dic excellence series april session - demystifying entrepreneurship
TRANSCRIPT
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Harvesting the fruits of Prosperity
Unlock the secrets of financial independence
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What you sow is what you reap
Your output is a function of what you think
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Facts from the Shift Happensorganization
We are currentlypreparing students for jobs that dont exist.
Using technologiesthat havent been invented
In order to solve problems that we dont even know are problems yet
Thats why you need to innovate.
Our Point
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Facts from the Shift Happensorganization
According to former Secretary of Education, Richard Riley
The top ten in-demand jobs in 2015 would not have existed in 2005.
Our Point
Why should you be in thereceivingend?
Why cant you create those jobs?
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The RealitiesDeveloping countries are reaping the fruits of globalization.
Developed countries are facing the lethal consequences of high doses ofcapitalism.
The IronyDeveloped countries are silently building innovation economies.
The ConsequenceDeveloping countries will have to face innovation economies,
like a deer caught in the headlights.
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What does this mean for you?Simple. Are you future-proof?
Entrepreneurship is the only answer.
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Those days are long gone
Job for a lifetime or skills for a lifetime take your pick
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The cubicle debacle
Discover the entrepreneur in you before
getting trapped in one of these
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1. Will your job tomorrow last from your graduation till
yourretirement
2. Even if your job is stable when you are in your 20sand 30s, will it be the same when you are inyour
40s
3. Will your job need a reality check in every decade ofyour working life
4. According to Richard Riley, former US Secretary ofEducation todays graduates will have 14 jobs by the
time they reach age 38
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SO, WHY WAIT?
Dont wait until youve hit 40
Are you building your
entrepreneurship skills right?Where do you start?
Dont get hit with the challengesof the future.
It will be too late to acquire
future-proof skills overnight
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We have just oneanswer to all the questions.
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Possibly, no
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Jobs dont come with anti-ageing cream
Age proof your career
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Beard the lion in its den
In the circus of life, be your own master!
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Be an ideas powerhouse
Be the spark that you can be
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They are not as innocuous asthey seem they are
You can start anywhere, anytime just need to beprepared mentally
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Entrepreneurship is much an opportunityas it is a responsibility
It takes two to tango
Entrepreneurship
Responsibility
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Move Beyond.
Explore Possibilities
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Start Thinking Like a Capitalist
Start with the thought that the onlyreason to start a business is to sellit one day
If you start with that thought thenyou need to make decisions that will
help bring the shareholder value foryou and other stakeholders
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Ask the following questions
When customers refer to mycompany, how would I like them toremember me?
When I eventually look to sell thecompany, can the acquirers relate tomy company the way my customers
can?
Will I be able to establish aleadership position, so that, I showup top in the list when thecustomers or acquirers look for acompany in the XYZ space and
industry for our expertise, domainknowledge etc. etc.
What kind of a multiple is acompany of my type in my industryis getting acquired for in good timesand bad times?
If a financial stakeholder invests$1M in my venture will he/she be
able to take back $10M in 5+ years?
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Classic Entrepreneurship: The Startup
An innovative idea that develops into ahigh growth company
Success, in addition to the strongleadership from the main entrepreneur,
almost always involves building a teamwith complimentary talents
Ability to work as a team and sense anopportunity where others seecontradictions, chaos and confusionare critical elements of success
Most highly successful entrepreneurshave held together a team and acquiredfinancial backing in order to chase anopportunity others may not recognize
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Investigating your Ideas
A simple criterion for the highestpotential venture comes from famedVC Arthur Rock (invested in Apple):We look for ideas that will change
the way people live or work A good idea is nothing more than a
tool in the hands of an entrepreneur.Finding a good idea is the first stepin the process of converting anentrepreneurs creativity into anopportunity
The importance of the idea is oftenoverrated at the expense ofunderemphasizing the need forproducts or services or both, that
can be sold in volume to customers. The new business that simply bursts
from a flash of brilliance is rare.Usually a series of trial & erroriterations is necessary before acrude and promising product orservice fits with what the customer iswilling to pay
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Process to Filter the Ideas
Define your purpose
Choose participants
Choose a facilitator
Brainstorm spontaneously
No criticisms, no negatives
Record ideas in full view
Invent to the void
Resist becoming committed toone idea
Identify the most promisingideas
Refine and prioritize
Ask the basic questions:
Will the customer make money
with your idea?Will the customer save money?Will I make money?
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Transforming Caterpillars into Butterflies
Most new ventures are work inprocess and works of art
Most business plans are obsolete atthe printer
Onset Ventures Partners found that91% of portfolio companies thatfollowed their business plan failed
Speed, adroitness of reflex, andadaptability are crucial
They key to succeeding is failingquickly and recouping quickly
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Whats the Role of an Entrepreneur?
The lead entrepreneurs job is simpleenough carry the deal by takingcharge of the success equation!
In this dynamic context, ambiguity &
risk are actually your friends Entrepreneurial leaders inject
imagination, motivation,commitment, passion, tenacity,integrity, teamwork, and vision intotheir companies
Entrepreneurs face dilemmas andmust make decisions despiteambiguity and contradictions. Veryrarely is entrepreneurship a get-rich-
quick proposition, on the contrary, itis one of continuous renewal
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Opportunity Analysis
What are the fits and gaps?
Whats wrong with the opportunity?Whats missing?
What favorable events can happen,as well as the adverse?
What has to happen to make itattractive and a fit for me?
What market, technology,competitive, management andfinancial risks can be reduced oreliminated?
What can be changed to make thishappen?
Who can change it?
What are the least resourcesnecessary to grow the business thefarthest?
Is this the right team?
In essence, manage and redefine therisk-reward equation
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When is an Idea an Opportunity?
If an idea is not an opportunity, whatis an opportunity?
An opportunity has the qualities ofbeing attractive, durable, and timelyand is anchored in a product or
service, which creates or adds valuefor its buyer or end user
For an opportunity to have thesequalities, the window ofopportunity is opening and remainsopen long enough
Entry into the market with rightcharacteristics is feasible and themanagement team is capable ofachieving it
The venture is able to achieve acompetitive advantage.
Focus on what the customers andmarket place want and do not lose
sight of this!
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Discover the entrepreneur
in you.
Realize the job skills you
need for the future.
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So, why not discover how Unipropitia can help youtake a fundamental decision about you for a
lifetime?
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Because the entrepreneurial spirit is the basisof success.
-His Highness Sheikh Mohammed bin Rashid Al Maktoum,Prime Minister of the UAE and Ruler of Dubai.
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