Get Rich or Die Trying: DEV Edition by Enzo Tañedo | DevCon Summit 2015 #GoOpenSourcePH
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This document discusses entrepreneurship and startups. It notes that technology has allowed more entrepreneurs to enter markets and compete. While many people dream of starting businesses, 9 out of 10 startups actually fail, often due to being disconnected from customers, lacking differentiation, or having an unprofitable business model. The document advocates meeting with partners, customers, and the press for feedback, and being willing to pivot the business model based on learning. It promotes gaining experience from the startup community and receiving mentorship to improve chances of success.
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Get Rich or Die Trying: DEV Edition by Enzo Tañedo | DevCon Summit 2015 #GoOpenSourcePH
- 1. GET RICH OR DIE TRYING: DEV EDITION Enzo Tañedo PLDT Co.
- 2. DIGITAL HAS ALLOWED ENTREPRENEURS TO SURFACE AND COMPETE
- 3. Technology as the greatest equalizer
- 4. LINEAR VS. EXPONENTIAL GROWTH Growth (in terms of revenue) Time (years)0 EXPONENTIAL LINEAR DISRUPTION
- 5. HALO EFFECT FOR ALL YOUNG AND ASPIRING YOUNG PEOPLE
- 6. There is a whole new breed of entrepreneurs
- 7. EVERYONE DREAMS ABOUT STARTING UP A BUSINESS http://fortune.com/2014/09/25/why-startups-fail-according-to-their-founders/ 9 out of 10startups fail
- 9. WHAT DO WE WANT TO GIVE? Gain insights and experience from the PLDT SME Community Mentorship and Stewardship Exposure and Recognition WHY DO START UPS FAIL? Disconnected from their customers No real differentiation in the market in terms of value proposition or failure to market it http://www.forbes.com/sites/ericwagner/2013/09/12/five-reasons-8-out-of-10-businesses-fail/ Inability to nail an effective and profitable business model
- 10. It’s not just about passion and talent.
- 11. SMARTS
- 13. Go do’s Meet and talk to partners & investors Work with folks from other backgrounds Turn to customers and to press Move on and back to the drawing board http://www.inc.com/christine-lagorio/chris-poole-on-drawquest-failure.html
Editor's Notes
- Digital
- With technology as the greatest equalizer, going digital has enabled entrepreneurs to surface and compete in an arena of aggressive market players -it has radically changed the way we interact, the way we work, the way we live -everyone has become empowered since they are more informed, they are more exposed, they are more visible
- Before, traditional companies grow linearly while digital companies now are progressing like a hockey stick (exponentially) - this has created a tremendous halo effect for all aspiring young people/ entrep
- Platform business - Uber, Facebook, Google, Airbnb, Twitter, Youtube
- There is a whole new breed/segment of entrep that are digitally inclined/capable READY TO take over this emerging (business) space They are paving the waving the way for future, ASPIRING entrepreneurs – starting up their own business
- START Ups -Everyone wants, dreams of having a start up nowadays -BUT 9/10 START UP FAIL http://fortune.com/2014/09/25/why-startups-fail-according-to-their-founders/ http://www.forbes.com/sites/neilpatel/2015/01/16/90-of-startups-will-fail-heres-what-you-need-to-know-about-the-10/ -good at creating product but not at marketing it
- START Ups -Everyone wants, dreams of having a start up nowadays -BUT 9/10 START UP FAIL http://fortune.com/2014/09/25/why-startups-fail-according-to-their-founders/ http://www.forbes.com/sites/neilpatel/2015/01/16/90-of-startups-will-fail-heres-what-you-need-to-know-about-the-10/ -good at creating product but not at marketing it
- But when starting anew, ready to fill a blank canvas – they must learn from the past WHY DID THEY FAIL? Top 4 reasons why start ups fail: Disconnect from customers No unique value prop Failure to market value prop Ineffective/ not profitable business model WHAT DO WE WANT TO DO IN THE PHILIPPINES, WHAT DO WE WANT TO GIVE
- It’s not just about the passion – it’s grit
- It’s not just about the passion – it’s grit
- It’s not just about the passion – it’s grit
- WHAT HAPPENS TO THEM AFTER THEY FAIL? -Failure is hard to accept, but when you look at your business’ future and your future. You want to keep it from bleeding further. You’d want to salvage what you could. -Usually, they talk to partners/investors to debrief them -They help their employees move on, find new opportunities -Turn to existing customers and to press – keep it running so customers can make the most out of it and save/salvage/buy what they can (like stores closing down have sales up to 75-80% off) -move on, go back to the drawing board and accept that for their next venture, there will be bad times as well as good. http://www.inc.com/christine-lagorio/chris-poole-on-drawquest-failure.html
- But when starting anew, ready to fill a blank canvas – they must learn from the past WHY DID THEY FAIL? Top 4 reasons why start ups fail: Disconnect from customers No unique value prop Failure to market value prop Ineffective/ not profitable business model
- PLDT SME NATION YPFG been around for around 8 years already…