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Richard Lucas
11th July 2019
www.richardlucas.com
richardlucas@richardlucas.com
Workshops
Leadership for Entrepreneurs
Opp...
Goals/Agenda
• Share lessons of founding/investing in 34
companies turning GBP10K in maybe GBP10
million, 700 employees, 2...
Expectations/Commitments
•Workshop not lecturer participation/
interaction expected
•Respect
•Confidentiality
•I will answ...
Context
I didn’t know what leadership was
or why it mattered when I went into
business
richardlucas.com
Work in pairs (2 mins)
Discuss your characterizations of leadership
with your neighbour (noticing differences)
How do lead...
Groups of four 2 mins/
All group summary
Discuss your characterizations of
leadership in groups of four
Come to a shared d...
All group discussion
What is leadership why it matters
1 Pre-
2 During-
3 After- business startup/sustaining/
scaling a fu...
Leadership for entrepreneurs
Leadership for entrepreneurs
My ”Sivers” lessons
Businesses don’t have to be about
“my” idea/project
Look for people doing/saying something
interesting...
What is leadership and why it
matters
“Getting other people to work willingly
towards a common goal”
Entrepreneurs have to...
What is leadership and why it
matters
Direction/Mission – The “Why?”
“People” stuff - Relationships
Encouragement/Motivati...
Navy Leadership
Navy Leadership
Participant questions /1
richardlucas.com
Participant questions /2
richardlucas.com
Questions from participants
about leadership
• Strategy, Culture, Direction
• People issues? hiring, team building, traini...
Who is in charge?
• Whose fault it is?
• Who is responsible?
• Who goes to jail?
• Learning by doing is
expensive, dangero...
Leadership
• Defining and explaining direction, strategy, and
priorities
• How do we organize?
How do we communicate?
• Ho...
Entrepreneurial Leadership
Actionable insights
• Take your leadership skills seriously
• Define and refine your purpose
• ...
Entrepreneurial Leadership
Actionable insights
Prepare for leadership now
Get to know the people who report to you
Names o...
Richard Lucas
11th July 2019
www.richardlucas.com
richardlucas@richardlucas.com
Workshops
Leadership for Entrepreneurs
Opp...
Richard Lucas
11th July 2019
www.richardlucas.com
richardlucas@richardlucas.com
Opportunity Readiness
Opportunity Readiness
What it means
Why it matters
How to prepare
Lessons learned
Actionable Insights
richardlucas.com
Creating/spotting opportunities
Creating/spotting opportunities
Wolf of Wall Street
What was the opportunity
How did he come across it
What risks did he take
What characteristics did he ...
Are you Opportunity Ready?
richardlucas.com
What are Opportunities?
A chance to be successful
(but in whose eyes)
richardlucas.com
Are you Opportunity Ready?
Health & Fitness
Relationships
Money and finance
Skills and competences
Opportunity Mindset: Cu...
Opportunity Mindset
•Curiosity
•Surprise/anger/impressed - Why is it so
expensive/cheap? “wow” factor. How
annoying x is?....
Assessing Opportunities
•How big is the margin/unit economics
•“Must haves” vv “nice to haves”
•LTV/COA/number of clients
...
’An idiot with a plan
can beat a genius without a
plan’
Warren Buffett
From Opportunities -> Action
Figure out what you need to do
•Try to buy what you want to sell
•Unit economics, and what el...
Actionable insights
• Embrace rejection –Ask why not? /look for
problems/Ask family, friends and strangers to
take your id...
Actionable insights/2
• If it seems to good to be true, it probably is
• Be a distributor, sales agent first
• People/trus...
Ray Croc/Mcdonalds
Ray Croc/Mcdonalds
Ray Croc
What was the opportunity
How did he come across it
What characteristics did he show
What did he need to do once h...
Opportunity Readiness
Summary
- When you don’t know what to do, work
on your OR.
- OR Habits.
- Diversity of experience
- Be Curious, Ask Questi...
Richard Lucas
11th July 2019
www.richardlucas.com
richardlucas@richardlucas.com
Two workshops
Leadership for Entrepreneurs...
Judge Business School Cambridge University July 9th 2019
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Judge Business School Cambridge University July 9th 2019

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Part of the Masters of studies in Entrepreneurship.

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Judge Business School Cambridge University July 9th 2019

