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

Joshua Fechter

Wouldn't capitalize businesses

95% of businesses FAIL<5 years

remaining 90% fail next 5 years

Source:Small Business Administration

Joshua Fechter

take out the comma after remaining

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?

Joshua Fechter

Last sentence (I believe) should be "What is your Economic Engine"

Yann Hoyau

Yes.Aggreed. Thanks:)

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

Joshua Fechter

Not sure what point #2 means

Yann Hoyau

It took 100s of steps to buid a website in the 90s. Just a few in the 2000s. Thanks to Wix. Reduce the steps. And your company being better,faster,cheaper will be a result. It will make sense during the presentation . Thanks though

Joshua Fechter

Think you meant to say "companies"

Every Great Entrepreneur

Reduce the StepsAnd your product being :

betterfaster

stronger cheaper

Will be an end result

Examples

Henry Ford and CarsPaypal and Ebay Payment

Wix and WebsitesMicrowave-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

I hope you like this presentation

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