Intelligent entrepreneurs by Bill Murphy Jr.

http://WhatILearnFromReading.com
The Intelligent Entrepreneur:
How Three Harvard
Business School Graduates
Learned the 10 Rules of
Successful Entrepreneurship
by
Bill Murphy Jr.
Teerawat Issariyakul
Friday, February 1, 2013

Outline
Entrepreneurs
The Rules
Summary

Entrepreneurs
What is an entrepreneur?
Why would you like to be one of them
Can you train to be one of them?
What do you need to do to be one of them?

Entrepreneurs
Business owners
“If you’re reading this book, it’s probably because
you hope to become a truly successful
entrepreneur. You want to build something
dynamic, useful, and great, and may be even get
rich in the process.”

Why Entrepreneurs?
Entrepreneurs
Change/Rule the world
Money for survival
Tired of bureaucracy
Focus on idea
Employers
Moving up the corporate ladder
Money for my family
It’s not bureaucracy; It’s the
control mechanism
Focus on Management

The Problem with Tech
Startups
Begins with tech. founders
Grows too fast
The founders do not learn
management skill fast enough.
Fired by the investor!
Sean Parker

Mindset Matters
It’s my idea! It’s mine!
Why should I be kicked
out from my own
company?
What do you care more? The
company or yourself?
Do you have management skills?
Ideas are a dime a dozen.
Execution is what is
important.”
-- Professor William A.
Sahlman, HBS

Why does most venture
fails?
Commitment
Wrong Business Idea
Understanding Market
Hiring: Right people,
right offer
Money/Capital
Communications
New opportunities
Bad luck/Blame bad luck
for not understanding the
true reason

Jobs of Entrepreneurs
Evaluate opportunities
Access require resource
Acquire the resource
Manage the venture
Harvest the value

Entrepreneurship can be
learned
Entrepreneurship is NOT an innate ability
Like an athlete ➠ The more you train the better you are!
A process of believing and commitment rather than
skill.
Skill are commodity; You can always hire skillful people.

10 Rules!
1.Make the Commitment
2.Find a Problem, Then
Solve It
3.Think Big, Think New,
Think Again
4.You Can’t Do It Alone
5.You Must Do It Alone
6.Manage Risk
7.Learn to Lead
8.Learn to Sell
9.Persist, Persevere,
Prevail
10.Play the Game for Life

Rule#1:
Make the Commitment

What do you want?
How badly do you want it?
Follow the trend?
Want to get rich?
Disappointed from day jobs?
Either way, you have to be committed!

Assess Yourself
Obligation: Family?
Support: Environment, emotional
support?
Opportunity cost: Quit your jobs?
Capability/Track record?
“Opportunity is personal,
not universal. It grows out
of your talents,
experiences, interests,
and the problems that
you’re uniquely positioned
to perceive in the world."

Rule#2:
Find a Problem, then Solve It

Problem ➠ Solution
DO NOT Begin with Solution!
Problem
Who care?
Pain v.s. pleasure business
Forget about your strength!
Start with what interest you!
If you fail, you’ll fail for what’s valuable
to you
“A real opportunity consists of
both the problem and the
proposed solution.”

A Recipe for Success
Finish the school
People like Zuckerberg, Jobs, Gates are rare
Learn about ﬁnance, incorporation, etc.
Work for others and gain experience!

Rule#3:
Think Big, Think New,
Think Again

Think Big
Life is short! Make it
worth your time, your
customers’ time, your
investors’ time.

Think New
Think Different!
“The people who are crazy
enough to think that they
can change the world are
the one who do!”
-- Steve Jobs
--Apple Think Different Campaign, 1997

Think New
Your customer needs to think
new too! ➠ Educate them
Protect your innovation
Large organization may undercut you
Do something radical; They have
more legacy, i.e., more to lose than
you do.
“Innovation usually comes
from either bringing a new
technology to an industry
or coming up with a new
business model.”

Think again
No great innovator get things right
by the ﬁrst time!
Apple
Not good at inventing things
Good at making existing things perfect
“If coming up with
innovative ideas is difﬁcult,
doing so again and again
is much harder.”

Rule#4:
You Can’t Do It Alone

Teamwork
It’s hard to do it alone.
There are always the second person
Steve
Jobs
Steve
Wozniak
Bill Gates
Paul Allen
Mark
Zuckerberg
Eduardo
Saverin

Teamwork
Business plan matters but founders are even more
important
2-3 founders
Complementary skills
Too many founders ➠ Disagreement!

