what the classroom doesn't teach: how to become a great entrepreneur
TRANSCRIPT
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WHAT THECLASSROOM DOESN’TTEACH!How To Become a Great Entrepreneur.
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What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
Sponsored By...
Research By...
Primus Chuks Igboaka, PhD., MBA.
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Why Did We Commission A Study?
Great results are driven by data
65% of entrepreneurs believe they will perform in top 20%
Want to give Hometown Hoyas a leg up.
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Areas Covered
CURRENT LANDSCAPE FOR ENTREPRENEURSIN 2014
THE TOP TRAITS OF SUCCESSFUL ENTREPRENEURS
EXPOSING THE COMMON MYTHS & MIND BLOCKS ABOUT BECOMING A GREAT ENTREPRENEUR
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
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Rules
QuesZons at the end
Take a break from social networks
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EntrepreneurLandscape
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Reasons Entrepreneurs Want To Be Great
Solve an important problemCapitalize on an original business idea
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
Be own bossCan’t find a job in this economy
Build Wealth
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The Entrepreneur’s Revenue Reality
95% never produce $1 million in revenue
Only .8% reach $5 million
Only 1.8% of those reach $10MM
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
$0 $100k $500K $1MM $5MM$50k
0.08
Source: Glasner, Joanna. "Top Venture Capital Trends of 2013." Reuters Venture Capital Journal. Reuters, 21 Sept. 2013. Web. 08 Apr. 2014.
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Entrepreneurship By The Numbers
512,000 new companies started each month
29% started by entrepreneurs under 30
Over 90% are self funded or bootstrapped99.78% fail within 3 years
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
Source: Carlton, T. "Forum for Innovation." U.S. Chamber of Commerce Foundation. US Chamber of Commerce, Sept.-Oct. 202. Web. 08 Apr. 2014.
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What about venture backed CEOs?
70% never return original investment
60% are dead by age 3.
35% dead by age 10
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
Source: Gage, Deborah. "The Venture Capital Secret: 3 Out of 4 Start-Ups Fail." The Wall Street Journal. Dow Jones & Company, 12 Sept. 2012. Web. 08 Apr. 2014.
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Some PerspecZve...
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
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Some PerspecZve...
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
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So if funding isn’t a predictor of greatness, what is?
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Entrepreneur
“A person who organizes and manages any enterprise, especially a business, usually with considerable iniPaPve and risk.”
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
Source: Pedia, Wiki. "Entrepreneurship." Wikipedia. Wikimedia Foundation, 04 June 2014. Web. 06 Apr. 2014.
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Business
“A series of systems that (1) creates or provides something of value that (2) other people want or need (3) at a price they’re willing to pay, in a way that (4) saPsfies the purchaser’s needs and expectaPons and (5) provides the business sufficient revenue to make it worthwhile for the owners to conPnue operaPon.”
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
Source: Kaufman, Josh. The Personal MBA: A World-class Business Education in a Single Volume. New York: Portfolio Penguin, 2010. Print.
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What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
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Traits Of Great EntrepreneursACTION
ORIENTED
PASSIONATE VISIONARY
DISCIPLINED
PIG HEADED
DISCIPLINE
FOCUSED
RISK TAKER
LIFELONGLEARNER
PEOPLESKILLS
CREATIVE
FLUIDINTELLIGENCE
CONFIDENT
Leader
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Top 5 QualiZes Of Great Entrepreneurs
Professional Experience
CreaPve/PosiPve Thinking
Fluid Intelligence
Flexibility/Agreeableness
Resourcefulness
1
2
3
4
5
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
Source: Graham, Paul. "What We Look for in Founders." What We Look for in Founders. Y Combinator, 10 Oct. 2010. Web. 08 Apr. 2014.
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Professional Experience
28+ years old
6+ years experience in industry
Project complePon experience
Management experience
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CreaZve/PosiZve Thinking
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
OpPmisPc
IntuiPve
Outside The Box
1
2
3
Can you see the opportunity hidden in every challenge??
