entrepreneurship: a self-experiment
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122 181 29 Entrepreneurship: a self-experiment
Nico Ebert 03.12.2013
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.. and I will NOT talk about – „How you should do it“ – „10 Tips for success“ or „7 Tools you need“ – „How good/great/catastrophic everything went“ – „How much money we‘ve raised/lost“
… but what I have learned in this experiment.
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At the beginning of the year we‘ve started a business...
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Experiment setup: People, Skills & Time
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Experiment setup: Idea (not brilliant, just good enough)
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a. We both had relevant experience b. We liked working with pupils
c. We like quality (products) d. Medium risk / return / scalability
(existing demand)
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Experiment setup: What we liked about the idea...
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Experiment setup: Motivation (Job frustration + Believe)
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Experiment setup: Capital (Invest + Living)
but
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08 - 12/2012: a „brilliant“ concept with a friend
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08 - 12/2012: a „brilliant“ concept with a friend
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„I don‘t see the USP in the model – everbody could easily copy your business model. I prefer ventures involving more risk, external capital and a hard-to-copy product.“
„We don‘t have this single outstanding USP. We just want to do everything a little bit better than our
competition. Better teachers, better marketing, better management...“
10
08 - 12/2012: friend is unclear about joining
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a. Go on trying to convince her until she is excited
b. Push for clear yes/no decision
c. Just let go, time will tell
d. Change the business model until the USP is visible to all
e. ?
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What to do next?
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08 - 12/2012: Failing a self-assessment
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a. Do nothing, just ignore it
b. Work on your weaknesses (external coaching, reading ...) c. Compensate missing skills/weaknesses with other
complementary people d. Stop the experiment
e. ?
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What to do next?
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Christmas 2012: Liquidity plan ! Shock
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a. Get additional funding (FFF) or part time jobs to gain time (4-5 months).
b. Rework & down-size concept and plan better, than start
1-2 month(s) later.
c. Leave concept as it is, focus on tasks for customer acquisition, fix the rest later.
d. ?
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What to do next?
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January 2013: Confrontation with reality ! Shock
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a. Do nothing and let lie sleeping dogs.
b. Get a lawyer and fight for your right.
c. Ask other Cantons than Zurich.
d. Change our business model (e.g. „Arbeitsvermittlung“ only).
e. Get additional funds and apply for „Personalverleih“ in Zurich.
f. ?
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What to do next?
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March 2013: Solution (Tiny office in Businesspark Zug)
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April 2013: Ready to go
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„This customer feedback email can wait until tomorrow.“
„We have to reply any customer in a given time frame of half a day maximum.“
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April 2011: Dealing with different work styles
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a. Convince the other person that your style is better in this situation
b. Adapt your own work style
c. Accept the other persons work style d. Separate team members
e. Leave the company / fire team member
f. ?
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What to do next?
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May/June 2013: First customers & Staff
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a. Invest in additional marketing activities to get the few remaining customers
b. Work on marketing activities to be prepared for school start in August
c. Relax and go on holidays
d. Panic and work harder (Work for work‘s sake)
e. ?
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July 2013: Demand drop or „Holidays in Zurich“
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August 2013: Marketing activities
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August 2013: Marketing activities
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Marketing instrument Very good Quite ok Close to zero 1. Mass media (Zurich)
2. Direct mailing campaign (500 selected households)
3. Exhibition at Expat Expo Zurich (2 People, 1 Day)
4. Google Search Marketing
5. Facebook Site
6. Gymi-Guidelines for pupils (Website)
7. Scholarship-Flyer (Mailing to 700 schools)
8. Standard-Flyer (Mailing to 50 schools)
9. Word of mouth
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Access the marketing impact!
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Marketing instrument Very good Quite ok Close to zero 1. Mass media (Zurich) x
2. Direct mailing campaign (500 selected households)
x
3. Exhibition at Expat Expo Zurich (2 People, 1 Day)
x
4. Google Search Marketing x
5. Facebook Site x
6. Gymi-Guidelines for pupils (Website)
x
7. Scholarship-Flyer (Mailing to 700 schools)
x
8. Standard-Flyer (Mailing to 50 schools)
x
9. Word of mouth x
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Access the marketing impact!
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September 2013: Customer situation
Hours per Customer in September 2013
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a. Leave as it is, the long tail is the nature of the business b. Focus on the customers with the best cost-benefit ratio à
loose revenue c. Invest in business operations to increase efficiency
d. Create 2 different business models for different customer segments
e. ?
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What to do next?
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October 2013: failing your goals
Revenue Businessplan January 2013
Reality
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a. Fire yourself and push the eject button. b. Search for what went wrong, fix it and go on. c. As long as the revenue increases we must do something
right. Let‘s go on.
d. Reduce the effort you put into the project.
e. ?
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What to do next?
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Every Döner store owner knows more than me
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There are as many entrepreneur types as enterprise types
Source: lighthouse8.com/the-myer-briggs-personality-test/
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A business plan is no fun, but helps me to focus
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Panic/anxiety is normal if I‘ve no experience
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I‘ve to accelerate what cannot be avoided
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There is no alternative to trying, loosing time & money
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"Expectations ! #Happiness & Learning ability
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I‘ve to dare not listen to advice/feedback
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It is more like arranging a garden than creating a sculpture...
but
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1. Every Döner store owner knows more in the beginning than me
2. There are as many entrepreneur as enterprise types
3. A business plan is no fun, but helps me to prioritize/focus
4. Panic/anxiety is normal if I have no experience
5. I‘ve to accelerate what cannot be avoided
6. There is no alternative to trying many things, losing time and money
7. ê Expectations à é Happiness & Learning ability
8. I‘ve to dare not listen to advice / feedback
9. It is more like arranging a garden than creating a sculture. 41
What I‘ve learned...
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