcliffe challenge 2013
 
Tom Peters with KPMG
Tom Peters with KPMGTom Peters with KPMG
Tom Peters with KPMG
 
The Lean Investor: Lots of Little Bets (Boston, Dec 2014)
The Lean Investor: Lots of Little Bets (Boston, Dec 2014)The Lean Investor: Lots of Little Bets (Boston, Dec 2014)
The Lean Investor: Lots of Little Bets (Boston, Dec 2014)
 
From an idea to a Startup
From an idea to a StartupFrom an idea to a Startup
From an idea to a Startup
 
How To Pitch A Vc
How To Pitch A VcHow To Pitch A Vc
How To Pitch A Vc
 
Pricing Learn Plantation.pptx
Pricing Learn Plantation.pptxPricing Learn Plantation.pptx
Pricing Learn Plantation.pptx
 
Granbury Trick or Treat Presentation.pdf
Granbury Trick or Treat Presentation.pdfGranbury Trick or Treat Presentation.pdf
Granbury Trick or Treat Presentation.pdf
 
The Lean Investor: Lots of Little Bets (Melbourne, Dec 2014)
The Lean Investor: Lots of Little Bets (Melbourne, Dec 2014)The Lean Investor: Lots of Little Bets (Melbourne, Dec 2014)
The Lean Investor: Lots of Little Bets (Melbourne, Dec 2014)
 
How to create strong businesses & brilliant brands
How to create strong businesses & brilliant brands How to create strong businesses & brilliant brands
How to create strong businesses & brilliant brands
 
How to create strong businesses & brilliant brands
How to create strong businesses & brilliant brands How to create strong businesses & brilliant brands
How to create strong businesses & brilliant brands
 
CounterWatch™ - Investor Guide and Product Reference
  CounterWatch™ - Investor Guide and Product Reference  CounterWatch™ - Investor Guide and Product Reference
CounterWatch™ - Investor Guide and Product Reference
 
Builders Marketing Master Class
Builders Marketing Master ClassBuilders Marketing Master Class
Builders Marketing Master Class
 

More from Stephen King

Artificial Intelligence in Marketing (...and intro to DBMMS.io v3.0)
Artificial Intelligence in Marketing (...and intro to DBMMS.io v3.0)Artificial Intelligence in Marketing (...and intro to DBMMS.io v3.0)
Artificial Intelligence in Marketing (...and intro to DBMMS.io v3.0)
Stephen King
 
So you wanna be an entrepreneur (Alberta perspective)
So you wanna be an entrepreneur (Alberta perspective)So you wanna be an entrepreneur (Alberta perspective)
So you wanna be an entrepreneur (Alberta perspective)
Stephen King
 
Commercialization Challenges of Mobile Software Development in an Exponential...
Commercialization Challenges of Mobile Software Development in an Exponential...Commercialization Challenges of Mobile Software Development in an Exponential...
Commercialization Challenges of Mobile Software Development in an Exponential...
Stephen King
 
Eleven Essentials To Fiscal Excellence for Entrepreneurs
Eleven Essentials To Fiscal Excellence for EntrepreneursEleven Essentials To Fiscal Excellence for Entrepreneurs
Eleven Essentials To Fiscal Excellence for Entrepreneurs
Stephen King
 
Eleven Essentials for Salespeople
Eleven Essentials for SalespeopleEleven Essentials for Salespeople
Eleven Essentials for Salespeople
Stephen King
 
Eleven Essentials for Communicators
Eleven Essentials for CommunicatorsEleven Essentials for Communicators
Eleven Essentials for Communicators
Stephen King
 
Stephdokin Digital Brand Services (Audit, Dashboard, Marketing)
Stephdokin Digital Brand Services (Audit, Dashboard, Marketing)Stephdokin Digital Brand Services (Audit, Dashboard, Marketing)
Stephdokin Digital Brand Services (Audit, Dashboard, Marketing)
Stephen King
 
Total Customer Experience Management Overview #TCE #CEM -- The Why, What and...
Total Customer Experience Management Overview #TCE #CEM  -- The Why, What and...Total Customer Experience Management Overview #TCE #CEM  -- The Why, What and...
Total Customer Experience Management Overview #TCE #CEM -- The Why, What and...
Stephen King
 
