Starting Your Own Business Turning Avocations Into Vocations 10 21 09

Starting Your Own BusinessNOW is the Best Time to

Turn Your Avocationinto Your Vocation

Jim ShankleManaging Director

71 Ventures LLCwww.71Ventures.com

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Treasure Troves of Practical Advice

StartupNation.com

LuckyNapkin.com

MillionaireBlueprints.com

Entrepreneur.com

SBA.gov2

It’s All About Attitude

http://www.thestrangestsecretmovie.com/

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What Do These Companies Have in Common?

Eli Lilly, IBM, Merck, Hershey's, Gillette, Alcoa, J&J, Chevron, GE, AT&T, Abbott, Lilly, Coors, Johnson Controls, Bristol-Myers and PPG

Texas Instruments, HP, 20th Century Fox and United Technologies

Microsoft, Genentech and Apple Amgen, Sun, E*Trade, Autodesk, Adobe, BMC,

EA and Symantec

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What Do These Companies Have in Common?

All Started During Bad Economic Times

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22 Years of Depression (1873 to 1895)

– IBM, Eli Lilly, Merck, Hershey’s, – Gillette, Alcoa, – J&J, Chevron, GE, AT&T, – Abbott, Lilly, Coors,– Johnson Controls, Bristol-Myers, PPG

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The Great Depression (1929-1939)

– Texas Instruments– 20th Century Fox– United Technologies – Allstate Insurance– HP

The seeds for Silicon Valley were planted

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Oil Shock & Market Crash (1973-1976)

The Biotech & PC Revolutions Emerged– Microsoft– Genentech– Apple– Compaq Computer

Fastest Company to Achieve $1 BB in Sales

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The Crisis of the Early 80's (1980-1982)

Inflation Hit All-Time Highs– Amgen– Sun– E*Trade– Autodesk– Adobe– Symantec

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Conclusion?

Good Times– No Pressure to Change– “We’ve always done it that way”

Tough Times– Buyers and Sellers Must Change– New & Different Approaches are Welcomed– Innovation Thrives – try anything

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Why Innovation Thrives During Difficult Times

Boom Times– Sectors Get Overfunded With Debt– Weaker Competitors Destroy Economics for Everyone

Tough Times– Banks Tighten Lending

Kills Weak “me too” Players

– Rewards an Equity Culture (“patient money”) Pressured Focus

– Toughens All Decision-Making & Spending Efficient Use of Capital

– Focus Must be on Fulfilling Customer Needs 11

Conclusion

Now Could Be the Best Time to

“Turn Your Avocation

into Your Vocation”

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What is the Secret to Entrepreneurial Success?

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The Secret to Entrepreneurial Success

Passion Vision

– “The Urge to Make Life Better Has Been a Consistent Theme of Human History”

Persistence– “If You Think You’ve Hit Bottom, Scratch Around in the Soil.”– “Sometimes Life’s Greatest Tragedies Show Us What We’re

Really Made of, Testing Our Will And Resolve” Do You Have What It Takes to Keep Digging?

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The Secret to Entrepreneurial Success

Do What You Love“Childhood Dreams Are the Incubators for Adult Success”

If You’re Not Passionate About What You Do, Do Something Else– Ignition

Awareness of an Opportunity That Fits Your Passions

– Accelerator Motivation to Succeed No Matter What

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Every Successful Entrepreneur Must Have

Burning Desire to Do Something that’s Different– Rugged Individualist

A Dreamer– What You’re Creating Doesn’t Exist

Strong Sense of Self & Inner Fortitude– Betting On Yourself– High Risk Tolerance

Curiosity Ability to Assemble the Right Team & Collaborate

– It’s All About People– Ross Perot, Sam Walton, J.B. Hunt, Robert Dedman16

If You’ve Been Fired

Not the End of the Road– Have the Right Attitude

Everyone Fails But Few Are Failures

Great Catalyst– New Beginning– Opportunity to Look Inside Yourself– Gets Rid of Baggage– Forces New Directions– Nothing to Lose

Ideas are More Important than Capital17

The Best Book Ever Written for Entrepreneurs

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Everyone Has a “Big Dream”

