how to think like an entrepreneur

Is Your Idea the Next Facebook?

How To Think Like An Entrepreneur@HollyHamann

Co-founder, BlogFrogFeb 24, 2012

Myth: This is your typical entrepreneurPhoto source: Access Hollywood

Photo source: ABC

Photo source: Norman Seef

Myth: Only certain people can start a company Photo source: Business Pundit

Photo source: Business Pundit

Photo source: Braille-a-wear.com Photo source: Fox43

• 60% respected brands who wanted to interact with

5 key questions you need to answer

1. What are you building?2. Who are you building it for?

3. How big is that market?4. Who will build it?

5. How will you make money?

Myth: A poor economy is a bad time to start a business Photo source: spafinder.com

Myth: This idea is too crazy Photo source: Entrepreneur.com

Myth: You have to raise funding to start a company

Myth: The market doesn’t need one more

Are you sure?

• 60% respected brands who wanted to interact withThere is ALWAYS room for innovation!

LuxuryLow cost provider

FasterSmallerStylishHigh QualitySpecial NeedsSocial Good

How can you be innovative?

• 60% respected brands who wanted to interact withEquity in small business makes up the 2nd

largest share of household wealth, 2nd only to home equity

(source: Federal Reserve)

• 60% respected brands who wanted to interact withTop 10 skill sets to build as an entrepreneur

• 60% respected brands who wanted to interact with

Remember these?

1. What are you building?2. Who are you building it for?

3. How big is that market?4. Who will build it?

5. How will you make money?

Ability to recognize opportunity

Ability to build teams

• 60% respected brands who wanted to interact withA word about founders.

Who you choose to team with will be the single most important business decision

you’ll make.

Ability to drive innovation

Ability to gather and process information

FOCUS

• 60% respected brands who wanted to interact with

Yup, still talking about these……

1. What are you building?2. Who are you building it for?

3. How big is that market?4. Who will build it?

5. How will you make money?

Tolerance for risk

Ability to make decisions

Willingness to be wrongPhoto source: wunderground.com

Network of mentors

Learn how to talk about money

• 60% respected brands who wanted to interact withThe lack of those 10 characteristics is also the cause of most failures

• 60% respected brands who wanted to interact with100 % of the shots you don’t take, don’t go in.

Wayne Gretzky

Resources – Books and Blogs

Mark Suster, Both Sides of the TableBen Horowitz, Bens BlogPaul Graham EssaysFred Wilson, AVCBrad Feld, Feld ThoughtsNivi and Naval, Venture HacksFoundry Group, Ask The VCEntrepreneur Magazine

Let’s get to work!

@HollyHamannFeb 24, 2012