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Challenges of Student Entrepreneurship Sam "Frenchie" Stewart Cofounder www.Sapient.com.au

Startup Velocity - Challenges of Student Entrepreneurship

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Challenges of Student Entrepreneurship. Advice on Startups while in college/university from a Unimelb Alum.

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Page 1: Startup Velocity - Challenges of Student Entrepreneurship

Challenges of

StudentEntrepreneurship

Sam "Frenchie" StewartCo­founder www.Sapient.com.au

Page 2: Startup Velocity - Challenges of Student Entrepreneurship

or

WARNING: Styles changed for printing. This will be ugly.

Made with reveal.js

www.slid.es

Page 3: Startup Velocity - Challenges of Student Entrepreneurship

Who is thisguy?

BSc(Science Informatics) ­ French & Comp Sci. Nightfly @ 19y.o. Raised investment, went to SF &the valley. No idea what we were doing. Came home with extra drive & no money. Deferred Uni.

YBF & AC. Now Sapient. Current driver: Student entrepreneurship.

Page 4: Startup Velocity - Challenges of Student Entrepreneurship

Challenge 1:Time

Management

Page 5: Startup Velocity - Challenges of Student Entrepreneurship

...boring.Most important things are thoroughly boring. As a result, most people don't listen. Goal of this

talk: Hype + boring message.

Page 6: Startup Velocity - Challenges of Student Entrepreneurship

Manage Distractions Militantly.Macro & micro. Social life at the pub & social life on facebook. We are the first generation to growup with push notifications. I'm not saying become a hermit, your friends are an important support

network. But consider the opportunity cost of your time. Time spent at the pub is time notworking, doubly­so if you spend the next morning hungover. Choose your time according to what

you KNOW you should be doing.

Page 7: Startup Velocity - Challenges of Student Entrepreneurship

Startup vs Studies.Go to class vs should I go pitch for investment for my startup. Lack of time invested in studying =>

higher failure rate.

Page 8: Startup Velocity - Challenges of Student Entrepreneurship

Guess when?

Average marks/semester. Axes removed for my own self confidence. Guess when I started my firststartup? The initial dip. Rebound: I learned how to effectively manage my time & had MY

HIGHEST MARKS. The big dip is actually when I stopped managing my time effectively & letmyself get completely consumed by my startup, YBF & Work. Moral of the story: Go hard, in

moderation. Be smart about it.

Page 9: Startup Velocity - Challenges of Student Entrepreneurship

Startup Studies

ANDvs

False dichotomy. Do both. Go hard, in moderation.

Page 10: Startup Velocity - Challenges of Student Entrepreneurship

Solution:

Get Harvestwww.getharvest.com

Page 11: Startup Velocity - Challenges of Student Entrepreneurship

Challenge 1 ­ Time Management

Summary

Spend time on the right things.Constantly. This is something you need to constantly work on.

Go hard, in moderation.Track your time.

Page 12: Startup Velocity - Challenges of Student Entrepreneurship

Challenge 2:Lack of

Experience

Page 13: Startup Velocity - Challenges of Student Entrepreneurship

“The only true wisdom is in knowing you know nothing.”

― SocratesCheesy quote

Uni has failed to prepare you.probably should say this at uni.

You are not skilled­up by industry standards.

Page 14: Startup Velocity - Challenges of Student Entrepreneurship

Self Doubt.Confidence is key. You need to protect your confidence. Your pyschological state is a key business

metric. People want to believe in the "proigal child" meme. Help them out.

Page 15: Startup Velocity - Challenges of Student Entrepreneurship

Incredibly steep learningcurve

getting dumped into the greater population. Not classmates ­ a free for all. 50 yrs + exp. THEONLY THING THAT MATTERS IS OUTPUT. no "Extenuating circumstances" and "supplementary

exams".

Page 16: Startup Velocity - Challenges of Student Entrepreneurship

Solution:

Track YourOutput

saying "learn everything" isn't useful

just­in­timelearning

Page 17: Startup Velocity - Challenges of Student Entrepreneurship

Challenge 2 ­ Lack of Experience

Summary

Confidence is key.Go hard, in moderation.

Just­in­time learning.Track your output.

Page 18: Startup Velocity - Challenges of Student Entrepreneurship

Challenge 3:Budgets

Page 19: Startup Velocity - Challenges of Student Entrepreneurship

Disclaimer:

If you have 50kin the bank &can seed fundyourself, this

advice isn't for

Page 20: Startup Velocity - Challenges of Student Entrepreneurship

Everyone sucks at budgets. StudentsBoring Warning. A proper budget is absolutely magical. Seriously.

Page 21: Startup Velocity - Challenges of Student Entrepreneurship

You have no Δt.Most budgets advocate a saving of 10%­20% of your pay check. Even a small slice will add up to

something over time. You don't have the 'over time' so you don't have that 'something'.

Page 22: Startup Velocity - Challenges of Student Entrepreneurship

Solution:www.youneedabudget.com/myclass

discount

25% Discount:

Page 23: Startup Velocity - Challenges of Student Entrepreneurship

Challenge 3 ­ Budgets

Summary

Budgets are magical.Track your money.

Go hard, in moderation.

Page 24: Startup Velocity - Challenges of Student Entrepreneurship

Optimism, right.

Page 25: Startup Velocity - Challenges of Student Entrepreneurship

The Pros: (Many)No­risk scenario.no mortage, no kids, no house. You have nothing to lose. even if you lose it all anyway, stillgood on the CV.

Physical resilience. Long hours without it taking a toll. Grind through the tough parts. Sprint at speed during thegood parts.

Low financial requirements.No "golden handcuffs".

Safety­net: worst case scenario.Your friends/family will forgive you.

Prodigal child thing.People are impressed & want to help you.

Looks awesome on your CV.Gives you full perspective on the business.

Familiarity with new & trendy.Grown up with this, viscerally understand vs "I'll take three facebooks."

Page 26: Startup Velocity - Challenges of Student Entrepreneurship

Cheesy Quotes“[Innovation] does not triumph by convincingits opponents and making them see the light,but rather because its opponents eventuallydie, and a new generation grows up that is

familiar with it” ­ Planck

“Opportunity is missed by most people,because it is dressed up in overalls and looks

like hard work.” ­ Edison

Page 27: Startup Velocity - Challenges of Student Entrepreneurship

[email protected]: @nfFrenchie