#slearnd - 11 principles startup businesses should know

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This presentation was delivered at Morning Startup on 25 Nov 2013. It covers principles learned through involvement in startups, and most particularly in working with a quite extraordinary mentor in Bill Daring. He had a great knack for a story, to get the best out of people and amazing vision as to the future in the digital space. I am most grateful for his friendship. The world is a more interesting place for him having been here, and I hope you enjoy the lessons he shared.

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  • 1. emergination @JUSTINKDAVIES #SLEARND 11 PRINCIPLES STARTUPS SHOULD KNOW FROM THE SMELL OF GOOD BUSINESS BLOG @ WWW.JUSTINDAVIES.COM.AU DEDICATED TO BILL DARING EMERGINATION.COM.AU LINKEDIN.COM/IN/JUSTINKDAVIES SLIDESHARE.COM/JUSTINKDAVIES @JUSTINKDAVIES Wednesday, 25 September 13
  • 2. Wednesday, 25 September 13
  • 3. emergination @JUSTINKDAVIES ANCIENT HISTORY CAN YOU REMEMBER PRE CHROME PRE FACEBOOK PRE GOOGLE PRE FIREFOX WHERE EVERY WORD TOOK ON NEW MEANING BY ADDING E TO THE FRONT OF IT WHEN INTERNET EXPLORER WAS THE BEST BROWSER ON THE PLANET? WHEN EMAIL OUTSIDE OF THE ENTERPRISE WAS THE NEW FAD? Wednesday, 25 September 13
  • 4. emergination @JUSTINKDAVIES MY BACKGROUND DEGREE IN MARKETING, ENTERPRISE WORKSHOP, GAICD ADVERTISING INDUSTRY FOR 12 YEARS (BANKWEST, ANZ, TOWN AND COUNTRY, RACWA, BUNNINGS TREEFARMS, JAMES HARDIE, PLUS GOVT) STARTED E-BUSINESS CONSULTANCY KMPINTERNET.COM 4 WEEKS PRIOR TO TECH WRECK - MAJOR TURNING POINT, AND SETUP E2B (STARTUPS EVENT) 4 WEEKS AFTER OPENING THE DOORS THE BUSINESS LASTED A PRETTY INTENSE 18 MONTHS - AND IS THE SUBJECT OF THIS STORY Wednesday, 25 September 13
  • 5. emergination @JUSTINKDAVIES MORE RECENTLY RAN A SOFTWARE DEVELOPMENT BUSINESS FOR 7 YEARS (THE ONLY GUY WHO COULDNT CODE) EMERGINATION FOUNDED IN 2008 STARTUPS INCLUDING GOPC, MARKIT, VIRTUAL OBSERVER AND NOW PREZENTT PLUS IGNITION, SYDSTART, STARTUP WEEKEND, OZAPPS, CEBIT FOCUS ON BRINGING BUSINESSES INTO THE DIGITAL AGE, AND ASSISTING TECH BUSINESSES GROW WHY? WE NEED ROBUST BUSINESSES TO SUSTAIN OUR STANDARD OF LIVING - AND TECHNOLOGY PROVIDES THE COMPETITIVE EDGE Wednesday, 25 September 13
  • 6. emergination @JUSTINKDAVIES Wednesday, 25 September 13
  • 7. emergination @JUSTINKDAVIES SHORTLY YOU WILL BECOME UNEMPLOYABLE Wednesday, 25 September 13
  • 8. emergination @JUSTINKDAVIES SHORTLY YOU WILL BECOME UNEMPLOYABLE YOU WILL NEVER BE ABLE TO WORK FOR ANYONE ELSE AGAIN. Wednesday, 25 September 13
  • 9. Bill Daring & Justin Davies - Feb 2000 Wednesday, 25 September 13
  • 10. emergination @JUSTINKDAVIES THE SMELL OF GOOD BUSINESS PRINCIPLES SPINNING A PLATE WELL TELL YOU AT 4PM THE WORLD IS A WANKER AND THE IMPLICATION OF THAT IS? TALK TO ME IN NUMBERS CONFRONTING YOUR DEMONS HAPPINESS IS A TICKED LIST MANAGEMENT BY THE F WORD BRINGING THEM BACK IN FROM THE LEDGE GETTING ADVICE YOUR TIME IS YOUR LIFE Wednesday, 25 September 13
  • 11. emergination @JUSTINKDAVIES SPINNING A PLATE ENTREPRENEURS DO WELL TO CONSIDER BUSINESS STARTUPS LIKE SPINNING PLATES - YOU CAN KEEP A CERTAIN AMOUNT GOING AT THE SAME TIME, AND YOU CANT LEAVE THEM TO FOR TOO LONG PERTH AGENCY - PRINCIPAL WENT TO MARGARET RIVER, BUSINESS WENT DOWN THE TOILET ANOTHER: BUSINESS GREW FROM 5 TO 50 AND THEN HEMORRHAGED BACK TO 30 YOU MUST HAVE A FIRST AMONGST EQUALS DONT GIVE EQUITY AWAY UNLESS YOU REALLY REALLY HAVE TO LOTS OF SMART PEOPLE WILL SAY NO. THEY MAY BE WRONG Wednesday, 25 September 13
  • 12. emergination @JUSTINKDAVIES E2B entrepreneurs2business the plug-in to the new e-conomy Wednesday, 25 September 13
