The document discusses several key points about entrepreneurship and new venture formation:
1) Entrepreneurship and new ventures are the primary drivers of economic growth, not small or large existing companies. High-growth startups create the most jobs.
2) Starting a new venture can be a rewarding career path that allows one to create something from nothing, take control of their career, and potentially make a big impact.
3) Successful new ventures focus on proving their business model and solutions before attempting large-scale growth ("Nail it, then scale it"). Having the right founding team and understanding customers are also important success factors.
4) While starting a venture involves significant risks and effort
Steve Denning: Radical Management Vortrag am Internet-Briefing Sep13-2011Walter Schärer
‘Radical Management’ is a set of 5 principles. There are only two types of organizations: The ones that love and delight their customers and the others. Amazon, Apple, Salesforce are organizations that have succeded despite fierce competition due to delighted customers.
What’s their management principles?
Speech by Stephen Denning at Reto Hartinger’s Internet Briefing in Zurich.
This presentation is based on two books - "The Leader's guide to Radical Management" by Stephen Denning and "Joy Inc" by Richard Sheridan. The problems of Traditional management, and the shift towards Radical management along with Innovative practices followed at Menlo Innovations are covered in this presentation.
Steve Denning: Radical Management Vortrag am Internet-Briefing Sep13-2011Walter Schärer
‘Radical Management’ is a set of 5 principles. There are only two types of organizations: The ones that love and delight their customers and the others. Amazon, Apple, Salesforce are organizations that have succeded despite fierce competition due to delighted customers.
What’s their management principles?
Speech by Stephen Denning at Reto Hartinger’s Internet Briefing in Zurich.
This presentation is based on two books - "The Leader's guide to Radical Management" by Stephen Denning and "Joy Inc" by Richard Sheridan. The problems of Traditional management, and the shift towards Radical management along with Innovative practices followed at Menlo Innovations are covered in this presentation.
Innovative and Smart decisionmaking can improve your performance with your team by upto 50%.Quotes from famous CEO's,Presidents,Prime Minister,Army Generals/Field Marshal.Outperform your competitor's!
Conociendo el Toolkit "Los Guerreros del Cubículo". -PABLO HANDL Y LUCIANA SH...LiderAgenteDeCambio
Repasa los 5 componentes de la caja de herramientas de la Liga de los Intraemprendedores, de la mano de sus autores para convertirte en un Intraemprendedor Social
We are proud to announce our third Innovation Excellence Weekly for Issuu. Inside you'll find ten of the best innovation-related articles from the past week on Innovation Excellence - the world's most popular innovation web site and home to nearly 5,000 innovation-related articles.
We are proud to announce our 35th Innovation Excellence Weekly for Slideshare. Inside you'll find ten of the best innovation-related articles from the past week on Innovation Excellence - the world's most popular innovation web site and home to 5,500+ innovation-related articles.
We are proud to announce our twenty-third Innovation Excellence Weekly for Slideshare. Inside you'll find ten of the best innovation-related articles from the past week on Innovation Excellence - the world's most popular innovation web site and home to 5,000+ innovation-related articles.
What every business can learn from young entrepreneurs (publ)Frederic De Meyer
For my second book I took a look at a number of young entrepreneurs - what they are made of, what trends are they working on, etc. In this presentation I discuss what I learned from them and how these learnings could (and should) be applied to traditional businesses as well (in order to attract and retain young innovative talent).
Of course it's better to have the narratives along, so don't hesitate to get in touch if you'd want this presented 'live' at one of your events...
Innovative and Smart decisionmaking can improve your performance with your team by upto 50%.Quotes from famous CEO's,Presidents,Prime Minister,Army Generals/Field Marshal.Outperform your competitor's!
Conociendo el Toolkit "Los Guerreros del Cubículo". -PABLO HANDL Y LUCIANA SH...LiderAgenteDeCambio
Repasa los 5 componentes de la caja de herramientas de la Liga de los Intraemprendedores, de la mano de sus autores para convertirte en un Intraemprendedor Social
We are proud to announce our third Innovation Excellence Weekly for Issuu. Inside you'll find ten of the best innovation-related articles from the past week on Innovation Excellence - the world's most popular innovation web site and home to nearly 5,000 innovation-related articles.
