What The Classroom Doesn't Teach: How To Become A Great Entrepreneur

WHAT THECLASSROOM DOESN’TTEACH!How To Become a Great Entrepreneur.

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Tuesday, April 8, 14

What The Classroom Doesn’t Teach:How To Become A Great Entrepreneur

Sponsored By...

Research By...

Primus Chuks Igboaka, PhD., MBA.


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.



Areas Covered

CURRENT LANDSCAPE FOR ENTREPRENEURSIN 2014

THE TOP TRAITS OF SUCCESSFUL ENTREPRENEURS

EXPOSING THE COMMON MYTHS & MIND BLOCKS ABOUT BECOMING A GREAT ENTREPRENEUR



Rules

QuesZons at the end

Take a break from social networks



EntrepreneurLandscape



Reasons Entrepreneurs Want To Be Great

Solve an important problemCapitalize on an original business idea


Be own bossCan’t find a job in this economy

Build Wealth


The Entrepreneur’s Revenue Reality

95% never produce $1 million in revenue

Only .8% reach $5 million

Only 1.8% of those reach $10MM


$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.


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


Source: Carlton, T. "Forum for Innovation." U.S. Chamber of Commerce Foundation. US Chamber of Commerce, Sept.-Oct. 202. Web. 08 Apr. 2014.


What about venture backed CEOs?

70% never return original investment

60% are dead by age 3.

35% dead by age 10


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.


Some PerspecZve...



So if funding isn’t a predictor of greatness, what is?



Entrepreneur

“A person who organizes and manages any enterprise, especially a business, usually with considerable iniPaPve and risk.”


Source: Pedia, Wiki. "Entrepreneurship." Wikipedia. Wikimedia Foundation, 04 June 2014. Web. 06 Apr. 2014.


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.”


Source: Kaufman, Josh. The Personal MBA: A World-class Business Education in a Single Volume. New York: Portfolio Penguin, 2010. Print.


Traits Of Great EntrepreneursACTION

ORIENTED

PASSIONATE VISIONARY

DISCIPLINED

PIG HEADED

DISCIPLINE

FOCUSED

RISK TAKER

LIFELONGLEARNER

PEOPLESKILLS

CREATIVE

FLUIDINTELLIGENCE

CONFIDENT

Leader



Top 5 QualiZes Of Great Entrepreneurs

Professional Experience

CreaPve/PosiPve Thinking

Fluid Intelligence

Flexibility/Agreeableness

Resourcefulness

1

2

3

4

5


Source: Graham, Paul. "What We Look for in Founders." What We Look for in Founders. Y Combinator, 10 Oct. 2010. Web. 08 Apr. 2014.


Professional Experience

28+ years old

6+ years experience in industry

Project complePon experience

Management experience



CreaZve/PosiZve Thinking


OpPmisPc

IntuiPve

Outside The Box

1

2

3

Can you see the opportunity hidden in every challenge??


Fluid Intelligence

Paaern recogniPon

Logic

Abstract Thinking

1

2

3


Can you quickly learn a rule set and apply it to a novel problem?


Flexibility / Agreeableness

Straighdorward

Considerate

CooperaPve

1

2

3


Can you balance cooperaPon with antagonism?


Fluid Intelligence

Paaern recogniPon

Logic

Abstract Thinking

1

2

3




Fluid Intelligence

Paaern recogniPon

Logic

Abstract Thinking

1

2

3



Mama Ushauri


Resourcefulness

Access to important resources

Can ask others for help

Pig headed discipline

1

2

3


Can you complete the job with what you have or quickly find the resources?



rarely occurs without a compelling enough reason to get where you’re going...


Greatness RequiresFailure...



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



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



Which will you focus on first?



THANK YOU !

GET IN TOUCH

Social M

edia

facebook.com/marcushowardhq

twider.com/marcushowardhq


I Would Like To Publicly Thank...

ProfessorMike Ryan

Dean McWade

ProfessorFinnerty

Fundamentals of Finance Dean of Student Financial Services Entrepreneurship Professor



Companies (Co)Founded By Hoyas



What The Classroom Doesn't Teach: How To Become A Great Entrepreneur

Small Business & Entrepreneurship

Transcript of What The Classroom Doesn't Teach: How To Become A Great Entrepreneur