How To Think Like An Entrepreneur
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Transcript of How To Think Like An Entrepreneur
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Is Your Idea the Next Facebook?
How To Think Like An Entrepreneur@HollyHamann
Co-founder, BlogFrogFeb 24, 2012
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Myth: This is your typical entrepreneurPhoto source: Access Hollywood
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Photo source: ABC
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Photo source: Norman Seef
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Myth: Only certain people can start a company Photo source: Business Pundit
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Photo source: Business Pundit
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Photo source: Braille-a-wear.com Photo source: Fox43
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• 60% respected brands who wanted to interact with
5 key questions you need to answer
1. What are you building?2. Who are you building it for?
3. How big is that market?4. Who will build it?
5. How will you make money?
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Myth: A poor economy is a bad time to start a business Photo source: spafinder.com
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Myth: This idea is too crazy Photo source: Entrepreneur.com
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Myth: You have to raise funding to start a company
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Myth: The market doesn’t need one more
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Are you sure?
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• 60% respected brands who wanted to interact withThere is ALWAYS room for innovation!
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LuxuryLow cost provider
FasterSmallerStylishHigh QualitySpecial NeedsSocial Good
How can you be innovative?
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• 60% respected brands who wanted to interact withEquity in small business makes up the 2nd
largest share of household wealth, 2nd only to home equity
(source: Federal Reserve)
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• 60% respected brands who wanted to interact withTop 10 skill sets to build as an entrepreneur
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• 60% respected brands who wanted to interact with
Remember these?
1. What are you building?2. Who are you building it for?
3. How big is that market?4. Who will build it?
5. How will you make money?
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Ability to recognize opportunity
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Ability to build teams
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• 60% respected brands who wanted to interact withA word about founders.
Who you choose to team with will be the single most important business decision
you’ll make.
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Ability to drive innovation
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Ability to gather and process information
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FOCUS
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• 60% respected brands who wanted to interact with
Yup, still talking about these……
1. What are you building?2. Who are you building it for?
3. How big is that market?4. Who will build it?
5. How will you make money?
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Tolerance for risk
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Ability to make decisions
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Willingness to be wrongPhoto source: wunderground.com
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Network of mentors
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Learn how to talk about money
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• 60% respected brands who wanted to interact withThe lack of those 10 characteristics is also the cause of most failures
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• 60% respected brands who wanted to interact with100 % of the shots you don’t take, don’t go in.
Wayne Gretzky
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Resources – Books and Blogs
Mark Suster, Both Sides of the TableBen Horowitz, Bens BlogPaul Graham EssaysFred Wilson, AVCBrad Feld, Feld ThoughtsNivi and Naval, Venture HacksFoundry Group, Ask The VCEntrepreneur Magazine
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Let’s get to work!
@HollyHamannFeb 24, 2012