Entrepreneurism - Why Not To Start Your Own Company
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Entrepreneurism - Why Not To Start Your Own Company
Apr. 19, 2014•0 likes•1,854 views
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I am taking a bit of a controversial stand on starting a company. Don't do it! I elaborate a bit more in the short presentation on why. I have seen too many people that said they wanted to start a company just for the sake of being an entrepreneur, a CEO. It's not that glamorous. Having to worry about making payroll every day is not something everyone is cut out for. If you decide to start a company, there are a couple of tips in this prsentation
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Entrepreneurism - Why Not To Start Your Own Company
- Raffael Marty, CEO iEntrepreneurs iTech Gulf, Kingdom of Bahrain April 10th, 2014
- Security. Analytics. Insight.2 Raffael (Raffy) Marty
- Security. Analytics. Insight.3 Starting Your Own Company Don’t Do It
- Security. Analytics. Insight.4 If You Are Still Here it starts with passion There is no such thing as an “Entrepreneur’s” profession
- Security. Analytics. Insight.5 Problem • Deep problem understanding • What’s the solution? • Can you build the solution? • In time • At reasonable cost?
- Security. Analytics. Insight.6 • Is there a market for your solution? • How well do you know the market? • Will people pay for your solution? ! • Can you sell your solution? • How will you sell it? At what price? • Do you know the buyer / budgets / …? • How do prospects buy? What’s the sales cycle? How do they spend money? Market
- Security. Analytics. Insight.7 • Do you have a business model? • Pricing • Financial model • What’s the way to profitability? • When to hire who? • When do you sell product? to who? • Don’t write a long business plan - safe the time and think about the business itself The Business Model
- Security. Analytics. Insight.8 Average sale: $250 / month Profit margin: 50% Staff cost: $10k / month Staff: 10 employees —> 800 customers The Cloud SaaS Example Hang on, we need more staff to operate the cloud service and support customers —> more customers How do you acquire these customers?
- Security. Analytics. Insight.9 • How will you fund your company? • Self funded • Friends and family (careful) • Outside Investors (getting $500k is easy!) • What do you do with that money? • Always think of the next funding round - you will need it! • Founders are too optimistic on getting profitable! • Where does that money get you to? • What do you do once you spent that money Funding
- Security. Analytics. Insight.10 Institutional Investment - The Series A • Team • Customers / Traction (Market) • Product Only for 1% of companies $1bn market
- Security. Analytics. Insight.11 Why is the Silicon Valley Different? ”… rich people and nerds” - Paul Graham
- Security. Analytics. Insight.12 • Team • Who is in control? • Clear roles and responsibilities! • Get ready for the long haul! Don’t take “No” for an answer • Technology is only a small piece! • Pay it forward - advice / help / network Miscellaneous Tips • Relationships! • Relationships! • Never cold-call investors • Get warm intros • From credible people • Build a pitch deck, not a business plan
- 13 raffael.marty@pixlcloud.com