UXSG2014 Workshop (Day 2) - How to think like an entrepreneur (Trent Mankelow)

How to
Think like an
entrepreneur
UX Singapore
2 October 2014
@trentmankelow

!
!
!
!
I started this company
when I was 26

A bit about me Agenda
A bit about you
Quiz!
What is an entrepreneur?
Your entrepreneurial profile
Heart
Smarts
Guts
Luck
In conclusion…
Networking and drinks @ Morganfields!
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.

First, create a name card
§ On the front, write your name and draw a self-portrait
§ On the back, write something others are unlikely to know
about you
Then, go round your table
§ Describe your card – name,
unusual fact
§ Why are you here?

What proportion of females are
entrepreneurs?
1%
2%
6%
10%
Q1
:
A.
B.
C.
D.

What proportion males are
entrepreneurs?
1%
2%
6%
10%
Q2:
A.
B.
C.
D.

Source: http://skills.oecd.org/useskills/documents/34aentrepreneursasapercentageofthetotalemployedpopulationbygender.html

Which country ranks as the
‘easiest to do business’?
Denmark
New Zealand
Singapore
Hong Kong
USA
Q3:
A.
B.
C.
D.
E.

Source: http://data.worldbank.org/indicator/IC.BUS.EASE.XQ

What proportion of
Singaporeans are ‘intending to
start a business within the next
3 years’?
1%
6%
13%
21%
Q4:
A.
B.
C.
D.

Source: Olexander S. Chernyshenko, Marilyn A. Uy, David Gomulya, Francis L. K. Wong, Moon-ho R. Ho, Yoke Yong Lai, Kim Yin Chan & Olwen
Bedford. (2013) Global Entrepreneurship Monitor 2012 Singapore Report. Singapore: Nanyang Technological University

True or false, on average
entrepreneurs are happier than
non entrepreneurs?
True
False
Q5:
A.
B.
Source: http://www.gemconsortium.org/docs/download/3106

True or false, entrepreneurship
is on the decline in the United
States?
True
False
Q6:
A.
B.

Source: http://techcrunch.com/2014/08/06/americas-geriatric-economy/

What is the average age of a
US-based entrepreneur?
23
28
32
39
Q7:
A.
B.
C.
D.
Source: http://blogs.hbr.org/2011/01/should-i-become-an-entrepreneu/

Entrepreneurship
encompasses acts of
organizational creation,
renewal, or innovation that
occur within or outside an
existing organization
Sharma, Pramodita, and James J. Chrisman.
"Toward a Reconciliation of the Definitional Issues in the
Field of Corporate Entrepreneurship." (1999).
“
“

“ “
Entrepreneurship is the
relentless pursuit of
opportunity without regard to
the resources at hand
Howard Stevenson, Harvard Business School

What are the traits
of a successful
entrepreneur?

Entrepreneurial Aptitude Test
1. Go to http://www.hsgl.com/
2. Click on the ‘Take the Entrepreneurial Aptitude Test’
3. Take the test (it should take about 7 minutes)
4. Read the results
5. Break into groups based on Heart, Smarts, Guts, and
Luck
6. Discuss:
§ What did you find out?
§ What about the description rings true to you?
§ Any surprises?
§ Anything you disagree with?

x 165
We wouldn’t have gotten
anywhere without Passion

Our vision is to
Transform New Zealand
organisations into providers of
world-class customer experiences

1. What did you want to
be when you grew up?

What’s on your
work bucket list?

TIPS ON HOW TO:
Make smart
decisions

1. Encounter a choice…
2. Analyse your options… But
the confirmation bias leads
you to gather self-serving in
3. Make a choice…But short-term
emotion will often tempt
you to make the wrong one.
4. Live with it…
But narrow framing makes you
miss options.
But the confirmation bias leads
you to gather self-serving
information.
But short-term emotion will
often tempt you to make the
wrong one.
But you’ll often be overconfident
about how the future will unfold.

