every great entrepreneur
TRANSCRIPT
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
95% of businesses FAIL<5 years
● remaining, 90% fail next 5 years
Source:Small Business Administration
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?
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
Every Great Entrepreneur
● Reduce the Steps● And your product being :
● better● faster
● stronger ● cheaper
Will be an end result
Examples
● Henry Ford and Cars● Paypal and Ebay Payment
● Wix and Websites● Microwave-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