Why entrepreneurship as a career
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Why choose entrepreneurship as a career
Representing Ireland’s Startup Sector
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Representing Ireland’s Startup Sector
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What is an entrepreneur?
Representing Ireland’s Startup Sector
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Representing Ireland’s Startup Sector
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Representing Ireland’s Startup Sector
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Representing Ireland’s Startup Sector
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One who organises, manages and assumes the risks of a business
enterprise creating jobs and innovative
offerings.
Representing Ireland’s Startup Sector
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1. Vision2. Ability to create/increase value3. Mastery Knowledge4. Focus5. Communication Skills6. Networking Skills/Allies7. Passion8. 10 Thousand Hours9. Confidence10. Fortitude
Representing Ireland’s Startup Sector
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What is a business opportunity?
Representing Ireland’s Startup Sector
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Business Ideasare notBusiness Opportunities…Unless they Solve Business Problems!
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95% of the value of a business idea is in its successful
execution
Representing Ireland’s Startup Sector
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What is a
startup?Representing Ireland’s Startup Sector
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“A startup is a company designed to grow fast. “
Paul Grahamfounder of
Y-Combinator
Representing Ireland’s Startup Sector
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“Particular focus on entrepreneurship as two thirds of all new jobs are created by startup businesses.”
Representing Ireland’s Startup Sector
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Bringing it all together…
The right fit of person + right idea + relevant domain knowledge/network
+ timing
= High Impact Startup!
Representing Ireland’s Startup Sector
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Why get involved in a startup?
Representing Ireland’s Startup Sector
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“No more jobs for life
- they went out with the milkround”
The Independent Newspaper
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YOUR DREAM JOBDOES NOT EXIST.
YOU MUSTCREATE IT
Representing Ireland’s Startup Sector
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Choose a job you love,and you will never have to work a day in your life.
Confucius
Representing Ireland’s Startup Sector
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“What matters in Silicon Valley is how much effect you have on the world.”
Paul Graham
Cities & Ambition
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“Someone that has worked for a startup for 3 months is worth
more to my business than a Masters student that hasn’t”
Dylan Collins
Representing Ireland’s Startup Sector
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There has never been a better time to startup in light of the resources available and the speed you can get
to marketRepresenting Ireland’s Startup Sector
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Small teams of individuals can do what only governments and large corporations could have ever done in the past.
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10 years ago the optimal amount of capital required to help a software company to scale successfully:
● $15 millionThe same can be achieved now for:
● $1 millionRepresenting Ireland’s Startup Sector
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Incubators (Dublin)● NDRC Launchpad● Dogpatch● Wayra● Propellor● Nova UCD, TCD campus● Ustart (DCU accelerator)● Greenhouse (virtual
incubator)● Foodworks● HealthXL Startup
Bootcamp● Guinness Enterprise
Centre
New Frontiers● 150 participants● €15K grant, six month
program● 11 Institutes of
Technology● Country-wide● 20% female
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€5K Innovation Voucher€15K Feasibility Grant
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Traditional career options such as law and accountancy carry a familiarly reassuring school/university type progression.
In contrast the entrepreneur gets a blank piece of paper. They for the most part are expected to operate without boundaries, guidance or feedback on progress.
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● The average hours worked by early stage entrepreneurs: 74 hours per week
● The average salary of early stage entrepreneurs: €25,000
● The average time to first enterprise sale:
16 months
Representing Ireland’s Startup Sector
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What isStartup Ireland?
Representing Ireland’s Startup Sector
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“Ireland has some amazing
entrepreneurs but not nearly enough of
them.”Minister Richard Bruton
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“Where would we start, with a degree we can get a job and the employer provides the framework…”
Final Year Undergrad
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“Ireland must encourage entrepreneurship as a norm rather than
an exception.”
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Changing hearts and minds towards
entrepreneurship in Ireland
Representing Ireland’s Startup Sector
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#V2020StartupIsland
Dublin to be global tech startup hub
Representing Ireland’s Startup Sector
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Some common
myths about startups...
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Building a startupis not easy it takes a lot of Time, Dedication & Energy…
but so do most jobs!
Representing Ireland’s Startup Sector
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My 10 golden rules for startups
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Be careful what you sign in the early days and check for what you are committing yourself to in terms of notice terms and length of the agreements.
1
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"If it’s not in writing it never happened."
Get agreements in writing.
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Equity is blood, preserve it for as long as possible before giving any of it away.
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Don’t blow the budget on “gold plating” the first version through feature and scope creep.
– Fail early, fail cheap.
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Cart before the horse – do the feasibility research (including asking customers how much they would pay you for it) before writing any specifications documents.
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Don’t re-invent the wheel, check Kickstarter, leverage opensource.
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Make sure you keep 40%+ of your budget for sales and marketing!
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Look to automate and streamline standard processes from the word go. Many startups fail to scale as the entrepreneur gets bogged down in admin “stuff”.
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If you can build your business from cashflow without equity investment do so (until you need to scale).
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Start with the end in mind – have a clear plan of what you are doing and what you want to get out of it – write it down too.
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You don’t have to start a business to gain
entrepreneurial skills and capabilities, why not intern with a startup
through Startup Ireland
Representing Ireland’s Startup Sector
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CONCLUSION
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Become an entrepreneur
not because youhave to
but because youWANT to!
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Think Big Act Now Change Ireland Social Entrepreneurs Ireland
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Monday, November 17thin the Mansion House
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Representing Ireland’s Startup Sector