Journey of a Serial Entrepreneur

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How to get from where you are to where you want to be

5 Reasons to Co-Work

“Productivity is never an accident. It is always the result of a commitment to excellence, intelligent planning, and focused effort.” Paul J. Meyer

I started this week talking about co-working as it is an opportunity I am actively looking into at the moment. Given that it is a relatively new concept, many of the individuals I talk to about this have a host of questions regarding what co-working is all about, and ask why they should leave the comfort of their home offices for this. In response to these questions I have created a list of five leading reasons why one should choose to co-work over working from home or a cafe.

1. Networking Opportunities: I believe this is one of the most important reasons why anyone should choose to work at a co-working zone vis a vis working from home, a cafe or a small office. Having the ability to meet new people on a regular basis not only helps us grow as individuals, it provides us with opportunities to take our business to the next level. Networking is an integral part of every entrepreneur’s journey. Integrating it into our busy lives is however always a challenge. Working from a co-working zone makes the integration into our daily routine seamless and also increases the probability of success. To learn more about the benefits of networking from a co-working zone please click here.

2. Accelerated Serendipity: Serendipity is the accidental learning of something while searching for something completely different. As small business owners in the process of starting up or even searching for ideas on what they want to do, co-working is an excellent option to get the creative juices flowing and who knows, perhaps you could stumble onto the next big thing! The constant interaction with individuals from all walks of life provides a great sounding board and accelerates the process of finding your true calling. To learn more about accelerated serendipity please click here.

3. Increased Productivity: Individuals who have worked from home offices realize how challenging it is to be self disciplined and motivated. Co-working zones provides co-workers with a renewed sense of motivation often accelerated when everyone around them has got their head down and getting things done. Also, having others hold you accountable is another factor which motivates individuals to complete planned tasks and projects. To learn more on how to be more productive in a co-working zone please click here.

4. Operating Advantages: In the short term operating from a co-working space may seem to be an expensive option for an independent business owner. However, taking a slightly longer time frame of 6-9 months, operating benefits of a co-working space become immediately apparent. Working from such a space provides business owners the ability to project a professional image, space to increase staff and even share larger purchases. For entrepreneurs and consultants who have large aspirations and want to increase the scale of their business without incurring huge initial costs, co-working zones are an ideal solution. To learn more about the operating advantages of co-working please click here.

5. Work/Life Balance: If you are working from home you understand that the line between your work and life become gray and shadowy. Getting a balance is a critical aspect of life. Without it there are always far too many sacrifices that need to be made and that have major repercussions in the future. There is also the case of burnout, and losing interest in what you do for a living. Most importantly it is your friends and family who are most affected if your work/life balance is not correct. So whether it is through a co-working space or any other way, one should make a resolution to bring a greater degree of balance to life in 2009. To learn more on how you can balance work and life through co-working please click here.

A concern that is brought up repeatedly, is one of cost. As mentioned in reasons #4 co-working zones provide entrepreneurs the ability to scale operations as and when needed. This is in itself a huge advantage which justifies the cost of operating from such a space. Apart from that, for consultants who do not have plans to scale operations, the cost of renting space is usually the same as compared to the price of having endless cups of coffee from your local cafe on  a regular and daily basis. In addition to this, one gets access to networking opportunities, idea generation, increased productivity and help in maintaining a work/life balance. Thus if you are currently working from home or a cafe, looking into co-working spaces in 2009 may just be your best alternative.

* If you currently looking into joining a co-working space but are still unsure, I would appreciate it if you let me know your concerns and I will do my best to resolve them. By the same token, if you currently work at a co-working zone please let me know any additional reasons why individuals should choose operating from a co-working zone. Thank you.

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Accelerated Serendipidity

“If you have an apple and I have an apple and we exchange these apples then you and I will still each have one apple. But if you have an idea and I have an idea and we exchange these ideas, then each of us will have two ideas.” George Bernard Shaw

A term that is getting around the co-working community, coined by Julie Gomoll of LaunchPad co-working is…. accelerated serendipity. Serendipity is the accidental learning of something while searching for something completely different. Imagine an open space where individuals from all walks of life are busy talking and working on projects. In this environment, say you are a freelance graphic designer and there is a business consultant working with a photographer on increasing the value of his brand, there could be some great tips here for you to pick up. Just the fact that so many people will be talking about a whole range of ideas and concepts is exciting and provides the oportunity to learn something valuable almost daily.

