can we boil entrepreneurial success down to one thing?

BOILING SUCCESSFUL ENTREPRENEURSHIP

DOWN TO “ONE THING”A Journey Through Common Startup

Hurdles

+Chris Mohritz | chris@mohritz.co

THE ONE THING

Care to venture a guess?

A QUESTION FOR IRV THE ORACLE

OUR JOURNEY

● Where did this come from?● 4 common hurdles & misconceptions● Net it out● How does it apply?

feel free to interrupt me with questions / comments anytime

BACKGROUNDWhere did this come from?

MY HUMBLE OPINION

● The world needs more entrepreneurs● Too many startups fail to thrive

My experience:● 90% do nothing or near nothing● 5% do enough to get by● 3% do enough to stay ahead of the 5%● 2% excel

This presentation is aimed at people in or want to be in the 2%

ALIGNING BLOCKS OF SUCCESS

● Creates a point of reference for putting the startup process into perspective

● Provides achievable chunks

MINDSET OVER PRODUCT

● “Entrepreneurship is 90% execution, 10% idea”

● Investors place much higher importance on the quality of entrepreneur vs. quality of product

● How many great ideas never get anywhere?

TODAY’S GOAL

● Help align mindset “elements of success”● Exploring some of the most common

hurdles I see

youtu.be/gCg_XZ7569A

BARRIERS TO SUCCESSCommon hurdles & misconceptions

HURDLE #1: WRONG EXPECTATIONS

THE BANDWAGON IS ROLLING

● Has become trendy to be an entrepreneur● Not everyone is cut out for startup● Many different theories and paths to follow● Plenty of misconceptions● Entrepreneurship: volunteering to

overcome unnecessary obstacles*

* - derived from: venturebeat.com/2011/01/20/game-guru-jane-mcgonigal-says-gamification-should-be-hard-not-easy/

COULDN’T RESIST...

SERVING A NEED

● “Incubators” cropping up everywhere● Most just go through the motions● Startup Incubator: passive access to

resources & education● Startup Accelerator: more structured &

result-oriented incubator● Startup Bootcamp: immersive accelerator● Coworking spaces: shared office

* - none of these are clearly defined at present, everyone has their own version (mostly marketing spin)

Do they teach theory? Or are they a sherpa?

● Education-centered ● Momentum-centered

● Knowledge milestones ● Result milestones

● Consider this ● Do this

KNOW WHAT YOU’RE GETTING

Learn how an engine works Learn how to drivevs.

HURDLE #2: WEAK COMMITMENT

PAYING THE DUES

"Do today what others are unwilling to do, and you'll get the things others can't have tomorrow." ~Jordan Belfort

● Put in the hours● Learn the new skills● Do the grunt work

HIDDEN COMMITMENTS

● The art of self-sabotage● Self-talk (“I hate technology”, etc.)● Fear of success

RESILIENCE

“Everybody has a plan until they get punched in the mouth.”~Mike Tyson

● Risk tolerance● Confidence in your abilities● Lack of follow-through

HURDLE #3: EYE ON WRONG BALL

"The purpose of business is not to make money, it's to monetize value.”~Jordan Belfort

● Putting money before value creation● Falling in love with your product

MISALIGNED PRIORITIES

OBVIOUS DOESN’T MEAN CORRECT

HURDLE #4: EGO-CONTROLLED

BLOCKING INPUT

● “I’m right” dependency● Distorts entire decision-making process

Note:● Ego-controlled (bad)● Ego-driven (good)

SINATRA SYNDROME

● “I did it my way”● Trying to force an idea into the market● Extremely difficult path today (expensive,

slow-moving, etc.)● Customers drive the ship now (social

media, more options, etc.)

THE BLAME GAME

● Side-stepping responsibility● Knee-jerk finger-pointing● Excuse machine

GETTING TO THE ROOTNet it out

WHAT’S AT THE CORE?

THE ORACLE ANSWERS

"You're looking for obstacles rather than looking for magic."~Irv

The “One Thing”...Subconscious Perspective

● Seeing the opportunity through the hurdles

● Focusing on the correct goal● Living "I'm an entrepreneur, I don't do

normal"● (Real) commitment to the right goal● Vision to see past the hurdles● Understanding your options and taking

advantage of available resources

WHAT IS MAGIC?

What is your immediate (subconscious) reaction to a new situation?● Opportunity, or● Pain

Example: When first walk into a “fixer-upper” house, what do you see?● All the possibilities, or● All the headaches

VERY SUBTLE, VERY REVEALING

TO SUM IT UP...

Follow the magic

Feedback?Questions?chris@mohritz.co