why entrepreneurship as a career

Why choose entrepreneurship as a career

Representing Ireland’s Startup Sector

What is an entrepreneur?


One who organises, manages and assumes the risks of a business

enterprise creating jobs and innovative

offerings.


1. Vision2. Ability to create/increase value3. Mastery Knowledge4. Focus5. Communication Skills6. Networking Skills/Allies7. Passion8. 10 Thousand Hours9. Confidence10. Fortitude


What is a business opportunity?


Business Ideasare notBusiness Opportunities…Unless they Solve Business Problems!


95% of the value of a business idea is in its successful

execution


What is a

startup?Representing Ireland’s Startup Sector

“A startup is a company designed to grow fast. “

Paul Grahamfounder of

Y-Combinator


“Particular focus on entrepreneurship as two thirds of all new jobs are created by startup businesses.”


Bringing it all together…

The right fit of person + right idea + relevant domain knowledge/network

+ timing

= High Impact Startup!


Why get involved in a startup?


“No more jobs for life

- they went out with the milkround”

The Independent Newspaper


YOUR DREAM JOBDOES NOT EXIST.

YOU MUSTCREATE IT


Choose a job you love,and you will never have to work a day in your life.

Confucius


“What matters in Silicon Valley is how much effect you have on the world.”

Paul Graham

Cities & Ambition


“Someone that has worked for a startup for 3 months is worth

more to my business than a Masters student that hasn’t”

Dylan Collins


There has never been a better time to startup in light of the resources available and the speed you can get

to marketRepresenting Ireland’s Startup Sector

Small teams of individuals can do what only governments and large corporations could have ever done in the past.


10 years ago the optimal amount of capital required to help a software company to scale successfully:

● $15 millionThe same can be achieved now for:

● $1 millionRepresenting Ireland’s Startup Sector

Incubators (Dublin)● NDRC Launchpad● Dogpatch● Wayra● Propellor● Nova UCD, TCD campus● Ustart (DCU accelerator)● Greenhouse (virtual

incubator)● Foodworks● HealthXL Startup

Bootcamp● Guinness Enterprise

Centre

New Frontiers● 150 participants● €15K grant, six month

program● 11 Institutes of

Technology● Country-wide● 20% female


€5K Innovation Voucher€15K Feasibility Grant


Traditional career options such as law and accountancy carry a familiarly reassuring school/university type progression.

In contrast the entrepreneur gets a blank piece of paper. They for the most part are expected to operate without boundaries, guidance or feedback on progress.


● The average hours worked by early stage entrepreneurs: 74 hours per week

● The average salary of early stage entrepreneurs: €25,000

● The average time to first enterprise sale:

16 months


What isStartup Ireland?


“Ireland has some amazing

entrepreneurs but not nearly enough of

them.”Minister Richard Bruton


“Where would we start, with a degree we can get a job and the employer provides the framework…”

Final Year Undergrad


“Ireland must encourage entrepreneurship as a norm rather than

an exception.”


Changing hearts and minds towards

entrepreneurship in Ireland


#V2020StartupIsland

Dublin to be global tech startup hub


Some common

myths about startups...


Building a startupis not easy it takes a lot of Time, Dedication & Energy…

but so do most jobs!


My 10 golden rules for startups


Be careful what you sign in the early days and check for what you are committing yourself to in terms of notice terms and length of the agreements.

1


"If it’s not in writing it never happened."

Get agreements in writing.

2


Equity is blood, preserve it for as long as possible before giving any of it away.

3


Don’t blow the budget on “gold plating” the first version through feature and scope creep.

– Fail early, fail cheap.

4


Cart before the horse – do the feasibility research (including asking customers how much they would pay you for it) before writing any specifications documents.

5


Don’t re-invent the wheel, check Kickstarter, leverage opensource.

6


Make sure you keep 40%+ of your budget for sales and marketing!

7


Look to automate and streamline standard processes from the word go. Many startups fail to scale as the entrepreneur gets bogged down in admin “stuff”.

8


If you can build your business from cashflow without equity investment do so (until you need to scale).

9


Start with the end in mind – have a clear plan of what you are doing and what you want to get out of it – write it down too.

10


You don’t have to start a business to gain

entrepreneurial skills and capabilities, why not intern with a startup

through Startup Ireland


CONCLUSION


Become an entrepreneur

not because youhave to

but because youWANT to!


Think Big Act Now Change Ireland Social Entrepreneurs Ireland


Monday, November 17thin the Mansion House


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