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10 tips for starting entrepreneurs

“So you want to buildyour own business?”

Barcamp Ghent 2 - 30/11/2008

Hi, my name is Bart.

I work at webagency Netlash.

... and at a few other companies:

www.ondernemeringent.be

www.netlash.com

www.metatale.eu

www.tagger.fm

www.kopjekoffie.be

www.planetgadget.be(Yes, that’s a lot of www’s)

You can find me here:

Starting your own business

10 tips from my personal experience

Listen carefully...

* personal experience *

It might not apply to you.Or your business.

My 10 tips

1. Your new best friend

2.

3.

4.

6.

7.

8.

9.

10

5. 10.

Your accountant

1. Your new best friend

Your accountant

Choose him carefully

Make sure his office is within a 15 minute drive

Do not go for the cheapest!

1. Your new best friend

Your accountant

And whatever you do...

1. Your new best friend

Your accountant

And whatever you do...

Do NOT take a friend or a member of your family as your accountant.

1. Your new best friend

Your accountant

And whatever you do...

Do NOT take a friend or a member of your family as your accountant.

... Just don’t.

1. Your new best friend

By extension

Find yourself a good bank manager, and join that bank.

The personal relationship with the bank manager is far more important than the brand of bank.

1. Your new best friend

2. Show me the money

3.

4.

6.

7.

8.

9.

10

5. 10.

Watch your cash-flow

2. Show me the money

Watch your cash-flow

No matter how profitable you are, if you run out of cash, it’s

2. Show me the money

Watch your cash-flow

No matter how profitable you are, if you run out of cash, it’s

GAME OVER

2. Show me the money

Billing

Send out your bills asap

Follow them up for payment

Be firm but friendly!

Ask advances

2. Show me the money

Oh, and should I mention:

You HAVE to have a business model.

1. Your new best friend

2. Show me the money

3. Be a ‘Mensch’

4.

6.

7.

8.

9.

10

5. 10.

3. Be a Mensch

Mensch

Mensch (Yiddish: מענטש mentsh) means "a person of integrity and honor"

http://en.wikipedia.org/wiki/Mensch

Build your rolodex

3. Be a Mensch

Networking

Don’t network to build business

The network of your network is far more important!

“Pay it forward”

1. Your new best friend

2. Show me the money

3. Be a ‘Mensch’

4. Be easy to work with

6.

7.

8.

9.

10

5. 10.

Availability

4. Be easy to work with

Availability

Answer your phone, answer your e-mail

Reply to RFP’s within the hour!

Be reliable, make good on your promises

Communicate often and clearly

1. Your new best friend

2. Show me the money

3. Be a ‘Mensch’

4. Be easy to work with

6.

7.

8.

9.

10

5. Build alliances 10.

Cooperation

5. Build alliances

Cooperation

More value-creation through cooperation

Share your ideas

Be open

1. Your new best friend

2. Show me the money

3. Be a ‘Mensch’

4. Be easy to work with

6. Get a sparring partner

7.

8.

9.

10

5. Build alliances 10.

Sparring partner

6. Get a sparring partner

Get a partner

It’s very hard to build a bigger business on your own

Find an opposite

It’s like cycling...

1. Your new best friend

2. Show me the money

3. Be a ‘Mensch’

4. Be easy to work with

6. Get a sparring partner

7. Find your niche

8.

9.

10

5. Build alliances 10.

Say No!

7. Find your niche

Niche

Create your own niche, and dominate it

“Blue Ocean”

It’s ok to say No - sometimes it can win you clients!

Focus

1. Your new best friend

2. Show me the money

3. Be a ‘Mensch’

4. Be easy to work with

6. Get a sparring partner

7. Find your niche

8. Set your goals

9.

10

5. Build alliances 10.

Don’t steer - look

8. Set your goals

Launch your ‘torpedo’

Know what you want to be: consultant, entrepreneur or manager

Define the numbers

8. Set your goals

SMART

Specific

Measurable

Achievable

Relevant

Time Framed

1. Your new best friend

2. Show me the money

3. Be a ‘Mensch’

4. Be easy to work with

6. Get a sparring partner

7. Find your niche

8. Set your goals

9. Cherish your talents

10

5. Build alliances 10.

Precious diamonds

9. Cherish your talents

Diamonds

Hire people that are smarter than you

Hire for diversity

Even the biggest diamond has to be cut - push them!

Balance your 3P: People - Profit - Planet

1. Your new best friend

2. Show me the money

3. Be a ‘Mensch’

4. Be easy to work with

6. Get a sparring partner

7. Find your niche

8. Set your goals

9. Cherish your talents

10

5. Build alliances 10. Follow your passion

You can not outsource passion.

Outsource passion?

You can not outsource passion.

(Some people might not agree.Like pimps. And advertising agencies.)

10. Follow your passion

Passion

There can only be 1 real drive for entrepreneurship: passion.

1. Your new best friend

2. Show me the money

3. Be a ‘Mensch’

4. Be easy to work with

6. Get a sparring partner

7. Find your niche

8. Set your goals

9. Cherish your talents

10

5. Build alliances 10. Follow your passion

11. Free extra tip

Your home base

11. Free extra tip

Your home base

An entrepreneur can only be succesful if his partner supports his plans.

(I can only thank Gudrun, Wolf & Kobe that they do, and love them for it.)

1. Your new best friend

2. Show me the money

3. Be a ‘Mensch’

4. Be easy to work with

6. Get a sparring partner

7. Find your niche

8. Set your goals

9. Cherish your talents

10

5. Build alliances 10. Follow your passion

Start your own business!

Start your own business!

It’s a rollercoaster, but a fun one.

And remember...

Don’t give up.

There’s only one difference between an amateur and a professional.

The professional is an amateur that did not give up.

Questions?

Barcamp Ghent 2 - 30/11/2008

Bart de Waelebart@netlash.com

www.netlash.comwww.ondernemeringent.be