uxsg2014 workshop (day 2) - how to think like an entrepreneur (trent mankelow)

How to Think like an entrepreneur

UX Singapore

2 October 2014 @trentmankelow

Hi.

I’m Trent.

! ! ! ! ! ! ! ! ! !

I started this company

when I was 26

We do Human- Centred Design

! ! ! ! ! ! ! ! ! !

Spaces

Retail

Long-haul seating

Service stations

! ! ! ! ! ! ! ! ! !

Services

Insurance

Sexual violence

! ! ! ! ! ! ! ! ! !

Products

Sleep masks

Weigh scales

! ! ! ! ! ! ! ! ! !

Digital

Websites

ERP systems

CRM systems

I started this

company too

Agenda A bit about me A bit about you

Quiz!

What is an entrepreneur?

Your entrepreneurial profile

Heart

Smarts

Guts

Luck

In conclusion…

Networking and drinks @ Morganfields!

1. 2. 3. 4. 5. 6. 7. 8. 9.

10. 11.

What about you?

Then, go round your table §  Describe your card – name,

unusual fact

§  Why are you here?

First, create a name card §  On the front, write your name and draw a self-portrait

§  On the back, write something others are unlikely to know about you

What proportion of females are entrepreneurs?

1% 2% 6% 10%

Q1:

A.

B.

C.

D.

What proportion males are entrepreneurs?

1% 2% 6% 10%

Q2:

A.

B.

C.

D.

Source: http://skills.oecd.org/useskills/documents/34aentrepreneursasapercentageofthetotalemployedpopulationbygender.html

Which country ranks as the ‘easiest to do business’?

Denmark New Zealand Singapore Hong Kong USA

Q3:

A.

B.

C.

D.

E.

Source: http://data.worldbank.org/indicator/IC.BUS.EASE.XQ

What proportion of Singaporeans are ‘intending to start a business within the next 3 years’?

1% 6% 13% 21%

Q4:

A.

B.

C.

D.

Source: Olexander S. Chernyshenko, Marilyn A. Uy, David Gomulya, Francis L. K. Wong, Moon-ho R. Ho, Yoke Yong Lai, Kim Yin Chan & Olwen Bedford. (2013) Global Entrepreneurship Monitor 2012 Singapore Report. Singapore: Nanyang Technological University

Source: http://www.gemconsortium.org/docs/download/3106

True or false, on average entrepreneurs are happier than non entrepreneurs?

True False

Q5:

A.

B.

True or false, entrepreneurship is on the decline in the United States?

True False

Q6:

A.

B.

Source: http://techcrunch.com/2014/08/06/americas-geriatric-economy/

Source: http://blogs.hbr.org/2011/01/should-i-become-an-entrepreneu/

What is the average age of a US-based entrepreneur?

23 28 32 39

Q7:

A.

B.

C.

D.

What is an entrepreneur?

Entrepreneurship encompasses acts of organizational creation, renewal, or innovation that occur within or outside an existing organization

Sharma, Pramodita, and James J. Chrisman. "Toward a Reconciliation of the Definitional Issues in the Field of Corporate Entrepreneurship." (1999).

“ “

Entrepreneurship is the relentless pursuit of opportunity without regard to the resources at hand

Howard Stevenson, Harvard Business School

“ “

What are the traits of a successful entrepreneur?

Entrepreneurial Aptitude Test

1.  Go to http://www.hsgl.com/ 2.  Click on the ‘Take the Entrepreneurial Aptitude Test’ 3.  Take the test (it should take about 7 minutes) 4.  Read the results 5.  Break into groups based on Heart, Smarts, Guts, and

Luck 6.  Discuss:

§  What did you find out? §  What about the description rings true to you? §  Any surprises? §  Anything you disagree with?

Philippe Petit has Heart

Heart = Passion

Unique Selling Proposition

USP FTW!

x 165

We wouldn’t have gotten anywhere without Passion

x 165

What is your Passion?

Heart =

Purpose

Our vision is to

Transform New Zealand organisations into providers of world-class customer experiences

What is your Purpose?

You Inc Part 1

1. What did you want to be when you grew up?

What’s on your work bucket list?

