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Here are 6 things to know
Want to Be Your Own Boss?
million
businesses launched annually believes that entrepreneurs are
well regarded and enjoy high
status.
70%of the population
But
100
30%
of new businesses fail
within their first two years
50%
don’t make it past Year 5
90%
of new ventures eventually fail
“Real entrepreneurs
turn setbacks
into opportunities.”
Gilles Babinet
Serial Entrepreneur
6 useful tips to note before you
start your business
Entrepreneurship
is a lonely journey
#1
These can result in
one feeling isolated
Working from home,
Setting up a business,
Being responsible for all decision-making,
Finding an entrepreneurial community
where you have friends who understand the
ambition you have and the challenges you
face will be a good remedy to counter the
loneliness.
Continuous learning
is important
#2
3 skill sets most essential to achieve success are:
• Being able to learn by trial-and-error
• Adapt to change
• Move on to the next experiment
faster than your competition
“It used to be about knowing a few things deeply,
while it now seems that it is becoming just as
important to learn a high number of things very fast.
Learning has become a day-to-day activity.
”
Will Klippgen, Managing Partner at Cocoon Capital
and INSEADAlum Ventures
Empowerment & Trust,
not micro-management
#3
A lack of empowerment from the management creates
decision bottlenecks, which hamper speed of execution.
Millennials in particular want to have an impact.
Micro-managers clip wings and can’t retain top
contributors.
empowerment
trust
Trust, mentorship and
support from managers are
vital to create a culture of
empowerment to retain top
talent and quickly scale up the
business.
people
“You don’t build a business. You build
people, and people build the business.”
Zig Ziglar, author and motivational speaker
Location
is key
#4
location
Entrepreneurs are more likely
to succeed if they are able
to develop strategies and
business plans that leverage
local advantages and make
up for deficiencies by tapping
into surpluses in other
locations.
5Cs of location
that influence success
Cost Convenience Community Calibre Creativity
Entrepreneurs’
familiarity with a place,
government policies,
regulatory and legal
environment, proximity
to key markets
and technological
readiness
Factors such as rents,
living costs, wages
Networks and social
capital
The quality of the
workforce and
infrastructure, such
as roads, airports
and Information
and Communication
Technology
The resourcefulness
and ingenuity of the
local community
“Essentially, it is up to entrepreneurs
to match the opportunities and
challenges of a location with their
products’ capabilities and needs.”
Dr. Sami
MAHROUM
Founding Director of
INSEAD’s Innovation & Policy Initiative
Collaborate
with the big players
#5
Reports show that collaborations
between big corporates and start-
ups will be an essential part of every
company’s innovation portfolio going
forward.
Collaboration
68 of the top 100 companies
from the Forbes Global 500 are
engaging with startups to tap into
innovation without a huge upfront
investment.
Microsoft launched Microsoft for
Startups, a new programme that helps
startups grow their customer and
revenue base.
Microsoft for Startups
Access to the huge resources big
corporates enjoy may also be a matter
of survival for startups.
Social impact
as part of business strategy
is vital
#6
Investors and corporations often have
their own sustainability programmes
to think of, and will want to verify that
potential partners are on the same
page.
Sustainability
I don’t know I hadn’t thought of
that
“I don’t know” or “I hadn’t thought of that” as
a response to the social impact question isn’t
likely to further your startup’s cause and bag
that funding you need.
”
“
How a venture affects society influences
how the government views the company.
If there is no potential to create a net-
positive impact on the community, you
may be taxed differently than a business
that is seen as a social asset.
Our goal is to shift mindsets so that
it becomes routine for leaders to
consider the societal impact of their
actions when making decisions, or it
becomes unacceptable for businesses
to destroy value for society while
creating value for themselves.
“
“
Ilian Mihov, Dean of INSEAD
Discover Entrepreneurship
at INSEAD
insead.edu/mba
•	INSEAD Centre for Entrepreneurship (ICE)
•	Entrepreneurship Bootcamps
•	Entrepreneurs in Residence (EiR)
•	INSEAD Venture Competition
•	INSEAD Entrepreneurship Forum
www.insead.edu/mba
Facebook.com/INSEAD
Twitter.com/INSEAD
LinkedIn.com/INSEAD
YouTube.com/INSEAD
Sources
https://knowledge.insead.edu/blog/insead-blog/how-founders-kill-their-own-start-ups-8051#sjciP5GSOeO4RVMb.99
Slide 15
https://knowledge.insead.edu/blog/insead-blog/how-founders-kill-their-own-start-ups-8051#sjciP5GSOeO4RVMb.99
Slide 16
https://knowledge.insead.edu/strategy/corporates-and-start-ups-engage-or-else-4500#cDJEiC62oEr8LEKK.99
Slide 23
Slide 23
https://knowledge.insead.edu/strategy/corporates-and-start-ups-engage-or-else-4500#cDJEiC62oEr8LEKK.99
Slide 24
https://knowledge.insead.edu/strategy/corporates-and-start-ups-engage-or-else-4500#cDJEi-
Sources
https://blogs.microsoft.com/blog/2018/02/14/grow-build-connect-microsoft-startups/
Slide 25
https://knowledge.insead.edu/strategy/corporates-and-start-ups-engage-or-else-4500#cDJEiC62oEr8LEKK.99
Slide 26
thank you
https://www.insead.edu

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