The Greater Fool - On Entrepreneurship
Post on 28-Jan-2015
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THE GREATER FOOL Eva Hukshorn, Partner EFactor
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WHO IS THIS PERSON IN THE FRONT
OF YOUR CLASS ROOM??
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EVA HUKSHORN IS MY NAME
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ART SAGITARRIUS START UP COACH
EFACTOR
AMSTERDAM ACQUISITIONS YOUNGEST OF 5
TAIWAN
TREFOIL ENERGY
CLEANDRINKS
TRAVELLING THE WORLD
MERGERS CREATIVE
ENTREPRENEUR SHOWLINQ SOCIAL MEDIA
INFORMAL INVESTOR
ABN AMRO/RBS FINANCE CROWDFUNDING
SOCIOLOGY
GLOBAL THINKERS FORUM ACCENTURE
INVESTMENT BANKER
NEW YORK STRATEGY CONSULTANT
BUSINESS WOMEN OF THE YEAR
MARKTLINK
GERMANY
ECONOMICS
MANAGEMENT BUY IN
AMBITIOUS
PASSIONATE FUNDING GRONINGEN NETHERLANDS
LONDON STRATEGY
CMA
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1. What: Largest entrepreneurial plaKorm worldwide
2. Where: Online – On Earth
3. Who: StarSng up & acceleraSon
4. How: Funding, Coaching, Discount Tools, Events, Networking
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There’s basically two ways to be financially successful as a company. One, you could rely on ;me-‐tested business fundamentals. I call this the Warren Buffet model.
Two, you could rely on the greater fool theory, which is that with enough hype, smoke, and mirrors you can find a buyer
who is an even greater fool than your investors.
Quote -‐ Tony Stubblebine Serial Entrepreneur, Internet Consultant, Author
7 Successful entrepreneurship: Luck or Reason?
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BOTH
Luck is where Opportunity meets PreparaSon
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DEAR TO DREAM
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KEY ELEMENTS
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KEY ELEMENTS
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KEY ELEMENTS
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KEY ELEMENTS
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• Your investment does not
consist only of Sme spend
• Become as criScal as your
external investors would be
• Money is the end-‐game of
the investor, so is yours
MONEY
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PERSISTANCY
1. 85% of ideas do not startup
2. 50% of the startups are not alive aber 5 years
3. On average it takes 3.8x companies to be successful
4. Less then 10% of the startups get funded with equity:
• 0.03% venture capital / 2% by informal investors
• It takes 1.5 years, 32 versions of your business plan and
speaking to 20 investors at least 3 Smes
5. 65% of entrepreneurs have personal loans
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BOOTSTRAPPING
1. Funding from own funds
2. Funding from revenue
3. Lean & mean
4. Be creaSve
5. Case study…
Achieving as much as possible
with as lifle money as possible
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• TOTAL VALUE PLATFORM: EUR 2.046.000
USD 2.7mio
• CASH OUT SYMBID: EUR 176.000
USD 230k
• TOTAL BOOTSTRAPPING PROFIT: EUR 1.864.00
USD 2.4mio
BOOTSTRAPPING – CASE STUDY
SYMBID: DUTCH EQUITY BASED CROWDFUNDING PLATFORM
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BOOTSTRAPPING – CASE STUDY SYMBID
PARTNER WHAT VALUE: SYMBID PAID:
BDO 500 hours of advice (280 Euro/hour) EUR 140.000 EUR 0
AKD 175 hours of advice (280 Euro/hour) EUR 50.000 EUR 20.000
Technology Shareholder India mockup on western standards
EUR 250.000 EUR 150.000
MarkeSng Affiliate Model, Social Media, Free Publicity
EUR 500.000 EUR 5.000
Team No Salary EUR 600.000 EUR 0
Advisors Investors
CelebriSes + Specialists @ discount if next investor at higher price
EUR 500.000 EUR 1.000 (2 dinners)
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PREPARATION
hXps://www.youtube.com/watch?v=TWfph3iNC-‐k
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1 YOUR IDEA
• Time spend: 6-‐9 months
• Problem solved for whom
• Kinder-‐Überraschung effect
YOUR BUSINESS PLAN
• Time spend: 2-‐3 months
• Details of the execuSon process • 5 years, 3 phases, 1st phase 18 months explicit
BUSINESS BIBLE
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PITCHING & PRESENTATION
hXps://www.youtube.com/watch?v=i6O98o2FRHw
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NETWORKING
C2 x F x √T = Cl
C = CHEMISTRY
F = FUN
T = TIME
Cl = CLICK
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SALES SALES SALES SALES SALES SALES SALES SALES SALES SALES SALES
1. Fear #1!!
2. First department you build
3. Knights vs. farmers
4. Numbers game
5. Shut up
Every sale has 5 basic obstacles:
no need, no money, no hurry, no desire, no trust
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CONCLUSION??
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DEAR TO DREAM
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AND A TRIBUTE TO THE GREATER FOOL
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A TRIBUTE TO YOU!
31 R.I.P
A TRIBUTE TO THE CRAZY ONES…
GOOD LUCK!
hXp://www.youtube.com/watch?v=8rwsuXHA7RA
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Thank you! Eva Hukshorn:
eva@efactor.com
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