ON BEING ANENTREPRENEUR(what they don’t tell you…)Scott GanelesCEO, Ipreo

©2014 Ipreo. All rights reserved. None of Ipreo, its affiliates, or any of their third party providers is liable for any informational errors, incompleteness, or delays, or for any actions or decisions taken by any person as a result of any information contained herein.

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What is an ENTREPRENEUR?

(…and what it isn’t)

©2014 Ipreo. All rights reserved. None of Ipreo, its affiliates, or any of their third party providers is liable for any informational errors, incompleteness, or delays, or for any actions or decisions taken by any person as a result of any information contained herein.

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You are not the CEO.

Being an entrepreneur is only 10% strategy…

©2014 Ipreo. All rights reserved. None of Ipreo, its affiliates, or any of their third party providers is liable for any informational errors, incompleteness, or delays, or for any actions or decisions taken by any person as a result of any information contained herein.

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…and 90%...

Procurement

MediatorHR

Janitor

Accounts PayableIT

©2014 Ipreo. All rights reserved. None of Ipreo, its affiliates, or any of their third party providers is liable for any informational errors, incompleteness, or delays, or for any actions or decisions taken by any person as a result of any information contained herein.

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You did not start this company to make money.

Set out to provide something of value and the money will follow.

©2014 Ipreo. All rights reserved. None of Ipreo, its affiliates, or any of their third party providers is liable for any informational errors, incompleteness, or delays, or for any actions or decisions taken by any person as a result of any information contained herein.

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Start with people, not capital.

•Your first 3 hires will be the most important ones you’ll make in the life of the company (and they will likely be equity partners)

•Know who you are and who you’re not

•Raise capital as a team, not solo

©2014 Ipreo. All rights reserved. None of Ipreo, its affiliates, or any of their third party providers is liable for any informational errors, incompleteness, or delays, or for any actions or decisions taken by any person as a result of any information contained herein.

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How to get the money(or “The Myth of the Business Plan”)

•Don’t exhaust your one idea

•Forget the 100-page business plan – you might actually do 2 of the 20 things you say you will

•Chill on the financial models and growth charts, because they will inevitably look something like this…

©2014 Ipreo. All rights reserved. None of Ipreo, its affiliates, or any of their third party providers is liable for any informational errors, incompleteness, or delays, or for any actions or decisions taken by any person as a result of any information contained herein.

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Your so-called “5-year plan”…

©2014 Ipreo. All rights reserved. None of Ipreo, its affiliates, or any of their third party providers is liable for any informational errors, incompleteness, or delays, or for any actions or decisions taken by any person as a result of any information contained herein.

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Reality.

©2014 Ipreo. All rights reserved. None of Ipreo, its affiliates, or any of their third party providers is liable for any informational errors, incompleteness, or delays, or for any actions or decisions taken by any person as a result of any information contained herein.

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So what DOES need to go on paper?

???

©2014 Ipreo. All rights reserved. None of Ipreo, its affiliates, or any of their third party providers is liable for any informational errors, incompleteness, or delays, or for any actions or decisions taken by any person as a result of any information contained herein.

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Essential or not?

• What is it?• Who needs it and why?• Market sizing• Does anyone else do it – or have an alternative to it?• Comprehensive competitive landscape analysis• What types of people do you need and how much are they going to

cost?• Employee benefits (healthcare, 401K)• Scalability and knowledge transfer• Analysis of product price versus cost of sales/delivery• Start-up costs and burn-rate• Long-term financials on margins and profit• Contact info

©2014 Ipreo. All rights reserved. None of Ipreo, its affiliates, or any of their third party providers is liable for any informational errors, incompleteness, or delays, or for any actions or decisions taken by any person as a result of any information contained herein.

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So now you’ve got some money…

How do I get this off the ground?

©2014 Ipreo. All rights reserved. None of Ipreo, its affiliates, or any of their third party providers is liable for any informational errors, incompleteness, or delays, or for any actions or decisions taken by any person as a result of any information contained herein.

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Do notbunker down•You need to BUILD and SELL simultaneously

•Recruit employees for roles that don’t exist yet

•Build a sales pipeline for a product that isn’t finished

•Always be thinking, hiring, selling a year ahead

©2014 Ipreo. All rights reserved. None of Ipreo, its affiliates, or any of their third party providers is liable for any informational errors, incompleteness, or delays, or for any actions or decisions taken by any person as a result of any information contained herein.

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Do not follow anyone else’s advice

Including mine!

©2014 Ipreo. All rights reserved. None of Ipreo, its affiliates, or any of their third party providers is liable for any informational errors, incompleteness, or delays, or for any actions or decisions taken by any person as a result of any information contained herein.

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“Scott does not take direction well.”

- 4th grade teacher