Management 04. They don't have to like you. The downside. The digital economy. Real-world skills.

1. Personal Branding
2018 / @JoanTubau

2. Management 04. Entrepreneurship

4. Entrepreneurship
It’s not that easy
It’s never been easier

10. ‘For thousands of years, guys like us have gotten the shit kicked
out of us—but now, we can be in charge and build empires’

11. It’s simple, you’ll make € if you anticipate the future
Kirzner's entrepreneur: Alertness to opportunities

12. How much ideas are worth? (0)
Execution, execution, execution

13. Innovation is not always about futuristic gadgets
Comparative advantage for Spain? (Not in tech)

14. Social media was invented 10 years ago: Improve successful
models (iPod) or import successful models elsewhere (Llagurt)

15. Creating value vs. Capturing value… last-mover advantage
Barriers to entry: Technology, branding, network effects, etc.

16. ‘Be obsessed, be obsessed, be obsessed’
Follow the money / Do what you love

17. Bezos: 'Stubborn on vision, flexible on details'
Bezos, again: 'Your margin is my opportunity'

20. Success is about fast, efficient trial-and-error
Fail safe: Stop-loss + Own your bad decisions

21. Austrian economics on entrepreneurship
The entrepreneur as the ‘driving force’ of the market
Heterogenic K in a dynamic environment—econ. calculation
Knight: ‘Judgmental decision-making under uncertainty’
Dispersed knowledge and price discovery… profit or loss
Governments' role: Property rights + Rules
Moral hazard. Threat of bankruptcy, engine of capitalism

22. Schumpeter: Creative destruction… disruption
'Econ. problems arise as a consequence of change'

26. 12 Lessons Steve Jobs Taught Me (Guy Kawasaki)
1. Experts are useless: You’ll have to figure it out for yourself, don't rely on others
2. Customers don’t know: ‘If I had asked, they’d have said faster horses’ H. Ford
3. Challenges beget the best work: Don't back down from dangerous situations
4. Design counts: Great design is the premium for your product
5. Big graphics, big font (presentations): Tighten up the message and engage
6. Jump curves, not better sameness: Launch a product/service 10 times better
7. ‘Work’ or ‘Doesn't work’ is all that matters: Adjust, be flexible when needed
8. Value is different from price: Customers will pay for high quality… perception
9. A players hire A players: Preventing the bozo explosion, find smarter people
10. Real CEOs demo: Don't let the Head of Design present it (what's the message?)
11. Entrepreneurs ship: If it works, accelerate; if it doesn’t, correct
12. Things need to be believed to be seen: If you wait for proof, it’ll never happen

27. Rockefeller: 'You call it monopoly, I call it enterprise'
(If no externalities) Peter Thiel approves this message

28. Zero to One (Peter Thiel)
All failed companies are alike, they replicate and fail to escape competition
Recognize competition as a destructive force instead of a sign of value
When in a fight, strike hard and end the confrontation quickly
Customers don’t care unless you solve a particular problem in a superior way
Every successful company is successful in its own way (unique value proposition)
Monopoly characteristics: Technology, network effects, econ. of scale, branding
Last-mover advantage. Make the last great development in a specific market
Start small (don’t disrupt) and monopolize; once you dominate, expand
VC returns are not normally distributed, few companies outperform all others
Pursuit of the very few that can become giants, diversification is for losers
Every company in a portfolio must have the potential to succeed at vast scale

29. Zero to One (Peter Thiel)
Nail these 7 questions and you will succeed
1. The engineering Q: Can you create breakthrough technology? (not 10% but x20)
2. The timing Q: Is now the right time to start your particular business?
3. The monopoly Q: Are you starting with a big share of a small market?
4. The people Q: Do you have the right team? (diff. individuals, good management)
5. The distribution Q: Do you have a way to deliver your product efficiently?
6. The durability Q: Will your position be defensible 20 years into the future?
7. The secret Q: Have you identified a unique opportunity that others don’t see?
Lessons from the dot-com bubble crash
1. Make incremental advances, small steps; 2. Planning is arrogant and inflexible;
3. Improve on the competition, existing markets; 4. Focus on the product, not sales

31. Start-up Nation: The Story of Israel’s Economic Miracle (Senor & Singer)
Conventional explanation for their success is the literate, intellectual culture
Gladwell argues it is the savvy you get from watching your family work hard (the
right values) and the idea that if you pay the price you are going to be rewarded
It only works in environments with a direct correlation between effort and reward
More factors: Jews and networking, the 6 degrees are now 2 degrees
Encouraging creativity and critical thinking… while respecting the hierarchy
Culture of failure, where everyone is accountable of his / her mistakes
Chutzpah (Jewish word for ‘guts’), or the courage to say things shocking to others
Policy lessons for investing and educational reform
War zone, a country surrounded by enemies. We are a product of our environment
Think about the mentality of our elders, they never took anything for granted

32. The Lean Startup (Eric Ries)
Start: New products
Define: Innovation is a bottom-up, decentralized process, but it can be managed
Leap: The MVP is not the product but a learning activity to test the leap-of-faith
Experiment: Identify the assumptions and figure out ways to test them
Test: First challenge, test assumptions systematically; second, rigorous testing
Measure: Innovation accounting. Set up milestones and prioritize work
Learn: Everything you do is designed to achieve validated learning
Pivot: Acknowledging failure it’s always painful… but it must be done
Batch: Build an organization as adaptable and fast as the challenges it faces
Grow: (1) Side effect of product usage, (2) word-of-mouth, (3) advertising
Innovate: Personal stake

35. Greiner: 'Entrepreneurs work 80 hours a
week to avoid working 40 hours a week'

36. Do you have enough cash to last at least a year?
Good, multiply it by 3

41. Business Secrets of the Trappist Monks (August Turak)
Most companies fail because their vision is too small… or too ambiguous
CEOs are so busy getting things done that they forget why are they doing it
Marines will sacrifice for a sense of community, bigger than the sum of individuals
Team management: Set the expectations and build passion among employees
‘When taking a new job, hire somebody, fire somebody, rearrange the furniture’
Goat rodeos and the transformational organization, push your team to the limit
Write down every promise you make, no matter how trivial
Communicate effectively when not able to fulfill a promise. Honesty
What made you successful was not what you did but what you did not do
Intangibles: A reputation for integrity, culture of excellence, selfless service
Dharma (the right way): Conduct, meditation, wisdom, freedom, understanding
Life must be lived forward. Trust the process and know your code

43. Management lessons from heterogeneous teams
Heathrow effect. Risk-reward policies in big firms

49. Working hard for projects that will never see the light
How to demotivate your employees: Ignore the report

51. Nomadism. Small groups... alpha without structure
Agriculture. Social hierarchies, big chief, polygamy

58. Management: Adapt message to each employee
How different people perceive things differently

65. Ned Ludd was right... 230 year after the incident
Robots & AI + Globalization too. Are you ready?