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My presentation to Career Zoo on why chose entrepreneurship as a career 13th September 2014 https://archive.today/eKoga
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Why choose entrepreneurship as a career
Representing Ireland’s Startup Sector
Representing Ireland’s Startup Sector
What is an entrepreneur?
Representing Ireland’s Startup Sector
Representing Ireland’s Startup Sector
Representing Ireland’s Startup Sector
Representing Ireland’s Startup Sector
Representing Ireland’s Startup Sector
One who organises, manages and assumes the risks of a business
enterprise creating jobs and innovative
offerings.
Representing Ireland’s Startup Sector
Representing Ireland’s Startup Sector
Representing Ireland’s Startup Sector
1. Vision2. Ability to create/increase value3. Mastery Knowledge4. Focus5. Communication Skills6. Networking Skills/Allies7. Passion8. 10 Thousand Hours9. Confidence10. Fortitude
Representing Ireland’s Startup Sector
Representing Ireland’s Startup Sector
What is a business opportunity?
Representing Ireland’s Startup Sector
Representing Ireland’s Startup Sector
Business Ideasare notBusiness Opportunities…Unless they Solve Business Problems!
Representing Ireland’s Startup Sector
95% of the value of a business idea is in its successful
execution
Representing Ireland’s Startup Sector
Representing Ireland’s Startup Sector
What is a
startup?Representing Ireland’s Startup Sector
“A startup is a company designed to grow fast. “
Paul Grahamfounder of
Y-Combinator
Representing Ireland’s Startup Sector
“Particular focus on entrepreneurship as two thirds of all new jobs are created by startup businesses.”
Representing Ireland’s Startup Sector
Bringing it all together…
The right fit of person + right idea + relevant domain knowledge/network
+ timing
= High Impact Startup!
Representing Ireland’s Startup Sector
Why get involved in a startup?
Representing Ireland’s Startup Sector
“No more jobs for life
- they went out with the milkround”
The Independent Newspaper
Representing Ireland’s Startup Sector
Representing Ireland’s Startup Sector
YOUR DREAM JOBDOES NOT EXIST.
YOU MUSTCREATE IT
Representing Ireland’s Startup Sector
Choose a job you love,and you will never have to work a day in your life.
Confucius
Representing Ireland’s Startup Sector
Representing Ireland’s Startup Sector
“What matters in Silicon Valley is how much effect you have on the world.”
Paul Graham
Cities & Ambition
Representing Ireland’s Startup Sector
“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
Representing Ireland’s Startup Sector
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.
Representing Ireland’s Startup Sector
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
Representing Ireland’s Startup Sector
€5K Innovation Voucher€15K Feasibility Grant
Representing Ireland’s Startup Sector
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.
Representing Ireland’s Startup Sector
● 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
Representing Ireland’s Startup Sector
Representing Ireland’s Startup Sector
Representing Ireland’s Startup Sector
What isStartup Ireland?
Representing Ireland’s Startup Sector
“Ireland has some amazing
entrepreneurs but not nearly enough of
them.”Minister Richard Bruton
Representing Ireland’s Startup Sector
“Where would we start, with a degree we can get a job and the employer provides the framework…”
Final Year Undergrad
Representing Ireland’s Startup Sector
“Ireland must encourage entrepreneurship as a norm rather than
an exception.”
Representing Ireland’s Startup Sector
Changing hearts and minds towards
entrepreneurship in Ireland
Representing Ireland’s Startup Sector
#V2020StartupIsland
Dublin to be global tech startup hub
Representing Ireland’s Startup Sector
Some common
myths about startups...
Representing Ireland’s Startup Sector
Representing Ireland’s Startup Sector
Representing Ireland’s Startup Sector
Building a startupis not easy it takes a lot of Time, Dedication & Energy…
but so do most jobs!
Representing Ireland’s Startup Sector
My 10 golden rules for startups
Representing Ireland’s Startup Sector
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
Representing Ireland’s Startup Sector
"If it’s not in writing it never happened."
Get agreements in writing.
2
Representing Ireland’s Startup Sector
Equity is blood, preserve it for as long as possible before giving any of it away.
3
Representing Ireland’s Startup Sector
Don’t blow the budget on “gold plating” the first version through feature and scope creep.
– Fail early, fail cheap.
4
Representing Ireland’s Startup Sector
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
Representing Ireland’s Startup Sector
Don’t re-invent the wheel, check Kickstarter, leverage opensource.
6
Representing Ireland’s Startup Sector
Make sure you keep 40%+ of your budget for sales and marketing!
7
Representing Ireland’s Startup Sector
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
Representing Ireland’s Startup Sector
If you can build your business from cashflow without equity investment do so (until you need to scale).
9
Representing Ireland’s Startup Sector
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
Representing Ireland’s Startup Sector
You don’t have to start a business to gain
entrepreneurial skills and capabilities, why not intern with a startup
through Startup Ireland
Representing Ireland’s Startup Sector
CONCLUSION
Representing Ireland’s Startup Sector
Become an entrepreneur
not because youhave to
but because youWANT to!
Representing Ireland’s Startup Sector
Think Big Act Now Change Ireland Social Entrepreneurs Ireland
Representing Ireland’s Startup Sector
Representing Ireland’s Startup Sector
Representing Ireland’s Startup Sector
Monday, November 17thin the Mansion House
Representing Ireland’s Startup Sector
Representing Ireland’s Startup Sector