@csralahligroup

Our aim is to support young people to start a

business. We run training and mentorship programs to take

you from forming ideas right through to seeking investment.

We are completely not for profit and the company

aims to give back to the community. @csralahligroup

The Anatomy of Entrepreneurship

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http://www.youtube.com/watch?v=T6MhAwQ64c0

Entrepreneurs can change the world

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What is Enterprise?

The mindset to create the change you want to see

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Hacking & Hustling

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How can you be Entrepreneurial?

1. Starting your own Business 2. Working for a start-up

3. Intrapreneurship

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Famous Intrapreneurship Examples

3M: started as a Mining and Manufacturing company.

One employee developed a special adhesive and another added it to his scrap paper.

Company has sold over $1bn of the little things

Google 20% time:

Employees work one day a week on anything they want.

Products launched from this: gmail, orkut

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Famous Intrapreneurship Examples

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Is entrepreneurship a viable career option

after University?

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The Good

Working on your Passion

Autonomy

Potential Income

Developing your skills

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The Bad

Hard Work

Uncertainty

Opportunity Cost of Employment

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The Ugly

Little sleep ↓ Hair loss ↓ Divorce ↓ Bankruptcy ↓ Less sleep and more hair loss @csralahligroup

Most common rebuttal

"Yes, starting a business is the dream, but I think it is better to go into employment, learn a bit, accumulate some capital and THEN do my own thing".

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Perceived Risk

Difficult to identify… Impossible to quantify

Highlights importance of your ability to handle uncertainty

Belief (or the lack of) is self reinforcing –

“Whether you think you can or you can’t; you’re right.” – Henry Ford

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“Once you graduate, on average, you have 4-5 years before you are married. This is a window of opportunity. Go tell your new wife you are leaving your investment banking job to start a business that may fail and see how she responds.”

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The success stories

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Become: -rich -famous -live your dream

Another, more common story:

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Gain: -A good income - lots of travel -live your dream

And if all goes wrong

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You fail, and you: -Move to Dubai -Secure a great job -Learn much for next time

Video – jobs commencement speech http://www.youtube.com/watch?feature=endscreen&NR=1&v=c5aY6rMbOB

o

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Activity: Is entrepreneurship a viable career option after University?

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Decision Considerations

Priorities:

• Working on a passion

• Income Potential

• Income Security

• Developing your skills

• Working autonomously

Constraints:

• Your parents

• Capital

• Time

Potential Liabilities:

• Marriage and Children

• Mortgages

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Activity

Stand up if you want to start a business when graduating

Stay standing if you know what business idea you want to start

Stay standing if you think you can do it

Stay standing if you know how

Stay standing if you will

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The start-up process You>team>idea>structuring

>development>scaling-financing

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YOU! “You want to know

how to paint a perfect painting?

It's easy. Make yourself perfect and then just paint naturally.”

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1) Determination

Willfulness + Discipline + Ambition Willfulness: When you want something, you must

have it, no matter what. Discipline: You have to be hard on yourself and not

give in to new wills counter to your goal. Ambition: Is a person determined to go for a 100m

jog determined? Have hubris – choose scary goals!

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=

The Melon Seed Model

The more willful you are, the more disciplined you have to be. We can imagine will and discipline as two fingers squeezing a slippery melon seed. The harder they squeeze, the further the seed flies, but they must both squeeze equally or the seed spins off sideways.

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Focus on what you can control

Determine how much time you want to spend with friends, washing, sleeping, gym, eating, employment in a typical week

– how many hours do you have to work on your business in a week?

This is something you will always be able to control.

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10,000 hours

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If you really love working on something, you don't need determination to drive you; it's what you'd do anyway.

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Intelligence

No coincidence Facebook, Microsoft, & Google all came for the World’s best Universities

The one thing to take from University is to learn to think critically:

• What are they key assumptions behind the argument?

• Is this piece of information relevant?

• What is its significance?

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Imagination

It's not so important to be able to solve predefined problems quickly as to be able to come up with surprising new ideas.

In the startup world, most good ideas seem bad initially.

If they were obviously good, someone would already be doing them.

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Resourcefulness

Become easy to talk to, listen, then follow, chase, chase, chase that advice until you achieve your its goal.

“A word to the wise is sufficient."

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Adaptability

“Planning is a useful servant but a dangerous master”

React to what you learn.

Aim for the right level of stubbornness

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Be a “People Person”

First they need to understand the vision

Persuade others to follow your vision

This quality of leadership applies everywhere in a start-up:

Sales - Team

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Team What is a good team?

1) Unified goal – all passionate about the idea

2) Complementary (different skills)

3) Complementary personalities (no army of generals)

4) Long relationships with people you trust

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“Startups do to the relationship between the founders what a dog does to a sock: if it can be pulled apart, it will be.”

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How do you find them?

1. Friends

2. Join societies/clubs – Apple homebrew computing club

3. Attend enterprise events.. StartUp Weekend

4. Workspaces: MakeBusinessHub & Pavillion

5. Online founders dating!!

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Idea

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Problem identifying

‘The important thing is not to stop questioning” Albert Einstein

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The Value Proposition

Business exist to solve problems

We offer X, which solves the problem of Y, for the group of Z people.

