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About 2 years ago I did this presentation about entrepreneurship at the EMBA at Lugano University. I use my own experience and the experience of 15 entrepreneurs that participated in a short questionnaire about Entrepreneurship.
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Entrepreneurship according to Jacob Hagemann
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Why am I here to day?
My start-up biography
– Worked as an entrepreneur since 1998– Involved in 14 start-up’s– 1 IPO (Search Marketing Agency)– 4 exited (Two in Online Retail, Mobile Content, SEO Agency)– 4 close-down (Real estate, Logistics, Agency and Gambling)– 2 live and operational (Agency and Technology)– 3 in early start-up (Agency, Auction, Toys)
And I have combined this with the experience of 15 other entrepreneurs making up for at total of 175 years of entrepreneurship and more than 100 companies, today accounting for more than 5.000 employees.
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My EMBA
I survived the IT Crisis in 2000 – 2001 with a tough turn-around! I have experienced extreme growth from 2002 – 2007 I saw the markets go down during 2008 financial crisis and had to
sell/close-down 3 companies and close another 3. I founded, a now successful company, during downtime in 2010 I made a spin-of from one company to another in 2012 I have raised money from investors I expect to be part of at least 20 – 30 other start-ups during the next 60
years.
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My work / life philosophy
Work till you die!Retire while you can!
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Agenda
What is Entrepreneurship?
Inventors and Entrepreneurs?
The DNA of an Entrepreneur
Is your business idea realistic?
10 things to remember!
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WHAT IS ENTREPRENEURSHIP?
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“Entrepreneurship is the act of bringing life to the ideas of inventors.”
“Entrepreneurship is like art. Don’t do it for the money. Do it because you have to.”
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INVENTORS AND ENTREPRENEURS....it takes two to Tango!
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Entrepreneurs vs. Inventors
Ideas New
ProductsNew
Technology New
Processes
Creates Business plans
Spot the cash flow
Find investors
Leader
Nerd
Spots what is missing!Passiona
te about selling
TheCreative
Entre-preneur
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Main difference!
The inventor’s main driver is Creating the Product
The entrepreneur’s main driver is Creating the Business
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Who are you?
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The inventor
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The entrepreneur
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The creative entrepreneur
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Your ability to realize - as early as possible - who you are, will be fundamental for your success!
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1
2
3
4
5
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8Value of Entreprenur Company Maturity
I am more entrepreneur than inventor!
IDEAS
CONCEPT
STRATEGY
STARTING
UP
Development
Sales & Marketing
AccountingInvoicingHiringLawyersPensionMaternity LeaveHolidaySalariesStructureImplementationRulesPoliticsCommunicationAll the fun stops
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The DNAof an entrepreneur
Are you born to be an entrepreneur?Or do you become an entrepreneur?
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48%Of your ability as an entrepreneur is determined by your genes!
Source: Born Entrepreneurs, Born Leaders, (Oxford University Press, 2010)
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When did you last check your genes?
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Chemical Engineer Inventor Investor and Entrepreneur
My Great Grandfather, Gustav Adolph Hagemann (16.5.1848 – 26.4.1916)
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Just like artists needs to learn how to use a pencil, an entrepreneur needs the skills to build and run a company. These skills can be taught - but the creative energy and the burning flame you either have, or you don´t.
Genes or not!
So the question is: Are you an entrepreneur?
Are you comfortable with: –Chaos–Uncertainty
Are you: –Flexible–Agile–Passionate–Driven–Persistent–Self-confident
Can you?
Spot and execute business opportunities
Identify cash-flow and raise start-up capital
Find the right people to help you build a business
Do you have what it takes?
The entrepreneurs that contain the above mentioned capabilities and abilities are most likely to become successful.
– Everybody gets ideas – every day.
– Very few realize it - hence attempt to realize the idea. Of those who try to realize only 10 % actually start up a business. And of those 10 % only 20 % survive more than 18 month of operation.
