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The Darkside of Entrepreneurship

The Darkside of Entrepreneurship. Justin Craig, Ph.D. Entrepreneur – Entrepreneur/Scholar. EXPECT TO BE SCARED. Randy Conrads (founder classmates.com and redweek.com). What to expect in the next hour…. Who is Justin Craig? What credentials? Why should you listen?

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The Darkside of Entrepreneurship

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  1. The Darkside of Entrepreneurship Justin Craig, Ph.D. Entrepreneur – Entrepreneur/Scholar

  2. EXPECT TO BE SCARED Randy Conrads (founder classmates.com and redweek.com)

  3. What to expect in the next hour… • Who is Justin Craig? • What credentials? • Why should you listen? • What do I hope to achieve? • “Darkside” Case Studies [Stories/Narratives] • The entrepreneur who had it all…and now has nothin’ • Red Ferrari Guy • The girl who wouldn’t listen • The entrepreneurs who spent their whole life wondering “what if…” • The entrepreneur who dropped dead on the 16th green • What can you do to limit risk/the darkside? • “Take Homes”

  4. Who is Justin Craig? • Assistant Professor of Entrepreneurship • Faculty-In-Residence Weatherford Residential College of Entrepreneurship • Personal • Dad died when I was 11 (he was an entrepreneur) • Mum filled both roles (she had to be entrepreneurial) • Instilled in me the value of networks and education and hard work (although not apparent at the time) • Wife/Soul Mate…Kimbo

  5. Credentials • Worked for two “classic” entrepreneurs • With brother (and with assistance from sister) started, harvested, started, 3 successes, 1 not so successful • Other smaller ventures in Australia and Malaysia • Worked with/observe/know countless other entrepreneurs • Now work with “nascent” and “aspiring” entrepreneurs in USA, Australia, South Africa…i.e., many of you…

  6. Why should you listen? …to a lecture about the “darkside”… • I have been where you are going… • I am older than you • Have said “yes” when I should have said “no” • Have said “no” when I should have said “yes” • Have tasted success… • Have witnessed failure… • High Highs/Low Lows • Have not slept, have negotiated, have dodged and weaved to make it…have been summonsed to the bank manager’s office!

  7. What do I hope to achieve? …in a lecture about the “darkside” • Awareness of risk • Alert to the sacrifices • Assistance in managing success • Importance of being patient • Value that you invest in your name “equity” • Start to look for OPPORTUNITIES • And even.. • consider BA260…Entrepreneurship Minor, or Austin Entrepreneurship Program at Weatherford!

  8. What I hope won’t happen… • That I will deter you from pursuing an entrepreneurial career • …or that… • you will fall asleep and start to snore… • you will be so bored that you will start text messaging… • you do your calculus homework… • etc. etc.

  9. “They say it is lonely at the top…if you are an entrepreneur…it is desolate”… Randy Conrads, founder classmates.com and redweek.com

  10. RISK…The Darkside… Financial Family Career Psychological Health

  11. CASE EXAMPLES (Stories) Financial Risk • The bloke who had it all…and now has nothin’ Family Risk • RED FERRARI Guy Career Risk • The girl who wouldn’t listen Psychological Risk • The two blokes who spent their whole lives wondering “what if…” Health Risk • The entrepreneur who dropped dead on the 16thgreen

  12. You deserve to fail, if… • You don’t observe the basics…particularly CASH POSITION • You don’t do what you can to put the odds in your favor… • Opportunity • is the market big enough for you TOO? • is the industry emerging or mature…TOO MATURE? • Is this an IDEA or an OPPORTUNITY? • Team • Do individuals involved have COMPLIMENTARY skills? • Do you have COMPETENT advisors? • Resources • Do you have a “count the PAPER CLIPS” mentality? • Do you use OPRs?

  13. You deserve to fail, if… • You are not patient • You confuse what is the companies’ with what is yours…big chance that it is the companies • You do not have a supportive spouse/significant other or family • You don’t seek and accept HELP • You don’t ACTIVELY network • You don’t LISTEN

  14. What can you do…? • Start to build networks • Develop good habits (health, exercise, nutrition, personal finances, ethics) • Work on weaknesses • Work on strengths • Develop a strong work ethic

  15. What can you do…? • Create a vision for yourself • Write down your goals…revisit them often • Share your dreams • Build your brand (name) equity • Be patient • Start to save some money as you will be expected to have “some skin in the game”

  16. What else can you do…? • BE HONEST AND COMMUNICATE OFTEN WITH YOUR BACKERS! • DO WHAT YOU SAID YOU WERE GOING TO DO! • EXPECT TO BE IN BUSINESS FOR 50 YEARS! • “YES, AND…” RATHER THAN “YES, BUT…” ATTITUDE! • DEVELOP A “HARVEST” MINDSET

  17. Take Homes • Entrepreneurship is not… • Easy • Guarantee of wealth • Small business • Entrepreneurship is… • Likely to keep you up at night • Hard work • A Rush • Fun • Rewarding • Infectious • Liberating

  18. Take Homes • Know about and address factors related to the “darkside” • Financial • Family • Career • Psychological • Health

  19. Final Thought “Entrepreneurship is the thing that made me whole”…Randy Conrads.

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