We are proud to announce our 35th Innovation Excellence Weekly for Slideshare. Inside you'll find ten of the best innovation-related articles from the past week on Innovation Excellence - the world's most popular innovation web site and home to 5,500+ innovation-related articles.
We are proud to announce our twenty-third Innovation Excellence Weekly for Slideshare. Inside you'll find ten of the best innovation-related articles from the past week on Innovation Excellence - the world's most popular innovation web site and home to 5,000+ innovation-related articles.
What every business can learn from young entrepreneurs (publ)Frederic De Meyer
For my second book I took a look at a number of young entrepreneurs - what they are made of, what trends are they working on, etc. In this presentation I discuss what I learned from them and how these learnings could (and should) be applied to traditional businesses as well (in order to attract and retain young innovative talent).
Of course it's better to have the narratives along, so don't hesitate to get in touch if you'd want this presented 'live' at one of your events...
Solr offers a rich, flexible set of features for search. To understand the extent of this flexibility, it's helpful to begin with an overview of the steps and components involved in a Solr search.http://www.lucidimagination.com/developers/whitepapers/whats-new-solr-14
"With the new release of version 2.9, Apache Lucene is now faster and more flexible than before. Learn about these new features and improvements:
Near-real-time search
Flexible indexing and segments
High-performance numerical range queries
New APIs introduced
Critical bug fixes"
http://www.lucidimagination.com/developer/whitepaper/Whats-New-in-Apache-Lucene-2-9
Apache Lucene is a high-performance, cross-platform, full-featured Information Retrieval library in open source, suitable for nearly every application that requires full-text search features.http://www.lucidimagination.com/developer/whitepaper/Whats-New-in-Apache-Lucene-3-0
Etsy is using Solr and Lucene to serve queries at a rate of more than 8 billion per year (and growing). In this case study, we will describe how Etsy has integrated Solr/Lucene into our continuous deployment infrastructureallowing for Solr configuration, Java-based indexers, and query parsing logic to go from passing tests to production code in minutes
Maybe you’ve heard pundits say that in the next year, humans will create more data than in all of human history. The problem with those predictions, Stephen O’Grady of Redmonk said in his keynote to Day 2 of Lucene Revolution, is that they’re true.
What are the key reminders for start-ups and entrepreneurs as they begin to scale? Dr. G gathered a list of interesting reminders from fellow angels and venture capitalists. This presentation was aimed for an audience of start-ups.
What large companies can learn from the working culture and methodos of startups
The linear career path is long gone. Organizations need managers and executives with a high degree of diversity and curiousity to navigate through uncertainty. People who were exposed to a startup or involved in intrapreneurship experience
Blend of inspiring quotes and practical tips for beginner boot strappers by Boye Hartmann, Danish entrepreneur and business angel. Our favourite tip: "CREATE A LIST OF WHAT NEEDS TO GET DONE. GET THOSE THINGS DONE. REPEAT."
Things I will tell my kids if they become entrepreneursLaurent Haug
The lessons I learned in 20 years as an entrepreneur. Partly inspired by Sam Altman's excellent course on How to start a startup, available on http://startupclass.samaltman.com
Feedback on laurenthaug at gmail dot com
Insights From the Lean Startup Conference 2016Jeffrey Tobias
A summary of quotes and insights from key speakers at the 2016 Lean Startup Conference in San Francisco. By Jeffrey Tobias, Managing Director of The Strategy Group.
The Lean Startup Basics and Intro for BeginnersBlaz Kos
The presentation focuses on providing an overview, fundamentals and history of the concept of the lean startup companies.
The presentation very clearly shows why business plans are not that much important anymore, what is waste in business and how to reduce it and why every start-up must be a learning organization.
This is a presentation I gave to a number of university administrators in The Republic of Georgia who are interested in building capacity in technology commercialization.
Technology opportunities in hampton roads (kaszubowski ), nasa technology day...Marty Kaszubowski
Presentation given at NASA Langley Research Center (LaRC) Technology Days (5/15/15). The topic of the discussion was how we can take better advantage of the assets in our region to promote high-growth ventures.
