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Jason Olim
Jason@olim.org
   It is worth it?
   Who are they?
   What do the successful ones do?




                                      2
Business Survival Over Time
       100%
100%
              75%
80%
                     64%
                           56%
60%                              50%
                                       45%
                                             40%   37%
40%                                                      34%   31%   29%

20%

 0%




                                                                           3
$160,000
$140,000
$120,000
$100,000
 $80,000
 $60,000                                                                Employee Income
 $40,000                                                                Entrepreneur Income
 $20,000
     $0
-$20,000
                                               70%
           10%
                 20%
                       30%
                             40%
                                   50%
                                         60%


                                                     80%
                                                           90%
                                                                 100%



                                                                                              4
$1,300,000



  $350,000


 Employees Entrepreneurs
Wealth of Top 10%


                           5
13%
                            Job Satisfaction
                31%
                             Completely Satisfied
  35%
                             Very Satisfied
                36%
                             Fairly Satisfied
   39%
                25%



Employees   Entrepreneurs



                                                    6
Individual Differences

     Traits            Motivation

• Bad Risk          • Work For
  Assessors           Himself
• Overconfident     • Task Oriented
• Fewer Regrets


                                      7
Sample Case:
 Threatened with $1.1MM lawsuit
 Offer to settle for $0.3MM (6% of company
  profits)
 At 99% likely to prevail, you’d go to court
 At 1% likely to prevail, you’d settle


   Choose the lowest chance to win that
   would prompt you to go to court


                                                8
Sample Case:
 Chickens don’t fight in red light
 Chickens can be fitted with red-tinted
  contact lenses, resulting in fewer attacks
 Lenses cost $0.02 each, but save $0.50 per
  bird
 Initial results with a local farmer are positive

    Is this a good idea? Should you
    pursue it?


                                                     9
   Overconfidence
    ◦ More likely to believe they knew certain facts
   Illusion of Control
    ◦ More likely to believe that they can achieve success
      where others can’t
   Law of Small Numbers
    ◦ Willing to believe results from small data sets




                                                             10
Individual




Environment   Outcome      Strategy




               Process


                                      11
Individual Differences



       Traits          Background/Skills        Motivation

• Disagreeable        • More Education     • Growth
• Conscientious       • More Experience      Orientation
• Desire to Succeed   • Older              • Organizational
                      • More Time in         Orientation
                        Industry
                      • Ventured Before




                                                              12
Likelihood of Rapid Growth
3.5x
3.0x
2.5x
2.0x
1.5x
1.0x
0.5x
0.0x

        Industry      College    Motivation    Mission    Growth
       Experience    Education   to Succeed   Statement   Goals



                                                                   13
When the entrepreneur’s role is less about
what s/he can do, and more about what s/he
can get the organization can do.




                                             14
Task Orientation            Hierarchic Orientation

• Achieve by own efforts      • Compete
• Attribute success to self   • Exercise power over others
• Avoid risk and chance       • Assert oneself
• Get feedback                • Distinctive status
• Introduce innovations       • Be a manager
• Think about the future




                                                             15
   Institutionalizing key tasks
   Developing mid-level management
   Distributing decision-making
   Maximizing others’ performance




                                      5/19/2009   16
   Commit
    ◦   Work full time
    ◦   Start marketing sooner
    ◦   Build a team
    ◦   Do a proper evaluation of the biz
   Focus
    ◦   Get more capital
    ◦   Establish financial controls
    ◦   Focus on one thing
    ◦   Set goals



                                            17
Relative Likelihood of Disbanding (30 Months)
100%

80%
                                                         66%
                          58%
60%                                      54%
           43%
40%

20%

 0%

       Complete Plan   Form Entity   Ask for funds   Obtain inputs



                                                                     18
   Improves venture growth
   Improves employee commitment
   Reduces cost of inputs by aligning suppliers




                                                   19
   The reason that your company does what it
    does.
   Its purpose.




                                                20
   3M: To solve unsolved problems.
   Merck: To preserve and improve human life.
   Nike: To experience the emotion of
    competition.
   Wal-Mart: To give ordinary folk the chance
    to buy the same things and rich people.
   Disney: To make people happy.




