consulting vs. entrepreneurship
Post on 22-Sep-2014
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Visit evisors.com
to browse all consulting and entrepreneurship experts who can help you with:
• Mock Interviews• Resumes & Cover Letters• Informational Interviews
…and more!
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Consulting vs. Entrepreneurship
featuring:
Fredrik MarøCo-Founder & CEO of
Hosted by: Caitlin QuanEvisors Marketing & Operations Associate
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Survey
Who wants to:
a) work in consulting?b) Start their own companyc) both
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Consultants = Successful Entrepreneurs?
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Quiz #1 a
Name some successful entrepreneurs
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Quiz #1 b
Name some successful entrepreneurs who used to be consultants
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Successful Entrepreneurs = Anti-
Consultants?
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Goal: Help you on your career path
Big Question: How can consulting help you as an entrepreneur and how can it hurt you?
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“Pursuing opportunity without regard
to resources currently controlled”
What is Entrepreneurship?Prof. Howard Stevenson
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Consulting and Entrepreneurship are About
Problem Solving
How can I fix it?
vs.
How can I build it?
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Quiz #2
What does it take to be a successful:a) Management Consultant?b) Entrepreneur?
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How does consulting help you as an entrepreneur?
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Director
McKinsey’s 3 Learning Curves
Engagement Manager
Associate Principal
Analytical Toolbox
Team Leadership
Client Leadership
Associate
Business Analyst
Principal
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#1: Hypothesis generation and testing
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Problem #1: Is there enough of a market to sustain a $100m rev/year company in university admissions prep?
Hypothesis: The addressable market is $700m
What you have to believe in: 5 million applicants paying $140 each
What you have to test: Are people willing to pay $140?
Problem #2: Are they willing to pay $140 for your product?
Etc, etc
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#2: Analyzing and presenting data
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Evisors is focused on a logical progression of industry expansion and product development
Timing
Familiarity
Investing
Legal
Dental
Medical
Entertainment & Media
Health & Fitness
Tutoring
Sector Expertise
Functional Expertise
Admissions
Career
Low
Med
High
BETA PHASE 1 PHASE 2
Requiring regulatory work
0-1 year 1-2 years
White label the platform Digital goods Consumer products (sets of
consultations, emails, etc.)
Project sourcing
Market research surveys Research services
Source: Evisors Analysis
Products
TargetVerticals
• Phone consultation & scheduling
• Email consultation• Packages of consultations,
analytics, etc.
Size of Market
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#3: Confidence
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19
TPR is underutilizing its online brand
-- CONFIDENTIAL, DO NOT DISTRIBUTE --
Best in class offline content#1 selling admissions guides
Vast online traffic1M unique visitors per month
But, limited online goodsWebsite focused on offline content
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How does consulting hurt you as an entrepreneur?
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Dave McClure
Hacker, Hustler and Designer
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#1: Unrealistic Expectations
21
5 Year Financial Forecast
112010
Functional Expertise
Industry Expertise
Tutoring
Admissions
Careers
2015141312
Dental
Medical
Investing
Legal
Media & Ent.
Health & Fitness
Big Partners
Evisors
Consultations
Revenues$ thousands
EBITDA %-200% -13% -1% 7% 14% 18%
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#2: Not knowing how to sell (hustle)
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#3: Not being lean
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Prof. Bill Sahlman: Get Relevant Experience
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Consulting Startup Successes
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Questions & Answers
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Questions & Answers
Question 1:
What benefits can you take from entrepreneurship when moving into consulting?
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Questions & Answers
Question 2:
Can you be both a consultant and an entrepreneur?
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Questions & Answers
Question 3:
How do you overcome unrealistic expectations?
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Questions & Answers
Question 4:
When did you make the transition from McKinsey to Evisors?
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Questions & Answers
Question 5:
What is your backup plan going into entrepreneurship?
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