Smarts

小林尊 has Smarts

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Smarts = Book smarts

Make smart decisions

TIPS ON HOW TO:

Over confidence

Narrow frames

Confirmation bias

Short-term emotion

The four villains of decision making 1.  Encounter a choice…

2.  Analyse your options… But the confirmation bias leads you to gather self-serving in

3.  Make a choice…But short-

term emotion will often tempt you to make the wrong one.

4.  Live with it…

But narrow framing makes you miss options. But the confirmation bias leads you to gather self-serving information. But short-term emotion will often tempt you to make the wrong one. But you’ll often be overconfident about how the future will unfold.

Smarts = Street

smarts

Sell your ideas

TIPS ON HOW TO:

Attunement tip: Get in touch with your inner ambivert at danpink.com/assessment

Buoyancy tip: Use questioning self-talk

Clarity tip: Ask better questions

•  Can you walk me through your decision-making process?

•  Who will approve the budget for this work?

•  Who will make the final decision about selecting a firm to work with?

•  Can you share with me your timeframe for making a decision?

•  May I ask, what other firms you are talking to?

Source: http://andrewsobel.com/articles/dont-write-a-proposal-just-yet/

1.  Grab an index card. 2.  Silently write a single tip for ‘selling ideas’ on the card. 3.  As you complete each idea, pass that the index card to

the person on your right. 4.  Read the card you received and think of it as an ‘idea

stimulation’ card. Add an idea inspired by what you just read or enhance the idea, and then pass again to your right.

5.  Continue this process of “brainwriting” and passing cards to the right until there are various ideas on each card until you get your card back again.

6.  Once finished, collect the cards and tape them to the flipchart.

7.  As a group, review the ideas and draw stars next to the ones you find most compelling. Discuss.

Smarts = People smarts

Manage a high-performing

team

TIPS ON HOW TO:

Step 1. Hire great people Step 2. Build a great culture

Leaders have a disproportionately large effect on the culture

Maher, Plsek, Price, Mugglestone

“ “

Tip: Be deliberate about culture

e.g. ‘Beers with the Baws’

e.g. Offsites

e.g. Christmas weekends

e.g. Culture book

But, beware a culture of entitlement!

Tip: Document your values

Lack of Guts is perhaps the most common barrier to entrepreneurial success.

Heart, Smarts, Guts, and Luck

“ “

Julia Child has Guts

Guts =

Starting

We are afraid of failure

We are afraid of being imprefect

We are overwhelmed

1.  Choose a task to be accomplished

2.  Set a timer for 25 minutes

3.  Work on the task until the timer goes off

4.  Take a 5 minute break – go to the bathroom, look at The Facebook, etc

5.  Every 4 sprints take a longer break

Tip: Use the Pomodoro technique

Guts = Perservering

$600,000

Guts = Risk

taking

Thinking like an entrepreneur means mitigating risks, not

seeking them.

Entrepreneurs definitely feel fear, they just act despite their

fear.

Starting a business was a risk…

…it worked out well

Buying a building was a risk…

…it worked out poorly

Buying a competitor was a risk…

…it worked out averagely

Buying lots of paper was a risk…

…it worked out poorly

Starting Workshop was a risk…


Hiring employee #1 was a risk…


Hiring employee #31 was a risk…

…it mostly works out well

You Inc Part II

YES NO 1. Make a step-by-step plan 2. Motivate myself by focusing on someone that I admire for achieving so much (e.g., a celebrity role model or great leader) 3. Tell other people about my goal 4. Think about the bad things that will happen if I don’t achieve my goal 5. Think about the good things that will happen if I achieve my goal 6. Try to suppress unhelpful thoughts (e.g., avoid thinking about eating unhealthy food or smoking) 7. Reward myself for making progress toward my goal 8. Rely on willpower 9. Record my progress (e.g., in a journal or on a chart) 10. Fantasize about how great my life will be when I achieve my goal

When attempting to change an important aspect of my life, I tend to…



Score 1 point for each “Yes” in questions 1, 3, 5, 7 and 9


Score 1 point for each “No” in questions 2, 4, 6, 8 and 10


To achieve your goals and ambitions there are five key techniques: 1.  Having a plan 2.  Telling your friends

and family 3.  Focussing on the

benefits 4.  Rewarding yourself

each step of the way 5.  Writing it down

What is your goal?