This is a level of exposure very unlikely to take place anywhere else. If you are working in an office, most everyone is pretty much focused on the job at hand and are working collaboratively on designated projects.  By the same token working from home the greatest level of interaction one could be part of is looking at what is happening on your twitter feed or forums that you visit frequently. The opportunity to ‘accidentally’ learn something is a low level opportunity here because this is often a one way dialogue. Research also tells us that working alone often stymies creativity. Which is why there is a large influx of independent consultants working from coffee shops. The fact that they can listen to people and sense life around them provides them the creativity stimulus.

As small business owners who may be in the process of starting up or even searching for ideas about what they want to do, co-working is an excellent option to get the creative juices flowing and who knows, perhaps we could stumble onto the next big thing! This is also a reason why many co-working spaces have been thought of as a step before business incubators. It provides individuals the ability to get exposure from a diverse group of people and possibly helps them test their concept before actually plunging into it.

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Lack of Trust

“Wise men put their trust in ideas and not in circumstances” Ralph Waldo Emerson

Trust is an essential component of any type of partnership,  be it business or personal. Without it, a relationship’s growth is impeded, it will in all probability remain stagnant and eventually break off. It takes a lot of hard work to build trust in a relationship, but very little effort to destroy years of accumulated trust. Looking back at the ventures I have been part of, I see that trust was definitely something created over time. However, there are a couple of factors that create the basis for this initial leap of faith and trust between individuals or a group of individuals. They are:

1. Shared Values: Before making any type of commitment, the underlying premise must be built on a set of shared core values. Core values are a set of values embedded into each individual’s system. They are the result of life experiences, culture, environment and our spiritual belief system. Hence ,when team members with different sets of core values come together the process of building trust is much slower.

2. Risk Tolerance: Everyone has different areas for the level of risk they are willing to take on, at any given point in time. Those with higher tolerance levels push forward and hope for the best, whereas others hold back and wait for the right time. When individuals with different levels of risk tolerance come together as a team, it takes a lot longer for trust to develop.

3. Self Confidence: I believe that individuals with higher levels of self confidence, have higher levels of risk tolerance too as they are positive about things working out. Whereas individuals with low levels of self confidence constantly doubt their own abilities and their plans to get it right. Individuals with differing levels of self confidence take longer to build trust.

Differences in these areas will result in trust being built slowly. Teams who have mis-managed competing interests,  not created a culture of candor in their business, will have severe problems in developing the level of trust needed to push the business forward. I believe that when there is a lack of trust in the team, team members are not able to perform at their optimal. If this problem is not handled in its early stages, the probability of members defecting and moving to greener pastures increases greatly.The key to incorporate candor into your business is to ensure that messages sent are consistent with what the business stands for. When these factors are in place one should be able to see higher levels of trust, this will eventually lead to better performance and results.

Related Posts:

5 Components to build Trust

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Are you Prepared to Present?

“It takes one hour of preparation for each minute of presentation time.” Wayne Burgraf 

A killer theme has been selected, a consistent story, a great punch-line and a mind blowing design. All hyped up, we step up to the podium to deliver our presentation, and everything falls apart. We start by getting the words wrong, our train of thought goes astray, we begin talking about unrelated topics and soon, we have completely lost the audience’s attention and respect. Sound familiar? Well it does to me. I have had my fair share of presentations which did not go as planned. The reason: I never planned how I wanted them to go in the first place. One gets so caught up in getting the right picture, the right statistics and the right design, that we tend to forget the important aspect of getting the delivery of the actual presentation right. This is a lesson you have to learn the hard way to truly understand it’s magnitude. 