  1. 1. Richard Lucas 11th July 2019 www.richardlucas.com richardlucas@richardlucas.com Workshops Leadership for Entrepreneurs Opportunity Readiness
  2. 2. Goals/Agenda • Share lessons of founding/investing in 34 companies turning GBP10K in maybe GBP10 million, 700 employees, 2 small exits, 3xCEO • Actionable insights BUT • No magic – WWFMMNWFY! • Nothing can rescue an idea whose time hasn‘t come richardlucas.com
  3. 3. Expectations/Commitments •Workshop not lecturer participation/ interaction expected •Respect •Confidentiality •I will answer e-mails/posts in my FB group •Realism •Feedback richardlucas.com
  4. 4. Context I didn’t know what leadership was or why it mattered when I went into business richardlucas.com
  5. 5. Work in pairs (2 mins) Discuss your characterizations of leadership with your neighbour (noticing differences) How do leadership challenges evolve according the stage a business is at richardlucas.com
  6. 6. Groups of four 2 mins/ All group summary Discuss your characterizations of leadership in groups of four Come to a shared definition of a business and non business leader richardlucas.com
  7. 7. All group discussion What is leadership why it matters 1 Pre- 2 During- 3 After- business startup/sustaining/ scaling a functioning company EL Bigger role for strategy and goal setting ‘Normal’ leaders report to someone, have purpose and goals set externally richardlucas.com
  8. 8. Leadership for entrepreneurs
  9. 9. Leadership for entrepreneurs
  10. 10. My ”Sivers” lessons Businesses don’t have to be about “my” idea/project Look for people doing/saying something interesting/impressive and support them/Try to get involved Ask “How can I help?” richardlucas.com
  11. 11. What is leadership and why it matters “Getting other people to work willingly towards a common goal” Entrepreneurs have to either be leaders or “meta leaders” (lead leaders) Leadership is an essential quality of competitive organisations Feels different pre- startup richardlucas.com
  12. 12. What is leadership and why it matters Direction/Mission – The “Why?” “People” stuff - Relationships Encouragement/Motivation/Feedback Praise/Constructive Criticism Values/Culture/Rules richardlucas.com
  13. 13. Navy Leadership
  14. 14. Navy Leadership
  15. 15. Participant questions /1 richardlucas.com
  16. 16. Participant questions /2 richardlucas.com
  17. 17. Questions from participants about leadership • Strategy, Culture, Direction • People issues? hiring, team building, training, retaining, motivating, team building, managing • Setting goals, expectations, feedback, coaching, delegation • On boarding. The “SKK” way • Getting ordinary people to do extraordinary things • Responsibility richardlucas.com
  18. 18. Who is in charge? • Whose fault it is? • Who is responsible? • Who goes to jail? • Learning by doing is expensive, dangerous and wrong. Leadership involves doing the tough stuff richardlucas.com
  19. 19. Leadership • Defining and explaining direction, strategy, and priorities • How do we organize? How do we communicate? • How do we hire (and fire) ? Roles, Teams, Responsibilities, Management Systems • Leading by example • Being fair/not popular richardlucas.com
  20. 20. Entrepreneurial Leadership Actionable insights • Take your leadership skills seriously • Define and refine your purpose • Develop LD action plan: (education, youtube, podcasts, blogs, books, other) • Critically observe leadership in the world around you/other organisations/people. What’s good/bad/I would do better). • Embed habits into your life style (volunteering, communication skills, feedback) • Don’t delegate richardlucas.com
  21. 21. Entrepreneurial Leadership Actionable insights Prepare for leadership now Get to know the people who report to you Names of their kids/bf/gf Why should they go the extra mile for your organisation , if you don’t know about what really matters to them? richardlucas.com
  22. 22. Richard Lucas 11th July 2019 www.richardlucas.com richardlucas@richardlucas.com Workshops Leadership for Entrepreneurs Opportunity Readiness
  23. 23. Richard Lucas 11th July 2019 www.richardlucas.com richardlucas@richardlucas.com Opportunity Readiness
  24. 24. Opportunity Readiness What it means Why it matters How to prepare Lessons learned Actionable Insights richardlucas.com
  25. 25. Creating/spotting opportunities
  26. 26. Creating/spotting opportunities
  27. 27. Wolf of Wall Street What was the opportunity How did he come across it What risks did he take What characteristics did he show richardlucas.com
  28. 28. Are you Opportunity Ready? richardlucas.com
  29. 29. What are Opportunities? A chance to be successful (but in whose eyes) richardlucas.com
  30. 30. Are you Opportunity Ready? Health & Fitness Relationships Money and finance Skills and competences Opportunity Mindset: Curiosity, Questioning, looking for problems and solutions, self awareness Meeting new people: Asking/talking/listening Risking rejection If I do “x”, would you do “y?” Energy richardlucas.com
  31. 31. Opportunity Mindset •Curiosity •Surprise/anger/impressed - Why is it so expensive/cheap? “wow” factor. How annoying x is?. •Why? What does it mean? How could I solve that problem? Who with, What cost? Who cares? •Does it make sense? •Research richardlucas.com
  32. 32. Assessing Opportunities •How big is the margin/unit economics •“Must haves” vv “nice to haves” •LTV/COA/number of clients •Competitor response/sustainable competitive advantage •Track record of people/team •What’s the deal ? richardlucas.com
  33. 33. ’An idiot with a plan can beat a genius without a plan’ Warren Buffett
  34. 34. From Opportunities -> Action Figure out what you need to do •Try to buy what you want to sell •Unit economics, and what else you need (people, money, tech) •If X, then Y richardlucas.com
  35. 35. Actionable insights • Embrace rejection –Ask why not? /look for problems/Ask family, friends and strangers to take your ideas apart • Try to buy companies/search fund • Prioritize talking to clients/potential clients • Go where the clients are • Talk to strangers richardlucas.com
  36. 36. Actionable insights/2 • If it seems to good to be true, it probably is • Be a distributor, sales agent first • People/trust and verify • What would they say if they were dodgy. Google the people in the legal/privacy section • How do they treat other people • Ask for references “someone you’ve done business with” Watch body language • Get people on the phone, call out of hours • What would you do if we hired you? /Ask to see the diary • What’s your (liquid) net worth? richardlucas.com?
  37. 37. Ray Croc/Mcdonalds
  38. 38. Ray Croc/Mcdonalds
  39. 39. Ray Croc What was the opportunity How did he come across it What characteristics did he show What did he need to do once he spotted the opportunity? It wasn’t his idea. richardlucas.com
  40. 40. Opportunity Readiness
  41. 41. Summary - When you don’t know what to do, work on your OR. - OR Habits. - Diversity of experience - Be Curious, Ask Questions, - Take action to verify ideas, talk to users/clients - Be “rejection ready” - Get lucky richardlucas.com
  42. 42. Richard Lucas 11th July 2019 www.richardlucas.com richardlucas@richardlucas.com Two workshops Leadership for Entrepreneurs Opportunity Readiness

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