“What You Are Missing You Already Have”Your Dream is in You Now

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You Were Born For This

The “Dream Giver” Has a Plan For You– In Everyone’s Heart is a Big Dream

No One Can Do What You Can Do– You Can Be a Somebody– You Are Destined for Great Things

The Journey Itself Prepares You to Succeed– Take the First Small Step

Until You Pursue Your Dream– You Will Never Love Your Life the Way You Could

Millions Never Take the First Step but You Can20

Why We Don’t Embrace Our Big Dreams

You Have a Driving Passion to Do Something Special…but– You Get Caught Up in the Demands of Life

Time & Energy is Spent Unproductively Your Purpose Fades into Busyness

– Deadly Misconceptions “I Don’t Have a Dream” “I Have a Dream, but it’s Not that Important” “I Have a Dream, but it’s Up to Others to Make it Happen” “I Had a Dream, but it’s Too Late”

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Finding Your Big Dream

What Did You Want to Do When Growing Up?– What Have You Always Been Good At?– What Needs Do You Care About Most?– Who Do You Admire Most?– What Makes You Feel Most Fulfilled?– What Do You Love To Do Most?– What Have You Felt Called To Do?

Interview People Who Are Living Their Dream If Someone Gave You All the Money You Wanted, What

Would You Do With It?

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“The Wall of Fear” - Get Out of Your Comfort Zone

Cozy is a Trap Impediments to Entrepreneurship are Fear & Negativity

– “If It Was Such a Good Idea, Someone Else Would Have Already Done It”

– “I Don’t Know How”– “It’s Not That Good”– “I’m Too Busy”– “I Don’t Have the Money”– “My Spouse Won’t Like It”– and on and on….

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Who Are Your “Border Bullies”?

Lots of People Will Say “No” but Not “Yes”– Parents– Relatives– Friends– Boss– Spouse– Kids

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Breaking Through

Push Through When the Going is Toughest– When You are Closest to Success, “Forces” Go

After You– Every Action Moves You Away From Your Comfort

Zone– Every Failure Moves You One Step Closer to Your

Dream

Never, Ever Take Your Eyes Off Your Dream

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The WasteLand

You Will Run Into Failure– The “Desert Experience” Happens to Everyone– It’s a Season of Preparation– You Are Training for Greatness

You Won’t Understand It– It Will Test You

Jer 29:11 – “For I know the plans I have for you…”– You Will Learn Trust

Phil 4:6 – “Be anxious for nothing…”– Endurance Will Mature You

Rm 5:3-5 – “…..we also rejoice in our afflictions…”– It Will Put You On a Better Path

Proverbs 3:5-6 – “Trust in the Lord…”– Years Later You Will Know Why & Be Glad

Rm 8:28 – “We know that all things work together…”26

Your Dream Comes With a Price

The Bigger the Dream, the Longer the Preparation

The Wasteland Prepares You to Become the Person Who Can Succeed at Your Dream

The Outcome is Up to You– How Much Do You Want Your Dream to Come

True?– How Much Do You Trust?

…even if You Don’t Understand

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Innovation Comes From Outside An Industry

In Every Industry – There’s a Convention Waiting to Be Defied– There Is Always Room For a Better Way

To Find Opportunity - Listen For Frustration

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Be Bold

Bigger Deals are Easier to Get Done The Market Responds to Boldness Inexperience Enables You to Move

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Ask People to Help

Your Best Test Market is With Experienced People You Respect

Find a Mentor Who is a Tormentor– Good Mentors Will Cheer You On – and Kick You in

the Rear

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Is Growing Older a Time of Diminishing Opportunities?

It Starts With Attitude You’ve Been There, Done That

– You Have Overcome Barriers Before

Your Toolbox Is Full– No Experience is Wasted– No Contact is Irrelevant

You’re Free to Invent– Your Gut Knows More than You Realize– Push Ahead!– Remember - Col. Sanders Was 65 When He Started KFC!!

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Starting Your Own Business

http://www.danceintherainmovie.com/

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Start Your Own Business?

“Fan into flame the gift of God that is in you…

For God has not given us a spirit of fearfulness,but one of power, love, and sound judgment.”

2 Timothy 1:6-7

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Start Your Own Business?

Never, Ever

Stop Pursuing

Your Dream

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Start Your Own Business?

Questions?

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