Enterpreneurship
Things that are important:
- Perseverance
- Work ethics
- Confidence
Common traits
- Confident
- Gregarious (Social)
- Forward thinking
- Action oriented (Just do it)
Most important
Risk tolerant: Accept failing, keep failing.
The enterpreuneur mindset
They tend to have a: 1. A defined view of the future. 2. Optimistic about it.
Business life cycle
- Pre-launch:
- planning to tackle a market.
- Startup:
- Just to do it.
- Small operations.
- Doing everything necessary
- Growth:
- more clients/employeers
- Enterpreneur stop doing everything
- Maturity:
- The market is so developped.
- Typically pivot or doing something else to get more.
- Enterpreneur typicall leave and start a new adventure.
Types of income
- Active income
- Passive income
- Investing in stocks
-
Dividends
-
Recurring revenue: pay repeatidly ("Cours de soutien xD")
- Planned obsolescence: phones
Process of opportunity
- Recognizing the opportunity (Problem to solve ..)
- Conceptualization:
- might asking costumers/friends
- looking at market/competitors
- Planning:
- gathering resources
- come up with a Business model
- Launching the business
Paths to go for
Lifestyle enterpreuneur
- Start business to have a good life, they focused on money
- They by design don't make a tons of money as it should take too much time
- They don't seek a brand new idea or a key diffrenciator
Side business enterpreuneur
- Look for things that don't require a lot of time
- Little risk, little return
- Plateforms: Etsy, fiverr, ebay, craigslist->ebay
Startup enterpreuneur
- A startup is a business who is designed to grow as big as possible.
- Typically 100% time require.
Social enterpreuneur
- Primary produces good to everyone and making money.
- "Bee coorporations": making money while delivering value to social.
Service vs Product
- Service incure cost each time you sell it.
- Products not.
Business Model
Def: The way in which you make money Different types: - Advertising: Google. - E-commmerce: Amazone. - Subscription: New york times.
Business model could be changed along the way
Old business models
Retail
- "Brick and mortar" ?
- "Brick and click": Most clothing brands, you can buy physically and online
- Franchise (point de vente officielle)
New business models
- On demand: Uber, Shyp, Washio, Postmates, lyft.
- Sharing economy: aribnb, "The power drill dilemma"
- Crowdsourcing: get ideas from the crowd, techcrunch.
- Freemuim: give it to free, they get addicted, then they can't just live without you, example: Evernote, money lover.
- Direct to consumer: Dell computers.
Scalability
- Def: how to grow your business to thoughsands, millions of users.
- Does your business have a lot of marginal cost (every time you sell something how much it costs you) ?
Examples: - SAAS: scalable business. - Painting: not scalable. - Large market easy to scale, smaller not. - Coaching: not scalable -> Online course: - Startups need (as in MUST) to be scalable
Notes "Out of context"
- The "Marchamrmalomon" test
- "Survivor's bias"
- Extroverts vs Introverts
- Subscription plans are goood IMHO, they make the business scalable: we should think of one: maybe a plateforme here people get trainings, can ask questions, get orientation and also can make money by applying for freelance or job offers, the added value here is our evaluation of the person (whether who took a course/ solve some exercice .. etc) which would be time-consuming operation for hires.