What type of entrepreneur are you?
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Uncovering and understanding your deeper motives is the first step toward becoming a successful entrepreneur or discovering that you are not cut out for its punishing demands -- the personal sacrifices, inevitable setbacks, relentless work, crushing time pressure, financial uncertainty and sleepless nights faced by 99 percent of entrepreneurs. Derek Lidow, a veteran entrepreneur, author of Startup Leadership, and a professor in Entrepreneurship at Princeton University, provides a roadmap for determining your entrepreneur type.
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What type of entrepreneur are you?
- 1. What Type of Entrepreneur Are You? By Derek Lidow • Author, Startup Leadership • Innovation and entrepreneurship professor, Princeton University
- 2. What Type of Entrepreneur Are You? A wide spectrum to choose from
- 3. Over 32 million businesses in the US in 2007 Source: Statistical Abstract of the United StatesCopyright © 2016 Derek Lidow. All rights reserved. www.DerekLidow.com @DerekLidow
- 4. Source: Inc. Magazine Copyright © 2016 Derek Lidow. All rights reserved. www.DerekLidow.com @DerekLidow
- 5. Why Do I Care What Type of Entrepreneur I Am? Uncovering and understanding those deeper motives is the first step toward becoming a successful entrepreneur or discovering that you are not cut out for its punishing demands -- the personal sacrifices, inevitable setbacks, relentless work, crushing time pressure, financial uncertainty and sleepless nights faced by 99 percent of entrepreneurs. You need to know whether your motivations are strong enough to carry you through an experience that can certainly be exhilarating, but also exhausting, calling on your deepest reserves of personal strength. Copyright © 2016 Derek Lidow. All rights reserved. www.DerekLidow.com @DerekLidow
- 6. Dimensions of an Entrepreneur Motivations – why would you risk starting a company? • It is fun • I want to learn to do something new • I want to run my own show • This product or service has to exist! • I want to be rich • Adversity (I NEED to do it to survive) Methods – how would you discover what will create value? • Causal • Effectual Models – what type of strategy will you use? • Make • Take • Buy Copyright © 2016 Derek Lidow. All rights reserved. www.DerekLidow.com @DerekLidow
- 7. Real Life Examples: Dimensions of an Entrepreneur Motivations – why would you risk starting a company? • It is fun Blogger, Twitter, eBay, Yahoo • I want to learn to do something new Nike • I want to run my own show Activision, Oracle • This product or service has to exist! Cisco, Apple, Teach for America • I want to be rich Dell • Adversity 1-800-autopsy Which reason is most common? Copyright © 2016 Derek Lidow. All rights reserved. www.DerekLidow.com @DerekLidow
- 8. Dimensions of an Entrepreneur Methods – how would you discover what will create value? Causal Search and Select Forecasts the future Business Plan centered Effectual Transform possibilities into opportunities Create and transform environments as needed Given the means, what ends to you see? Feel your way Buying a low priced option to ‘turn over another card’ Which method is most common? Lotus Compaq FedEx Microsoft Dell Apple Cisco WalMart U-Haul Copyright © 2016 Derek Lidow. All rights reserved. www.DerekLidow.com @DerekLidow
- 9. Dimensions of an Entrepreneur Models– what type of strategy will you use? Make Make something new Create a new market Apple, Facebook, FedEx, U-Haul, Tesla, Cisco Take Take something away from an incumbent Do something with a lower cost structure or better performance Do a better job of selling, servicing, or distributing WalMart, Oracle, Chipolte, Southwest, Netflix, Nike Buy Buy market share, intellectual property, assets and manage them more effectively Innovate how cash flow can be financed within a market Negotiate favorable terms for existing cash flows (common Private Equity model) Cisco, McDonald’s, most Private Equity, Trading Firms, Real Estate, IP Houses How many start-ups actually produce something new? With any IP protection? Copyright © 2016 Derek Lidow. All rights reserved. www.DerekLidow.com @DerekLidow
- 10. Learn More With These Free Resources! Visit http://dereklidow.com/resources to download Copyright © 2016 Derek Lidow. All rights reserved. www.DerekLidow.com @DerekLidow Read the book!