BUSINESS

ENTREPRENEURSHIP

CLASS

LECTURE SLIDES

FALL 2013

ERDEM OVACIK

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FINDING OUT ABOUT STARTUPS

What was interesting about the startup you’ve investigated?

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XXX

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XXX

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XXX

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THE THREE PATHS

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THE DIP THEORY

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EVEN WHEN YOU SUCCEED, IT’S TOUGH ON THE WAY

• Advancing career

• Regular income• Good workplace• Regional clients

& opportunities• Great colleagues

Time and/or Energy

Reward

• Uncertain income• No unemployment benefits• Cut back on life’s luxuries• Crappy economy• Work insanely hard• Do everything self• Often, lonely• Can’t bitch about it• Don’t know where it’s going

• Industry recognition• Live fully• Wake up and be excited

about the day• Do stuff you’re really

passionate about• Spend time with family• Travel the world• Afternoon naps

• Exciting start• Able to dream

everything• Comfort of being

new – anything can happen

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AND IT MAY GO NOWHERE…

• Advancing career

• Regular income• Good workplace• Regional clients

& opportunities• Great colleagues

Time and/or Energy

Reward

• Uncertain income• No unemployment benefits• Cut back on life’s luxuries• Crappy economy• Work insanely hard• Do everything self• Often, lonely• Can’t bitch about it• Don’t know where it’s going

• Exciting start• Able to dream

everything• Comfort of being

new – anything can happen

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PEOPLE HAVE DIFFERENT MOTIVATORS

MYERS BRIGGS

Intravert

Extravert

Sensation

Intuition

Thinker

Feeler

Judgment

Perception

Knowing who you are helps you find out where and how you should work

vs vs vs vs

4 main personality types

SPwants action

SJwants order

NTwants creation

NFwants purpose

Erdem Ovacik – Business Entrepreneurship Project – Spring 2013

GUESS WHO IS WHO

4 main personality types

SPwants action

SJwants order

NTwants creation

NFwants purpose

Journalist

Quantum physicist

Investment banker

Human resources Teacher

Process engineer

Sales advocate

Business developer

Top-notch developer

Accountant

LawyerEntrepreneur

Priest

Lobbyist

Design freak

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YOU SHOULD HAVE A SPECIAL CONNECTION TO WHAT YOU DO

If your business idea is any good,

there will be competition.

there are 7 billion people on earth who want to make money and something meaningful. there’s always someone ahead.

therefore

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ENTREPRENEUR CAN MEAN SELF-EMPLOYMENT

One-person show.

Not scalable:

more hours => more income

Own boss. BUTOwn employee, also.

No value generation without you.

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BUT THERE IS MORE THAN THAT

Create a system, so work doesn’t depend on you

Disproportional value creation

Own boss.

You can take a holiday. You will still be paid. Can also hire a CEO.

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ENTREPRENEURSHIP = BUILDING INSTITUTION

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THE JOB OF THE ENTREPRENEUR

(Inspire People.)

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WHY DO YOU NEED TO INSPIRE?

Attract best people to go on a journey with you.

Convince people to invest their money on you.

Get people try your sub-optimal product.

Make media write about your project.

BEFORE YOU HAVE MUCH TO SHOW… IT’S ALL YOU.

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THINGS YOU NEED / SKILLS YOU NEED EVERY DAY

Write blog post

Tell your story to random people

Motivate people

Accounting

Sell

Sell

Sell

Do your website

Wake up your employee

Book meetings

Design your logo

Get the beers for Friday bar

Wait on the phone to speak to tax authority

Negotiate with partners

Prepare power points

Edit email list

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STARTUP ENVIRONMENT

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STARTUP ENVIRONMENT

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STARTUP ENVIRONMENT

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STARTUP ENVIRONMENT

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STARTUP ENVIRONMENT

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STARTUP ENVIRONMENT

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STARTUP ENVIRONMENT

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STARTUP ENVIRONMENT

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STARTUP ENVIRONMENT

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STARTUP ENVIRONMENT

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STARTUP ENVIRONMENT

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STARTUP ENVIRONMENT

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STARTUP ENVIRONMENT