  • 13. emergination @JUSTINKDAVIES WELL TELL YOU AT 4PM CROWD SOURCING IN THE YEAR 2000 POSTING QUESTIONS ON 100 NEWSGROUPS AND USING SOFTWARE TO ANALYSE THE ANSWERS CREATE A SELF DIRECTED, SELF EDUCATED MINDSET - ALIGNED TO A COMMON GOAL => PEOPLE AND BUSINESS ALIGNMENT = MASSIVE PERFORMANCE Wednesday, 25 September 13
  • 14. emergination @JUSTINKDAVIES PEOPLE RULES NO ASSISTANTS PAY IS MEASURED AGAINST PERFORMANCE BONUS ALL STAFF ON GROUP PERFORMANCE HAVE REGULAR TEAM MEETINGS PROMOTE SELF HELP AND SURVIVAL TACTICS DONT HIDE THE BAD NEWS (OR THE GOOD NEWS) FROM STAFF DO NOT TOLERATE SYSTEM ABUSE OR BULLSHIT FROM STAFF - GET MARRIED SLOWLY AND DIVORCED QUICKLY (ALSO SEE F WORD MANAGEMENT) USE CONTRACT STAFF WHEREVER POSSIBLE (NO RISK, NO POLITICS, PAY ON PERFORMANCE, NO TAXES, NO HASSLE) Wednesday, 25 September 13
  • 15. emergination @JUSTINKDAVIES THE WORLDS A WANKER THE FURTHER UP YOU GO, THE LESS BULLSHIT YOULL FIND MID LEVEL (EGO: WE DONT NEED YOU) VS PARTNER (CLIENT FOCUSSED: WE NEED YOU TO HELP US HIT THE GOAL) JANRY, FEBRY - ITS GONNA BE GOOOOOD EVERYONE SAYS THEY CAN DO IT RIGHT UP UNTIL THEY CANT DO IT CULTURAL CRINGE: AUSTRALIA BEHAVES NOT AS ONE COUNTRY BUT A COLLECTION OF CITIES THAT HATE EACH OTHER YOU MUST PUNCH WAY ABOVE YOUR WEIGHT YOU COMPETITORS ARE NOT THAT BRIGHT, AND ARE TYPICALLY BURIED IN THEIR OWN CORPORATE BULLSHIT - IT BECOMES SURPRISINGLY EASY FOR THOSE WANTING TO BE GREAT TO COMPETE BE CONFIDENT - I WAS WRONG ONCE Wednesday, 25 September 13
  • 16. emerginationJUDGING IS EASY, DOING IS HARD Wednesday, 25 September 13
  • 17. emergination TOUGH CROWD!!! Wednesday, 25 September 13
  • 18. emergination CEBIT TECHRAMP 7 PITCHES, 7 MINUTES Wednesday, 25 September 13
  • 19. emergination @JUSTINKDAVIES AND THE IMPLICATION OF THAT IS? MAJOR #FLEARN 11 PRESENTATIONS IN ONE DAY WILL NOT LEAD TO A SINGLE SALE IF YOU DONT LISTEN FOR CLIENT PROBLEMS AVOID MY MISTAKE: BUY, READ AND STUDY SPIN SELLING FIELDBOOK AND MAJOR ACCOUNT SALES BY RACKHAM LEARN TO MANUFACTURE MONEY THE LEADER SHOULD SPEND AROUND 70% OF THEIR TIME SELLING / PITCHING BUILD A GREAT NETWORK Wednesday, 25 September 13
  • 20. emergination @JUSTINKDAVIES TALK TO ME IN NUMBERS YOU MUST BE ABLE TO EXPLAIN PLANS SIMPLY I NEED A NUMBER TO PUT IN THIS BOX, WHAT IS IT? THE BUSINESS CASES I LIKE USE PLAIN TEXT DESCRIPTIONS WITH NUMBERS AS ASSUMPTIONS, WHICH THEN BUILD CASHFLOWS EG: THERE ARE 1000 BUSINESSES IN WA. 2.5% WILL BUY IN YEAR 1, 5% IN YEAR 2 IF $BUSINESS_EXISTS =1, THEN MEASURE $CASHFLOW, REPEAT STARTUPS= CUSTOMER BEHAVIOUR = ACQUISITION, RETENTION, SIGNUP METRICS Wednesday, 25 September 13
  • 21. emergination @JUSTINKDAVIES CONFRONT YOUR DEMONS WHAT IF I RUN OUT OF CASH? WHAT IF THE MARKET WONT BUY? WHAT IF THERE IS A MARKET CRASH? Wednesday, 25 September 13
  • 22. emergination @JUSTINKDAVIES HAPPINESS IS A TICKED LIST MONEY DOES NOT NEED TO BE THE MOTIVATOR TAKE TIME TO UNDERSTAND YOUR PEOPLE AND WHAT THEY EXCEL AT - AND WHAT IS HARD WORK NOTHING INFURIATES PEOPLE MORE THAN APPLYING EFFORT TO DISCOVER IT WASTED OR NOT VALUED PAINT A VISION OF THE FUTURE, AND WHAT THEY WILL BECOME - A STRETCH THAT THEY PERHAPS CANT SEE, BUT YOU CAN Wednesday, 25 September 13
  • 23. emergination @JUSTINKDAVIES MANAGEMENT BY THE F WORD THERE IS A BALANCE TO BE HAD - BUT NOTHING SHAKES PEOPLE OUT OF BEING ORDINARY LIKE BEING HELD TO A STANDARD OF EXCELLENCE BEYOND WHAT THEY BELIEVE THEY ARE CAPABLE OF Wednesday, 25 September 13
  • 24. emergination @JUSTINKDAVIES BRINGING THEM BACK IN FROM THE E

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