Center for Enterprise Innovation (CEI) Summary for HREDA, 9-25-14Marty Kaszubowski
This is a presentation given to the Hampton Roads Economic Development Alliance (HREDA) on 9-25-14. It describes the vision and goals for the new Old Dominion University (ODU) Center for Enterprise Innovation (CEI).
Presentation to the Old Dominion University (ODU) MBA Association, 3/20/13
1.
2. Let’s talk about …
1. Entrepreneurship and new venture formation as the
primary driver of economic growth.
2. Why entrepreneurship should be considered as a
career path
3. Aspects of a successful new venture
4. Success factors for entrepreneurs and their teams
5. The value of community
3. Company Size
# of US Companies …
Small Companies:
Represent ~99% of all employer firms
The size of this box
represents the total #
of US Companies …
5. Where do we all work?
# of current jobs in the US …
~ ½ of all jobs are with a large company
But … What matters is whether the company is
growing or shrinking …
~ ½ of all jobs are with a small company
6. Growth Companies Matter
# of US Companies …
Small Companies:
Represent ~99% of all employer firms
# of US High-
Growth
Companies
7. Growth Companies Matter
Net New Jobs Created by
High-growth companies !!!
They start small, but are
designed to get big!
Net New Net New
Jobs, Big Jobs, Small
company company
8. “New” beats small and large
every time …
• Kaufmann Foundation: “… it is clear that new and young
companies, and the entrepreneurs that create them, are the
engines of job creation and eventual economic recovery.“
“… 1980-2005, nearly all net job creation in the United States
occurred in firms less than five years old.”
• Kaufmann makes a clear case that it is a firm’s age, not its size,
that is the driver of job creation – this has many implications,
particularly for policymakers who are focusing on small business
as the answer to a dire employment situation.
13. You will have the time of your life
• Starting anything new is
difficult, but if it was easy
everyone would do it!
• It’s something you will
remember for the rest of your
life whether things go very
well or things go poorly.
• “Everyone should try to be a
rockstar at least once in their
lifetime.”
• It will test your abilities and
teach you more about
yourself than anything else
you’ll ever do.
14. You will make friends and
connections that will last a lifetime.
• There is no substitute
for being with people
with whom you’ve
accomplished great
things (or failed
miserably at something
worth trying …)
15. It is a rare chance to create something
from nothing
• Very few professions put you in position to create
something of value where nothing was before.
• Your idea probably isn’t
unique ... But by
applying your time,
passion, and energy to
the venture you have a
chance to do something
no one has ever done …
16. It is easier than it
used to be …
• Clouds, frameworks,
apps, Oh My!
In the olden days … product
development took years,
required large teams and
massive investments in
equipment and infrastructure.
17. You can do it from (almost) anywhere!
Silly-con Valley is no longer the
be-all-and-end-all location. If you
have skill and passion, you can
make your location into whatever
you want it to be.
18. It’s easier to find customers than
it used to be …
• Google changed the
world forever …
• Big data and deep
analytics are changing
it again …
• And social media gets
customers engaged in
ways we old guys
could only dream of ...
19. A traditional job isn’t as secure as
it used to be …
• Big, global companies
are vulnerable in ways
they’ve never been.
• Global competition
affects every industry.
• You control your
career and “personal
brand” in ways
previous generations
couldn’t.
20. The “worst that could happen”
ain’t so bad
I can accept failure, everyone fails at
something. But I can't accept not trying.”
-- Michael Jordan
22. We (mostly) know what works.*
• Stick with something you know.
• 96% of founders ranked prior work experience or hobbies as an extremely important or
important success factor.
• It’s the learning; not success or failure, that makes the difference.
• Successful founders try and try again. 88% attributed their success to prior successes; 78%
attributed success to prior failures.
• The management team is critical.
• 82% of the founders attributed their success to strength of the management team (not the
idea, business plan, or money).
• A little luck never hurts.
• 73% said that good fortune was an important factor in their success
• 22% even ranked this as extremely important.
• There is nothing like being in the right place at the right time.
*Ewing Marion Kauffman Foundation for Entrepreneurship, titled “Making of a Successful Entrepreneur.”
23. We (mostly) know what works.*
• Use your network.
• Professional networks were deemed important in the success of 73% of the founders.
