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Starting Your Own BusinessNOW is the Best Time to
Turn Your Avocationinto Your Vocation
Jim ShankleManaging Director
71 Ventures LLCwww.71Ventures.com
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Treasure Troves of Practical Advice
StartupNation.com
LuckyNapkin.com
MillionaireBlueprints.com
Entrepreneur.com
SBA.gov2
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It’s All About Attitude
http://www.thestrangestsecretmovie.com/
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What Do These Companies Have in Common?
Eli Lilly, IBM, Merck, Hershey's, Gillette, Alcoa, J&J, Chevron, GE, AT&T, Abbott, Lilly, Coors, Johnson Controls, Bristol-Myers and PPG
Texas Instruments, HP, 20th Century Fox and United Technologies
Microsoft, Genentech and Apple Amgen, Sun, E*Trade, Autodesk, Adobe, BMC,
EA and Symantec
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What Do These Companies Have in Common?
All Started During Bad Economic Times
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22 Years of Depression (1873 to 1895)
– IBM, Eli Lilly, Merck, Hershey’s, – Gillette, Alcoa, – J&J, Chevron, GE, AT&T, – Abbott, Lilly, Coors,– Johnson Controls, Bristol-Myers, PPG
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The Great Depression (1929-1939)
– Texas Instruments– 20th Century Fox– United Technologies – Allstate Insurance– HP
The seeds for Silicon Valley were planted
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Oil Shock & Market Crash (1973-1976)
The Biotech & PC Revolutions Emerged– Microsoft– Genentech– Apple– Compaq Computer
Fastest Company to Achieve $1 BB in Sales
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The Crisis of the Early 80's (1980-1982)
Inflation Hit All-Time Highs– Amgen– Sun– E*Trade– Autodesk– Adobe– Symantec
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Conclusion?
Good Times– No Pressure to Change– “We’ve always done it that way”
Tough Times– Buyers and Sellers Must Change– New & Different Approaches are Welcomed– Innovation Thrives – try anything
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Why Innovation Thrives During Difficult Times
Boom Times– Sectors Get Overfunded With Debt– Weaker Competitors Destroy Economics for Everyone
Tough Times– Banks Tighten Lending
Kills Weak “me too” Players
– Rewards an Equity Culture (“patient money”) Pressured Focus
– Toughens All Decision-Making & Spending Efficient Use of Capital
– Focus Must be on Fulfilling Customer Needs 11
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Conclusion
Now Could Be the Best Time to
“Turn Your Avocation
into Your Vocation”
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What is the Secret to Entrepreneurial Success?
?
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The Secret to Entrepreneurial Success
Passion Vision
– “The Urge to Make Life Better Has Been a Consistent Theme of Human History”
Persistence– “If You Think You’ve Hit Bottom, Scratch Around in the Soil.”– “Sometimes Life’s Greatest Tragedies Show Us What We’re
Really Made of, Testing Our Will And Resolve” Do You Have What It Takes to Keep Digging?
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The Secret to Entrepreneurial Success
Do What You Love“Childhood Dreams Are the Incubators for Adult Success”
If You’re Not Passionate About What You Do, Do Something Else– Ignition
Awareness of an Opportunity That Fits Your Passions
– Accelerator Motivation to Succeed No Matter What
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Every Successful Entrepreneur Must Have
Burning Desire to Do Something that’s Different– Rugged Individualist
A Dreamer– What You’re Creating Doesn’t Exist
Strong Sense of Self & Inner Fortitude– Betting On Yourself– High Risk Tolerance
Curiosity Ability to Assemble the Right Team & Collaborate
– It’s All About People– Ross Perot, Sam Walton, J.B. Hunt, Robert Dedman16
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If You’ve Been Fired
Not the End of the Road– Have the Right Attitude
Everyone Fails But Few Are Failures
Great Catalyst– New Beginning– Opportunity to Look Inside Yourself– Gets Rid of Baggage– Forces New Directions– Nothing to Lose
Ideas are More Important than Capital17
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The Best Book Ever Written for Entrepreneurs
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Everyone Has a “Big Dream”
“What You Are Missing You Already Have”Your Dream is in You Now
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You Were Born For This
The “Dream Giver” Has a Plan For You– In Everyone’s Heart is a Big Dream
No One Can Do What You Can Do– You Can Be a Somebody– You Are Destined for Great Things
The Journey Itself Prepares You to Succeed– Take the First Small Step
Until You Pursue Your Dream– You Will Never Love Your Life the Way You Could
Millions Never Take the First Step but You Can20
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Why We Don’t Embrace Our Big Dreams
You Have a Driving Passion to Do Something Special…but– You Get Caught Up in the Demands of Life
Time & Energy is Spent Unproductively Your Purpose Fades into Busyness
– Deadly Misconceptions “I Don’t Have a Dream” “I Have a Dream, but it’s Not that Important” “I Have a Dream, but it’s Up to Others to Make it Happen” “I Had a Dream, but it’s Too Late”
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Finding Your Big Dream
What Did You Want to Do When Growing Up?– What Have You Always Been Good At?– What Needs Do You Care About Most?– Who Do You Admire Most?– What Makes You Feel Most Fulfilled?– What Do You Love To Do Most?– What Have You Felt Called To Do?
