David Shmukler Swimming with the sharks
What is an entrepreneur? Who is David Shmukler? (doesn t really matter ) (doesn t really matter either ) But let me share my story with you...
I LOVE MUSIC AND MY FAMILY AND BEING MY OWN BOSS (not in that order!) I am here to share some of the experiences that I ve been fortunate to create, and further share some of the successes as well as some of the mistakes I ve made along the way.
What makes you s tick.. Drumming/music one of my passions (Stevie Ray Vaughan his voice and playing) Seeing a HotBox campaign, or Preggi Bellies Class or a mattress protector in every Dial A Bed store Existing businesses come to fruition New Business another platform I discovered a passion for
Stevie ray Vaughan http://www.youtube.com/watch?v=u97vvcntyis &feature=related 30:00-32:38 of the clip
Business best summed up Sunday is the day people go quietly mad, one way or another. -William Saroyan My Background: Advertising HotBox Media Preggi Bellies Loxion Media Protect A Bed Goldfish Consulting (Property)
Why you re sitting here... Passion (from the Ancient Greek verb πάσχω (paskho) meaning to suffer) is a term applied to a very strong feeling about a person or thing. Passion is an intense emotion compelling feeling, enthusiasm, or desire for something.
How to start? *quick qualification: My story here is about slightly niche start up businesses. It s a different field for instance from a going concern that needs a ramp up, or a new break away hedge fund. Probably the biggest difference is the ease of funding. Evaluate Niche!
How to know whether to start? Do you have a slight tingling below the belly button (Politically correct version for the notes) Is the idea viable? Has it been done? If yes, can you do it better (competitive advantage) Intellectual property protection Are you prepared to risk something? (Lets leave it at this romantic stage for now and then combine the lessons I have learnt!)
How to start? Marketing: (Lets assume the other fundamentals have been covered in day 1!) This sounds obvious...but is crucial What benefit does your product/service offer? Who will take advantage of this offering?» (and that excludes yourself and your mom) How do you let them know about the offering/your organisation? How do they find the product/organisation?
Raising Finance: Start Ups: Very Difficult SBDC (Business partners) Here be dragons ( Mark Shuttleworth) Banks These institutions are very loathe to invest in an untried business...they also will take a big share in the business which needs to be carefully weighed up! My Funding: HotBox Media : Funded by my Bond and a personal Investor ( I bought back the share) Future businesses funded through success of HotBox Another good place to start is with Family and friends but present a well thought through business plan to them first. Check out the Slide on Lessons learnt (simply the first 2 points).
So where did I begin... It was the 3 rd of September...Waiting at JHB International
Lessons Learnt 1. Does the business make money!! Get an accountant to check. 2. Do your homework and prepare in all areas 3. Don t waste time & resources Concentrate on the right clients 4. Learn to sell or get someone who can. 5. You will not retire after a year. Give yourself a few bad months grace, there will be. 6. Capacity and resources to grow Get a good team
Lessons learnt cont d 7. Sign the Deal and get paid: Don't buy a Porsche until the cash is in your pocket 8. One chance (especially overseas) Make an impression -there is plenty of competition. Listen Present well What's your skill He who whispers down the well, will never reap the golden dollars, of he who walks the streets and hollers
Lessons learnt cont d 9. Friends: Great partners...not!! Keep meeting for drinks or lunch and keep it that way its much better. Keep meeting for drinks or lunch and keep it that way its much better. (No this isn't repetition) Where do you want to end up?... I didn't always know.
Being an entrepreneur The reason I get up is that I want to. No-one forces me, no-one pays me, no-one tells me to work late, no-one tells me I can t come home to see my kids, no-one tells me how hard I need to work, no-one tells me how much money I want to make and only I see my own dreams at night. My goals remain my goals. In an ordinary workplace this is slightly more difficult.
No one tells me how to pay bills at the end of the month, no one tells me what to do if its a tough month, no-one tells me if cash flow is tight, no one tells me if its going to be alright and that's just how it is.
...in a corporate environment?... I believe you can act like an entrepreneur in a corporate setting if you get this right..i have had some brilliant bosses but they were so good they inspired me to leave..
How International helped Local business and visa versa (HotBox Media) International Overseas success rubbed off here local Operating in different markets helps experience Gives confidence Up your game Local International Experience in SA in medium already working Global Brands used locally helped to sell World first
How International helped Local business and visa versa (Preggi Bellies) International Overseas already well established local Gave the local business credibility (still had to sell) Experience and knowledge! Expertise Local International Developed our own methodology Own marketing taken overseas
Important Lesson People don't always see a good idea or your business as you see it, if they don't, find another way to show them. If this doesn't work move on! (Residual Income-property)
And please Enjoy! If the bank and your wife/husband are going to grill you, you better be enjoying what you do! A Husband & Wife Were Arguing Over Some Issue. After Much Discussion, the Wife Finally Said: Tell Me Dear,Do You Want To Win OR Do You Want To Be Happy?.. Argument Ended
Dreams are a beautiful thing...what's an idea worth?
What you need Single Business Support.. Unwavering Risk averse Financed Mental encouragement Existing Infrastructure Leader Ability to change Trust Vision
What does this mean for you?
Seems obvious.. What business are you in? Why are you doing this? What do you do every day? What do you need to do everyday? How are you going to limit your mistakes in achieving your goals. What does success mean to you? See Eisenhower Matrix..
The Danger of workshops and drinking red bulls when the camera s stop rolling. look for incubators and mentors
Do s and don ts I can t really tell you... But here is a great quote: Do not wait for extraordinary circumstances to do good; try to use ordinary situations... then use, or don t use some of the experiences I have shared with you to minimise your mistakes. Thanks GoldfishConsulting 082 656 2917 david@goldfishconsulting.co.za