• 62% of the respondents felt the same way about their personal networks.
• Dropping out of school is not recommended.
• 95% of these founders had earned Bachelor’s degrees and 47% had more advanced
degrees.
• 70% said their university education was important
• College helps with knowledge, discipline, and networks
• First-timers usually fund their own venture.
• Venture capital and private/angel investments play a small role in the startups of first-time
entrepreneurs.
• 70% said they had to use personal savings as a main source for their first business.
*Ewing Marion Kauffman Foundation for Entrepreneurship, titled “Making of a Successful Entrepreneur.”
24. We (mostly) know what works.*
• Willingness to take a big risk.
• When asked what may prevent others from starting their own business, the highest ranked
factor by 98% was lack of willingness or ability to take risks.
• Founders clearly found entrepreneurship to be a risky endeavor.
• Huge time and effort commitment.
• 93% felt that the work and time challenges were a major barrier
*Ewing Marion Kauffman Foundation for Entrepreneurship, titled “Making of a Successful Entrepreneur.”
25. We also (mostly) know what fails.
• Hero myth: Believing in your product is important … to a point.
• Founders too-often fall in love with their products or technology, ignore
negative feedback from customers, and spend years building a product
based on a vision that no one else shares.
• Process myth: There is no direct path to success …
• Conventional wisdom is: have a great idea, raise money, build a product,
then go sell the product…
• This doesn’t work when attacking unknown problems with untested
solutions.
• Money myth: Too much money is (almost) as bad as too little!
• Too much money, too soon, allows a flawed business model to hide
behind the perception of progress.
• Better to stay lean, focused on the market, and adapt as necessary.
30. The single biggest risk any new
venture faces is …
… trying to
grow the
venture
before the
model is fully
proven.
31. One way to think about it
(from “Nail It then Scale It: The Entrepreneur's Guide to Creating and Managing Breakthrough Innovation,”
Nathan Furr and Paul Ahlstrom)
• Nail the pain: Begin with a real problem • Nail the go-to-market strategy: There’s
that has a big and monetizable pain no substitute for a deep understanding of
points. the target customer:
• Pick a big problem to solve! • What’s their buying process?
• Pick something with a lot of • What are they trying to accomplish?
potential customers. • What are they really willing to pay?.
• Nail the solution. Neither breakthrough • Nail the business model: All aspects of
technology nor maximum features will operating the business!
assure that “if we build it, they will • Distribution channels
come.” • Revenue streams
• Start with a minimal focused set of • “Relationship” with the customer
features that someone will pay for • Cost of materials and customer
• Test the solution early and quickly in acquisition
the market, and iterate to get it • Partnerships, suppliers, etc.
right. • Key activities.
32. One way to think about it
(from “Nail It then Scale It: The Entrepreneur's Guide to Creating and Managing Breakthrough Innovation,”
Nathan Furr and Paul Ahlstrom)
• Scale it. Don’t attempt to scale it until you
have a proven repeatable business model
that predictably generates revenue.
• Conserve cash
• Build the team
• Repeat the customer acquisition,
product delivery & support processes
until they are bullet-proof.
33. Building the team starts at the top
"Observe all men; thyself most.“
— Benjamin Franklin
“No man is the worse for knowing the
worst of himself.“
— Thomas Fuller
34.
35.
36. 20 Core Functions/Skills that need to
be considered
1. Team Building Leadership 11. The Core Technology Technology
2. Ability/Willingness to Delegate 12. Keeping it Safe
3. Articulating a Coherent Vision 13. Technology Assessments
4. Build and Maintain Momentum 14. Managing the Techies
5. Perceptions 15. Priming the Pump
6. Using the Tools Management 16. The Overall Market Marketing
7. Managing the People 17. Marketing Channels
8. Building the Organization 18. Market Assessments
9. Working the Numbers 19. Sales
10. Making the Deals 20.Managing the Brand
37.
38.
39.
40. What happens in the garage stays in
the garage unless …
… there’s a complementary “ecosystem” outside the
garage
In a healthy ecosystem, every
participating species benefits from the
presence of every other participating
species.
41.
42.
43. Things to remember
New beats small and large every time!
No reason not to start something.
Nail it, then scale it.
Get out of the garage!