TIPS ON HOW TO:
Sell your ideas

Attunement tip: Get in touch
with your inner ambivert at
danpink.com/assessment

Buoyancy tip: Use questioning
self-talk

Clarity tip: Ask better questions
• Can you walk me through your decision-making process?
• Who will approve the budget for this work?
• Who will make the final decision about selecting a firm to
work with?
• Can you share with me your timeframe for making a
decision?
• May I ask, what other firms you are talking to?
Source: http://andrewsobel.com/articles/dont-write-a-proposal-just-yet/

1. Grab an index card.
2. Silently write a single tip for ‘selling ideas’ on the card.
3. As you complete each idea, pass that the index card to
the person on your right.
4. Read the card you received and think of it as an ‘idea
stimulation’ card. Add an idea inspired by what you just
read or enhance the idea, and then pass again to your
right.
5. Continue this process of “brainwriting” and passing
cards to the right until there are various ideas on each
card until you get your card back again.
6. Once finished, collect the cards and tape them to the
flipchart.
7. As a group, review the ideas and draw stars next to the
ones you find most compelling. Discuss.

TIPS ON HOW TO:
Manage a
high-performing
team

Step 1. Hire great people
Step 2. Build a great culture

“ “
Leaders have a
disproportionately
large effect on the
culture
Maher, Plsek, Price, Mugglestone

Tip: Be deliberate about culture

e.g. ‘Beers with the Baws’

But, beware
a culture of
entitlement!

“ “
Lack of Guts is perhaps
the most common barrier
to entrepreneurial
success.
Heart, Smarts, Guts, and Luck

We are afraid of being
imprefect

Tip: Use the Pomodoro technique
1. Choose a task to be
accomplished
2. Set a timer for 25 minutes
3. Work on the task until the
timer goes off
4. Take a 5 minute break – go to the bathroom,
look at The Facebook, etc
5. Every 4 sprints take a longer break

Thinking like an entrepreneur
means mitigating risks, not
seeking them.
Entrepreneurs definitely feel
fear, they just act despite their
fear.

Starting a business was a risk…
…it worked out well

Buying a building was a risk…
…it worked out poorly

Buying a competitor was a risk…
…it worked out averagely

Buying lots of paper was a risk…
…it worked out poorly

Starting Workshop was a risk…

Hiring employee #1 was a risk…

Hiring employee #31 was a risk…
…it mostly works out well

When attempting to change an important aspect of my life, I tend to…
YES NO
1. Make a step-by-step plan
2. Motivate myself by focusing on someone that I admire for
achieving so much (e.g., a celebrity role model or great leader)
3. Tell other people about my goal
4. Think about the bad things that will happen if I don’t achieve my
goal
5. Think about the good things that will happen if I achieve my goal
6. Try to suppress unhelpful thoughts (e.g., avoid thinking about
eating unhealthy food or smoking)
7. Reward myself for making progress toward my goal
8. Rely on willpower
9. Record my progress (e.g., in a journal or on a chart)
10. Fantasize about how great my life will be when I achieve my goal

YES NO
goal
Score 1 point for each “Yes” in questions 1, 3, 5, 7 and 9

YES NO
goal
Score 1 point for each “No” in questions 2, 4, 6, 8 and 10

To achieve your goals and ambitions there are
five key techniques:
1. Having a plan
2. Telling your friends
and family
3. Focussing on the
benefits
4. Rewarding yourself
each step of the way
5. Writing it down

What is your goal?
My overall goal is to…
Gain more confidence
when reading financial
statements [

Create a plan
1. My first sub-goal is to…
It doesn’t take
much time
2. I believe I can achieve this goal because..
3. To achieve this sub-goal I will..
Go to iod.org.nz
4. This will be achieved by the following date:
5. My reward for achieving this will be…
(Repeat up to 5 times)
Look up dates for the Financial Essentials
course from the Institute of Directors
30 Oct 2014
A cronut!