The survivors are the real entrepreneurs.
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If you are still in doubt!
Take a deep breath and read the following 8 lines:
– Administration– Staff responsibility– Paperwork– Accounting– Insurance– Bureaucracy– Sceptic people– Hiring & training
How do you feel? I’m ok? (you are not an entrepreneur, sorry!) I’m exhausted, my heart is hammering (You have a good chance
of being an entrepreneur)
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IS YOUR BUSINESS IDEA REALISTIC?Is there a match between you and your project?
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What is the fundamental idea?
Creating a stronger offering
Changing The Business model
Changing The Behaviour
Making inventions
Apple, Ipod and computersStarbucksSearcusNomaRyan Air
Apple ItunesAT&TCar LeasingSpotifySkype
The carThe phoneThe PCThe PlaneCuring deceasesNew sources of energy
GoogleAmazonFacebookEbay
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You and your project needs to be aligned!
To what degree are you– …ready to risk all you have?– …looking for the one big thing that will make you hyper rich?– …ok with not succeeding?– …in place with the the funds necessary to invest in your business?– …working with investors?– …patient?
To what degree is your start-up/project– A potential Blockbuster– entering a risky market– Similar to other business’ out there– In need of a lot of cash– In need of a long develop
Where do you fit?Time to marketHig
hLow
Probability of success
Low
High
Potential output
Low
High
CostHigh Low
A
BRisk scale
Low
High
C
Inventions & BehaviorTime to marketHig
hLow
Probability of success
Low
High
Potential output
Low
High
CostHigh Low
A
Risk scale
Low
High
Changing Business ModelsTime to marketHig
hLow
Probability of success
Low
High
Potential output
Low
High
CostHigh Low
BRisk scale
Low
High
Creating the stronger offeringTime to marketHig
hLow
Probability of success
Low
High
Potential output
Low
High
CostHigh Low
C
Risk scale
Low
High
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10 THINGS TO REMEMBERWhen starting up a business
Don’t be first! (1)
Be the first fastest follower
Being the first will make you the benchmark for everyone to beat
Usually very expensive to create a non existent marketDifficult to get capitalNo players in the market! Maybe the opportunity is not so great.
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Start-up’s are dynamic (2)
There are no average start-ups
Most will change their business model within the first 12 – 18 month
Customers will educate you – if you listen Income will not grow as fast as you thinkCost will grow faster then you think
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Be ready to burn the boat! (3)
Cannibalize your own business before someone else does it.
While you are in the middle of you start-up opportunity and threats come along. Market may change dramatically and you should always be ready to abandon strategy to go for other and better opportunity.
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Your biggest risk (4)
Your self! – Tripping over your own two feed.
Cash flow/ Revenue Model (5)
How do you plan to make money?
When does the money come in?
How big is the market?– Total available market?– Served available market?– Target Market– Segments
Make a Revenue model that is so clear that even a child can see the potential.
Customers (6)
No customers – no money– Users vs. Payers– Examples:
Google (users are you and I – payers are advertisers.)
How should customers find you?
Why should customers chose to buy your product if and when they find you?
Competition (7)
When competitions become an issue – its because you are doing something right!
Don’t worry about the competitors – be happy when they try to squeeze you!
Invite them to lunch – share experience!
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Use your network (8)
Your network is key to get a good start!
But, but, but…be careful who you ask for advice:
Everybody is different and the advice of one person will be his or her personal advice, based on who they are as a person: – How risky he or she is?– How smart he or she is?– Is he giving this advice because he did not dare to go the other way?– Did he choose to do A because he could not do B– Is he a bad negotiator and could not get the right prices– Is the advice based on something he or she is very good at and where they
are super connected – and therefore have easy access – will it be the same for me?
– And so I goes on!
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People, People, People (9)
Hook up with the right people
Get help from professionals!
Be realistic about you role! (10)
The CEO
The Creative Entrepreneur
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Who are you?
