In this summary of the book "Innovative Entrepreneurship", you will see the main ideas of references in technology startups, organized by Nei Grando.
We know there are many forms of entrepreneurship. The internet, smartphones, and the development of computing power have brought about many ideas that were previously unfeasible. That's why technology is one important niche nowadays.
As a fact, entrepreneurs learn even more by experiencing and testing the possibilities of their ideas. However, there are principles that can leverage an entrepreneur's chances of achieving successful results.
If you want to know more about the necessary concepts and get advice covering all the components needed to create a technology company, keep reading this PocketBook!
About the book "Empreendedorismo Inovador"
The book "Empreendedorismo Inovador", "Innovative Entrepreneurship" in free English translation, was written by 25 experts in the creation of technology startups in Brazil.
Published in 2012, it has 582 pages that are divided into 4 parts: "Being a technology entrepreneur", "Fundamentals of strategy and management", "Business modeling" and "Capital, structural support, counseling and mentoring, and entrepreneurial education".
About the author Nei Grando
Nei Grando has a degree in data processing from the Universidade Estadual de Maringá (UEM), Innovation and Social Networks (ESPM), and he has a Master of Business Administration (MBA) in Administration and extension courses in Knowledge Management by Fundação Getúlio Vargas.
He had two software companies and IT solutions, where he led the growth of portals, internet banking, home broker, and dozens of other projects, including knowledge management. He works as a consultant in Business and IT and as a guest professor at ESPM and FIAP.
In the book "Innovative Entrepreneurship", Nei Grando is the organizer of the ideas for the publication, so he was chosen as the main author.
To whom is this book indicated?
"Innovative Entrepreneurship" addresses several important points regarding the preparation of startups, such as the market for technology companies, elements of a business model, and management fundamentals that include strategy, marketing, sales, finance, people, and technology.
If you want to change your life through entrepreneurship, this work is for you.
Main ideas of the book "Empreendedorismo Inovador"
- The market for technology companies;
- The clear objectives of why it is worth to be an entrepreneur;
- Fundamentals of business management and modeling;
- The entrepreneur needs to know about: strategy, marketing, sales, people, finance, creativity and innovation, networking, and technology;
- How to turn an idea into a product or service with market potential;
- Value creation, value delivery, and value capture help in business modeling;
- Search and acquisition of investments, considering your own financial resources;
- How to find and approach an angel investor;
- The entrepreneur should seek counselors and mentors experienced in management and business;
- Entrepreneurship education and formal training.
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Overview: Collective truths
What are the main characteristics necessary for an entrepreneur to succeed? Perhaps you think of courage, determination, perseverance, initiative, persistence, aggressiveness. and boldness.
Pedro Mello, one of the authors of the book "Innovative Entrepreneurship", asks this question in his lectures and workshop about entrepreneurship. The results he gets are always the same answers, invariably.
According to him, this happens as a consequence of "collective thinking", as if someone had defined the profile of a successful entrepreneur in the past.
This thought was disseminated by thousands of people for decades until, at a certain point, it became a collective truth, or a "myth", as Pedro Mello prefers to call it.
To open your own business, first, you must forget these "collective truths". Based on research, the author affirms in the book "Innovative Entrepreneurship" that anyone can be an entrepreneur. However, everyone will do it differently. This form will not necessarily be the same as that described by the "collective mind".
Overview: The business plan
Another myth that the author Pedro Mello intends to demystify is about the business plan. Many people say that it is necessary to have a detailed business plan to have great chances of success in the business.
Do startups and small businesses really need a business plan? Or, in fact, do they need to understand their origin and note that they were made exclusively for large companies?
After a few years as a venture capital fund manager and angel investor for startups focused on products and solutions for small and medium-sized companies, Pedro Mello came to two conclusions:
First, a business plan is the name given to the document that the investor asks the entrepreneur to describe, but which, with rare exceptions, will be read through. Investors prefer a good executive summary, usually prepared by a company assistant;
Second, it is common to see plans with sixty very detailed pages about the business, its competitors, its competitive advantages, market analysis, and more information typical of those who did their homework well.
