Now 28, here What i would have told myself while 18

James westfall...
At 28 with everything I've tried here's what I would have told myself now at 18:

Partying is BIG waste of time and health. I wasn't a big party-er but it's a god awful waste of time. You get up the next day feeling like shit, not wanting to do anything productive for the whole day. If you want to tell great stories someday, wait until you can put it in a book and sell a million copies. Those are stories worth telling. Passionate about (your passion here)? GO ALL IN and become an expert in that field/industry. Study it's history, it's previous/current influencers, where it's said to be heading. Skills:

ASSESS yourself. Be honest. What do you suck at? What do you absolutely love doing? What are you really good at? Get nitty gritty in details, are you great at tying shoes? Washing cars? Public speaking? hacking computers? Become a master and well known for the next 3-5 years. You may lose friends, your family won't understand but because your so young and your responsibilities are much smaller now you'll get that time back. *Don't worry about what you SUCK at. Don't improve what you suck at doing, its a big waste of time. Stick with what you know and become a guru. Guru's surround themselves with other gurus, those groups change the world. Stay off of video games. Get into the gym and watch what you eat. A healthy you is a more efficient and better thinking you. Go to Find your people - Meetup join every group you're interested in, make some friends. Practice doesn't make perfect, practice makes professional. Practice and then fail.. practice and then fail, practice and then fail, practice and then fail.. this indefinitely repeats. When you Fail you move Forward.

Overnight success is BS made for movies. Updated +1 time never stops. It seems like it'll take forever, whether or not you choose any path in life, time will continue to pass. Seems like too much work for you? Then you may not have it in you. People 10, 20 years older and more talented have gone before you and failed and never recovered. Being in a startup as a well educated and experienced professional doesn't guarantee success. Being in a startup as a nobody with no experience is joke. This last bit may seem harsh, it's intentional. Stay humble, you're still a nobody. Go become somebody first, the rest of the chips will fall into place.

Do you need an MBA to be an Entrepreneur?

JAMES BAKER...Ceo of Dragon Systems
You don't need an MBA to be an entrepreneur

You are absolutely right.  You don't need an MBA to be an entrepreneur.  In fact, an MBA is not very useful in the early stages of a startup.  Real world business experience is more useful.  Prior experience founding a startup is much more useful.

The short answer to your "Why" question is that most people have no interest in being entrepreneurs and/or they are afraid to take the risk.  They take too narrow a view of the opportunities of bootstrapping and don't know how to reduce the risks. If you want a career leading to an executive position in a large company, then an MBA will be useful.  It might even be a good investment.

They look at the glamorous startups that have billion dollar IPOs and think "I could never do that" or "That would take millions of dollars just to get started."  They also correctly think that most startup strategies have high risk, which is also something that should concern you. 

You already have a very different view, starting with $60K and planning to start while still employed. 

So let's change the question: "Why not bootstrap?" or, better yet,

"How can I bootstrap with only $60K and minimize the risk?"

Create a golden bootstrap.  I introduced the phrase "golden bootstrap" so I get to define it.  A golden bootstrap has the following characteristics:

A golden bootstrap company follows the golden rule as a fundamental principleAll co-founders get equity proportional to the amount of sweat equity they contributeThe company provides value to customers; it strives to satisfy customer needs and wants and to provide quality products and service at an attractive value propositionThe company makes decisions to maximize its probability of survival, rather than the probability of becoming a billion dollar companyThere is a bootstrap stage during which all the co-founders contribute sweat equity; during this stage some or all of the founders may still be employed and may be only working for the startup part-timeThere is at least one co-founder who makes a financial investment at the founding (This is not true for most pure bootstraps.)Generating revenue takes priority over raising funds from investorsThe company gets to positive cash flow as quickly as possible and takes all reasonable measures to maintain positive cash flowFounders' salaries are delayed and limited by the constraint of positive cash flow; the difference between a founder's market rate salary and the actual salary received is sweat equityHiring of new employees and other incremental expenses are limited by this constraintIf necessary, steps are taken to reduce expenses, including down sizingThe company accepts outside investment only under terms and conditions that are consistent with the company's philosophy and that enhance the company's ability to meet is goalsThe company accepts outside investment only if the expected return to existing stakeholders is increased even after discounting for dilution and the increased risk of a more aggressive growth strategy

