The 5 Dynamics of Entrepreneurship
Dr Saimond Ip started his invaluable sharing by explaining that an entrepreneur needs to recognize the importance of not relying your presentations on PowerPoint slides. The crucial success factor for entrepreneurship / start-up companies is “Salesmanship”. Technology Invention itself is not the part that creates huge revenue; it is the power on how you convince others to invest money in your ideas that lead you to a success. Moreover, what leads an entrepreneur to a success is his passion. The global success of Starbucks is a good illustration. The founder of Starbucks had approached over 110 potential investors with numerous rejections before he successfully pitched his final funding angel. His passion and persistence impressed the investor most despite that the investor never drinks coffee to maintain his professionalism as a dentist. Dr. Ip further used the success story of “Po Chung” to demonstrate other key factors for entrepreneurship. You need to be “Lean and Mean” – maintain zero staff cost at your early start-up stage. Moreover, an entrepreneur needs to convince others that you are offering compelling products / services in the market. Besides convincing your customers, a good entrepreneur being a good salesman needs to convince your suppliers too.