However, just at the end of the document, the name of the three entrepreneurs who are setting up that business is presented, with three paragraphs full of achievements, positive results, and many stories.
In other words, it is completely forgotten that the company will only be strengthened if it has adequate human resources, a coherent and complete group. Too much time is used to analyze, to the smallest detail, the skills and shortcomings of the entrepreneurs and the team with close to zero accuracy.
Finally, in the book "Innovative Entrepreneurship", the author Pedro Mello gives some suggestions for who started a business with no millionaire investment:
- Replace the traditional business plan with a three-page executive summary and a Business Model Canvas, something that will make a few days of your time to get ready;
- Write an in-depth analysis of the entrepreneurs and the team that will proceed with the business, make a SWOT of the people, align the expectations of the partners concerning the business, and what each one can deliver and expect to receive. Dedicate at least 10 pages to this.
Overview: Finding and approaching an angel investor
Before looking for an angel investor, it is essential for entrepreneurs to clearly understand what they are, otherwise, they will be spending time and resources without reaching the goal.
The angel investor is nothing more than a form of financing directed to startups, emerging companies, which adds knowledge, experience, and relationship to the company.
As it is explained in the book "Innovative Entrepreneurship", the objective is to enhance the company's growth and success, which is why it is called smart money.
The first step entrepreneurs must take is to put their ideas on paper, that is, how will the business work? What kind of need will it serve? What is the profile of the target audience? How wide is the market? Who are the competitors? What are the prices? What are the strengths and weaknesses?
That done, the business model should be developed as proposed by Henry Chesbrough and Richard Rosenbloom, as the author Nei Grando shows:
- Value proposition: description of the client's problem (also called opportunity). The product that solves the problem, and the value of the product that will be established from the customer's perspective;
- Market segment: a group of target customers, recognizing that different market segments have different needs. Sometimes, the potential for an innovation is realized only when a different market segment is selected;
- Structure of the value chain: the position of the company within the business segment in which it is inserted, the activities in the value chain, and how the company will capture part of the value it creates;
- Generation of revenues and margins: how revenue is generated (sales, lease, subscription, etc.), the cost structure, and the target profit margins;
- Position in the value network: identification of competitors, partners, and any network effects that can be used to provide more value to the customer;
- Competitive strategy: how the company will seek to develop a sustainable competitive advantage (for example, through cost, differentiation, or a niche strategy).
One of the authors of the book "Innovative Entrepreneurship", Cassio A. Spina, recommends that entrepreneurs have at least one prototype or proof of concept of the product/service that they intend to develop. This will facilitate the understanding of the angel investor and demonstrate the ability to put the idea into practice, one of the most important aspects of the investment decision.
What do other authors say about it?
In the book "Mindset", the author Carol S. Dweck says that the world is divided between people who are open to learning and those who are closed to it. And that trait affects everything in life, from your worldview to your interpersonal relationships.
Now, if you want to be an entrepreneur, the bestseller "Dream Big", written by Cristiane Corrêa, shows how to transform the level of an organization according to the visions of the richest entrepreneurs in Brazil.
And if you think it is too late to start your own business, check the book "Value Generation". The author Flávio Augusto shows his vision of entrepreneurship and the world, besides giving tips for you to stand out among the crowd.
Okay, but how can I apply this to my life?
After following the teachings organized by the author Nei Grando and presented in this summary, the next step is to structure your pitch, which can be of the following types: business, personal, and elevator.
The pitch is a quick and direct presentation, usually up to 5 minutes, with the aim of arousing the listener's interest in an idea, a business, or about a person.
Thus, the pitch needs to contain the fundamental and differentiated information on the topic addressed, which can be presented verbally or with the aid of audiovisual material.
Being good at public speaking is essential to show your innovative idea!
We live in constant communication and in many different ways, but some of them necessarily require eye contact.
Therefore, knowing how to speak well and, more than that, to be understood, is crucial for anyone inserted in any type of social situation.
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