Interview People Who Are Living Their Dream If Someone Gave You All the Money You Wanted, What
Would You Do With It?
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“The Wall of Fear” - Get Out of Your Comfort Zone
Cozy is a Trap Impediments to Entrepreneurship are Fear & Negativity
– “If It Was Such a Good Idea, Someone Else Would Have Already Done It”
– “I Don’t Know How”– “It’s Not That Good”– “I’m Too Busy”– “I Don’t Have the Money”– “My Spouse Won’t Like It”– and on and on….
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Who Are Your “Border Bullies”?
Lots of People Will Say “No” but Not “Yes”– Parents– Relatives– Friends– Boss– Spouse– Kids
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Breaking Through
Push Through When the Going is Toughest– When You are Closest to Success, “Forces” Go
After You– Every Action Moves You Away From Your Comfort
Zone– Every Failure Moves You One Step Closer to Your
Dream
Never, Ever Take Your Eyes Off Your Dream
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The WasteLand
You Will Run Into Failure– The “Desert Experience” Happens to Everyone– It’s a Season of Preparation– You Are Training for Greatness
You Won’t Understand It– It Will Test You
Jer 29:11 – “For I know the plans I have for you…”– You Will Learn Trust
Phil 4:6 – “Be anxious for nothing…”– Endurance Will Mature You
Rm 5:3-5 – “…..we also rejoice in our afflictions…”– It Will Put You On a Better Path
Proverbs 3:5-6 – “Trust in the Lord…”– Years Later You Will Know Why & Be Glad
Rm 8:28 – “We know that all things work together…”26
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Your Dream Comes With a Price
The Bigger the Dream, the Longer the Preparation
The Wasteland Prepares You to Become the Person Who Can Succeed at Your Dream
The Outcome is Up to You– How Much Do You Want Your Dream to Come
True?– How Much Do You Trust?
…even if You Don’t Understand
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Innovation Comes From Outside An Industry
In Every Industry – There’s a Convention Waiting to Be Defied– There Is Always Room For a Better Way
To Find Opportunity - Listen For Frustration
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Be Bold
Bigger Deals are Easier to Get Done The Market Responds to Boldness Inexperience Enables You to Move
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Ask People to Help
Your Best Test Market is With Experienced People You Respect
Find a Mentor Who is a Tormentor– Good Mentors Will Cheer You On – and Kick You in
the Rear
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Is Growing Older a Time of Diminishing Opportunities?
It Starts With Attitude You’ve Been There, Done That
– You Have Overcome Barriers Before
Your Toolbox Is Full– No Experience is Wasted– No Contact is Irrelevant
You’re Free to Invent– Your Gut Knows More than You Realize– Push Ahead!– Remember - Col. Sanders Was 65 When He Started KFC!!
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Starting Your Own Business
http://www.danceintherainmovie.com/
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Start Your Own Business?
“Fan into flame the gift of God that is in you…
For God has not given us a spirit of fearfulness,but one of power, love, and sound judgment.”
2 Timothy 1:6-7
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Start Your Own Business?
Never, Ever
Stop Pursuing
Your Dream
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Start Your Own Business?
Questions?
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