Best time to start a business? Now! – Birmingham Entrepreneur event review

Event: Birmingham Entrepreneur monthly meeting

Date: Tuesday, June 23, 2009

Summary: This event is to “help entrepreneurs gather valuable information and meet interesting, unique people everyday”

Links: Birmingham Entrepreneurs website, @bhmentrepreneur, founder: @briancauble

“There has never, ever, in the history of mankind, been a better time to start a major(100 million dollar) business!” – Duncan Lamb

That was the main theme of the Birmingham Entreprenuer session last week. Duncan Lamb was an awesome speaker! He really motivated everyone will his passion for business. These events are definitely for the entrepreneur in all of us! Be sure to attend next month!

Images

Slides

I made some notes during Duncan Lamb’s presentation. Most of it is verbatim, and from the presentation slides. The rest are just my interpetation of the presentation. I have bolded my favorite sections.

Notes

Stages in a career

First stage: What you know

This is when you just get your first job out of college. You have to learn everything about your employer’s business to advance your career. But this plateaus quickly and you must move onto the next stage.

Second Stage: Who you know

You now have a few years under your belt and you start looking for a better paying job. It is all who you know that gets you that 40% jump in salary.

Final Stage: Who knows you

The pinnacle of your career! You have finally reached it but now you are bored. Not much challenge at work; everything has just become routine. In your previous stage, you knew alot of people that helped you get where you are now. Now it’s the time to help others! Start helping everyone who you know and you will be surprised how many people start knowing you!

Excerpts:

• Your network is your net worth!

• Relationships are what the world, and your future, is based upon.

• Keep taking shots. You will make more baskets than the next guy!

• Stop thinking tech – think emotional impact. Think MEANING!

• You date ideas, you never marry them!
  • Don’t get stuck on an idea, think of the reason for it.
  • Break your idea!
• TALK ABOUT YOUR IDEAS – seriously, they are cheaper that you think
  • Nobody wants to steal them. Well, nobody that matters.
  • Questions to ask about your idea:
    • Is it marketable?
    • Will your friends use it?
    • Will you use it today?
    • How much will you pay for it?
  • Get used to people shooting your idea down!

Why is it the best time to start a business?

• More connected world
• More disposable income and cheaper stuff = more disposable income
• Easier ways to monetize
  • blogs, click ads

Brainstorm

• Borrow ideas – use them in other contexts
• Abstract out a narrow idea (How could you do that for another niche?)
• Go ahead, be insanely niche – more money than ever
• Facebook (eyeballs = money)
• Facebook is very connected, you can do anything with the people on it

4 Responses to “Best time to start a business? Now! – Birmingham Entrepreneur event review”

1. Wade Kwon says:

   July 1, 2009 at 2:36 pm

   You can also embed Duncan’s slides, too:

   http://www.slideshare.net/duncanlamb/birmingham-entrepreneur-meeting-june-2009
2. Inspirageek says:

   July 1, 2009 at 3:25 pm

   I cannot access his slides so that I can embed them. Slideshare is getting a 500 error when I click on the slides. Are you getting that?
3. Wade Kwon says:

   July 1, 2009 at 5:08 pm

   No, all clear on this end. Here’s the embed code:

   http://docs.google.com/View?id=dfwsvcdf_4d8q84g9v
4. Inspirageek says:

   July 1, 2009 at 5:24 pm

   That worked! Thanks wade!