Sunday Conculsion

Jan 24, 2014Download as PPTX, PDF0 likes321 views

This document discusses whether passion or skills are more important for startup success. It notes that a study by Cooper et al. (1990) found no significant relationship between passion and business performance. It argues that skills are more important than passion for building a successful startup, but that the best case is having both passion and skills. It then discusses how Warren Buffett developed entrepreneurial skills through various jobs and learning experiences from a young age, demonstrating that entrepreneurship can be learned.

Aspiring

Exceptional

Entrepreneurs

Entrepreneurs

Is passion essential to building a
successful startup?

I look forward to returning to work when I am away from my work

0
Very
False

Source: Cooper et al. (1990)

1

2

3

4

5

6

7

8

9

10
Very
True

I accomplish a lot because I love my job

0
Very
False

1

2

3

4

5

6

7

8

9

10
Very
True

Source: Cooper et al. (1990)

Most of my life’s satisfaction is derived from my work

0
Very
False

1

2

3

4

5

6

7

8

9

10
Very
True

Source: Cooper et al. (1990)

Is passion essential to building a
successful startup? NO!

There was no significant relationship between passion
and business performance Cooper et al. (1990)

SKILLS ARE MORE IMPORTANT THAN PASSION

=

+
No
passion

Skills

Success

BEST CASE

=

+
Passion

Skills

Success

How do you develop entrepreneurial skills?

A BORN ENTREPRENEUR?

My wealth has come from a combination of
living in America, some lucky genes, and
compound interest...

LEARNING 5: INVESTMENT IN STOCK (11 YRS)

LEARNING 7: BUSINESS GOAL

I want to be a millionaire by the time I am 35
– Warren Buffett, 1941

LEARNING 13: 2ND HAND GOLF BALL BUSINESS

LEARNING 20: HORSE RACE BETTING BUSINESS

1) The author had a stable life in Amsterdam but took a risk becoming an expatriate in his home country of Spain to take a new role with a struggling company. 2) His first three months were difficult as he struggled to communicate in Spanish and felt like an outsider. 3) The company went through major restructuring due to acquisitions and the economic crisis, which involved firing employees and closing facilities. 4) The author emerged a stronger manager and now has increased responsibilities in the company across multiple countries.

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The document discusses the development of entrepreneurial skills through learning and experience. It profiles Warren Buffett and the 37 specific learnings and jobs he had from a young age that helped him become a successful entrepreneur and investor. These learnings demonstrate that entrepreneurship is a skill that can be developed over time through continuously seeking out new experiences, rather than something someone is born with.

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Sunday Morning - Effectuation & pitchLaunchWeekend

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The document discusses the principles of effectual thinking used by successful entrepreneurs. It provides examples of entrepreneurs who focused on affordable loss, leveraging contingencies, and forming partnerships with available resources and networks. The document advocates an iterative process of taking action with available means and allowing outcomes to develop organically rather than relying solely on predictive business plans and analyses.

�ݺ�ߣ Pitch Template April 2014LaunchWeekend

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The founders interviewed 14 out of 23 worried mothers who were concerned about their babies dying of SIDS. They pitched a baby monitor called Owlet to 81 parents at a store, and 16 expressed interest in purchasing it. 477 additional parents inquired about Owlet via email. Projections estimate $500,000 in sales the first year, $1,000,000 the second year, and $2,000,000 the third year, as they believe they can sell everything they produce within two months.

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This document contains an interview template for founders to provide evidence related to different aspects of validating their business idea and readiness for investment. It asks founders to provide evidence of customer problem fit, solution fit, market size, ability to sell an MVP, customer satisfaction, production capabilities, marketing and distribution strategy, and financial projections. The founder is also advised to get out of the building and run experiments to further validate their idea before updating financial projections and optimizing customer acquisition.

Sunday - Startup scienceLaunchWeekend

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1. Several factors predict startup success including opportunity, team composition, advice seeking, industry experience, traction, and avoiding premature scaling. Choosing industries with high startup rates like software and having co-founders increases chances of success. 2. Values like how founders spend their time, what energizes them, and how they allocate money provide insight into their future. Founders focused on business activities like Elon Musk and Richard Branson tend to be successful. 3. Vision and growth commitment also predict outcomes. Fast growing founders with ambitious long term visions to create pervasive global products tend to achieve more than those with slow, limited goals.

Saturday Afternoon - MVPLaunchWeekend

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Sunday Conculsion

1. CONCLUSION

2. Aspiring Exceptional Entrepreneurs Entrepreneurs

3. Is passion essential to building a successful startup?

4. I look forward to returning to work when I am away from my work 0 Very False Source: Cooper et al. (1990) 1 2 3 4 5 6 7 8 9 10 Very True

5. I accomplish a lot because I love my job 0 Very False 1 2 3 4 5 6 7 8 9 10 Very True Source: Cooper et al. (1990)

6. Most of my life’s satisfaction is derived from my work 0 Very False 1 2 3 4 5 6 7 8 9 10 Very True Source: Cooper et al. (1990)

7. Is passion essential to building a successful startup? NO! There was no significant relationship between passion and business performance Cooper et al. (1990)

8. = + Passion No skill Failure

9. SKILLS ARE MORE IMPORTANT THAN PASSION = + No passion Skills Success

10. BEST CASE = + Passion Skills Success

11. How do you develop entrepreneurial skills?

12. A BORN ENTREPRENEUR? My wealth has come from a combination of living in America, some lucky genes, and compound interest...

14. BORN 1930

15. LEARNING 1: DAD WAS A STOCKBROKER

16. LEARNING 2: CHEWING GUM BUSINESS

17. LEARNING 3: COKE BUSINESS

18. LEARNING 4: BASEBALL JOB

19. LEARNING 5: INVESTMENT IN STOCK (11 YRS)

20. LEARNING 6: MEET SIDNEY WEINBERG