Recap & practical advice on starting up your business
Today s agenda 12:15 What have we learned so far? (Meri) 13:30 Break 13:40 My entrepreneurship story: lessons learned (Andy) 14:00 How to get started with your business idea (Meri) 2
Course goals revisited 1. Providing you with the tools, support and feedback you need to plan your own business 2. Helping you create the connections you need to further iterate your business idea 3. Practicing teamwork and project work skills in a multidisciplinary setting 3
Grading components revisited Teacher evaluation of weekly assignments Self & peer evaluation Teamwork matters! Activity during attendance Presence is important, but not nearly enough! 4
This class is a pilot, and we ve tried to take as much feedback on board as possible 5
So what have we learned?
How to evaluate your own skills, attitudes & knowledge 7
How to assess the feasibility of a business opportunity for YOU 8
How to turn your own skills & expertise into a business idea 9
How to not reinvent the wheel: reaching out to entrepreneurs & learning from their experience 10
That startup entrepreneurs need to reach out their network in order to be successful Networking: a mutually mortifying process whereby you impose on every friend, relative, and total stranger to ask for something they cannot give you: a job. Don Orlando Vs. I ve learned that people forget what you ve said, people will forget what you did, but people will never forget how you made them feel. Maya Angelou 11
That networking is a skill that needs practice 12
An introduction to people who are willing & able to help aspiring entrepreneurs 13
How to come up with creative business ideas 14
and how to quickly test if your ideas are valid 15
How to define a business idea as a problem that the customer has 16
and how to make sure that your business idea addresses the cause (not the symptoms) of the problem 17
How to brainstorm for ideas & get feedback from you peers 18
How to critically evaluate your business idea 19
and that a proactive approach to finding the information you need will take you far 20
How to prototype your idea, whether it s a product 21
or a service with a user interface 22
That prototypes are a type of common language that can clarify the solution 23
That having a clear idea of your skills & an online portfolio makes it easier for you to reach out to your network & communicate your value 24
and that your startup is more likely to succeed if you re truly passionate about it & OWN your job description 25
That in the startup world, failure is inevitable 26
But that you can avoid the biggest mistakes by failing fast, failing often, and pivoting when needed 27
That to truly test your ideas, you need to get out of the building 28
That pivoting means changing the plan, not the people 29
And that pivoting is an ongoing process of learning 30
How to pitch your business idea to VCs 31
And that the single most important thing that a VC is looking for in a pitch is 32
That there are many ways to pitch your idea, but ultimately it s up to you to choose which one works best for you 33
And finally that you shouldn t be afraid to try, fail and try again! 34
Getting started: 10 tips for aspiring entrepreneurs
1. Be inspired and learn from others mistakes Read the start-up stories of others on websites, in books, or at events for people starting a business A colletion of inspiring success stories And some mistakes to avoid Every successful entrepreneur has made mistakes and they re often prepared to talk about them with the benefit of hindsight 36
2. Get some experience Gain an intimate understanding of the sector you plan to launch a business into Internships and summer jobs offer a great way to figure out how the business works from the inside Attend events to get exposure https://www.eventbrite.com http://www.meetup.com 37
3. Get to know your customer Researching the market that you are thinking of entering will tell you if you are on the right track Talk to people within your customer demographic and get an idea of how they would react to your product or service If you don t want to share your plan right away, you can start by asking questions about the pros and cons of existing products or services 38
4. Know your competition What other products and services like yours are out there already? Not all businesses stem from a revolutionary idea and many successful businesses are an improvement to an old concept You need to offer customers something noticeably better, cheaper or easier than what they are used to if you are going to draw them away from what they are used to 39
5. Write a business plan Having a great business idea does not mean you have a great business Prepare a business plan to encourage yourself to evaluate your idea in detail Use it to make realistic targets for your business and consider all the costs of setting up and sustaining your company 40
6. Find a mentor Talk to people you know with experience of what you re planning to do, attend relevant exhibitions and conferences, and speak to friends or family members who have started businesses You can also sign up for a mentorship program Start-up Sauna coaches Aalto Ventures Program community Aalto start-up center mentoring program 41
7. Be lean Read Eric Ries The Lean Startup. Start from home Grow the business step by step and keep overheads to a minimum Don t employ before you have to Don t take on premises before you need to See if there s a market for your product or service by testing on a smaller-scale Create a rough prototype first and build on it Go to friends and family, or crowdfund, for seed finance 42
8. Look for an accelerator Start-up accelerators often have a specific focus such as technology, finance, healthcare or eco-friendly start-ups http://www.newcohelsinki.fi/en/grow/accelerator http://www.start-upcenter.fi/en/yrityshautomo/ Many universities also offer space and support for student or local entrepreneurs keen to take advantage of the expertise available http://startupsauna.com/accelerator/ When the time is right accelerators often have access to a network of angel and venture capital investors 43
9. Join an entrepreneurship society at university It s a great way to get support from your peers and find answers to your questions http://aaltoes.com http://thinkcompany.fi 44
10. Apply for startup grants Funding helps you get started http://www.te-services.fi/te/en/ employers/for_entrepreneurs/ services_new_entrepreneurs/ startup_grant/index.html 45
So what s still missing?
11. Promote your company In the beginning, it s important to self-promote in every way possible Social media is an essential tool for this, so learn how to use sites such as Facebook and Twitter to maximum effect https://www.facebook.com/business/overview http://www.cio.com/article/2380667/twitter/14-ways-to-usetwitter-to-market-your-business.html Entering competitions can also help to get your company noticed and branding yourself as an award-winning company is a great way to appeal to customers http://summerofstartups.com 47
12. Design an online presence A well-designed, relevant online presence can have an instant impact on your customers and leave a lasting impression https://www.squarespace.com http://www.wix.com It is important to choose a design & logo that suits the tone and role of your business and to have a clear idea of the message you want to convey before approaching a designer https://www.graphicsprings.com/start-your-logo https://www.fiverr.com 48
And finally Good luck! 49