Eleven Essentials for Young Entrepreneurs

ELEVEN ESSENTIALS FOR YOUNG ENTREPRENEURS

Stephen King@stephdokinwww.stephdokin.com

© 2016 Stephdokin Inc. All rights reserved. Duplication or distribution is encouraged, with proper attribution.

Mountain Park School Grade 8

I am not THAT Stephen King

I’m this one

30 years of “Shipping Bits” and great teams

Co-Founder Founder

Established 2008 2012-2015

Or a guitar hero?

Do you want to be a guitar

player?

1Essential

Curiosity and openness.

Lifelong journey of listening and learning.

There is no such thing as failure, only learning opportunities.

You’re never as good as the person you will become!

Entrepreneurs have a beginners mind.

2Essential

Passion. Persistence.Drive to get the ball in the end-zone despite all obstacles.

Manage time and cash. Create profitability.

Conquer “The Double Hump of Risk” (Product + Go-To-Market)

Entrepreneurs get ‘er done.

3Essential

Don’t predict the future. Invent it. Skate to where the puck will be.

Change creates challenge. Without challenge, there is no opportunity for success.

Learn from change. Industry. Technology. Economic. Political. Financial. Government. Cultural. Environmental.

Walk a mile in your customers shoes.Then, create change.

Entrepreneurs adapt-to embrace change.

changeMy Samsung S5 is 3,000,000%

faster than my old Atari 400 computer

Genetics (DNA)Alternate energy

Nanomedics (medical nanotechnology)Vertical urban farming

Virtual reality experience designerSmart home technicians

Senior / health careGrowing organs / 3D printingFitness & nutrition specialists

Computer / IT / Mobile programmingBig data w statistics

International lawMarketing

change

4Essential

1. How does change create an opportunity? (opportunities are vitamins or pain pills!)

2. Who will pay for your stuff?(products and/or services)?

3. How much can you charge for it? 4. How big $$ is the market opportunity?5. How easy is it to access the market –

to sell it to potential customers?6. What were customers using before?7. What other choices do they have?

Why would someone select you and not your competition?

8. How much resources (time & money) will you need to make it profitable?

Entrepreneurs smell opportunity and $$$.

You work for 10 hours over 2 days; make and sell 4 pitchers of regular lemonade, and 3 pitchers of sugar-free lemonade.

$ you make each sales transaction--------------------------------------------------1 Pitcher of regular. 8 cups sell for $0.05 cents each = $0.40. 1 Pitcher of “sugar-free” 8 cups sells for $0.25 cents = $2.00.

(4 pitchers X $0.40) + (3 pitchers X $2.00)

Total $ Revenue = $7.60===================

Cost?--------70 Lemons = $8.00Sugar = 3 lbs X $2.79 = $8.37 (sugar is bad for you, btw…)

Equivalent amount of Stevia = $14.56 (for sugar free lemonade)1 cups of regular for thirsty you per hour = 10 * $0.05 = $0.50.Spilled 4 cups at $0.20. Little sister stole a cup. 8 cups left over at end that you threw away = $0.40.-------------------------------Cost to make 7 pitchers = ($31.93)============================

Total Loss = ($24.43)=================

Is this a “profitable” businessat 5 Cents a glass?

NO! You need to ensure you MAKE more money than you SPEND!

IF regular cup = $0.50 andsugar free cup = $1.00, revenue

would be $40, profit = $7.97*

The “Secret Sauce of Success”

* Still that not great of a business for 2 days work haha!

Entrepreneurs have luck.

“I am a great believer in luck, and I find the harder I work the more I have of it.” ~ Thomas Jefferson

Essential5smarter

Essential

Communication is a simple formula: Quality of Idea X Effectiveness of Communication Which is better?

10 X 1 = 10 5 x 5 = 25 3 X 10 = 30

Entrepreneurs communicate.6

Entrepreneurs understand their brand:• Who is your customer? (a.k.a. “persona”)

Talk in their language & be where they hang out.• Inspire, don’t tell. Storytelling.• Define “Value Statements,”

“Customer Benefits” and “Feature Statements” • Feature: “Spinach is full of iron” • Benefit: “Spinach is good for your bones”• Value: “Spinach lets you kick Bluto’s butt”

Sell themselves. Sell ideas. Sell products. Sell their company.

ABC = Always Be Closing.

If you don't ask, you will most assuredly never hear “yes.”

Entrepreneurs sell.

Essential

7

Everyone should code. Whether you are:1) Building software or making websites, 2) Using technology to sell your products & services,3) Adapting technology for internal processes,4) Or … <whatever>

Entrepreneurs code.8Essential

… having coding & technical skills gives savvy entrepreneurs the edge with speed as well as access to markets.

Entrepreneurs understand data.

Types of data• Website Analytics• Product Use• Social Analytics• Marketing + Sales• Operational• Service and support• Financial• Customer

Use data to help prioritize your team’s strategy and tactics; i.e. what should you spend your time and money on?

salesfunnel.stephdokin.com

9Essential

Entrepreneursare good friends.1

Essential

“No man is a island.” Entrepreneurs are rarely successful doing things by themselves.

They network (a.k.a. “Friendship”). They sell to “people” not “targets.”

They surround themselves with teams and advisors who make them “whole.” Let each team member do their own job, but work as a unit towards a common goal.

0

Good friends make good neighboursGood neighbours make good communities.Good communities make a good Calgary.Good cities make a good Alberta.Good provinces make a good Canada.Good countries make a good Earth.

A note about friendship

Picture from Calgary flood, June 2013

Entrepreneurshave fun.1

Richard Branson, Virgin Group Founder… losing a bet

1Essential

Stephen KingPresident, Stephdokin.com Co-founder, TheA100.com @stephdokin stephen@stephdokin.com

Thanks!Questions?Thoughts?

What will you create?