why entrepreneurship as a career

Why choose entrepreneurship as a career

Representing Ireland’s Startup Sector

Representing Ireland’s Startup Sector

What is an entrepreneur?

Representing Ireland’s Startup Sector

Representing Ireland’s Startup Sector

Representing Ireland’s Startup Sector

Representing Ireland’s Startup Sector

Representing Ireland’s Startup Sector

One who organises, manages and assumes the risks of a business

enterprise creating jobs and innovative

offerings.

Representing Ireland’s Startup Sector

Representing Ireland’s Startup Sector

Representing Ireland’s Startup Sector

1. Vision2. Ability to create/increase value3. Mastery Knowledge4. Focus5. Communication Skills6. Networking Skills/Allies7. Passion8. 10 Thousand Hours9. Confidence10. Fortitude

Representing Ireland’s Startup Sector

Representing Ireland’s Startup Sector

What is a business opportunity?

Representing Ireland’s Startup Sector

Representing Ireland’s Startup Sector

Business Ideasare notBusiness Opportunities…Unless they Solve Business Problems!

Representing Ireland’s Startup Sector

95% of the value of a business idea is in its successful

execution

Representing Ireland’s Startup Sector

Representing Ireland’s Startup Sector

What is a

startup?Representing Ireland’s Startup Sector

“A startup is a company designed to grow fast. “

Paul Grahamfounder of

Y-Combinator

Representing Ireland’s Startup Sector

“Particular focus on entrepreneurship as two thirds of all new jobs are created by startup businesses.”

Representing Ireland’s Startup Sector

Bringing it all together…

The right fit of person + right idea + relevant domain knowledge/network

+ timing

= High Impact Startup!

Representing Ireland’s Startup Sector

Why get involved in a startup?

Representing Ireland’s Startup Sector

“No more jobs for life

- they went out with the milkround”

The Independent Newspaper

Representing Ireland’s Startup Sector

Representing Ireland’s Startup Sector

YOUR DREAM JOBDOES NOT EXIST.

YOU MUSTCREATE IT

Representing Ireland’s Startup Sector

Choose a job you love,and you will never have to work a day in your life.

Confucius

Representing Ireland’s Startup Sector

Representing Ireland’s Startup Sector

“What matters in Silicon Valley is how much effect you have on the world.”

Paul Graham

Cities & Ambition

Representing Ireland’s Startup Sector

“Someone that has worked for a startup for 3 months is worth

more to my business than a Masters student that hasn’t”

Dylan Collins

Representing Ireland’s Startup Sector

There has never been a better time to startup in light of the resources available and the speed you can get

to marketRepresenting Ireland’s Startup Sector

Small teams of individuals can do what only governments and large corporations could have ever done in the past.

Representing Ireland’s Startup Sector

10 years ago the optimal amount of capital required to help a software company to scale successfully:

● $15 millionThe same can be achieved now for:

● $1 millionRepresenting Ireland’s Startup Sector

Incubators (Dublin)● NDRC Launchpad● Dogpatch● Wayra● Propellor● Nova UCD, TCD campus● Ustart (DCU accelerator)● Greenhouse (virtual

incubator)● Foodworks● HealthXL Startup

Bootcamp● Guinness Enterprise

Centre

New Frontiers● 150 participants● €15K grant, six month

program● 11 Institutes of

Technology● Country-wide● 20% female

Representing Ireland’s Startup Sector

€5K Innovation Voucher€15K Feasibility Grant

Representing Ireland’s Startup Sector

Traditional career options such as law and accountancy carry a familiarly reassuring school/university type progression.

In contrast the entrepreneur gets a blank piece of paper. They for the most part are expected to operate without boundaries, guidance or feedback on progress.

Representing Ireland’s Startup Sector

● The average hours worked by early stage entrepreneurs: 74 hours per week

● The average salary of early stage entrepreneurs: €25,000

● The average time to first enterprise sale:

16 months

Representing Ireland’s Startup Sector

Representing Ireland’s Startup Sector

Representing Ireland’s Startup Sector

What isStartup Ireland?

Representing Ireland’s Startup Sector

“Ireland has some amazing

entrepreneurs but not nearly enough of

them.”Minister Richard Bruton

Representing Ireland’s Startup Sector

“Where would we start, with a degree we can get a job and the employer provides the framework…”

Final Year Undergrad

Representing Ireland’s Startup Sector

“Ireland must encourage entrepreneurship as a norm rather than

an exception.”

Representing Ireland’s Startup Sector

Changing hearts and minds towards

entrepreneurship in Ireland

Representing Ireland’s Startup Sector

#V2020StartupIsland

Dublin to be global tech startup hub

Representing Ireland’s Startup Sector

Some common

myths about startups...

Representing Ireland’s Startup Sector

Representing Ireland’s Startup Sector

Representing Ireland’s Startup Sector

Building a startupis not easy it takes a lot of Time, Dedication & Energy…

but so do most jobs!

Representing Ireland’s Startup Sector

My 10 golden rules for startups

Representing Ireland’s Startup Sector

Be careful what you sign in the early days and check for what you are committing yourself to in terms of notice terms and length of the agreements.

1

Representing Ireland’s Startup Sector

"If it’s not in writing it never happened."

Get agreements in writing.

2

Representing Ireland’s Startup Sector

Equity is blood, preserve it for as long as possible before giving any of it away.

3

Representing Ireland’s Startup Sector

Don’t blow the budget on “gold plating” the first version through feature and scope creep.

– Fail early, fail cheap.

4

Representing Ireland’s Startup Sector

Cart before the horse – do the feasibility research (including asking customers how much they would pay you for it) before writing any specifications documents.

5

Representing Ireland’s Startup Sector

Don’t re-invent the wheel, check Kickstarter, leverage opensource.

6

Representing Ireland’s Startup Sector

Make sure you keep 40%+ of your budget for sales and marketing!

7

Representing Ireland’s Startup Sector

Look to automate and streamline standard processes from the word go. Many startups fail to scale as the entrepreneur gets bogged down in admin “stuff”.

8

Representing Ireland’s Startup Sector

If you can build your business from cashflow without equity investment do so (until you need to scale).

9

Representing Ireland’s Startup Sector

Start with the end in mind – have a clear plan of what you are doing and what you want to get out of it – write it down too.

10

Representing Ireland’s Startup Sector

You don’t have to start a business to gain

entrepreneurial skills and capabilities, why not intern with a startup

through Startup Ireland

Representing Ireland’s Startup Sector

CONCLUSION

Representing Ireland’s Startup Sector

Become an entrepreneur

not because youhave to

but because youWANT to!

Representing Ireland’s Startup Sector

Think Big Act Now Change Ireland Social Entrepreneurs Ireland

Representing Ireland’s Startup Sector

Representing Ireland’s Startup Sector

Representing Ireland’s Startup Sector

Monday, November 17thin the Mansion House

Representing Ireland’s Startup Sector

Representing Ireland’s Startup Sector