1.
ELEVEN
ESSENTIALS
FOR YOUNG
ENTREPRENEURS
Stephen King
@stephdokin
www.stephdokin.com
© 2016 Stephdokin Inc. All rights reserved. Duplication or distribution is encouraged, with proper attribution.
Mountain Park
School Grade 8

2.
I am not THAT Stephen King
I’m this one

3.
30 years of “Shipping Bits” and great teams

4.
Co-Founder
Founder
Established 2008 2012-2015

5.
Or a guitar hero?
Do you want to
be a guitar
player?

6.
1
Essential
Curiosity and openness.
Lifelong journey of
listening and learning.
There is no such thing as
failure, only learning
opportunities.
You’re never as good as
the person you will
become!
Entrepreneurs have
a beginners mind.

7.
2
Essential
Passion. Persistence.
Drive to get the ball in the end-zone despite all obstacles.
Manage time and cash. Create profitability.
Conquer “The Double Hump of Risk” (Product + Go-To-Market)
Entrepreneurs
get ‘er done.

8.
3
Essential
Don’t predict the future. Invent it.
Skate to where the puck will be.
Change creates challenge. Without challenge,
there is no opportunity for success.
Learn from change. Industry. Technology.
Economic. Political. Financial. Government.
Cultural. Environmental.
Walk a mile in your customers shoes.
Then, create change.
Entrepreneurs adapt-
to embrace change.

9.
change
My Samsung S5 is 3,000,000%
faster than my old Atari 400 computer

10.
Genetics (DNA)
Alternate energy
Nanomedics (medical nanotechnology)
Vertical urban farming
Virtual reality experience designer
Smart home technicians
Senior / health care
Growing organs / 3D printing
Fitness & nutrition specialists
Computer / IT / Mobile programming
Big data w statistics
International law
Marketing
change

11.
4
Essential
1. How does change create an opportunity?
(opportunities are vitamins or pain pills!)
2. Who will pay for your stuff?
(products and/or services)?
3. How much can you charge for it?
4. How big $$ is the market opportunity?
5. How easy is it to access the market –
to sell it to potential customers?
6. What were customers using before?
7. What other choices do they have?
Why would someone select you
and not your competition?
8. How much resources (time & money)
will you need to make it profitable?
Entrepreneurs smell
opportunity and $$$.

12.
You work for 10 hours over 2 days; make and sell 4 pitchers of
regular lemonade, and 3 pitchers of sugar-free lemonade.
$ you make each sales transaction
--------------------------------------------------
1 Pitcher of regular. 8 cups sell for $0.05 cents each = $0.40.
1 Pitcher of “sugar-free” 8 cups sells for $0.25 cents = $2.00.
(4 pitchers X $0.40) + (3 pitchers X $2.00)
Total $ Revenue = $7.60
===================
Cost?
--------
70 Lemons = $8.00
Sugar = 3 lbs X $2.79 = $8.37 (sugar is bad for you, btw…)
Equivalent amount of Stevia = $14.56 (for sugar free lemonade)
1 cups of regular for thirsty you per hour = 10 * $0.05 = $0.50.
Spilled 4 cups at $0.20.
Little sister stole a cup.
8 cups left over at end that you threw away = $0.40.
-------------------------------
Cost to make 7 pitchers = ($31.93)
============================
Total Loss = ($24.43)
=================
Is this a “profitable” business
at 5 Cents a glass?
NO! You need to ensure you MAKE
more money than you SPEND!
IF regular cup = $0.50 and
sugar free cup = $1.00, revenue
would be $40, profit = $7.97*
The “Secret Sauce of Success”
* Still that not great of a business for 2 days work haha!

13.
Entrepreneurs
have luck.
“I am a great believer
in luck, and I find the
harder I work the
more I have of it.”
~ Thomas Jefferson
Essential
5

14.
Essential
Communication is a simple formula:
Quality of Idea X Effectiveness of Communication
Which is better?
10 X 1 = 10 5 x 5 = 25 3 X 10 = 30
Entrepreneurs
communicate.6
Entrepreneurs understand their brand:
• Who is your customer? (a.k.a. “persona”)
Talk in their language & be where they hang out.
• Inspire, don’t tell. Storytelling.
• Define “Value Statements,”
“Customer Benefits” and “Feature Statements”
• Feature: “Spinach is full of iron”
• Benefit: “Spinach is good for your bones”
• Value: “Spinach lets you kick Bluto’s butt”

15.
Sell themselves. Sell ideas.
Sell products. Sell their company.
ABC = Always Be Closing.
If you don't ask, you will most
assuredly never hear “yes.”
Entrepreneurs
sell.
Essential
7

16.
Everyone should code. Whether you are:
1) Building software or making websites,
2) Using technology to sell your products & services,
3) Adapting technology for internal processes,
4) Or … <whatever>
Entrepreneurs
code.8
Essential
… having coding & technical skills gives savvy
entrepreneurs the edge with speed as well as
access to markets.

17.
Entrepreneurs
understand data.
Types of data
• Website Analytics
• Product Use
• Social Analytics
• Marketing + Sales
• Operational
• Service and support
• Financial
• Customer
Use data to help prioritize your team’s
strategy and tactics; i.e. what should
you spend your time and money on?
salesfunnel.stephdokin.com
9
Essential

18.
Entrepreneurs
are good friends.1
Essential
“No man is a island.”
Entrepreneurs are rarely successful doing things by themselves.
They network (a.k.a. “Friendship”). They sell to “people” not “targets.”
They surround themselves with teams and advisors who make them
“whole.” Let each team member do their own job, but work as a unit
towards a common goal.
0

19.
Good friends make good neighbours
Good neighbours make good communities.
Good communities make a good Calgary.
Good cities make a good Alberta.
Good provinces make a good Canada.
Good countries make a good Earth.
A note about friendship
Picture from Calgary flood, June 2013

20.
Entrepreneurs
have fun.1
Richard Branson,
Virgin Group Founder
… losing a bet
1
Essential

21.
Stephen King
President, Stephdokin.com
Co-founder, TheA100.com
@stephdokin
stephen@stephdokin.com
Thanks!
Questions?
Thoughts?
What will you create?