Aπό την ιδέα στην υλοποίηση Vasilis Theoharakis, Ph.D. Associate Professor of Marketing & Entrepreneurship

Thomas Edison “I have not failed. I successfully discovered 1,200 ideas that don’t work.” Certainly Edison is known for his successes rather than those failures, but the point is that he refused to concede defeat From his determination to actuate ideas that did work, he rose above his disappointments

What was Dietrich Mateschitz thinking in 1984?

Milk from Mt. Olympus?

Ideas!!! A good idea is the first step The importance of the idea is usually overemphasized –at the expense of the need for products and services that can be sold at enough quantity to real customers but the best technology or idea by itself is not enough Having the best idea first is by no means a guarantee for success

Do we understand the reason no one has offered our solution before?

When is an Idea an Opportunity? An opportunity is –attractive –durable (sustainable) –timely –anchored in a product/service which creates or adds value for its buyer or user The “window of opportunity” –remains open long enough –the management team is able to achieve market entry –competitive advantage –the economics of the venture are rewarding and forgiving

What makes a great opportunity? The greater the growth, size, durability, and robustness of the gross and net margins and free cash flow The more imperfect a market –The greater the rate of change, the discontinuities, and chaos –The greater the inconsistencies in existing service and quality, in lead times and lag times –The greater the vacuums and gaps in information and knowledge

Are you thinking too small? One of the biggest mistakes of aspiring entrepreneurs –simple, more affordable, more manageable –appear less risky, less demanding Chances for survival are lower –if they survive, they are less financially rewarding The Arthur Rock opportunities criterion –businesses that change the way people live and work

Screening Venture Opportunities Four Anchors –create significant value to the consumer –solving a significant problem or meeting a need for which someone is willing to pay a premium –robust market, margin size, growth, high margins, cash flow, low assets, high returns –Good fit with the founders Good Opportunities create more options –Avoid being locked into a single course –Allows for midcourse corrections

Resources: Creative and Parsimonious Misconception: all resources must be in place Thinking money first is a big mistake –it follows high potential opportunities conceived and led by a strong management team Venture Capital Backing? –not only VCs but also Angels private investors that are in search of high potential, higher growth ventures –Find financial backers that add value The notion of bootstrapping

The Entrepreneurial Team What do venture capitalists say? –“I prefer a Grade A entrepreneur with a Grade B idea over a Grade B entrepreneur with a Grade A idea” –“What is in short supply is great teams” – “If you can find good people they can always change the product”

How to form teams There is no simple answer… –It depends on what the opportunity requires! –Team complements and balances the leader Questions to ask: –What is the relevant know how that we need? –What are my/our strengths in that area? –Do I/we have the contacts/network required? –What are the critical success variables of the business?

“Whole brain” teams Problem Solver Mathematical Technical Analyzer Logical Planner Controlled Conservative Organizational Administrative Talker Musical Spiritual Emotional Interpersonal Conceptualizer Synthesizer Imaginative Holistic Artistic

The Timmons Model Opportunity Resources Team Ambiguous Exogenous Forces Creativity Leadership Business Plan Fits and gaps Communication UncertaintyCapital Market Context

Entrepreneur’s Mental Attitude Do what gives you energy - have FUN! View the situation with optimism Concentrate on making things work, not on what “cannot be done” Take calculated risks A team builds a business; an individual earns a living Make opportunity and results your obsession - not money Make the pie bigger - do not waste time in cutting it in small pieces Play for the long haul - rarely possible to get rich quick

Racquet dropContact pointFollow through

Business Plan Competitions   European Business Plan Competition of the Year   Participation of top EU Business Schools (INSEAD, LBS, Imperial, Bocconi etc)   Consistently among the finalists since 1 st participation ( )   Only LBS holds the same record   ALBA is the only business school to become a finalist from its first year of participation   1 st Prize winner in the European Business Plan Competition of the Year 2003 and 2005   2004 competition held at ALBA   VENTURE 2002 Competition (Greece)   winners of 7 awards (2 of the 3 final awards)   1 st Prize winner at the “Ιδεοδρόμιο” Business Plan Competition (Cyprus)

European Business Plan Competition

Industry Wants People with Entrepreneurial Skills Entrepreneurship and decision making Ability to manage complexity and uncertainty Problem formulation as well as problem solving Ability to advocate and influence Ability to function in multidisciplinary teams Ability to realize products

Who Recruits ALBA Graduates