Judge Business School Cambridge University July 9th 2019
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Part of the Masters of studies in Entrepreneurship. Confidential slides deleted.
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Judge Business School Cambridge University July 9th 2019
- 1. Richard Lucas 11th July 2019 www.richardlucas.com richardlucas@richardlucas.com Workshops Leadership for Entrepreneurs Opportunity Readiness
- 2. Goals/Agenda • Share lessons of founding/investing in 34 companies turning GBP10K in maybe GBP10 million, 700 employees, 2 small exits, 3xCEO • Actionable insights BUT • No magic – WWFMMNWFY! • Nothing can rescue an idea whose time hasn‘t come richardlucas.com
- 3. Expectations/Commitments •Workshop not lecturer participation/ interaction expected •Respect •Confidentiality •I will answer e-mails/posts in my FB group •Realism •Feedback richardlucas.com
- 4. Context I didn’t know what leadership was or why it mattered when I went into business richardlucas.com
- 6. Work in pairs (2 mins) Discuss your characterizations of leadership with your neighbour (noticing differences) How do leadership challenges evolve according the stage a business is at richardlucas.com
- 7. Groups of four 2 mins/ All group summary Discuss your characterizations of leadership in groups of four Come to a shared definition of a business and non business leader richardlucas.com
- 8. All group discussion What is leadership why it matters 1 Pre- 2 During- 3 After- business startup/sustaining/ scaling a functioning company EL Bigger role for strategy and goal setting ‘Normal’ leaders report to someone, have purpose and goals set externally richardlucas.com
- 11. My ”Sivers” lessons Businesses don’t have to be about “my” idea/project Look for people doing/saying something interesting/impressive and support them/Try to get involved Ask “How can I help?” richardlucas.com
- 12. What is leadership and why it matters “Getting other people to work willingly towards a common goal” Entrepreneurs have to either be leaders or “meta leaders” (lead leaders) Leadership is an essential quality of competitive organisations Feels different pre- startup richardlucas.com
- 13. What is leadership and why it matters Direction/Mission – The “Why?” “People” stuff - Relationships Encouragement/Motivation/Feedback Praise/Constructive Criticism Values/Culture/Rules richardlucas.com
- 14. Navy Leadership
- 15. Navy Leadership
- 18. Questions from participants about leadership • Strategy, Culture, Direction • People issues? hiring, team building, training, retaining, motivating, team building, managing • Setting goals, expectations, feedback, coaching, delegation • On boarding. The “SKK” way • Getting ordinary people to do extraordinary things • Responsibility richardlucas.com
- 19. Who is in charge? • Whose fault it is? • Who is responsible? • Who goes to jail? • Learning by doing is expensive, dangerous and wrong. Leadership involves doing the tough stuff richardlucas.com
- 20. Leadership • Defining and explaining direction, strategy, and priorities • How do we organize? How do we communicate? • How do we hire (and fire) ? Roles, Teams, Responsibilities, Management Systems • Leading by example • Being fair/not popular richardlucas.com
- 21. Entrepreneurial Leadership Actionable insights • Take your leadership skills seriously • Define and refine your purpose • Develop LD action plan: (education, youtube, podcasts, blogs, books, other) • Critically observe leadership in the world around you/other organisations/people. What’s good/bad/I would do better). • Embed habits into your life style (volunteering, communication skills, feedback) • Don’t delegate richardlucas.com
- 22. Entrepreneurial Leadership Actionable insights Prepare for leadership now Get to know the people who report to you Names of their kids/bf/gf Why should they go the extra mile for your organisation , if you don’t know about what really matters to them? richardlucas.com
- 23. Richard Lucas 11th July 2019 www.richardlucas.com richardlucas@richardlucas.com Workshops Leadership for Entrepreneurs Opportunity Readiness
- 24. Richard Lucas 11th July 2019 www.richardlucas.com richardlucas@richardlucas.com Opportunity Readiness
- 25. Opportunity Readiness What it means Why it matters How to prepare Lessons learned Actionable Insights richardlucas.com
- 28. Wolf of Wall Street What was the opportunity How did he come across it What risks did he take What characteristics did he show richardlucas.com
- 29. Are you Opportunity Ready? richardlucas.com
- 30. What are Opportunities? A chance to be successful (but in whose eyes) richardlucas.com
- 31. Are you Opportunity Ready? Health & Fitness Relationships Money and finance Skills and competences Opportunity Mindset: Curiosity, Questioning, looking for problems and solutions, self awareness Meeting new people: Asking/talking/listening Risking rejection If I do “x”, would you do “y?” Energy richardlucas.com
- 32. Opportunity Mindset •Curiosity •Surprise/anger/impressed - Why is it so expensive/cheap? “wow” factor. How annoying x is?. •Why? What does it mean? How could I solve that problem? Who with, What cost? Who cares? •Does it make sense? •Research richardlucas.com
- 33. Assessing Opportunities •How big is the margin/unit economics •“Must haves” vv “nice to haves” •LTV/COA/number of clients •Competitor response/sustainable competitive advantage •Track record of people/team •What’s the deal ? richardlucas.com
- 34. ’An idiot with a plan can beat a genius without a plan’ Warren Buffett
- 35. From Opportunities -> Action Figure out what you need to do •Try to buy what you want to sell •Unit economics, and what else you need (people, money, tech) •If X, then Y richardlucas.com
- 36. Actionable insights • Embrace rejection –Ask why not? /look for problems/Ask family, friends and strangers to take your ideas apart • Try to buy companies/search fund • Prioritize talking to clients/potential clients • Go where the clients are • Talk to strangers richardlucas.com
- 37. Actionable insights/2 • If it seems to good to be true, it probably is • Be a distributor, sales agent first • People/trust and verify • What would they say if they were dodgy. Google the people in the legal/privacy section • How do they treat other people • Ask for references “someone you’ve done business with” Watch body language • Get people on the phone, call out of hours • What would you do if we hired you? /Ask to see the diary • What’s your (liquid) net worth? richardlucas.com?
- 40. Ray Croc What was the opportunity How did he come across it What characteristics did he show What did he need to do once he spotted the opportunity? It wasn’t his idea. richardlucas.com
- 42. Summary - When you don’t know what to do, work on your OR. - OR Habits. - Diversity of experience - Be Curious, Ask Questions, - Take action to verify ideas, talk to users/clients - Be “rejection ready” - Get lucky richardlucas.com
- 43. Richard Lucas 11th July 2019 www.richardlucas.com richardlucas@richardlucas.com Two workshops Leadership for Entrepreneurs Opportunity Readiness