Global wireless network operator and mobile satisfaction / customer loyalty s...
Global wireless network operator and mobile satisfaction / customer loyalty s...Global wireless network operator and mobile satisfaction / customer loyalty s...
Global wireless network operator and mobile satisfaction / customer loyalty s...
Stephen King
 
Make Money with Big Data (TCELab)
Make Money with Big Data (TCELab)Make Money with Big Data (TCELab)
Make Money with Big Data (TCELab)
Stephen King
 
Jazzit score sample_32_page_report
Jazzit score sample_32_page_reportJazzit score sample_32_page_report
Jazzit score sample_32_page_report
Stephen King
 
Mob4Hire What is mobile app and website usability?
Mob4Hire What is mobile app and website usability?Mob4Hire What is mobile app and website usability?
Mob4Hire What is mobile app and website usability?
Stephen King
 
Mob4Hire Mobile App Usability (MobExperience) Overview
Mob4Hire Mobile App Usability (MobExperience) OverviewMob4Hire Mobile App Usability (MobExperience) Overview
Mob4Hire Mobile App Usability (MobExperience) Overview
Stephen King
 
Mob4Hire releases Mobile Apps report from "Global Wireless Satisfaction Surve...
Mob4Hire releases Mobile Apps report from "Global Wireless Satisfaction Surve...Mob4Hire releases Mobile Apps report from "Global Wireless Satisfaction Surve...
Mob4Hire releases Mobile Apps report from "Global Wireless Satisfaction Surve...
Stephen King
 
Commercialization Challenges Of Mobile Software Development In A Fragmented M...
Commercialization Challenges Of Mobile Software Development In A Fragmented M...Commercialization Challenges Of Mobile Software Development In A Fragmented M...
Commercialization Challenges Of Mobile Software Development In A Fragmented M...
Stephen King
 

More from Stephen King (15)

Artificial Intelligence in Marketing (...and intro to DBMMS.io v3.0)
Artificial Intelligence in Marketing (...and intro to DBMMS.io v3.0)Artificial Intelligence in Marketing (...and intro to DBMMS.io v3.0)
Artificial Intelligence in Marketing (...and intro to DBMMS.io v3.0)
 
So you wanna be an entrepreneur (Alberta perspective)
So you wanna be an entrepreneur (Alberta perspective)So you wanna be an entrepreneur (Alberta perspective)
So you wanna be an entrepreneur (Alberta perspective)
 
Commercialization Challenges of Mobile Software Development in an Exponential...
Commercialization Challenges of Mobile Software Development in an Exponential...Commercialization Challenges of Mobile Software Development in an Exponential...
Commercialization Challenges of Mobile Software Development in an Exponential...
 
Eleven Essentials To Fiscal Excellence for Entrepreneurs
Eleven Essentials To Fiscal Excellence for EntrepreneursEleven Essentials To Fiscal Excellence for Entrepreneurs
Eleven Essentials To Fiscal Excellence for Entrepreneurs
 
Eleven Essentials for Salespeople
Eleven Essentials for SalespeopleEleven Essentials for Salespeople
Eleven Essentials for Salespeople
 
Eleven Essentials for Communicators
Eleven Essentials for CommunicatorsEleven Essentials for Communicators
Eleven Essentials for Communicators
 
Stephdokin Digital Brand Services (Audit, Dashboard, Marketing)
Stephdokin Digital Brand Services (Audit, Dashboard, Marketing)Stephdokin Digital Brand Services (Audit, Dashboard, Marketing)
Stephdokin Digital Brand Services (Audit, Dashboard, Marketing)
 
Total Customer Experience Management Overview #TCE #CEM -- The Why, What and...
Total Customer Experience Management Overview #TCE #CEM  -- The Why, What and...Total Customer Experience Management Overview #TCE #CEM  -- The Why, What and...
Total Customer Experience Management Overview #TCE #CEM -- The Why, What and...
 
Global wireless network operator and mobile satisfaction / customer loyalty s...
Global wireless network operator and mobile satisfaction / customer loyalty s...Global wireless network operator and mobile satisfaction / customer loyalty s...
Global wireless network operator and mobile satisfaction / customer loyalty s...
 
Make Money with Big Data (TCELab)
Make Money with Big Data (TCELab)Make Money with Big Data (TCELab)
Make Money with Big Data (TCELab)
 
Jazzit score sample_32_page_report
Jazzit score sample_32_page_reportJazzit score sample_32_page_report
Jazzit score sample_32_page_report
 
Mob4Hire What is mobile app and website usability?
Mob4Hire What is mobile app and website usability?Mob4Hire What is mobile app and website usability?
Mob4Hire What is mobile app and website usability?
 
