Youth Entrepreneurship - Karim Omri (Komri Systems)

Youth and EntrepreneurshipKARIM OMRI, P.ENG.,M.A.SC. – PRESIDENT, KOMRI SYSTEMS

WWW.KOMRISYSTEMS.COM 2

Table of Contents Introduction

◦ About Karim◦ About Komri Systems◦ The early years◦ The working years

Youth and Entrepreneurship◦ Value◦ What is an entrepreneur?◦ Why become an entrepreneur?◦ Types of entrepreneur◦ Characteristics of an entrepreneur◦ Failures◦ Financing

Lean Startup◦ Defining the startup◦ Speed◦ How to start?◦ Build, Measure, Learn

Bridging the age gap


About Karim Mechanical Engineer (M.A.Sc and B.Eng.)

Grew up in Sudbury

Started first business at 15 years old

Worked in manufacturing and consulting for the mining industry

Previously professor at Cambrian College

Passionate


About Komri Systems Technical services and product design

◦ Mechanical Design◦ Control System Design◦ Software Development

Founded in 2013 as a M.A.Sc. student

Brought value from services/product


The Early Years Always found ways to make money - key concepts include:

◦ Supply and demand ◦ Buy low sell high

Selling Trading Cards

Started Karim’s Music Exchange◦ Purchasing music equipment and selling it second hand

Tutoring network◦ Helped students through school


The Working Years Worked in engineering with Rock-Tech and TesMan

Professor at Cambrian College

Gained experience at finding problems to solve◦ Where do ideas come from?◦ Best place to create solutions is in the face of a problem


Youth and Entrepreneurship - Value

What is value?◦ Time, money, authority, experience, etc

Paramount to driving a business

Key component to entrepreneurship


What is an Entrepreneur? Identify opportunity

Plan and manage

Financing

Protecting the business

Develop a business plan

Marketing plan and strategy

Customer relationship

Not a small business owner


Why become an Entrepreneur? Financial success

Job security

Be the boss

Improved quality of life

Make a positive difference/Change the world

Importance of finding the reason – Passion


Types of Entrepreneurs Classic Entrepreneur

◦ Idea to business

Serial Entrepreneur◦ Starting several businesses◦ Continuously coming up with different ideas

Social Entrepreneur◦ make the world a better place


Other Types of Entrepreneurs Hustlepreneur

Makerpreneur

Lifestyler

Dealerpreneur

Jack-of-all preneur

Sluggerpreneur

Travelpreneur

Sidepreneur

Do-goodpreneur

Geekpreneur

Incubatorpreneur


Characteristics of an Entrepreneur

High energy

High need for achievement

Tolerance for ambiguity

Passionate

Self confidence

Flexibility

Self-reliance/independence

Not afraid to take risks


Stages of the business Birth

Breakthrough

Maturity

Succession


Financing Get into Debt

◦ Bank◦ Relatives

Giving up Equity◦ Venture capitalists◦ Public offering◦ Angel investor

Bootstrapping

Saving and planning ahead


Failures – Why does it happen? Lack of Expertise

Lack of Experience

Lack of Strategy and plan

Bad idea/wrong problem

Lack of Dedication and insufficient commitment

Ethical or technical failures

Bad with money

Wrong risks were taken


Lean Startup – Defining the Startup

A startup is a human institution designed to deliver a new product or service under conditions of extreme uncertainty

Size, sector, industry, etc does not matter

A start up is essentially an experiment◦ Most startups fail

Once experiment is complete the startup needs to grow – not just two guys in a garage


Lean Startup - Speed Lean means fast not cheap

◦ All start ups want to lower the cost

Pivot – change focus based on feedback◦ Before running out of money

Speed and timing is everything


Lean Startup – How to start? Establish a baseline

◦ Minimum Viable Product (MVP)◦ Measure and determine how customers are operating right now

Optimize◦ Experiment to improve metrics from the baseline◦ Reach an ideal scenario

When optimizing is not possible or stagnant - pivot


Lean Startup – Achieving Failure The project was successful but the plan was poor

Didn’t solve a problem people would pay for – lack of value

My experience - Courier of Love◦ Online delivery service◦ Purchase products from local shops and deliver them◦ Lean Startup – had a website up in 2 days◦ Didn’t solve a real problem


Lean Startup – Build, Measure, Learn• Iterating through the loop as fast as possible


How to Bridge the Age Gap? Older fashioned mentality

◦ People with money are established◦ Small business owners vs entrepreneurs◦ Established vs not established◦ Customers are taking a risk - Young people are stereotyped to not have experience or credibility

How to minimize the risk for our potential customers?◦ Paperwork/Contract◦ Good impression/reputation◦ Features and commitment to delivery◦ Meeting them at their level - they do not need to come down to yours

”If you can’t dazzle them with brilliance, wear a tie”


Just do it! “Knock, Knock…Who’s there? Opportunity”

Create your own luck

Do!◦ Don’t necessarily rely on business plans - Focus on the service or product

Grow the contact list◦ Sales◦ Presentation◦ Marketing

Involvement


Contact Karim Omri, P.Eng., M.A.Sc.

Tel: 705.618.2716

Email: [email protected]

mailto:[email protected]

Youth Entrepreneurship - Karim Omri (Komri Systems)

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