About 2 years ago I did this presentation about entrepreneurship at the EMBA at Lugano University. I use my own experience and the experience of 15 entrepreneurs that participated in a short questionnaire about Entrepreneurship.

1. Entrepreneurship according to
Jacob Hagemann
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3. Why am I here to day?
 My start-up biography
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Worked as an entrepreneur since 1998
Involved in 14 start-up’s
1 IPO (Search Marketing Agency)
4 exited (Two in Online Retail, Mobile Content, SEO Agency)
4 close-down (Real estate, Logistics, Agency and Gambling)
2 live and operational (Agency and Technology)
3 in early start-up (Agency, Auction, Toys)
 And I have combined this with the experience of 15 other entrepreneurs making
up for at total of 175 years of entrepreneurship and more than 100 companies,
today accounting for more than 5.000 employees.
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4. My EMBA
 I survived the IT Crisis in 2000 – 2001 with a tough turn-around!
 I have experienced extreme growth from 2002 – 2007
 I saw the markets go down during 2008 financial crisis and had to sell/close-down
3 companies and close another 3.
 I founded, a now successful company, during downtime in 2010
 I made a spin-of from one company to another in 2012
 I have raised money from investors
 I expect to be part of at least 20 – 30 other start-ups during the next 60 years.
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5. My work / life philosophy
Work till you die!
Retire while you can!
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6. Agenda
What is Entrepreneurship?
Inventors and Entrepreneurs?
The DNA of an Entrepreneur
Is your business idea realistic?
10 things to remember!
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7. WHAT IS
ENTREPRENEURSHIP?
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8. “Entrepreneurship is the
act of bringing life to
the ideas of inventors.”

9. “Entrepreneurship is like
art. Don’t do it for the
money. Do it because
you have to.”

10. INVENTORS AND
ENTREPRENEURS
....it takes two to Tango!
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11. Entrepreneurs vs.
Ideas
Creates
Business plans
Spot the cash
flow
Find investors
Leader
Passionate
about
selling
Inventors
The
Creative
Entrepreneur
New
Technology
Nerd
New
Products
New
Processes
Spots what is
missing!

12. Main difference!
The inventor’s main driver is
The entrepreneur’s main driver is
Creating the Product
Creating the Business
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13. Who are
you?
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14. The inventor
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15. The entrepreneur
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16. The creative entrepreneur
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17. Your ability to realize as early as possible who you are, will be
fundamental for your
success!
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18. I am more entrepreneur than inventor!
Value of Entreprenur
Company Maturity
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0
C
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D N
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A E
S P
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S
T
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G
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Development
Sales & Marketing
Accounting
Invoicing
Hiring
Lawyers
Pension
Maternity Leave
Holiday
Salaries
Structure
Implementation
Rules
Politics
Communication
All the fun stops

19. The DNA
of an entrepreneur
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20. Are you born to be
an entrepreneur?
Or do you become
an entrepreneur?

21. 48%
Of your ability as an entrepreneur is
determined by your genes!
Source: Born Entrepreneurs, Born Leaders, (Oxford University Press, 2010)
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22. When did
you last
check your
genes?
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23. My Great Grandfather, Gustav Adolph Hagemann (16.5.1848 – 26.4.1916)
Chemical Engineer
Inventor
Investor and Entrepreneur
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24. Genes or not!
Just like artists needs to learn how to use a
pencil, an entrepreneur needs the skills to
build and run a company. These skills can be
taught - but the creative energy and the
burning flame you either have, or you don t.
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25. So the question is: Are you an entrepreneur?
 Are you comfortable with:
– Chaos
– Uncertainty
 Are you:
– Flexible
– Agile
– Passionate
– Driven
– Persistent
– Self-confident

26. Can you?
Spot and execute business opportunities
Identify cash-flow and raise start-up
capital
Find the right people to help you build a
business

27. Do you have what it takes?
 The entrepreneurs that contain the above mentioned capabilities and abilities are
most likely to become successful.
– Everybody gets ideas – every day.
– Very few realize it - hence attempt to realize the idea.
 Of those who try to realize only 10 % actually start up a business.
 And of those 10 % only 20 % survive more than 18 month of operation.
 The survivors are the real entrepreneurs.