Mob4Hire Mobile App Usability (MobExperience) Overview
Mob4Hire Mobile App Usability (MobExperience) OverviewMob4Hire Mobile App Usability (MobExperience) Overview
Mob4Hire Mobile App Usability (MobExperience) Overview
 
Mob4Hire releases Mobile Apps report from "Global Wireless Satisfaction Surve...
Mob4Hire releases Mobile Apps report from "Global Wireless Satisfaction Surve...Mob4Hire releases Mobile Apps report from "Global Wireless Satisfaction Surve...
Mob4Hire releases Mobile Apps report from "Global Wireless Satisfaction Surve...
 
Commercialization Challenges Of Mobile Software Development In A Fragmented M...
Commercialization Challenges Of Mobile Software Development In A Fragmented M...Commercialization Challenges Of Mobile Software Development In A Fragmented M...
Commercialization Challenges Of Mobile Software Development In A Fragmented M...
 

Recently uploaded

一比一原版(UAL毕业证)伦敦艺术大学毕业证如何办理
一比一原版(UAL毕业证)伦敦艺术大学毕业证如何办理一比一原版(UAL毕业证)伦敦艺术大学毕业证如何办理
一比一原版(UAL毕业证)伦敦艺术大学毕业证如何办理
ocqunu
 
Complete Self-write Restaurant Business Plan Guide for Entrepreneurs
Complete Self-write Restaurant Business Plan Guide for EntrepreneursComplete Self-write Restaurant Business Plan Guide for Entrepreneurs
Complete Self-write Restaurant Business Plan Guide for Entrepreneurs
Kopa Global Technologies
 
在线办理(uofc毕业证书)芝加哥大学毕业证学历学位证书原版一模一样
在线办理(uofc毕业证书)芝加哥大学毕业证学历学位证书原版一模一样在线办理(uofc毕业证书)芝加哥大学毕业证学历学位证书原版一模一样
在线办理(uofc毕业证书)芝加哥大学毕业证学历学位证书原版一模一样
pv4uhplv
 
1:1制作英国伦敦大学毕业证(london毕业证书)学历学位证书原版一模一样
1:1制作英国伦敦大学毕业证(london毕业证书)学历学位证书原版一模一样1:1制作英国伦敦大学毕业证(london毕业证书)学历学位证书原版一模一样
1:1制作英国伦敦大学毕业证(london毕业证书)学历学位证书原版一模一样
es4hjcss
 
Exploring the Contrast Silicone Sponge Rubber Versus Foam Rubber.pptx
Exploring the Contrast Silicone Sponge Rubber Versus Foam Rubber.pptxExploring the Contrast Silicone Sponge Rubber Versus Foam Rubber.pptx
Exploring the Contrast Silicone Sponge Rubber Versus Foam Rubber.pptx
Elastostar Rubber Corporation
 
1比1定做(aub毕业证书)伯恩茅斯艺术大学毕业证硕士学历证书原版一模一样
1比1定做(aub毕业证书)伯恩茅斯艺术大学毕业证硕士学历证书原版一模一样1比1定做(aub毕业证书)伯恩茅斯艺术大学毕业证硕士学历证书原版一模一样
1比1定做(aub毕业证书)伯恩茅斯艺术大学毕业证硕士学历证书原版一模一样
es4hjcss
 
VYAPAR TRENDS JUNE-2024 e-EDITION (VOL-2, ISSUE-05)
VYAPAR TRENDS JUNE-2024 e-EDITION (VOL-2, ISSUE-05)VYAPAR TRENDS JUNE-2024 e-EDITION (VOL-2, ISSUE-05)
VYAPAR TRENDS JUNE-2024 e-EDITION (VOL-2, ISSUE-05)
ftiiassociation
 

Recently uploaded (7)

一比一原版(UAL毕业证)伦敦艺术大学毕业证如何办理
一比一原版(UAL毕业证)伦敦艺术大学毕业证如何办理一比一原版(UAL毕业证)伦敦艺术大学毕业证如何办理
一比一原版(UAL毕业证)伦敦艺术大学毕业证如何办理
 
