entrepreneurship vatel may 2014 (1) .pdf



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Starting your first
Entrepreneurial Venture

Michael Hathorn
Partner, Optimis

Agenda
—  Introduction –my entrepreneurial journey in brief
—  Your main questions about starting your first venture
—  What is an entrepreneur?
—  Is entrepreneurship for you?
—  What I learned from my journey
—  Some tips on starting a new venture
—  Questions

Introduction
—  Currently owner and partner of Optimis Sarl, an

organisational development consulting firm based
in Switzerland www.optimis.ch

—  First entrepreneurial venture

—  Everything in-between

Your main questions …

What is an entrepreneur?
One who creates a new business in the face of risk
and uncertainty for the purpose of achieving profit
and growth by identifying opportunities and
assembling the necessary resources to capitalize on
them.

Entrepreneur Video Clip

Is entrepreneurship for you?
Q1. Do want to make a great deal of money?

Q2. Do you want to be your own boss?

Q3. Do you have great ideas you want to see succeed?

Is entrepreneurship for you? Part II
Are you passionate and resilient, able to operate in
highly ambigious situations?

Is entrepreneurship for you? Part II
Are you willing and able to ask for help when needed?

Is entrepreneurship for you? Part II
Do you have good sales skills …
ideas, products, services … ?

Is entrepreneurship for you? Part II
Have you developed the ability to create and nurture a
strong professional network and personal support
structure?

Is entrepreneurship for you? Part II
Can you get people to follow your lead?

Is entrepreneurship for you? Part II
Are you action oriented and willing to take action with
incomplete information?

Is entrepreneurship for you? Part II
Are you willing to make economic sacrifices and live
on a variable compensation?

Is entrepreneurship for you? Part II
Would you be fulfilled working for someone else?

What I learned from my journey?
1.  Passion, belief, energy and commitment are key
2.  Self understanding is very important
3.  Working for others was an important part of my
development

4.  It was necessary to surround myself with people
who have complementary skills and share the
vision

5.  Determine your business model early and refine

What I learned from my journey?
6.  Business planning is important but the plan usually
doesn’t survive first contact with reality

7.  Finding that something doesn’t work is inevitable and a
good way of getting closer to something that does

8.  The main satisfaction is in creating something that I
and others can be proud of

9.  Bad economic times can bring a lot of benefit to your
business

10. The time comes to move on … and start something
new

Some tips for starting a new venture
—  Do research prior to starting your new venture
o  Is there really a market?
o  What are the competitors doing?
o  How is your value proposition different?

—  Partner with others that share your vision
—  Stay hungry for knowledge about business and your

market – use a variety of resources … develop networks

—  Set Goals
—  Plan, plan and re-plan – the activity brings significant
value in alignment of your team and factoring in new
information from your experience

Questions


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