One of the first presentations I remembering rehearsing for, day and night, was my first VC pitch. I was the lead presenter and my team and I spent around 5 days perfecting the delivery of the pitch. It was the first time I realized how difficult it was to do something which appears to be relatively easy. Each time I watch one of Steve Jobs keynote addresses it just blows me away. Here is a guy who stands in front of thousands of individuals and holds their attention for 90 minutes without breaking a sweat. So is there a special secret which helps some speakers present better than others? No…..it is simply about being well prepared. Outlined below are some steps which can help you to be better prepared for your next presentation:

1. Who is your audience?: If you are pitching to a VC, you will have to pay attention to aspects like financials, target market and assumptions. Be prepared with answers to difficult questions in advance. On the other hand, if you are pitching to a customer,  stress different factors and communicate in point form to help them make a decision faster. Understand who your audience is, and what they expect of you in advance.

2. Material: I recommend memorizing your material if possible. This has helped me pitch more confidently and that confidence is surely communicated to the audience. Instead of memorizing word for word, use central themes and key words for each segment. 

3. Dry Runs: I record myself while rehearsing important presentations. Through this I can identify pitch, those parts of the presentation I have trouble with, any hand gestures I use, and whether I am able to stay within the designated time which has been allocated for the presentation. The last point is vital when pitching your startup at demos where one is given only 2-5 minutes to communicate your idea.

4. Tools: I recommend advance testing of your presentation at the actual site if possible. For some odd reason, the projector and notebook always seems to have a problem right before a presentation. I also recommend using a remote device to help navigate your presentation yourself. 

5. Passion: Without this component one might as well not give the presentation. Passion for your idea, product or service is communicated from the moment you begin your presentation. During rehearsals get feedback from your peers or anyone who is assessing your delivery on how you rank on confidence, enthusiasm and passion. 

Being prepared is the difference between a good and a great presentation. There should be an equal amount of effort put into the delivery of your presentation as well as to the production of the presentation. When you see a presenter like Al Gore giving the “Inconvenient Truth” presentation, you cannot help but notice how effortlessly he delivers and more importantly, communicates with his audience. This is a result of giving the same presentation hundreds of times and refining it to perfection. When you are making your next presentation to your team, customer or investors make sure you come prepared.

Sample Presentation:

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Not Another Presentation

“No one ever complains about a speech being too short!” Ira Hayes 

Presentations are a critical communication medium entrepreneurs need to be adept at. Good presentation techniques make it easier to get your point across to your team, investors and customers. However, to be able to present like Steve Jobs, requires a lot of hard work, creativity and passion. Without these three components, not only will your presentations suffer, lack of these qualities impact the overall quality of life. We have all been at presentations where we have seriously wanted to shoot the presenter, unfortunately sometimes this may have been us. I have a personal example when I was presenting the constitution of our entrepreneurship society to a new chapter we were inaugurating in China. I am pretty sure that within 5 minutes I had everyone in the room asleep. Looking back at that experience, I blamed the material, however, it really was my fault for not putting the material across in a manner that would have engaged the audience more. 

As entrepreneurs most of the time our presentations will revolve around pitching to investors, introducing a new product/service to a customer, or giving a quarterly sales report to the rest of our team. Most of these presentations have huge amounts of data that needs to be presented in graph forms, charts and numbers. What often happens is we tend to get lost in the detail and forget the overall message we want to leave the audience with. Other times, we just read off the slide, word for word, and that can be a most painful experience for the audience. The worst case  scenario is when the presenter is visibly unenthusiastic about what he/she is presenting. Unfortunately, many of us fall into these common pitfalls and that can have a detrimental impact on our ability to convince a team, get funding or close a sale. 

Over the course of the coming week I will talk about some key elements your presentation should comprise of. These should provide your presentations with that extra level of oomph which should excite, motivate or inspire your audience, whichever of these is your objective. However, to begin the process, we first have to break away from traditional “rules” we follow regarding how a presentation is supposed to be structured. We have to begin thinking creatively, with two objectives in mind, these are, what is the audience expecting of us and, what message do we want to leave them with. I hope this series will be of some help, I wish you all the very best in your future presentations.

Sample Presentation:


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