Complete Self-write Restaurant Business Plan Guide for Entrepreneurs
Complete Self-write Restaurant Business Plan Guide for EntrepreneursComplete Self-write Restaurant Business Plan Guide for Entrepreneurs
Complete Self-write Restaurant Business Plan Guide for Entrepreneurs
 
在线办理(uofc毕业证书)芝加哥大学毕业证学历学位证书原版一模一样
在线办理(uofc毕业证书)芝加哥大学毕业证学历学位证书原版一模一样在线办理(uofc毕业证书)芝加哥大学毕业证学历学位证书原版一模一样
在线办理(uofc毕业证书)芝加哥大学毕业证学历学位证书原版一模一样
 
1:1制作英国伦敦大学毕业证(london毕业证书)学历学位证书原版一模一样
1:1制作英国伦敦大学毕业证(london毕业证书)学历学位证书原版一模一样1:1制作英国伦敦大学毕业证(london毕业证书)学历学位证书原版一模一样
1:1制作英国伦敦大学毕业证(london毕业证书)学历学位证书原版一模一样
 
Exploring the Contrast Silicone Sponge Rubber Versus Foam Rubber.pptx
Exploring the Contrast Silicone Sponge Rubber Versus Foam Rubber.pptxExploring the Contrast Silicone Sponge Rubber Versus Foam Rubber.pptx
Exploring the Contrast Silicone Sponge Rubber Versus Foam Rubber.pptx
 
1比1定做(aub毕业证书)伯恩茅斯艺术大学毕业证硕士学历证书原版一模一样
1比1定做(aub毕业证书)伯恩茅斯艺术大学毕业证硕士学历证书原版一模一样1比1定做(aub毕业证书)伯恩茅斯艺术大学毕业证硕士学历证书原版一模一样
1比1定做(aub毕业证书)伯恩茅斯艺术大学毕业证硕士学历证书原版一模一样
 
VYAPAR TRENDS JUNE-2024 e-EDITION (VOL-2, ISSUE-05)
VYAPAR TRENDS JUNE-2024 e-EDITION (VOL-2, ISSUE-05)VYAPAR TRENDS JUNE-2024 e-EDITION (VOL-2, ISSUE-05)
VYAPAR TRENDS JUNE-2024 e-EDITION (VOL-2, ISSUE-05)
 

