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Youth Entrepreneurship Boot-camp - Saud Masud

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Khawaja Saud Masud
Khawaja Saud Masud

Sample set of slides cover basic concepts, challenges, business failure rates, core skills needed to be a successful entrepreneur and six main theories of entrepreneurship.

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VECTORP A R T N E R S CONSULTING | CAPACITY BUILDING Your partners in success
The best way to predict the future is to create it. ~Peter Drucker
Why not start a business?
50% of small businesses fail <1 yr. 95% of small businesses fail <5 yrs. 60% of small businesses are breakeven or losing money Chance of survival in 10 yrs. <10% 80% of retail shops fail 60% of restaurants fail Thomas Edison made the first functioning bulb after 10,000 failures Richard Branson launched 400 other companies before Virgin Colonel Sanders’ chicken recipe was rejected 1,009 times before acceptance James Dyson failed 5,126 times before his successful vacuum cleaner prototype Sylvester Stallone was rejected 1,500 times for the script of Rocky Henry Ford failed at 3 businesses before succeeding with Ford Motors at age 53 J.K. Rowling’s Harry Potter novel was rejected by 12 publishers Stephen King’s first book Carrie was rejected 30 times Steve Jobs was a school dropout and fired from his own company What about YOU? Sources: top-business-degrees.net, Anna Vital, Khosla Ventures, various internet resources Failure stats
Why US succeeds at entrepreneurship Idea Marketable Product/Service Entrepreneurship is a simple concept… …but with several complex ingredients Risk taking culture Supportive infrastructure Skilled population Low fear of failure Emphasis on leadership
Economic Resource- based Psychological Opportunity- based Sociological Innovation Theories of Entrepreneurship Motivated by economic success Driven by access to education, raw materials, labour, etc. Self-reliance traits Social & technological changes Social network & skills- based affiliations New product, process, access, etc.
Risks • High dependence on oneself • High risk of execution failure • Capital constraints • Structural challenges • Lack of specific expertise • Breakthrough may take longer • Social cost Rewards • Financially more rewarding • Work-life balance on one’s own terms • Serial entrepreneurship possibilities Risks & Rewards: Entrepreneurship
Risks • Financial limitations • Restrictive routine for extended period of time • Limited control on decision- making Rewards • Relatively stable income stream • Pension & post-retirement benefits • Gradual path to promotion • Less performance pressure Risks & Rewards: Employment
Problem solving CommunicationAnalytical Core Entrepreneurial Skills
Pain point? Solutions? Refine (i.e. Innovate) Test Problem Solving
Gather data Interpret data Triangulate with anecdotal evidence Decide with data! Analytical
Communication “The way we communicate with others and ourselves ultimately determines our quality of life.” ~ Anthony Robbins
Steps in launching any business 1) Idea generation 2) Market study 3) Financial evaluation 4) Business plan 5) Financing6) Recruitment7) Execution8) Feedback Common skill: COMMUNICATION

More Related Content

Youth Entrepreneurship Boot-camp - Saud Masud

  • 1. VECTORP A R T N E R S CONSULTING | CAPACITY BUILDING Your partners in success
  • 2. The best way to predict the future is to create it. ~Peter Drucker
  • 3. Why not start a business?
  • 4. 50% of small businesses fail <1 yr. 95% of small businesses fail <5 yrs. 60% of small businesses are breakeven or losing money Chance of survival in 10 yrs. <10% 80% of retail shops fail 60% of restaurants fail Thomas Edison made the first functioning bulb after 10,000 failures Richard Branson launched 400 other companies before Virgin Colonel Sanders’ chicken recipe was rejected 1,009 times before acceptance James Dyson failed 5,126 times before his successful vacuum cleaner prototype Sylvester Stallone was rejected 1,500 times for the script of Rocky Henry Ford failed at 3 businesses before succeeding with Ford Motors at age 53 J.K. Rowling’s Harry Potter novel was rejected by 12 publishers Stephen King’s first book Carrie was rejected 30 times Steve Jobs was a school dropout and fired from his own company What about YOU? Sources: top-business-degrees.net, Anna Vital, Khosla Ventures, various internet resources Failure stats
  • 5. Why US succeeds at entrepreneurship Idea Marketable Product/Service Entrepreneurship is a simple concept… …but with several complex ingredients Risk taking culture Supportive infrastructure Skilled population Low fear of failure Emphasis on leadership
  • 6. Economic Resource- based Psychological Opportunity- based Sociological Innovation Theories of Entrepreneurship Motivated by economic success Driven by access to education, raw materials, labour, etc. Self-reliance traits Social & technological changes Social network & skills- based affiliations New product, process, access, etc.
  • 7. Risks • High dependence on oneself • High risk of execution failure • Capital constraints • Structural challenges • Lack of specific expertise • Breakthrough may take longer • Social cost Rewards • Financially more rewarding • Work-life balance on one’s own terms • Serial entrepreneurship possibilities Risks & Rewards: Entrepreneurship
  • 8. Risks • Financial limitations • Restrictive routine for extended period of time • Limited control on decision- making Rewards • Relatively stable income stream • Pension & post-retirement benefits • Gradual path to promotion • Less performance pressure Risks & Rewards: Employment
  • 12. Communication “The way we communicate with others and ourselves ultimately determines our quality of life.” ~ Anthony Robbins
  • 13. Steps in launching any business 1) Idea generation 2) Market study 3) Financial evaluation 4) Business plan 5) Financing6) Recruitment7) Execution8) Feedback Common skill: COMMUNICATION