Are You Ready To Be An Entrepreneur?

Important Traits, Helpful Experiences,

And Keys to Startup Success
UR-F.I.R.E. Series
Presentation

Roger D. O’Brien
President - O’Brien Associates, LLC
roger@ROBrienAssociates.com
585-737-0400
Are You Ready To Be An
Entrepreneur?
Important Traits, Helpful Experiences,
And Keys to Startup Success

© O’Brien Associates Proprietary

2008 All Rights Reserved
 Myths of Entrepreneurship*
 Entrepreneurs are misfits, difficult to work for.
 Entrepreneurs are not good managers.
 Most new ventures start out with OPM.
 The average new venture won’t make a profit
for 3 years.
 80% of ventures will fail if they don’t have a
good business plan.
 You can “learn” to be an entrepreneur.

*
Authors - Unknown
Important Entrepreneurial Traits
 Tends to create a “vision” in his/her mind, in
advance of starting a task, for what it should
look like when it’s done.
 Likes to keep many “balls in the air” at once,
becomes bored with singular tasks.
 High energy level, enthusiastic, optimistic,
self-confident and self-reliant.
 Pro-active, likes “making things happen”.
 Is impatient with indecision and mediocrity.
© O’Brien Associates Proprietary
2008 All Rights Reserved
 Important Entrepreneurial Traits (Cont’d)

 Likes to be challenged, enjoys the “risk of

failure”.
 Is tenacious, not easily discouraged.

Is this you?

© O’Brien Associates Proprietary

2008 All Rights Reserved
 Prior large-employer experience:
Helpful or hurtful?
+ Training in how to do it “right”.
- Too little training on self-reliance and
general resourcefulness.

+ Cash for new projects often available.

- Investment criteria often narrow and risk-
avoiding….
© O’Brien Associates Proprietary
2008 All Rights Reserved
 Prior large-employer experience:
Helpful or hurtful?
+ Support services plentiful.
- Wasteful overhead, all too often.

+ Employer’s name commands respect,

facilitates getting things done.
- Often a “crutch” which supports poor
ideas/projects….
© O’Brien Associates Proprietary
2008 All Rights Reserved
 Prior large-employer experience:
Helpful or hurtful?
+ Perks and pay are often steady and high.
- Upside potential can be limited,
meaningful equity ownership is rare.

+ Career growth opportunities are often plentiful.

- Politics and empire-building often
become a primary agenda.
© O’Brien Associates Proprietary
2008 All Rights Reserved
 Keys to Start-Up Success
1. Financing – Make sure you obtain all you need
> Sanity-check your idea & business model.
> Have a realistic business plan
> Be enthusiastic in presentations !
> Ensure target audience understands
your venture’s goals and opportunities.
© O’Brien Associates Proprietary
2008 All Rights Reserved
 Keys to Start-Up Success (Cont’d)

2. Ensure sales success

> Play role of your customer …….
“Would you buy this product or service?”

> Carefully design your value-proposition

> Use “Sales Funnel” concept to

monitor and manage your progress.

© O’Brien Associates Proprietary

2008 All Rights Reserved
 Keys to Start-Up Success (Cont’d)
3. Hire excellent people who are “venture-fit”:

> Resourceful, motivated

> Can grow with business

> Give them a “piece of the action.”

© O’Brien Associates Proprietary

2008 All Rights Reserved
Are You Ready To Be An Entrepreneur?
Important Traits, Helpful Experiences,
And Keys to Startup Success

Thank You Roger D. O’Brien

President - O’Brien Associates, LLC
roger@ROBrienAssociates.com
585-737-0400