What are the benefits?
List three important benefits, focussing on how much
better life will be for you and those around you.
1.
2.
3.
It’ll help me get other directorships
It’ll be enjoyable to learn and sharpen up
It’ll help me gain credibility with the leadership team
at Spark Ventures

Going public
Whom are you going to tell about
your goal and sub-goals? Friends,
family, colleagues.
Talk to Rod

Source: Good to Great by Jim Collins

Before enlightenment, chop wood
and carry water.
After enlightenment, chop wood
and carry water.
– Zen proverb

You’ll be the same in five years
as you are today, except for the
people you meet and the books
you read.
- Charlie ‘Tremendous’ Jones

Choose one
book from the
Recommended
Reading list

TIPS ON HOW TO:
Be more
optimistic

Tip: Think outside,
specific, temporary

How to think like
an entrepreneur

To think like an entrepreneur…
Be
passionate

Make
smart
decisions

Concentrate on
culture

Take action

Take more
risks

Read

Be super
optimistic

Twenty years from now
you will be more
disappointed by the
things that you didn’t do
than by the ones you did
do
- Mark Twain

Absorb what is useful.
Discard what is not.
Add what is uniquely your
own.
- Bruce Lee

Thanks,
you’re awesome
@trentmankelow @OptimalExp

Hone your
sales skills

Why do UXers
become
entrepreneurs?

• Portigal – “Got laid off”
• Andy Budd – “To build something bigger than myself and to make the web a
better place”
• Jeff G – “I wanted to do work that mattered and in-house opps didn't offer it.
User-centric work that solves actual problems and ships. In addition, I believed
there was a better way to work.”
• Dave Gray - it was obvious by 1989 I was not going to retire in the newspaper
business
• Josh S – “1/I didn't want a boss. 2/No perfect role was waiting--I had to make it.”
§ Ask Giles,

Part 2.
Defining
entrepreneurship

Linda is 31 years old, single, outspoken, and very bright.
She majored in philosophy. As a student, she was deeply
concerned with issues of discrimination and social justice,
and also participated in anti-nuclear demonstrations.
hich is more probable?
a) Linda is a bank teller.
b) Linda is a bank teller and is active in the feminist
movement.

Ngira tuitui
‘needle that binds things together’

What does it mean
to ‘think like an
entrepreneur’?

Traits of an entreprenuer
From http://hive.org/20s/
UXers
Passion!

“Culture eats
strategy for lunch”
-Peter Drucker

70% of
businesses
that
exited
did
not
start
with
a
formal
plan

“No plan survives
first contact with
customers”
-Steve Blank

“Pick only the three to five operating metrics that correlate most
highly to your desired financial goals and get people focused on
those”

Halo effect
Image from http://www.nzia.co.nz/projectImages/672132fd/Images/Art%20Maths%20Classroom%20Block%20_%20Classroom%20_%206%20of%206.jpg

“
I had $200,000 of credit card debt
and $50,000 in the bank. I said, I
can either take that $50,000 and
throw it into this bottomless pit of
debt, or, we could make a movie!
So we made Super Size Me
Morgan Spurlock
“

UXSG2014 Workshop (Day 2) - How to think like an entrepreneur (Trent Mankelow)

Empfohlen

Empfohlen

Weitere ähnliche Inhalte

Was ist angesagt?

Was ist angesagt? (20)

Andere mochten auch

Andere mochten auch (20)

Ähnlich wie UXSG2014 Workshop (Day 2) - How to think like an entrepreneur (Trent Mankelow)

Ähnlich wie UXSG2014 Workshop (Day 2) - How to think like an entrepreneur (Trent Mankelow) (20)

Mehr von ux singapore

Mehr von ux singapore (20)

Kürzlich hochgeladen

Kürzlich hochgeladen (16)

UXSG2014 Workshop (Day 2) - How to think like an entrepreneur (Trent Mankelow)