This was prepared for budding entrepreneurs at the Student Hackathon at Mount Royal University during Alberta Tech Week #abtw2013 as part of @accelerateab conference. Thanks for having me! Afer 30 years of "shipping bits" (software entrepreneur), it was fun to distill what I see in all the many entrepreneurs who have inspired me, and what I think is important to success (both $$$ and personal satisfaction / growth). Enjoy!

1. ELEVEN ESSENTIALS
FOR ENTREPRENEURS
Stephen King
President, Stephdokin.com
CEO, TCELab.com
EIR, AcceleratorYYC
@stephdokin
www.stephdokin.com
#Hackathon
@accleratorYYC
© 2014 Stephdokin Inc. All rights reserved. Duplication or distribution is encouraged, with proper attribution.

2. #hackYYC

3. I am not THAT Stephen King
I‟m this one

4. 30 years of “Shipping Bits”

5. Stephen-On-A-Page
Education:
BCS
Bachelor of Computer Science
CFP
Certified Financial Planner
1988-2007:
I’ve driven over $500M in revenue and participated in
over 50 product and program launches / lifecycles; a
combination of executive branding/marketing +
technical know-how + roll-up-yer-sleeves.
From 2008:
Digital
Brand
Consultant
Co-Founder
Founder

7. Do you want to
be a guitar
player?
Or a guitar hero?

8. “Entrepreneur” is
both who we are
and what we do.
We work in businesses of all sizes, not just start-ups.
We’re not “born” with it in our DNA – we create ourselves!

9. Essential
1
Entrepreneurs have
a beginners mind.
Curiosity and openness.
Lifelong journey of
listening and learning.
There is no such thing as
failure, only learning
opportunities.
You’re never as good as
the person you will
become!

10. Essential
2
Entrepreneurs
get „er done.
Drive to get the ball in the end-zone despite all obstacles
Manage time and cash to profitability by creating revenue in
3 different ways (new customers, retention, increased ASP)
Conquer “The Double Hump of Risk” (Product + Go-To-Market)

11. Essential
3
Entrepreneurs adaptto embrace change.
Change creates challenge.
Without challenge,
there is no opportunity for success.
Learn from change. There are many things
beyond your control! Industry. Technology.
Economic. Political. Government. Cultural.
Walk a mile in your customers shoes.
Then, create change.

12. change
My Samsung Note II is 1,500,000%
faster than my old Atari 400

13. Essential
4
Entrepreneurs smell
opportunity and $$$.
1. How does change create an
opportunity? (opportunities are
vitamins or pain pills!)
2. Who will pay for your products /
services / solutions?
3. How much can you charge for it?
4. How big $$ is the market opportunity?
5. How easy is it to access the market –
to sell it to potential customers?
6. What were customers using before?
7. What other choices do they have?
Why would someone select you and
not your competition?
8. How much resources (time & money)
will you need to make it profitable?
When opportunity knocks,
answer these questions before
opening the door!

14. Essential
5
Entrepreneurs
communicate.
Which is better?
A. “10 out of 10” idea or product poorly
communicated? 10 X 1 = 10
B. “5 out of 10” idea or product that is
properly communicated? 5 x 5 = 25
C. A “3 out of 10” idea or product that
becomes viral? 3 X 10 = 30
Entrepreneurs define clear Customer Benefit
and Feature statements.
What do customers LOVE/NEED that is
uniquely yours?
Does the brand represent the product?

15. Essential
6
Entrepreneurs
have luck.
I am a great believer in luck, and I find
the smarter I work the more I have of it.*
* As modified from original quote “I am a great believer in
luck, and I find the harder I work the more I have of it.”
~ Thomas Jefferson

16. Essential
7
Entrepreneurs
code.
Whether you are building software technology
to sell, using technology to sell your physical
products & services or adapting technology
for internal processes, having coding &
technical skills gives savvy entrepreneurs the
edge with speed and access to markets.

17. Essential
8
Entrepreneurs
analyze data.
Types of data
• Website Analytics
• Product Use
• Social Analytics
• Marketing + Sales
• Operational
• Financial
• Customer
Use data to help prioritize
your team’s strategy and
tactics.

18. Essential
9
Entrepreneurs sell.
Sell themselves. Sell ideas.
Sell products. Sell their company.
ABC = Always Be Closing.
If you don't ask, you will most
assuredly never hear “yes.”

19. Essential
10
Entrepreneurs
are good
friends.
Entrepreneurs are rarely successful doing
things by themselves. They network (a.k.a.
“Friendship”). They sell to “people” not
“targets.” They surround themselves with
teams and advisors who make them “whole.”

20. Essential
11
Entrepreneurs
have fun.

21. What will you create?
Thanks!
Questions?
Thoughts?
stephen@stephdokin.com
@stephdokin
www.stephdokin.com