Management
Production
Operations
Financial Management
Sales
Angelsoft --> it took 4 years to get people to buy into the free use of the Angelsoft network.
what investors look for:
integrity
passion
experience
knowledge
skill
leadership
commitment
vision
realism
coachability
Angel investors fund about 2-3% of the people that approach them.
Venture Capitalists fund about 1 out of 400 businesses which approach them.
Bootstrapping businesses are absolutely the best way of creating a
business.
Scott Shane:
The Illusions of Entrepreneurship
Outliers have to be Hypomanic "enough"
Cultural tradition:
impacts the level of entrepreneurship:
In Italy if you fail you lose your social status
In England if you fail it's a BADD thing
In Silicon Valley if you fail, or quit your job, most people says "congratulations"
"Rewarding" and encouraging failure is vital to creating a tradition and culture of entrepreneurship - innovation.
Personal role models ---> find a personal role model
Opportunity
Training -->
The entrepreneurial life ---> What's it like???
It's definitely a challenge:
FLOW "in the moment" you "feel it" --> http://en.wikipedia.org/wiki/Flow_(psychology)
Work --> Requires a lot of it!
Dedication
Perseverance
Exhilaration
Agony --> bankruptcy is not fun... It took 5 years to get angel soft accepted...
Accomplishment
Failure
Sacrifice --> find balance don't sacrifice your relationships
Control --> you have control and a flexible schedule
Powerlessness --> it's a big world out there which you don't have control over.
Extraordinary Satisfaction -->
The Entrepreneurial Spectrum:
Natural --- Ready -- Potential -- Fearful -- Never
(Richard Branson) most in the middle (scared)
Entrepreneurial training --> can move most people from never, toward fearful toward ready....
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