Eleven Essentials for Young Entrepreneurs

  • 1. ELEVEN ESSENTIALS FOR YOUNG ENTREPRENEURS Stephen King @stephdokin www.stephdokin.com © 2016 Stephdokin Inc. All rights reserved. Duplication or distribution is encouraged, with proper attribution. Mountain Park School Grade 8
  • 2. I am not THAT Stephen King I’m this one
  • 3. 30 years of “Shipping Bits” and great teams
  • 5.
  • 6. Or a guitar hero? Do you want to be a guitar player?
  • 7. 1 Essential Curiosity and openness. Lifelong journey of listening and learning. There is no such thing as failure, only learning opportunities. You’re never as good as the person you will become! Entrepreneurs have a beginners mind.
  • 8. 2 Essential Passion. Persistence. Drive to get the ball in the end-zone despite all obstacles. Manage time and cash. Create profitability. Conquer “The Double Hump of Risk” (Product + Go-To-Market) Entrepreneurs get ‘er done.
  • 9. 3 Essential Don’t predict the future. Invent it. Skate to where the puck will be. Change creates challenge. Without challenge, there is no opportunity for success. Learn from change. Industry. Technology. Economic. Political. Financial. Government. Cultural. Environmental. Walk a mile in your customers shoes. Then, create change. Entrepreneurs adapt- to embrace change.
  • 10. change My Samsung S5 is 3,000,000% faster than my old Atari 400 computer
  • 11. Genetics (DNA) Alternate energy Nanomedics (medical nanotechnology) Vertical urban farming Virtual reality experience designer Smart home technicians Senior / health care Growing organs / 3D printing Fitness & nutrition specialists Computer / IT / Mobile programming Big data w statistics International law Marketing change
  • 12. 4 Essential 1. How does change create an opportunity? (opportunities are vitamins or pain pills!) 2. Who will pay for your stuff? (products and/or services)? 3. How much can you charge for it? 4. How big $$ is the market opportunity? 5. How easy is it to access the market – to sell it to potential customers? 6. What were customers using before? 7. What other choices do they have? Why would someone select you and not your competition? 8. How much resources (time & money) will you need to make it profitable? Entrepreneurs smell opportunity and $$$.
  • 13. You work for 10 hours over 2 days; make and sell 4 pitchers of regular lemonade, and 3 pitchers of sugar-free lemonade. $ you make each sales transaction -------------------------------------------------- 1 Pitcher of regular. 8 cups sell for $0.05 cents each = $0.40. 1 Pitcher of “sugar-free” 8 cups sells for $0.25 cents = $2.00. (4 pitchers X $0.40) + (3 pitchers X $2.00) Total $ Revenue = $7.60 =================== Cost? -------- 70 Lemons = $8.00 Sugar = 3 lbs X $2.79 = $8.37 (sugar is bad for you, btw…) Equivalent amount of Stevia = $14.56 (for sugar free lemonade) 1 cups of regular for thirsty you per hour = 10 * $0.05 = $0.50. Spilled 4 cups at $0.20. Little sister stole a cup. 8 cups left over at end that you threw away = $0.40. ------------------------------- Cost to make 7 pitchers = ($31.93) ============================ Total Loss = ($24.43) ================= Is this a “profitable” business at 5 Cents a glass? NO! You need to ensure you MAKE more money than you SPEND! IF regular cup = $0.50 and sugar free cup = $1.00, revenue would be $40, profit = $7.97* The “Secret Sauce of Success” * Still that not great of a business for 2 days work haha!
  • 14. Entrepreneurs have luck. “I am a great believer in luck, and I find the harder I work the more I have of it.” ~ Thomas Jefferson Essential 5
  • 15. Essential Communication is a simple formula: Quality of Idea X Effectiveness of Communication Which is better? 10 X 1 = 10 5 x 5 = 25 3 X 10 = 30 Entrepreneurs communicate.6 Entrepreneurs understand their brand: • Who is your customer? (a.k.a. “persona”) Talk in their language & be where they hang out. • Inspire, don’t tell. Storytelling. • Define “Value Statements,” “Customer Benefits” and “Feature Statements” • Feature: “Spinach is full of iron” • Benefit: “Spinach is good for your bones” • Value: “Spinach lets you kick Bluto’s butt”
  • 16. Sell themselves. Sell ideas. Sell products. Sell their company. ABC = Always Be Closing. If you don't ask, you will most assuredly never hear “yes.” Entrepreneurs sell. Essential 7
  • 17. Everyone should code. Whether you are: 1) Building software or making websites, 2) Using technology to sell your products & services, 3) Adapting technology for internal processes, 4) Or … <whatever> Entrepreneurs code.8 Essential … having coding & technical skills gives savvy entrepreneurs the edge with speed as well as access to markets.
  • 18. Entrepreneurs understand data. Types of data • Website Analytics • Product Use • Social Analytics • Marketing + Sales • Operational • Service and support • Financial • Customer Use data to help prioritize your team’s strategy and tactics; i.e. what should you spend your time and money on? salesfunnel.stephdokin.com 9 Essential
  • 19. Entrepreneurs are good friends.1 Essential “No man is a island.” Entrepreneurs are rarely successful doing things by themselves. They network (a.k.a. “Friendship”). They sell to “people” not “targets.” They surround themselves with teams and advisors who make them “whole.” Let each team member do their own job, but work as a unit towards a common goal. 0
  • 20. Good friends make good neighbours Good neighbours make good communities. Good communities make a good Calgary. Good cities make a good Alberta. Good provinces make a good Canada. Good countries make a good Earth. A note about friendship Picture from Calgary flood, June 2013
  • 21. Entrepreneurs have fun.1 Richard Branson, Virgin Group Founder … losing a bet 1 Essential
  • 22. Stephen King President, Stephdokin.com Co-founder, TheA100.com @stephdokin stephen@stephdokin.com Thanks! Questions? Thoughts? What will you create?

Editor's Notes

  1. British business magnate Richard Branson has lost his latest job because of orange juice. The Virgin Group founder had his legs shaved, put on lipstick and squeezed into a red skirt to honor a bet by serving as a flight attendant Sunday on an AirAsia trip from Perth, Australia, to Malaysia. But he earned a reprimand from AirAsia chief Tony Fernandes after he deliberately dumped a tray of orange juice on Fernandes' lap. Branson lost a bet to Fernandes in 2010 after they wagered that their Formula One racing teams would finish ahead of each other. Fernandes' team landed two spots above Branson's.