Note that a golden bootstrap allows, but does not require, founders to stay employed and to only work for the startup part-time.  That is my advice if you and your co-founders want to minimize your financial risk.  You have said you want to do that.  Encourage all your co-founders to do the same.  That leverages your modest $60K initial investment, rather than using it up paying co-founders' salaries.

Working only part-time is not the standard advice, and it is not my advice if you want to minimize the time to some key milestone, such as getting to an MVP and raising a substantial amount of angel investment.  For example, working full-time from the start is the right strategy if you have an idea that has limited time value and if there is a big advantage to being first to market.

However, as an answer to your question, a golden bootstrap is aimed at enabling you to become an entrepreneur while minimizing the risk.  Taking more time and keeping expenses as low as possible until there is positive cash flow minimizes the risk of the company running out of money.  Once the company is self-sufficient, it has an unbounded runway.  It is not in a constant race to get the next round of funding.  I think starting part-time is the best strategy in your circumstances.

ENTERPRISE CONVO with AYODELE MICHAEL DADA

In an educative and interactive interview with one of University of Ibadan Student entrepreneur and member of winning team #TeamValue of the Nigerian Campus Enterprise Challenge... Meet freelance photographer (Capitol Media) AYOdele Michael Dada. He is indeed a boss...

BOLAJI: Oga Ay... I hail oooo

AYO: Sir BOLAJI:... I salute u sir!

BOLAJI: Lol... Let's get straight to biz...

I have a few questions especially as regards your Nigerian Campus Enterprise Challenge... Your experience running the lounge.

Is there really a Market for coffee culture in the University of Ibadan?

AYO: There's a huge market for coffee culture in UI...But satisfying this market is something that was beyond teamvalue...

BOLAJI: Wow... So demands wey surpassed supply interesting.

BOLAJI: What were d challenges you experienced as a student working as a student staff and employer....

AYO: Enough challenges...

Number one. No lecturer cares if u r into business...miss his class or test and u r toast... Number two. Ur employers don't care u are a student. Loose productivity and u r toast.

BOLAJI: Lmaoooo.,., DAT 1 na confam

AYO: Coupled with battling terrible customers...thank God for God and customer service. The lounge could have been razed already...

BOLAJI: Huh!!! Razed as in???

AYO: Burnt...by angry customers...lol

BOLAJI: Hahaaaa..!!!

BOLAJI: Do u think something of sort can be replicated

AYO: It can be replicated if the challenges we faced are addressed...it's a cool experience.

BOLAJI: So aw would u suggest such challenges cud be addressed...

AYO: Challenges could be addressed only if the organizers sit on a round table to plan with team value on the operations of the lounge. I believe we know the UI market better than anyone in UI (kash excluded)

BOLAJI: What were your stat... Estimated monthly revenue and expenses... And aw did u Marketing channels?

AYO: Estimated revenue/month was around 50k; Peak months tho. Expenses were relative to whether we had light or not...We got ice sometimes...Total expenses could average as much as 40k during bad months....

BOLAJI: 40k expenses!!! wat took the bulk of your expenses

AYO: Transportation, ice and the reduction in the profit margin...It's unclear which exactly right now...All came at the same time (9ija Factors).No light, increase in dollar rate and a ripple effect in transportation. They all affected the business

BOLAJI: And your coffee supplies?

AYO: Coffee supplies...asin?

.BOLAJI: awesome!!! I mean u got the coffee product from Nescafe at a price yh!!!!?

AYO: Yea...we got all our coffee from Nescafe at charges...

BOLAJI: Hmmm...I wanna understand something... Ur sales as against ur revenue

AYO: Almost a match. Because of high cost. Expenses rather

BOLAJI: And your highest sales figure?

