Consulting vs. Entrepreneurship

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Consulting vs. Entrepreneurship

featuring:

Fredrik MarøCo-Founder & CEO of

Hosted by: Caitlin QuanEvisors Marketing & Operations Associate

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Survey

Who wants to:

a) work in consulting?b) Start their own companyc) both

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Consultants = Successful Entrepreneurs?

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Quiz #1 a

Name some successful entrepreneurs

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Quiz #1 b

Name some successful entrepreneurs who used to be consultants

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Successful Entrepreneurs = Anti-

Consultants?

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Goal: Help you on your career path

Big Question: How can consulting help you as an entrepreneur and how can it hurt you?

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“Pursuing opportunity without regard

to resources currently controlled”

What is Entrepreneurship?Prof. Howard Stevenson

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Consulting and Entrepreneurship are About

Problem Solving

How can I fix it?

vs.

How can I build it?

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Quiz #2

What does it take to be a successful:a) Management Consultant?b) Entrepreneur?

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How does consulting help you as an entrepreneur?

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Director

McKinsey’s 3 Learning Curves

Engagement Manager

Associate Principal

Analytical Toolbox

Team Leadership

Client Leadership

Associate

Business Analyst

Principal

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#1: Hypothesis generation and testing

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Problem #1: Is there enough of a market to sustain a $100m rev/year company in university admissions prep?

Hypothesis: The addressable market is $700m

What you have to believe in: 5 million applicants paying $140 each

What you have to test: Are people willing to pay $140?

Problem #2: Are they willing to pay $140 for your product?

Etc, etc

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#2: Analyzing and presenting data

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Evisors is focused on a logical progression of industry expansion and product development

Timing

Familiarity

Investing

Legal

Dental

Medical

Entertainment & Media

Health & Fitness

Tutoring

Sector Expertise

Functional Expertise

Admissions

Career

Low

Med

High

BETA PHASE 1 PHASE 2

Requiring regulatory work

0-1 year 1-2 years

White label the platform Digital goods Consumer products (sets of

consultations, emails, etc.)

Project sourcing

Market research surveys Research services

Source: Evisors Analysis

Products

TargetVerticals

• Phone consultation & scheduling

• Email consultation• Packages of consultations,

analytics, etc.

Size of Market

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#3: Confidence

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19

TPR is underutilizing its online brand

-- CONFIDENTIAL, DO NOT DISTRIBUTE --

Best in class offline content#1 selling admissions guides

Vast online traffic1M unique visitors per month

But, limited online goodsWebsite focused on offline content

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How does consulting hurt you as an entrepreneur?

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Dave McClure

Hacker, Hustler and Designer

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#1: Unrealistic Expectations

21

5 Year Financial Forecast

112010

Functional Expertise

Industry Expertise

Tutoring

Admissions

Careers

2015141312

Dental

Medical

Investing

Legal

Media & Ent.

Health & Fitness

Big Partners

Evisors

Consultations

Revenues$ thousands

EBITDA %-200% -13% -1% 7% 14% 18%

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#2: Not knowing how to sell (hustle)

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#3: Not being lean

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Prof. Bill Sahlman: Get Relevant Experience

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Consulting Startup Successes

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Questions & Answers

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Questions & Answers

Question 1:

What benefits can you take from entrepreneurship when moving into consulting?

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Questions & Answers

Question 2:

Can you be both a consultant and an entrepreneur?

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Questions & Answers

Question 3:

How do you overcome unrealistic expectations?

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Questions & Answers

Question 4:

When did you make the transition from McKinsey to Evisors?

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Questions & Answers

Question 5:

What is your backup plan going into entrepreneurship?

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