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Fluid Intelligence
Paaern recogniPon
Logic
Abstract Thinking
1
2
3
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
Can you quickly learn a rule set and apply it to a novel problem?
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Flexibility / Agreeableness
Straighdorward
Considerate
CooperaPve
1
2
3
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
Can you balance cooperaPon with antagonism?
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Fluid Intelligence
Paaern recogniPon
Logic
Abstract Thinking
1
2
3
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
Can you quickly learn a rule set and apply it to a novel problem?
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Fluid Intelligence
Paaern recogniPon
Logic
Abstract Thinking
1
2
3
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
Can you quickly learn a rule set and apply it to a novel problem?
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Fluid Intelligence
Paaern recogniPon
Logic
Abstract Thinking
1
2
3
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
Can you quickly learn a rule set and apply it to a novel problem?
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Fluid Intelligence
Paaern recogniPon
Logic
Abstract Thinking
1
2
3
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
Can you quickly learn a rule set and apply it to a novel problem?
Mama Ushauri
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Resourcefulness
Access to important resources
Can ask others for help
Pig headed discipline
1
2
3
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
Can you complete the job with what you have or quickly find the resources?
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Resourcefulness
Access to important resources
Can ask others for help
Pig headed discipline
1
2
3
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
Can you complete the job with what you have or quickly find the resources?
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Resourcefulness
Access to important resources
Can ask others for help
Pig headed discipline
1
2
3
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
Can you complete the job with what you have or quickly find the resources?
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Resourcefulness
Access to important resources
Can ask others for help
Pig headed discipline
1
2
3
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
Can you complete the job with what you have or quickly find the resources?
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Resourcefulness
Access to important resources
Can ask others for help
Pig headed discipline
1
2
3
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
Can you complete the job with what you have or quickly find the resources?
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Resourcefulness
Access to important resources
Can ask others for help
Pig headed discipline
1
2
3
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
Can you complete the job with what you have or quickly find the resources?
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Resourcefulness
Access to important resources
Can ask others for help
Pig headed discipline
1
2
3
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
Can you complete the job with what you have or quickly find the resources?
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Resourcefulness
Access to important resources
Can ask others for help
Pig headed discipline
1
2
3
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
Can you complete the job with what you have or quickly find the resources?
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Resourcefulness
Access to important resources
Can ask others for help
Pig headed discipline
1
2
3
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
Can you complete the job with what you have or quickly find the resources?
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Resourcefulness
Access to important resources
Can ask others for help
Pig headed discipline
1
2
3
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
Can you complete the job with what you have or quickly find the resources?
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Resourcefulness
Access to important resources
Can ask others for help
Pig headed discipline
1
2
3
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
Can you complete the job with what you have or quickly find the resources?
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Resourcefulness
Access to important resources
Can ask others for help
Pig headed discipline
1
2
3
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
Can you complete the job with what you have or quickly find the resources?
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What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
rarely occurs without a compelling enough reason to get where you’re going...
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Greatness RequiresFailure...
What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur
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QuesZons To Know You’reOn The Right Track
Outcome Reason
MassiveAcZonPlan
What is my outcome?
How can I take massive acZon?
What is my big reason why?
1
3
2
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Finding Your FOCUS 1 2
36
5 4
Find Your PassionOrganize Your TeamCommit To A Plan
FINDPASSION
ORGANIZE TEAM
BELIEVE MENTORS
REPEAT PLANUPlize MentorsSuspend Your Disbelief
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Which will you focus on first?
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THANK YOU !
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edia
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I Would Like To Publicly Thank...
ProfessorMike Ryan
Dean McWade
ProfessorFinnerty
Fundamentals of Finance Dean of Student Financial Services Entrepreneurship Professor
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Companies (Co)Founded By Hoyas
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