Tonight I went to the event about Business Freedom and had a quite enjoyable time there. Earlier I though that it may be some speech on what is business freedom and something like your business freedom should never against national interests and there is no absolute freedom and whatever… But it turned out that it’s nothing like that and Eric is quite a humorous mentor and entrepreneur. He wants to bring energy to us and make some change in our life.

It took him a long time to realize his love for speaking of business in public.And he told many useful tools and quite a lot knowledge which is a great help to people who is going to start or is running business right now.So useful that I wrote 6-paged notes in total.

Below is some from my notes…


How to Define a Successful Entrepreneur: the company runs smoothly with or without the owner physically being around.

Inception Marketing, it’s about making value for people(make them want to buy something) instead of just satisfied what they want. A great metaphor is there is 2 ways to catch a butterfly: one is the net and another is to build a beautiful garden that they will come to you.

Choosing a Coach/Mentor:business background is important! 2 hours is enough to decide if you can sign the contract with him/her. We should hire people for the good result not just for a feeling of certainty.

Making MISTAKE: This is a big part of running business…Making mistakes is useful and necessary for growth. But it’s not simply about making mistakes, it’s to make ORIGINAL mistake, that is, never make the same mistake over and over again.

Big Mistakes: a) do not chase after easy sells like a monkey sticking to the nut. b)sell is like a date, do not only think and talk about yourself. On the contrary, make some connection. c)do not chase the clients, is you are needy they will run away.

Attraction: Same as the butterfly metaphor, success is far less of what you chase than what you attract. So you should attract your clients and make them come to you.

Standard of Successful Company: People there are strongly passionate and loving being there so much, treating work like their life.

Telling Story: Everyone likes to hear stories. So why not make your business sound like a story especially in a conversation?

DO WHAT YOU LOVE!

HOLD TIGHT if you are truly good!

Protect the trademark & chase after the BRIDE!


 

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Other thing like ITM and inceptive story, Leon has put in his post in deail so I’d not repeat 😛 I had a great time there and will be so happy if you can also learn something from this post!

 

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Earlier tonight I went to an event together with my teammate Marco Priori and classmate Raquel Calles. The event was held by Elevate 2014, an organization who provides and gathers different speakers to hold public lectures in different topics. The main man tonight was Eric Edmeades, an entrepreneur, business coach and mentor, company owner and professional speaker with more than 20 years of international business experience. The topic was to teach/learn good business tools to implement in a start-up or in an existing company.

Edmeades was really inspiring. The first thing he brought up was that innovations or ideas would never become successful if you’re not taking help. Help could be given from anywhere, from friends, family, written books, mentors or coaches. Sharing is very important.

The biggest part of Edmeades’ speech focused on “Inception marketing”. The main idea about this is to do marketing so that the customer comes to you, instead of you going to the customer. “Attraction rather than promotion”. He divided the process of this into 5 steps:

ITM: Identify ideal target market
Value: What do the target value?
Engagement pitch: Pitch and expose directly towards their values
Inceptive story: Design a story based on what the target value and build creditability, authority, virality and reciprocity
Teach how to buy: Teach the target the most important considerations when buying

Edmeades meant that if successfully passing all the steps in this model, the customer will trust and engage to you as a seller.

Last important thing he mentioned (before this post becomes too long and you guys not reading it) was an advice applicable when doing an elevator pitch. He meant that one of the biggest mistakes in an elevator pitch was that people spoke too much about themselves. Instead he recommended raising the question and the need in the head of the potential customer.

Feel free to leave a comment below and hope you enjoyed this summary as much as I enjoyed the event!

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Thanks to L.Peter and My Klint, most of the members of #Dreamgineering have attended to one of tents of events for Startups organized in KTH during the year. Student Inc is an organization inside KTH who supports and helps innovative ideas to become into Startups with revenue. They don’t invest in ideas but they can help finding investors and holdings. By sending an email to the manager everyone with one (or several) ideas can make an appointment in order to ask for advice and see if their idea has potential. Today morning we had the opportunity of knowing in first-hand what is going on Student Inc. in the Open House event (Wednesday 17th) due to My Klint, Student Inc. manager, and guess what… Is amazing! 9.00h Morning started with a nice breakfast for free!! 😀 (These #entrepreneurs known how to catch people! 😉 )

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9:30h My Klint, made a tour for us inside Student Inc building. It is located in Teknikringen 26, 114 28 Stockholm (inside Main campus KTH). We could visit the “workspace” room, “conference” room and all the rooms available in order to help entrepreneurs to develop and share their ideas, and kitchen! 10.00h My was explaining to us how the Student Inc works which startups are developing there they ideas and how Student Inc staff help them. IMG_20140917_103723553[1]

Student Inc has a program from 3 to 15 months for those ideas that are ready to start the process. So in order to know if your idea is ready, first is needed to have some appointments with the advisers of the organization. They will decide if is necessary to search more about the market and the idea or if it can start in the phase 1 INITIATION. The program is based in 3 phases depending on the state of development of the idea, 3-6-6 months are the phases Initiation-Development-Phase Out. After these phases, Startups should leave to begin their business on their own or find another incubator or platform to help them longer (as STING, also from KTH). I would recommend you all of you to go visiting Student Inc and their team because they are very nice and they are looking forward to listen to all your amazing ideas!   #Dreamgineering

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Today we visited the Student Inc. Programme which is financed by KTH Innovation as part of the online & offline assignment for the KTH Entrepreneurship course. Student Inc. is an organization that helps start-ups and young entrepreneurs through the first phases of their journey towards building their own company.

