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Want to be your own boss ?

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6 things to know if you want to be your own boss.

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Want to be your own boss ?

  1. 1. Here are 6 things to know Want to Be Your Own Boss?
  2. 2. million businesses launched annually believes that entrepreneurs are well regarded and enjoy high status. 70%of the population But 100 30% of new businesses fail within their first two years 50% don’t make it past Year 5 90% of new ventures eventually fail
  3. 3. “Real entrepreneurs turn setbacks into opportunities.” Gilles Babinet Serial Entrepreneur
  4. 4. 6 useful tips to note before you start your business
  5. 5. Entrepreneurship is a lonely journey #1
  6. 6. These can result in one feeling isolated Working from home, Setting up a business, Being responsible for all decision-making,
  7. 7. Finding an entrepreneurial community where you have friends who understand the ambition you have and the challenges you face will be a good remedy to counter the loneliness.
  8. 8. Continuous learning is important #2
  9. 9. 3 skill sets most essential to achieve success are: • Being able to learn by trial-and-error • Adapt to change • Move on to the next experiment faster than your competition
  10. 10. “It used to be about knowing a few things deeply, while it now seems that it is becoming just as important to learn a high number of things very fast. Learning has become a day-to-day activity. ” Will Klippgen, Managing Partner at Cocoon Capital and INSEADAlum Ventures
  11. 11. Empowerment & Trust, not micro-management #3
  12. 12. A lack of empowerment from the management creates decision bottlenecks, which hamper speed of execution. Millennials in particular want to have an impact. Micro-managers clip wings and can’t retain top contributors. empowerment
  13. 13. trust Trust, mentorship and support from managers are vital to create a culture of empowerment to retain top talent and quickly scale up the business.
  14. 14. people “You don’t build a business. You build people, and people build the business.” Zig Ziglar, author and motivational speaker
  15. 15. Location is key #4
  16. 16. location Entrepreneurs are more likely to succeed if they are able to develop strategies and business plans that leverage local advantages and make up for deficiencies by tapping into surpluses in other locations.
  17. 17. 5Cs of location that influence success Cost Convenience Community Calibre Creativity Entrepreneurs’ familiarity with a place, government policies, regulatory and legal environment, proximity to key markets and technological readiness Factors such as rents, living costs, wages Networks and social capital The quality of the workforce and infrastructure, such as roads, airports and Information and Communication Technology The resourcefulness and ingenuity of the local community
  18. 18. “Essentially, it is up to entrepreneurs to match the opportunities and challenges of a location with their products’ capabilities and needs.” Dr. Sami MAHROUM Founding Director of INSEAD’s Innovation & Policy Initiative
  19. 19. Collaborate with the big players #5
  20. 20. Reports show that collaborations between big corporates and start- ups will be an essential part of every company’s innovation portfolio going forward. Collaboration
  21. 21. 68 of the top 100 companies from the Forbes Global 500 are engaging with startups to tap into innovation without a huge upfront investment.
  22. 22. Microsoft launched Microsoft for Startups, a new programme that helps startups grow their customer and revenue base. Microsoft for Startups
  23. 23. Access to the huge resources big corporates enjoy may also be a matter of survival for startups.
  24. 24. Social impact as part of business strategy is vital #6
  25. 25. Investors and corporations often have their own sustainability programmes to think of, and will want to verify that potential partners are on the same page. Sustainability
  26. 26. I don’t know I hadn’t thought of that “I don’t know” or “I hadn’t thought of that” as a response to the social impact question isn’t likely to further your startup’s cause and bag that funding you need. ” “
  27. 27. How a venture affects society influences how the government views the company. If there is no potential to create a net- positive impact on the community, you may be taxed differently than a business that is seen as a social asset.
  28. 28. Our goal is to shift mindsets so that it becomes routine for leaders to consider the societal impact of their actions when making decisions, or it becomes unacceptable for businesses to destroy value for society while creating value for themselves. “ “ Ilian Mihov, Dean of INSEAD
  29. 29. Discover Entrepreneurship at INSEAD insead.edu/mba • INSEAD Centre for Entrepreneurship (ICE) • Entrepreneurship Bootcamps • Entrepreneurs in Residence (EiR) • INSEAD Venture Competition • INSEAD Entrepreneurship Forum
  30. 30. www.insead.edu/mba
  31. 31. Facebook.com/INSEAD Twitter.com/INSEAD LinkedIn.com/INSEAD YouTube.com/INSEAD
  32. 32. Sources https://knowledge.insead.edu/blog/insead-blog/how-founders-kill-their-own-start-ups-8051#sjciP5GSOeO4RVMb.99 Slide 15 https://knowledge.insead.edu/blog/insead-blog/how-founders-kill-their-own-start-ups-8051#sjciP5GSOeO4RVMb.99 Slide 16 https://knowledge.insead.edu/strategy/corporates-and-start-ups-engage-or-else-4500#cDJEiC62oEr8LEKK.99 Slide 23 Slide 23 https://knowledge.insead.edu/strategy/corporates-and-start-ups-engage-or-else-4500#cDJEiC62oEr8LEKK.99 Slide 24 https://knowledge.insead.edu/strategy/corporates-and-start-ups-engage-or-else-4500#cDJEi-
  33. 33. Sources https://blogs.microsoft.com/blog/2018/02/14/grow-build-connect-microsoft-startups/ Slide 25 https://knowledge.insead.edu/strategy/corporates-and-start-ups-engage-or-else-4500#cDJEiC62oEr8LEKK.99 Slide 26
  34. 34. thank you https://www.insead.edu

6 things to know if you want to be your own boss.

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