28. If you are still in doubt!
 Take a deep breath and read the following 8 lines:
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Administration
Staff responsibility
Paperwork
Accounting
Insurance
Bureaucracy
Sceptic people
Hiring & training
 How do you feel?
 I’m ok? (you are not an entrepreneur, sorry!)
 I’m exhausted, my heart is hammering (You have a good chance of being
an entrepreneur)
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29. IS YOUR BUSINESS IDEA
REALISTIC?
Is there a match between you and your project?
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30. What is the fundamental idea?
Creating a
stronger offering
Apple, Ipod and
computers
Starbucks
Searcus
Noma
Ryan Air
Changing The
Business model
Making inventions
Apple Itunes
AT&T
Car Leasing
Spotify
Skype
The car
The phone
The PC
The Plane
Curing deceases
New sources of
energy
Changing The
Behaviour
Google
Amazon
Facebook
Ebay
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31. You and your project needs to be aligned!
 To what degree are you
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…ready to risk all you have?
…looking for the one big thing that will make you hyper rich?
…ok with not succeeding?
…in place with the the funds necessary to invest in your business?
…working with investors?
…patient?
 To what degree is your start-up/project
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A potential Blockbuster
entering a risky market
Similar to other business’ out there
In need of a lot of cash
In need of a long develop
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32. Where do you fit?
Time to market
High
Low
A
High
Low
B
Probability
of success
Potential
output
C
High
Low
High
Cost
Low

33. Inventions & Behavior
Time to market
High
Low
A
High
Low
Probability
of success
Potential
output
High
Low
High
Cost
Low

34. Changing Business Models
High
Time to market
Low
Low
High
B
Potential
output
Probability
of success
High
Low
High
Cost
Low

35. Creating the stronger offering
High
Time to market
Low
Low
High
Probability
of success
Potential
output
C
High
Low
High
Cost
Low

36. 10 THINGS TO REMEMBER
When starting up a business
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37. Don’t be first! (1)
Be the first fastest follower
 Being the first will make you the benchmark for everyone to beat
 Usually very expensive to create a non existent market
 Difficult to get capital
 No players in the market! Maybe the opportunity is not so great.

38. Start-up’s are dynamic (2)
There are no average start-ups
 Most will change their business model within the first 12 – 18
month
 Customers will educate you – if you listen
 Income will not grow as fast as you think
 Cost will grow faster then you think
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39. Be ready to burn the boat! (3)
Cannibalize your own business before someone
else does it.
 While you are in the middle of you start-up opportunity and
threats come along. Market may change dramatically and you
should always be ready to abandon strategy to go for other and
better opportunity.
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40. Your biggest risk (4)
Your self!
– Tripping over your own two feed.
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41. Cash flow/ Revenue Model (5)
 How do you plan to make money?
 When does the money come in?
 How big is the market?
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Total available market?
Served available market?
Target Market
Segments
 Make a Revenue model that is so clear that even a child can see the potential.

42. Customers (6)
 No customers – no money
– Users vs. Payers
– Examples:
 Google (users are you and I – payers are advertisers.)
 How should customers find you?
 Why should customers chose to buy your product if and when they find you?

43. Competition (7)
When competitions become an issue – its because
you are doing something right!
 Don’t worry about the competitors – be happy when they try to squeeze
you!
 Invite them to lunch – share experience!

44. Use your network (8)
 Your network is key to get a good start!
 But, but, but…be careful who you ask for advice:
 Everybody is different and the advice of one person will be his or her personal
advice, based on who they are as a person:
How risky he or she is?
How smart he or she is?
Is he giving this advice because he did not dare to go the other way?
Did he choose to do A because he could not do B
Is he a bad negotiator and could not get the right prices
Is the advice based on something he or she is very good at and where they are super
connected – and therefore have easy access – will it be the same for me?
– And so I goes on!
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45. People, People, People (9)
Hook up with the right people
 Get help from professionals!
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46. Be realistic about you role! (10)
The CEO
The Creative Entrepreneur

47. Who are you?
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