Murdoch University Master Class - Entrepreneurship
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This is a presentation I did on 12.11.2012 at Murdoch University Dubai's Master Class event on Entrepreneurship, highlighting the similaries in successfully scaling mountains and starting businesses.
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Murdoch University Master Class - Entrepreneurship
- 1. Aim High! Atte Miettinen 12 November 2012
- 3. Me • Mountaineer - summited Mt Everest on 19.05.2012 • Completed the Seven Summits a month later as first person from Finland • MBA & previously four start-up’s in IT/telecoms • US$450m in funding & business in +50 countries
- 5. Entrepreneurs are modern day explorers!
- 6. What’s required to reach the top of the world / to become a successful entrepreneur?
- 7. Right Attitude Starts with Passion
- 8. Think Big and Aim High
- 9. Be ready to work hard and make sacrifices – there’s not shortcut to success!
- 10. You need confidence and determination – starting a business, like mountaineering, is about long-term focus
- 11. First step is often the most difficult!
- 12. Everything Starts with an Idea • An opportunity for a product or service or maybe a new business model • Key to be open minded and to expose yourself to new things • The environment and creativity • What’s the vision? • Keep it simple
- 13. Do you have any other ideas? • Founded by Sabeer Bhatia and Jack Smith • Met Steve Jurvetson @ Draper Fisher • Launched Hotmail on 4th of July, 1996 • Sold to Microsoft 18 months later for US$400m • Today Hotmail has 324m users and it’s world’s largest web-based email service
- 14. Is this the Right Timing? • For you to become an entrepreneur? • For the idea to become successful? • Leading edge vs. bleeding edge
- 15. Business Plan
- 17. Business Plan • What is the company going to do? • What is the business model? • What skills, resources, tools and partners are needed? • You need good general management skills to create the plan • Find someone that’s done it before! • Don’t assume – challenge and qualify the assumptions • Be flexible
- 18. Right People / Team • Recognise that a successful business is a team effort • Are you the right person to be CEO? • Identify the expertise and experience required and surround yourself with people that complement you • Hire the best & trust them • Be ready to share the benefits
- 19. Teamwork Makes it Easier
- 20. Funding • Do I need additional investment, how much, how much value am I going to create, how much ownership am I willing to give up? • Own savings, friends and family, bank, venture capital? • Raising external funding is often a much longer process than you think • Don’t be discouraged with the first no – use this opportunity to get feedback, learn and refine your plan
- 22. Believe you can change the world. Work quickly, keep the tools unlocked, work whenever. Know when to work alone and when to work together. Share – tools, ideas. Trust your colleagues. No politics. No bureaucracy. (these are ridiculous in a garage.) The customer defines a job well done. Radical ideas are not bad ideas. Invent different ways of working. Make a contribution every day. If it doesn’t contribute, it doesn’t leave the garage. Believe that together we can do anything. Invent.
- 23. Execution
- 24. Execution • Use your time effectively - Focus on the right things • Trust the team – no micromanagement • Listen to customers, partners, colleagues • Recognise that you have to take risks to succeed • Surprises are part of life - Persevere and have faith • Maintain objectivity - Don’t get bogged down ! • Manage your costs • Manage Stress by maintaining a balance
- 25. Manage Stress
- 26. Meet Red
- 27. Angry Birds • Developed by rovio, founded in 2003 • The company developed +50 games without much success • Apple iphone and appstore in 2007/2008 • Angry Birds was game try #52 and launched on 11.12.2009 • 50m downloads in first 12 months • One billion downloads by May 2012 • Today, the company is worth ~US$6 billion
- 28. Summary • Success in business, like on mountains, is not guaranteed • Right attitude: think big & aim high! • Right timing: know your summit window • Right idea: Keep it simple • Right people: hire the best people and trust them • If you don’t enjoy it, don’t do it!
- 29. Thank You!