every great entrepreneur

Every Great Entrepreneur

Yann Hoyau-Young Entrepreneur Meetup-San Diego-July 16th 2015

You came here because...

● You want to build a successful business

● You want to achieve greater job security

Plan

● First we will see why Businesses fail

● Then why Businesses succeed

95% of businesses FAIL<5 years

● remaining, 90% fail next 5 years

Source:Small Business Administration

Why?

● Why do businesses fail?

What can it be?

● Lack of money?● Bad Team?● Bad Market?● Bad Hiree?● Bad Product?● Bad Market?● Add your reason here

Only 1 reason

● Not enough paying Customers!!!

Successful Company=

● Revenue>Expenses

Every Successful Entrepreneur

●Do the same thing

The Hedgehog Principle

● The Fox and The Hedgehog

Source:Good to Great, Jim Collins

The 3 Circles

● What is your Passion?

● What are you the Best at?

● What is your Economic Engine?

Niche

● Finding your niche is EXTREMELY important.

● It's better to have 30 users in a 100 users market, than 1,000 users in a 1 M users market.

● Why? Because the first one scales up, the second doesn't.

LAUNCH FAST!!!!!

● Find your Hedgehog

● Find Your Niche

● The Smaller, The better

Don’t be afraid

● Duplicate the process until you have traction

What is traction?

● It depends on your industry

● But paying customers are a good sign...

Note About Traction

● It is better to have a crappy solutionto a HUGE

problem

● Than have a perfect solutionto a tiny problem

Companies

● I have noticed a pattern in great compagnies

● Who has ever built a website? ● In the 90s-and 2000s

Every Great Entrepreneur

● Reduce the Steps● And your product being :

● better● faster

● stronger ● cheaper

Will be an end result

Examples

● Henry Ford and Cars● Paypal and Ebay Payment

● Wix and Websites● Microwave-Owen

● Example are countless:● Self-driving Car, McDonald’s...

Job Security

● Computer will be smarter, and smarter

● American workforce will be more expensive

● We don’t really know what’s gonna happen

The Ultimate Job Security

This job will never, ever

be replaced

Human Interaction

SALES