Date post: | 19-Jan-2015 |
Category: |
Documents |
Upload: | csr-al-ahli-holding-group |
View: | 184 times |
Download: | 4 times |
Our aim is to support young people to start a
business. We run training and mentorship programs to take
you from forming ideas right through to seeking investment.
We are completely not for profit and the company
aims to give back to the community. @csralahligroup
How can you be Entrepreneurial?
1. Starting your own Business 2. Working for a start-up
3. Intrapreneurship
@csralahligroup
Famous Intrapreneurship Examples
3M: started as a Mining and Manufacturing company.
One employee developed a special adhesive and another added it to his scrap paper.
Company has sold over $1bn of the little things
Google 20% time:
Employees work one day a week on anything they want.
Products launched from this: gmail, orkut
@csralahligroup
The Ugly
Little sleep ↓ Hair loss ↓ Divorce ↓ Bankruptcy ↓ Less sleep and more hair loss @csralahligroup
Most common rebuttal
"Yes, starting a business is the dream, but I think it is better to go into employment, learn a bit, accumulate some capital and THEN do my own thing".
@csralahligroup
Perceived Risk
Difficult to identify… Impossible to quantify
Highlights importance of your ability to handle uncertainty
Belief (or the lack of) is self reinforcing –
“Whether you think you can or you can’t; you’re right.” – Henry Ford
@csralahligroup
“Once you graduate, on average, you have 4-5 years before you are married. This is a window of opportunity. Go tell your new wife you are leaving your investment banking job to start a business that may fail and see how she responds.”
@csralahligroup
And if all goes wrong
@csralahligroup
You fail, and you: -Move to Dubai -Secure a great job -Learn much for next time
Video – jobs commencement speech http://www.youtube.com/watch?feature=endscreen&NR=1&v=c5aY6rMbOB
o
@csralahligroup
Decision Considerations
Priorities:
• Working on a passion
• Income Potential
• Income Security
• Developing your skills
• Working autonomously
Constraints:
• Your parents
• Capital
• Time
Potential Liabilities:
• Marriage and Children
• Mortgages
@csralahligroup
Activity
Stand up if you want to start a business when graduating
Stay standing if you know what business idea you want to start
Stay standing if you think you can do it
Stay standing if you know how
Stay standing if you will
@csralahligroup
YOU! “You want to know
how to paint a perfect painting?
It's easy. Make yourself perfect and then just paint naturally.”
@csralahligroup
1) Determination
Willfulness + Discipline + Ambition Willfulness: When you want something, you must
have it, no matter what. Discipline: You have to be hard on yourself and not
give in to new wills counter to your goal. Ambition: Is a person determined to go for a 100m
jog determined? Have hubris – choose scary goals!
@csralahligroup
=
The Melon Seed Model
The more willful you are, the more disciplined you have to be. We can imagine will and discipline as two fingers squeezing a slippery melon seed. The harder they squeeze, the further the seed flies, but they must both squeeze equally or the seed spins off sideways.
@csralahligroup
Focus on what you can control
Determine how much time you want to spend with friends, washing, sleeping, gym, eating, employment in a typical week
– how many hours do you have to work on your business in a week?
This is something you will always be able to control.
@csralahligroup
If you really love working on something, you don't need determination to drive you; it's what you'd do anyway.
@csralahligroup
Intelligence
No coincidence Facebook, Microsoft, & Google all came for the World’s best Universities
The one thing to take from University is to learn to think critically:
• What are they key assumptions behind the argument?
• Is this piece of information relevant?
• What is its significance?
@csralahligroup
Imagination
It's not so important to be able to solve predefined problems quickly as to be able to come up with surprising new ideas.
In the startup world, most good ideas seem bad initially.
If they were obviously good, someone would already be doing them.
@csralahligroup
Resourcefulness
Become easy to talk to, listen, then follow, chase, chase, chase that advice until you achieve your its goal.
“A word to the wise is sufficient."
@csralahligroup
Adaptability
“Planning is a useful servant but a dangerous master”
React to what you learn.
Aim for the right level of stubbornness
@csralahligroup
Be a “People Person”
First they need to understand the vision
Persuade others to follow your vision
This quality of leadership applies everywhere in a start-up:
Sales - Team
@csralahligroup
Team What is a good team?
1) Unified goal – all passionate about the idea
2) Complementary (different skills)
3) Complementary personalities (no army of generals)
4) Long relationships with people you trust
@csralahligroup
“Startups do to the relationship between the founders what a dog does to a sock: if it can be pulled apart, it will be.”
@csralahligroup
How do you find them?
1. Friends
2. Join societies/clubs – Apple homebrew computing club
3. Attend enterprise events.. StartUp Weekend
4. Workspaces: MakeBusinessHub & Pavillion
5. Online founders dating!!
@csralahligroup
Problem identifying
‘The important thing is not to stop questioning” Albert Einstein
@csralahligroup
The Value Proposition
Business exist to solve problems
We offer X, which solves the problem of Y, for the group of Z people.
@csralahligroup
Domain Expertise
Rule #1 : Start a business where you are the customer
Unique combinations of expertise only you have
Do random shizzle.. Jobs dropping in on a calligraphy class
@csralahligroup
Key Questions to ask:
1) Identify within the team: passions, skills, networks, backgrounds. (domain experience)
2) Identify problems team members face in those areas.
