sunday conculsion
DESCRIPTION
TRANSCRIPT
CONCLUSION
Aspiring
Entrepreneurs
Exceptional
Entrepreneurs
Is passion essential to building a successful startup?
Source: Cooper et al. (1990)
0 1 2 3 4 5 6 7 8 9 10Very
False
Very True
I look forward to returning to work when I am away from my work
Source: Cooper et al. (1990)
0 1 2 3 4 5 6 7 8 9 10Very
False
Very True
I accomplish a lot because I love my job
Source: Cooper et al. (1990)
0 1 2 3 4 5 6 7 8 9 10Very
False
Very True
Most of my life’s satisfaction is derived from my work
Is passion essential to building a successful startup? NO!
There was no significant relationship between passion and business performance Cooper et al. (1990)
=
Passion
+
No skill Failure
SKILLS ARE MORE IMPORTANT THAN PASSION
=
No passion
+
Skills Success
BEST CASE
=
Passion
+
Skills Success
How do you develop entrepreneurial skills?
A BORN ENTREPRENEUR?
My wealth has come from a combination of living in America, some lucky genes, and
compound interest...
BORN 1930
LEARNING 1: DAD WAS A STOCKBROKER
LEARNING 2: CHEWING GUM BUSINESS
LEARNING 3: COKE BUSINESS
LEARNING 4: BASEBALL JOB
LEARNING 5: INVESTMENT IN STOCK (11 YRS)
LEARNING 6: MEET SIDNEY WEINBERG
LEARNING 7: BUSINESS GOAL
I want to be a millionaire by the time I am 35 – Warren Buffett, 1941
LEARNING 8: DAD’S BUSINESS BOOKS
LEARNING 9: READ
LEARNING 10: WORKED AT BUFFET & SONS
LEARNING 11: NEWSPAPER DELIVERY JOB
LEARNING 12: MAGAZINE BUSINESS
LEARNING 13: 2ND HAND GOLF BALL BUSINESS
LEARNING 13: CALENDAR BUSINESS
LEARNING 15: CADDYING JOB
LEARNING 16: READ STOCK PAGES DAILY
LEARNING 17: BUSINESS LIBRARY BOOKS
LEARNING 18: SNOW SHOVELLING JOB
LEARNING 19: INVESTED IN HARDWARE STORE
LEARNING 20: HORSE RACE BETTING BUSINESS
LEARNING 21: TIP SHEET BUSINESS
LEARNING 22: GOLF BALL REFURB BUSINESS
LEARNING 23: STAMP COLLECTION BUSINESS
LEARNING 24: CORNFLAKE & DOG BISCUITS
LEARNING 25: CAR BUFFING BUSINESS
LEARNING 26: PINBALL BUSINESS
LEARNING 27: FARM INVESTMENT
LEARNING 28: STUDIED BUSINESS LEADERS
LEARNING 29: STUDIED AT PENN
LEARNING 30: STUDIED AT UNL
LEARNING 31: MASTERS AT COLUMBIA
LEARNING 32: TAUGHT BY BEN GRAHAM
LEARNING 33: LEARNT TEXTBOOK BY HEART
LEARNING 34: STUDIED AT NYIF
LEARNING 35: WORKED AS A STOCKBROKER
LEARNING 36: TAUGHT INVESTMENT CLASS
LEARNING 37: INVESTED IN A GAS STATION
LEARNING 37: WORKED FOR BEN GRAHAM
STARTED INVESTMENT BUSINESS AT 26 YRS
Entrepreneurship is a learned skill!
100 MILLION TREES SAVED
HAGEN STEHR
PROBLEMS