Finding your team
Be passionate
Go to the right place
Be sociable
Use all networks you have
Use Technology
“people are drawn to the
excitement of somebody
who is really alive, really
on ﬁre about something”

Rule#5:
You Must Do It Alone

A Lonely Life
It’s hard to do it alone.
But, it’s your dream. You must do it alone!
No one in this world can make you truly satisﬁed!
You parent can be your worst enemy
You are leaving high-paying jobs! What do you expect
them to say.
Bottom-line: Be prepare for loneliness
“To be a champ you have
to believe in yourself
when nobody else will.”
-- Sugar Ray Robinson

A Lonely Life
You will have to face disappointment
Look at and talk to other entrepreneurs
Inventorize your success and build up conﬁdence
Be proud: At least you are trying to do something
others’re afraid to do.

Rule#6:
Manage Risk

Risk: Take v.s. Manage
What is risk?
Is not taking risk risky?
We don’t take risk. We manage risk, i.e., collect,
assess, minimize
Different people different risk
Always have a plan B.
Maintain liquidity: DROOM
“One of the great myths about
entrepreneurs is that they are risk
seekers. All sane people want to
avoid risk.”
– Professor William Sahlman, HBS

Rule#7:
Learn to Lead

Roles of Leaders
Not to be more intelligent
But to
Inspire/motivate/connect to your people
Hire/Fire
Run a meeting
Moderate conﬂicts
Lead them towards a common goal
“Leadership is getting someone to
do what they don’t want to do, to
achieve that they want to achieve”
-- Coach Tom Landry

What Leaders Need to Do
Be passionate
Communicate: Listen!
Make you destination clear
Put aside your ego
Arrange PARTY!

Rule#8:
Learn to Sell

Selling in IMPORTANT!
Leading = selling your ideas = convincing people
For a good sales person
Prepare to take “No”
“No” = Undecided
Don’t Lie! Lying is good only for a short-term
“People want to believe. They want
to believe in you. They want to
believe in your company. And, your
job is simply to give them the
opportunity to believe.”

Rule#9:
Persist, Persevere, Prevail

Persist!
It’s normal to encounter 100 “no” before a “yes”
Do not give up!
Old saying: What doesn’t kill you will make you
stronger!
“Never give in. Never give in. Never,
never, never, never – in nothing, great or
small, large or petty – never give in,
except to convictions of honor and
good sense.”
– Winston Churchill

Correlation of Attempts
Success leads to more success
Failure may not lead to success
Not getting things right from the
beginning
Success is a better lesson
People don’t usually admit and
correct their failure!

Keep Trying
If you’d like to reach the top:
- Don’t be afraid of hardness and exhaustion
- If you fail, at least you die trying.
- Start now!

To Be Successful
Keep the record of what you did well
Read as much as you can
When you can’t move forward, look for other solution
“The idea just gets you started. Once you get in the game,
you’ve got to work at it until you ﬁgure it out. And no matter
what we do, no matter how much success we have in a
given year, the game is always about survival. Nothing stays
the same for ten years. We’ve had to change our strategy
year after year after year. If you can survive through all the
tough times, you’ll be that much stronger when the good
times ﬁnally come.”
-- Marla Malcolm Beck

It’s time to sell your
company
Nothing is good forever.
Find the right moment.
Sell your company
The investors might even hire you to run your company

Rule#10:
Play the Game for Life

Life and Success
Deﬁne your success:
Money,
Make impact,
Exploit your full potential
What exactly do you want?

Your Life: Balancing or
Juggling?
Important things in life
Happiness
AchievementSigniﬁcance
Legacy

If you are an entrepreneur,...
“Entrepreneurship isn’t just about solving a
problem, building a venture, managing risk, or
making money. It’s about having a positive
impact on the world, making the most of the
gifts you’ve been given, and realizing your full
potential as a human being. An intelligent
entrepreneur, in short, plays this game for life.”

Summary
We can learn to be an entrepreneur
There are few things you need to be successful
➠ Start with passion and commitment
➠ End with patience and persistence
But most of all, DEFINE your own “SUCCESS”

More like this?
Please visit
Opening date: 12/12/2012
www.WhatILearnFromReading.com

Discussion?

Intelligent entrepreneurs by Bill Murphy Jr.

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