When you want to apply to the programme there are a few requirements each group has to fulfill. First of all and most importantly the majority of the start-up team have to be students at KTH and the idea has to be “technical”. Additionally other criteria have to be met, e.g. that the idea has to be innovative, a lot of research must be done before beeing accepted, etc. After meetings with business coaches in order to discuss, develop and improve initial ideas the teams that are accepted go through 3 phases.

In the first phase, called “Initiation” the entrepreneurs are supposed work on their ideas, do further research, develop the product and after 3 months do a pitch to the business coaches in order to move on to the second phase.

In the second phase, “Development”, the aim is to actually launch the product/enterprise and bring it to market during approximately six months before moving on to the last phase after another pitch .

The third phase, “Phase out”, helps the entrepreneurs to prepare to stand on their own feet, so to speak, and being able to continue their journey by themselves.

During our visit we heard a lot about different ideas and the different stages the entrepreneurs find themselves in. To maybe highlight one of the  organizations which have already left Student Inc. I would like to mention Help to Help, a NGO that gathers money through crowdfunding in order to pay tuition fees for children in developing countries, an idea which in my opinion is very inspiring and noteworthy.

What Student Inc. provides for the students is guidance through business coaches and ongoing meetings in order to discuss the progress of the idea, offices to work in and for special, promising teams even a network of high-profile investors.

Since time was running out in the end we were not able to pitch our ideas to My Klint, the Manager of Student Inc., but agreed upon sending our individual ideas to her and then receiving initial feedback from in return. So during the next week we will start introducing our ideas on this blog and keep you updated on constructive feedback and how that will affect our developing process.

To leave you with there were some things My told us that are essential when it comes to Entrepreneurship. First of all when in doubt about which idea you should pursue: always follow your passion. Second of all: you need a lot of persistence when you want to be en entrepreneur since you will always start broke and will inevitably face many ups and downs on the way. But nevertheless the rewards you get, when for example your first customer likes your idea or you sell the first exemplar of your product, are worth all the pain you have endure on the way.

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The Student Inc. building

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Dreamgineering at Student Inc.

 

#Dreamgineering

 

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Like Bill Gates, Kai-Fu Lee is really famous among Chinese and he’s the first name of entrepreneur jumping in my mind when I take this class.

Kai-Fu Lee is a Taiwanese and living in Beijing now, (BUT has immigrated to USA long time ago 🙁 ) What made him famous is his contribution to Microsoft and then Google, rising from a research computer scientist of Carnegie Mellon University to Corporate Vice President of Microsoft Corp. and end as Google’s vice president. Kai-Fu Lee has a very innovative and creative mind, and his college credited him with “helping dramatically to im­prove the quality and range of services that we offer in China, and ensuring that we continue to innovate on the Web for the benefit of users and advertisers. “

But the reason why I have such a deep impression of him is from Weibo(just like twitter in China), where he has more than 30 million followers including me. He likes to post creative ideas and some knowledge of building and managing a company and I benefit a lot from them. He is a writer as well, his book MAKING A WORLD OF DIFFERENCE was once the bestseller. 

But in 2013 he was diagnosed lymph cancer in his 40s. Besides the tough mind he shows, he also talks more about the normal but happy life with his family and the true happiness his lovely daughter gives him. Besides, he also shares many great ideas about how to release work pressure and how to form a healthy lifestyle. He says everyone should care more about family before it’s too late, and a open mind is the key to happiness.

Here’s his weibo if you can read Chinese:P

http://www.weibo.com/kaifulee

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Kai-Fu Lee will always be my guide in life 🙂

 

 

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For those of you still struggling to come up with a great idea for the Idea sketch, here follows a few tips from author and writing coach Michael Levin who over the years has developed several tricks to stimulate his creative muscle which has helped him come up with great ideas for whatever challenge he may face.

  1. Ask yourself, “What’s the most dangerous, expensive, and illegal way to solve this problem?” Imagine that you have no limits – legal, moral, financial, whatever. This may lead you to new ways of thinking. (And then you can find a non-life-threatening, legal way to solve it!)
  2. Hide. Slow down and get your brain back. It’s impossible to generate ideas when responding to endless external stimuli.
  3. Count to 20. Go somewhere where you can be undisturbed, bring a yellow pad and a pen, turn off your phone, and sit there until you come up with 20 ideas for solving your problem. This requires discipline, and not every idea you invent will be a great one, but as long as one idea is brilliant, it will be worth it.
  4. Give up. Take a major step away, even for a couple of hours, from whatever battles you’re facing, contemplate the greatness of the human spirit or the wonder of nature, and reawaken the creative energy that our fight-minded world suppresses.