My overall goal is to…

Gain more confidence when reading financial statements [

Create a plan 1.  My first sub-goal is to…

2.  I believe I can achieve this goal because..

3.  To achieve this sub-goal I will..

4.  This will be achieved by the following date:

5.  My reward for achieving this will be…

(Repeat up to 5 times)

Look up dates for the Financial Essentials course from the Institute of Directors

30 Oct 2014

It doesn’t take much time

Go to iod.org.nz

A cronut! \

What are the benefits? List three important benefits, focussing on how much better life will be for you and those around you. 1.  2.  3. 

It’ll help me get other directorships

It’ll help me gain credibility with the leadership team at Spark Ventures

It’ll be enjoyable to learn and sharpen up

Going public

Whom are you going to tell about your goal and sub-goals? Friends, family, colleagues.

Talk to Rod

Olivia Lum has Luck

Luck = Humility

Source: Good to Great by Jim Collins

Before enlightenment, chop wood and carry water.

After enlightenment, chop wood

and carry water.

– Zen proverb

Luck = Curiosity

You’ll be the same in five years as you are today, except for the people you meet and the books you read. - Charlie ‘Tremendous’ Jones

Choose one book from the

Recommended Reading list

Luck = Optimism

Be more optimistic

TIPS ON HOW TO:

Tip: Smile

Tip: Think outside, specific, temporary

Tip: Lead with optimism

In conclusion…

How to think like an entrepreneur

Self awareness

Be

passionate

To think like an entrepreneur…

Make

smart decisions


Concentrate on culture He Tangata, He Tangata, He

Tangata.

It is people, it is people, it is people.


Take action


Take more risks


Read


Be super optimistic


Twenty years from now you will be more

disappointed by the things that you didn’t do than by the ones you did

do

- Mark Twain

Absorb what is useful. Discard what is not.

Add what is uniquely your own.

- Bruce Lee

Thanks, you’re awesome

@trentmankelow @OptimalExp

Hone your sales skills


Why do UXers become

entrepreneurs?

•  Portigal – “Got laid off” •  Andy Budd – “To build something bigger than myself and to make the web a

better place” •  Jeff G – “I wanted to do work that mattered and in-house opps didn't offer it.

User-centric work that solves actual problems and ships. In addition, I believed there was a better way to work.”

•  Dave Gray - it was obvious by 1989 I was not going to retire in the newspaper business

•  Josh S – “1/I didn't want a boss. 2/No perfect role was waiting--I had to make it.” §  Ask Giles,

Part 2. Defining

entrepreneurship

Linda is 31 years old, single, outspoken, and very bright. She majored in philosophy. As a student, she was deeply concerned with issues of discrimination and social justice, and also participated in anti-nuclear demonstrations. hich is more probable? a)  Linda is a bank teller. b)  Linda is a bank teller and is active in the feminist

movement.

Choice is relative!

Ngira tuitui

‘needle that binds things together’

What does it mean to ‘think like an entrepreneur’?

Traits of an entreprenuer

From http://hive.org/20s/

UXers

Passion!

You Inc Part 1I

“Culture eats strategy for lunch” -Peter Drucker

You Inc Part 1V

Heart = Team

70% of businesses that exited did not start with a formal plan

“No plan survives first contact with customers” -Steve Blank

“Pick only the three to five operating metrics that correlate most highly to your desired financial goals and get people focused on those”

Image from http://www.nzia.co.nz/projectImages/672132fd/Images/Art%20Maths%20Classroom%20Block%20_%20Classroom%20_%206%20of%206.jpg

Halo effect

Anchoring

Sunk costs

Read Made to Stick

How to manage change

Tip: Read To Sell Is Human

I had $200,000 of credit card debt and $50,000 in the bank. I said, I can either take that $50,000 and throw it into this bottomless pit of debt, or, we could make a movie! So we made Super Size Me Morgan Spurlock

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uxsg2014 workshop (day 2) - how to think like an entrepreneur (trent mankelow)

Small Business & Entrepreneurship

based entrepreneur

entrepreneurial aptitude

entrepreneurial aptitude

proportion ofsingaporeans

harvard business school

description rings true

singapore report

erp systems