can we boil entrepreneurial success down to one thing?
Post on 21-Oct-2014
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Entrepreneurs come and go. Good business ideas are dime-a-dozen. So what is the differentiator between success and fail? If you could boil it all down to one thing…TRANSCRIPT
BOILING SUCCESSFUL ENTREPRENEURSHIP
DOWN TO “ONE THING”A Journey Through Common Startup
Hurdles
+Chris Mohritz | [email protected]
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