                                                 21
   A mission statement explains what the
    company intends to achieve.
   It is realistic, setting you up for success.
   It is measurable, so you can know how close
    you are to achieving it.
   It is meaningful, so people want to get
    behind it.
   It is time-bound



                                                   22
   References growth
   Written down
   Frequently communicated




                              23
   Stakeholders understand their role
   They can see how they fit into the
    company’s overall goals
   They can recognize and take pride in their
    individual contributions
   Employees are not mushrooms




                                                 24
   Larger startup teams outperform smaller
    teams (up to 4 people)
   Distributed leadership outperforms unitary
    control
   Team cohesion improves sales and profits




                                      5/19/2009   25
   Convenience Model:
    Access/Similarity



   Instrumentality Model:
    Based on role need




                             5/19/2009   26
   Recognize your limitations
   Learn and grow
   Set goals
   Commit yourself
   Build a team




                                 5/19/2009   27

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Jason Olim - NYC ENT Presentation - Day 2

  • 2. It is worth it?  Who are they?  What do the successful ones do? 2
  • 3. Business Survival Over Time 100% 100% 75% 80% 64% 56% 60% 50% 45% 40% 37% 40% 34% 31% 29% 20% 0% 3
  • 4. $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 Employee Income $40,000 Entrepreneur Income $20,000 $0 -$20,000 70% 10% 20% 30% 40% 50% 60% 80% 90% 100% 4
  • 5. $1,300,000 $350,000 Employees Entrepreneurs Wealth of Top 10% 5
  • 6. 13% Job Satisfaction 31% Completely Satisfied 35% Very Satisfied 36% Fairly Satisfied 39% 25% Employees Entrepreneurs 6
  • 7. Individual Differences Traits Motivation • Bad Risk • Work For Assessors Himself • Overconfident • Task Oriented • Fewer Regrets 7
  • 8. Sample Case:  Threatened with $1.1MM lawsuit  Offer to settle for $0.3MM (6% of company profits)  At 99% likely to prevail, you’d go to court  At 1% likely to prevail, you’d settle Choose the lowest chance to win that would prompt you to go to court 8
  • 9. Sample Case:  Chickens don’t fight in red light  Chickens can be fitted with red-tinted contact lenses, resulting in fewer attacks  Lenses cost $0.02 each, but save $0.50 per bird  Initial results with a local farmer are positive Is this a good idea? Should you pursue it? 9
  • 10. Overconfidence ◦ More likely to believe they knew certain facts  Illusion of Control ◦ More likely to believe that they can achieve success where others can’t  Law of Small Numbers ◦ Willing to believe results from small data sets 10
  • 11. Individual Environment Outcome Strategy Process 11
  • 12. Individual Differences Traits Background/Skills Motivation • Disagreeable • More Education • Growth • Conscientious • More Experience Orientation • Desire to Succeed • Older • Organizational • More Time in Orientation Industry • Ventured Before 12
  • 13. Likelihood of Rapid Growth 3.5x 3.0x 2.5x 2.0x 1.5x 1.0x 0.5x 0.0x Industry College Motivation Mission Growth Experience Education to Succeed Statement Goals 13
  • 14. When the entrepreneur’s role is less about what s/he can do, and more about what s/he can get the organization can do. 14
  • 15. Task Orientation Hierarchic Orientation • Achieve by own efforts • Compete • Attribute success to self • Exercise power over others • Avoid risk and chance • Assert oneself • Get feedback • Distinctive status • Introduce innovations • Be a manager • Think about the future 15
  • 16. Institutionalizing key tasks  Developing mid-level management  Distributing decision-making  Maximizing others’ performance 5/19/2009 16
  • 17. Commit ◦ Work full time ◦ Start marketing sooner ◦ Build a team ◦ Do a proper evaluation of the biz  Focus ◦ Get more capital ◦ Establish financial controls ◦ Focus on one thing ◦ Set goals 17
  • 18. Relative Likelihood of Disbanding (30 Months) 100% 80% 66% 58% 60% 54% 43% 40% 20% 0% Complete Plan Form Entity Ask for funds Obtain inputs 18
  • 19. Improves venture growth  Improves employee commitment  Reduces cost of inputs by aligning suppliers 19
  • 20. The reason that your company does what it does.  Its purpose. 20
  • 21. 3M: To solve unsolved problems.  Merck: To preserve and improve human life.  Nike: To experience the emotion of competition.  Wal-Mart: To give ordinary folk the chance to buy the same things and rich people.  Disney: To make people happy. 21
  • 22. A mission statement explains what the company intends to achieve.  It is realistic, setting you up for success.  It is measurable, so you can know how close you are to achieving it.  It is meaningful, so people want to get behind it.  It is time-bound 22
  • 23. References growth  Written down  Frequently communicated 23
  • 24. Stakeholders understand their role  They can see how they fit into the company’s overall goals  They can recognize and take pride in their individual contributions  Employees are not mushrooms 24
  • 25. Larger startup teams outperform smaller teams (up to 4 people)  Distributed leadership outperforms unitary control  Team cohesion improves sales and profits 5/19/2009 25
  • 26. Convenience Model: Access/Similarity  Instrumentality Model: Based on role need 5/19/2009 26
  • 27. Recognize your limitations  Learn and grow  Set goals  Commit yourself  Build a team 5/19/2009 27