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How To Become A Successful Entrepreneur V1

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How To Become A Successful Entrepreneur V1

  1. 1. Entrepreneurship How to become a successful entrepreneur Marcel Seijner MSc.BA
  2. 3. How to become a successful entrepreneur <ul><li>What is success? </li></ul><ul><li>When is an entrepreneur successful? </li></ul><ul><li>What skills does the entrepreneur need? </li></ul>
  3. 4. Silicon Valley <ul><li>What is the secret? </li></ul><ul><li>Why didn’t it work in the Bog region? </li></ul>
  4. 5. Entrepreneurship built on… <ul><li>Vision </li></ul><ul><li>Innovation </li></ul><ul><li>Strategy </li></ul><ul><li>Finance </li></ul><ul><li>Leadership </li></ul>
  5. 6. Characteristics of the entrepreneur <ul><li>Huge drive </li></ul><ul><li>Willing to take risks </li></ul><ul><li>Able to develop new ideas </li></ul><ul><li>Able to get on with people </li></ul><ul><li>Strong leader (driven followers) </li></ul><ul><li>Dominant person </li></ul><ul><li>Has problems with a manager above </li></ul>
  6. 7. Psychological aspects <ul><li>The entrepreneur… </li></ul><ul><li>… wants to prove himself/herself more then others </li></ul><ul><li>… has the pressure to reach something </li></ul><ul><li>… wants to be in control </li></ul><ul><li>… is convinced he/she can do it better </li></ul><ul><li>… is not afraid of taking risks </li></ul>
  7. 8. Sociological view <ul><li>Entrepreneurship can’t exist without the entrepreneurs network and the social skills of the entrepreneur </li></ul><ul><li>The entrepreneur has to have the creativity to find combination in the weak ties in his network </li></ul>
  8. 9. Motivation for venture creation <ul><li>Make a daily living </li></ul><ul><li>Achieve social and economic security </li></ul><ul><li>Work for oneself, not for others </li></ul><ul><li>Commercialize a particular idea, technology or skill </li></ul><ul><li>Focus on the business </li></ul><ul><li>Becoming market leader </li></ul>
  9. 10. Another recognition <ul><li>High motivation for success </li></ul><ul><li>Innovate ideas and concepts </li></ul><ul><li>Collective sharing of results </li></ul><ul><li>Commercialization of highly sophisticated technology </li></ul><ul><li>Try to control the market rather than the company </li></ul><ul><li>Growth by acquiring; global alliances </li></ul>
  10. 11. How to succeed? <ul><li>Spin offs have the biggest change for success </li></ul><ul><li>It is not the new technology that concurs the market, but </li></ul><ul><ul><li>the combination of technologies </li></ul></ul><ul><ul><li>the modified product that suits in the market </li></ul></ul><ul><ul><li>the ability to get it in the market </li></ul></ul><ul><li>It not the inventor but refiner of the technology who knows how to penetrate the market, who succeeds </li></ul>
  11. 12. The entrepreneur has… <ul><li>… to have a vision about: </li></ul><ul><ul><li>the market </li></ul></ul><ul><ul><li>the needs in the market </li></ul></ul><ul><ul><li>products or combinations that fill those needs </li></ul></ul><ul><ul><li>how to penetrate the market </li></ul></ul><ul><li>… to be creative </li></ul><ul><li>… to be independent </li></ul><ul><li>… to translate his vision in words for </li></ul><ul><ul><li>investors </li></ul></ul><ul><ul><li>buyers </li></ul></ul><ul><ul><li>partners </li></ul></ul>
  12. 13. The business plan <ul><li>Emphasize the market </li></ul><ul><li>Address investors’ needs (FFF, business angels, VC) </li></ul><ul><li>Can you “make it happen” </li></ul>
  13. 14. Corporate entrepreneurship/ intrapreneurship <ul><li>managers </li></ul><ul><li>champions </li></ul><ul><li>portfolio </li></ul><ul><li>mistakes </li></ul>
  14. 15. So why it didn’t work in the Bog Region <ul><li>Entrepreneurs are local competitors </li></ul><ul><li>Wrong attitude VCs </li></ul><ul><li>No knowledge sharing: no combinations of new technologies </li></ul><ul><ul><li>To less job-hopping </li></ul></ul><ul><li>To less spin-offs </li></ul><ul><li>To less use of weak ties </li></ul>

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