AYO: 208

BOLAJI: Mhen!!!...208cups... Month or day?

AYO: Day. We hit over 200 cups about three times

BOLAJI: Baba na u guys ooo,

AYO: Abeg! Whyner!

BOLAJI: Wat did u think about your operations time?  Perfect or should have been more

AYO: Perfect! 8 to 6 Perfect…7 o clock would not have worked... Too much effort for little...

BOLAJI: hmmm… This question... What can u say about a restaurant and café (Full services cafe & restaurant?)

AYO: That would be awesome...But wat kinda food will they serve?

BOLAJI: Breakfast lunch and dinner. Something light and fast, Something easy and could be eaten on the go..

AYO: That will be catering to two different audiences tho...Cos coffee goes with light food...Preferably snacks...

BOLAJI: Hmm...I’m actually thinking from the point of profitability

AYO: hmm… Dealing in both must be such that one does not suffer over the other. So for coffee...there must be something goes with it. say sandwiches. Then call it something like coffee special

BOLAJI: Not compulsorily sandwich right?

AYO: Yea...not compulsorily...just a suggestion

BOLAJI: what if the food goes on demand...that is, if a customer decides to eat

AYO: Okey!!!... So the food is only on demand. Alright...

BOLAJI: Yah... On demand. My point is a cafe that also offers flexible working space for the mobile workers or students

AYO: People want to munch on something as they wait for their coffee to get a little colder... that is why coffee sells better when accompanied with something.

BOLAJI: I understand.... Your lounge is the perfect example... Of a good flexible working space.

AYO: Hmmm... So...the addition is food...On demand…Perfecto!

If the location is superb and operations are effective it's an idea that can be very profitable...

BOLAJI: Hmmm that another Idea for many of us and a market we can explore. Hmm I should work on that o…hhahaaa..lol.

Thanks for the opportunity AYO... I appreciate.... The interview was indeed educating

AYO: Ok...cool!!! No wahala...

BOLAJI: BABA I SALUTE....

AYO: you are welcome...

#EnterpriseConvo #WSC #NCEC #Studpreneur #foundersconner #businesscasual

Ayo: https://web.facebook.com/Aryourdheylhey

Bolaji: www.facebook.com/realgablj

How Takor & Friends Crowdfunded to Impact their Society

Copied (Finofund.com)

In December 2015, we experience first-hand the power of crowdfunding. Taking a close look at Takor and Friends an initiative confidently exploring Crowdfunding potentials.

In December 23 2015, we join the a group of changemakers “Takor and Friends”; an initiative birthed in December 2014, T & F as you may can them is an initiative born in the Nnamdi Azikewe Hall in the University of Ibadan community; aimed at rewarding hardwork amongst the poor employees within the University these include the cleaners in the hostel, gardeners, porters and even the physically challenged.

Founder (project creator) T & F is Takor Rhodrick; who was later joined by his roommates Ezekiel and others. Rhodrick with support from his friends, families and well-wishers was able to exploit the potentials of crowdfunding while embarking on his project.

In 2014, Takor was able to crowdfund about N60,000 ($303) within its friends network, supporters and anonymous backers in about 2 weeks. In 2015, the initiative went on to crowdfund more than N55,000 just in four days. All these funds were then used to purchase food Items/provisions (Rice, Garri, Oil, Beans, Tomato paste etc) which were given to the cleaners as a reward for their hardwork. In other to prove its operations transparency; the team keeps a financial records of all spending and send to individuals who wish to review their activities.

No doubt crowdfunding is working in Nigeria; it is helping to impact lives positively, lead change and help each other in achieving more. Using crowdfunding, Takor & Friends hope to touch more lives in the year 2016.

This is what FINOFUND is all about; a crowdfunding and social enterprise that provides help for the execution of creative ideas that would not have been possible for lack of fund. We are a platform where talented people, innovators and project creators pitch and showcase their ideas or projects to backers and source for funds from an online virtual community.

FInd out more about FINOFUND on www.finofund.com  or Join fbk fbk finofund