3) Identify needs team members face within those areas.
@csralahligroup
Key Questions to ask:
– Identify the archetypical profile of who encounters this problem/need. Describe in terms of demographical/socio-economic terms/tastes.
– In what circumstances/situations do they encounter the problem/need?
– How are people affected by the problem/need? What are the emotions experienced from the pain? How intensive is the pain? How frequent does it occur?
– What outcome do they want? (in the form of: Direction, Unit of measurement, Functional Outcome)
– How do customers currently solve the problem/need?
@csralahligroup
Sophisticated technology that simplifies
First, a change in technology occurs which is an enabler for a change in business model.
@csralahligroup
Low-cost innovative business model
Second, the emergence of the new business model disrupts the existing arrangements for providing a
specific type of service
@csralahligroup
Economically coherent value network
Third, supporting networks must be put in place; often it is not possible to disrupt just one part
of the existing system but rather a whole series of inter-linked changes are needed.
@csralahligroup
Standards that facilitate change
The exact way in which all this plays out is importantly dependent on the government regulations and policy environment relevant to innovation.
@csralahligroup
Structuring Your Idea
“If I had one hour to save the world, I would spend 55 minutes defining the problem and
only five minutes finding the solution.” –Albert Einstein
@csralahligroup
Lean Start-up
Build – Measure – Learn - Iterate
Sign Up to this:
http://www.udacity.com/view#Course/ep245/CourseRev/1
@csralahligroup
Video – lean startup http://www.youtube.com/watch?feature=player_embedded&v=TXj3F5MdHU
U#!
@csralahligroup
Activity
In groups of 5, work out the business model of an internet portal that connects students with
graduate jobs
@csralahligroup
Business Models Typology
• Solution shops
• Value-Adding Process Businesses
• Facilitated Network Businesses
@csralahligroup
Solution shops
• Solution shops are structured to diagnose and solve unstructured problems using highly trained experts.
• Logo of famous company in this type of business model as described below. (do same for next two slides)
@csralahligroup
Value-Adding Process Businesses
Value added processes generally take incomplete inputs transforming them into complete outputs of greater value.
@csralahligroup
Facilitated network businesses
A business model paradigm in which a backbone system is used to connect together like-minded customers so they can exchange goods and services, share information, collaborate, or socialize with little intermediation.
@csralahligroup
@csralahligroup
Video – customer development http://www.youtube.com/watch?feature=player_embedded&v=PFlSiHWaaM
s#!
Testing Methods
• Talking to customers/partners
• Look at other companies with similar business models
• Google Analytics
• Mixpanel
No Surveys!
@csralahligroup
MVP
What is the minimum product can produce?
Get it into the marketplace then adapt based on the response.
@csralahligroup
The role of intuition
“If I'd asked my customers what they wanted, they'd have said a faster horse.” Henry Ford
Know when to use each paradigm Find the balance When you can’t decide... follow your gut! Without intuition you will just have ideas everyone else
has though of. @csralahligroup
Scaling
Satisfy a focused niche well with a strong value proposition.
Build processes that can be repeated so the value proposition can reach a wider audience.
@csralahligroup
Financing your idea Money follows ideas
If you present a proven concept with significant potential ($) you will find investment
Get enough money to prove your initial idea (MVP)
@csralahligroup
Khalifa fund and Dubai SME
Offers a number of funding options to Emirati entrepreneurs; mostly loans. You must be over 21 years old and provide a part of the business cost.
@csralahligroup
Accelerators
• An accelerator typically offers a 3 month program where experienced entrepreneurs
will mentor, advise and connect you to catalyse your start-up.
• And of course you get equity investment
@csralahligroup
Angel Investors
• Typically high net-worth individuals, often successful entrepreneurs themselves; will invest in start-ups in exchange for an equity stake.
• Often such investors bring more than just finance; the experience and direction they can provide are often more valuable than the money.
@csralahligroup
CrowdFunding
The idea is that funders want to see the project/product/service come to life and are willing to give a small amount of money to
make it happen (between $10-1000).
@csralahligroup
Equity CrowdFunding
• This will involve selling small amounts of equity to many investors in a very similar way to traditional crowd funding.
@csralahligroup
Personal Savings
• Without a proven concept, in truth, few people are likely to give you any finance, therefore using your own money is often the only way.
@csralahligroup
Personal Finance
Another common method is to use personal credit cards or the re-mortgage of your house to start a business.
@csralahligroup
Bank Loans
• To start a business, it is very difficult to secure finance in the form of a traditional business loan from a bank.
@csralahligroup
Golden Resources • UAE events and resources: (http://uae-
enterprise.blogspot.com/)
• Paul graham website essays
• Udacity – Steve Blank
• Watch the movie: the Avaitor
@csralahligroup
Our Upcoming Program
Microsoft Social Enterprise Program
Enterprise Launch
Global Business opportunities
@csralahligroup
Focus
Don’t set out to build the best, most fantastic business ever seen.
Find the first step
Lay one brick at a time and ensure its laid perfectly.
@csralahligroup