Ivans Advice to the Entrepeneurs at Cebit 08:-
Focus on the P’s of the Entrepeneur
• Pitch – Invest in getting your elevator 30 second pitch right – have a pitch for every occasion – for an investor , for a customer and for a potential employee – as an entrepreneur , you are constantly selling!!
• People – Hire slow and fire fast – focus on the best people. Make sure you look after them , take them for lunch, communicate with them , show them that you care – it’s the little things that count. Founders are generally technically oriented – know when to change the guard – example eway Tony Mcgrath – has built his business to 20 people… both founders were techos – 6 months ago hired a sales and marketing team – and sales have gone crazy!!
• Customer focused and Sales and Marketing is key – Jason said that Customer Service is important for all in organization to get involved in as this is free focus groups… be on same wavelength as your customers. Develop relationships with them .
• Planning – is key – with knowledge of where you are in the business cycle –
• Penossa – make sure you have enough cash to fund your growth – growth = cash burn – if you cannot afford organic growth – make sure you have a group who has deep pockets who are supporting you or you will get crunched… cash flow cash flow cash flow!!
• Point of Difference – is key – why are you different from the competition – why are you going to hit the home run!
• Persistance and staying focused – keep going (however , ensure that when climbing the ladder – you are climbing up the right wall! (also know when to quit!!)
• Network Network Network – develop relationship with advocates of your product, networked groups, consultants, advisors – they will help you inject your business into the ecosystem – get them to buy into your dream
• Don’t be scared of giving your investors a great return on their investment . If you do this , they will invest in you again and again.
• Always try to climb on the back of giants – align with organizations that will make you look bigger than you are