I hope this can help someone. The full article can be found at http://www.franchising.com/articles/creativity_under_pressure_4_ways_to_come_up_with_brilliant_ideas_when_the_p.html

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For everybody who missed today’s lecture. It was held by entrepreneur, teacher, author (and I am sure more 🙂 ) Gregg Vanourek. First of all, it was a great lecture and the style of presenting was very inspiring and made you really pay attention.

The first part of the lecture dealt with “entrepreneurship” and “start-ups” in general which was followed by a case study. Groups of 4-6 students had to decide what a start-up should do when confronted with the problem that an investor is about to sign a contract for a huge investment when at the last minute the CEO decides that the revenue model of the start-up has to be changed. The options were:

  1. to tell the truth and put the survival of the Company in jeopardy
  2. to tell the investor later after the new model has proved to produce results
  3. to not tell him/her at all and hope that it will remain a secret and the investor will not care as long as results are produced.

Surprisingly enough most groups came up with the same answer, opting for alternative 1 because they did not want to hurt the reputation of the firm, were sure the investor would find out, which would be followed by legal punishments and/or  argued that since the investor decided to invest in a start-up he/she would know the difficulties involved and therefore understand the necessary change.

Afterwards we were given a framework to tackle such difficult questions that revolve around leadership. In his book Gregg Vanourek introduces the principle of the Triple Crown, which, actually, is a horse race metaphor for the most elusive trophy in the world. According to the principle all businesses or decisions should strive to fulfill the criteria of being efficient, ethical, and enduring. Additionally we were provided with 5 principles of leadership being: Head & Heart, The Colors, Steel and Velvet, Steward, Alignment.

According to the framework the previous business decision was simple, since the one characteristic that comes before all others when there arises a problem of trade-off between the three criteria is that your decisions have to be ethical, thus only allowing for telling the truth to the investor. However there seems to be , like for so many business decisions, no absolutely correct answer to that problem. What do you think about that situation?

Returning to the book about the Triple Crown I will definetely read it as soon as I am put into a situation that requires leadership qualities, since I have never taken any courses related to the subject.

At the end I would like to invite everybody to post thoughts, additions or different views on today’s lecture and leadership in general.

#L.Boldin  #Dreamgineering

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For those who intrested in social enterperinship, I strongly recommed this Social entrepreneurship Forum, a proud partner to Start-up Day, to you.

Offical site: http://se-forum.se/
They hold SE Outreach Accelerator in Stockhom and Nairobi, Innovation Labs and other intresting events frequently. Mostly, people are free to attend, and be a member is just 100SEK.
There are lots of defintion of Social entrepreneur, and my own understanding is, they are people  who want to start a business mainly aim to solving social issue instead of earning money.

Even if you are not intrested in what is social entrepreneurship, I also recommend you to learn basic Corporation Social Responsibility in order to be a good entreprener.

One more: Ashoka https://www.ashoka.org/ (the largest SE supporter/platform in the world)

 

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We were, during the last exercise, faced with a dilemma. The scenario was as following. You had an idea of selling some special kind of orange juice and asked your friend to help you. During the first hour on the first day of the venture were both of you operate the organisation the profit it 1000 SEK. You are, after the first hour, called away because of some external factor (e.g. sick child, SO, dog, cat). What will happen with the profits from the rest of the day, and do you trust your friend not to hide profit?

At first I didn’t understand the dilemma. If you are friends you trust each other, if you venture into a business together you should trust each other and if you trust each other you can have an open discussion about it and find common ground that makes every pleased.

The questions continued to echo through my mind during these last few days and I remembered when I was working in the Netherlands during the summer. There we had a similar fictional dilemma, were one of our “employees” failed to show up to an important mandatory meeting. The natural response from many of my co-workers was to immediately follow the rules and remove the person from the organisation. I was shocked by this response since my initial thought was: Is this person okay, has anything happened?

I decided to research the subject and in a study from 2011 about trust from ESS and ISSP (http://bit.ly/1nV8x0R) the Nordic countries are world champions in trust. In the study, approximately 84% of Swedes express high levels of trust in each other. In comparison, the OECD average is only 59% and the United States of America trails with 49%.

When I read this study many questions popped up in my head:

  • How does this affect entrepreneurship in Sweden?
  • How does entrepreneurs from Sweden interact with non-Nordic entrepreneurs?
  • Is this an asset or a liability?

Please comment and discuss this here in the blog!

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http://hbswk.hbs.edu/item/6760.html

Good news, everybody can be an innovator!!
We have only to train five skills, not so much, very easy task 😉

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