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Idea – Team fit

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Domain Expertise

Rule #1 : Start a business where you are the customer

Unique combinations of expertise only you have

Do random shizzle.. Jobs dropping in on a calligraphy class

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Key Questions to ask:

1) Identify within the team: passions, skills, networks, backgrounds. (domain experience)

2) Identify problems team members face in those areas.

3) Identify needs team members face within those areas.

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Key Questions to ask:

– Identify the archetypical profile of who encounters this problem/need. Describe in terms of demographical/socio-economic terms/tastes.

– In what circumstances/situations do they encounter the problem/need?

– How are people affected by the problem/need? What are the emotions experienced from the pain? How intensive is the pain? How frequent does it occur?

– What outcome do they want? (in the form of: Direction, Unit of measurement, Functional Outcome)

– How do customers currently solve the problem/need?

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Creativity - http://vimeo.com/25380454

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Disruptive innovation

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Sophisticated technology that simplifies

First, a change in technology occurs which is an enabler for a change in business model.

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Low-cost innovative business model

Second, the emergence of the new business model disrupts the existing arrangements for providing a

specific type of service

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Economically coherent value network

Third, supporting networks must be put in place; often it is not possible to disrupt just one part

of the existing system but rather a whole series of inter-linked changes are needed.

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Standards that facilitate change

The exact way in which all this plays out is importantly dependent on the government regulations and policy environment relevant to innovation.

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Structuring Your Idea

“If I had one hour to save the world, I would spend 55 minutes defining the problem and

only five minutes finding the solution.” –Albert Einstein

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Business Model Canvas

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Lean Start-up

Build – Measure – Learn - Iterate

Sign Up to this:

http://www.udacity.com/view#Course/ep245/CourseRev/1

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Video – lean startup http://www.youtube.com/watch?feature=player_embedded&v=TXj3F5MdHU

U#!

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Metrics

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CPA – LTV – Churn – GPM - Burn

Activity

In groups of 5, work out the business model of an internet portal that connects students with

graduate jobs

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Business Models Typology

• Solution shops

• Value-Adding Process Businesses

• Facilitated Network Businesses

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Solution shops

• Solution shops are structured to diagnose and solve unstructured problems using highly trained experts.

• Logo of famous company in this type of business model as described below. (do same for next two slides)

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Value-Adding Process Businesses

Value added processes generally take incomplete inputs transforming them into complete outputs of greater value.

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Facilitated network businesses

A business model paradigm in which a backbone system is used to connect together like-minded customers so they can exchange goods and services, share information, collaborate, or socialize with little intermediation.

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Developing Your Idea

….Get out of the building!

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@csralahligroup

Video – customer development http://www.youtube.com/watch?feature=player_embedded&v=PFlSiHWaaM

s#!

Testing Methods

• Talking to customers/partners

• Look at other companies with similar business models

• Google Analytics

• Mixpanel

No Surveys!

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MVP

What is the minimum product can produce?

Get it into the marketplace then adapt based on the response.

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The role of intuition

“If I'd asked my customers what they wanted, they'd have said a faster horse.” Henry Ford

Know when to use each paradigm Find the balance When you can’t decide... follow your gut! Without intuition you will just have ideas everyone else

has though of. @csralahligroup

Scaling

Satisfy a focused niche well with a strong value proposition.

Build processes that can be repeated so the value proposition can reach a wider audience.

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Adoption

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The future is already here; its just not widely distributed yet

Financing your idea Money follows ideas

If you present a proven concept with significant potential ($) you will find investment

Get enough money to prove your initial idea (MVP)

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Khalifa fund and Dubai SME

Offers a number of funding options to Emirati entrepreneurs; mostly loans. You must be over 21 years old and provide a part of the business cost.

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Accelerators

• An accelerator typically offers a 3 month program where experienced entrepreneurs

will mentor, advise and connect you to catalyse your start-up.

• And of course you get equity investment

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Angel Investors

• Typically high net-worth individuals, often successful entrepreneurs themselves; will invest in start-ups in exchange for an equity stake.

• Often such investors bring more than just finance; the experience and direction they can provide are often more valuable than the money.

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CrowdFunding

The idea is that funders want to see the project/product/service come to life and are willing to give a small amount of money to

make it happen (between $10-1000).

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Equity CrowdFunding

• This will involve selling small amounts of equity to many investors in a very similar way to traditional crowd funding.

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Personal Savings

• Without a proven concept, in truth, few people are likely to give you any finance, therefore using your own money is often the only way.

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Personal Finance

Another common method is to use personal credit cards or the re-mortgage of your house to start a business.

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Bank Loans

• To start a business, it is very difficult to secure finance in the form of a traditional business loan from a bank.

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Golden Resources • UAE events and resources: (http://uae-

enterprise.blogspot.com/)

• Paul graham website essays

• Udacity – Steve Blank

• Watch the movie: the Avaitor

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Connect on twitter: …and we shall send you the presentation

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Our Upcoming Program

Microsoft Social Enterprise Program

Enterprise Launch

Global Business opportunities

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Focus

Don’t set out to build the best, most fantastic business ever seen.

Find the first step

Lay one brick at a time and ensure its laid perfectly.

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Thank you

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