Join the global conversation
Endeavor Entrepreneurs and top members of the network attended the annual SXSW Festival, a premiere event focused on innovation, cutting-edge technology and design. In its 22nd year, the festival has become a leading incubator of entrepreneurship and […]
April 1st, 2015 — by adminRead more
In the news
Endeavor Uruguay‘s annual Gala brought together more than 750 of the local network’s top stakeholders, including entrepreneurs, business leaders, investors, policy makers and more. With over 100 local and international companies represented, the event also received coverage in a […]
September 6th, 2014 — by adminRead more
Latest Video(video) Endeavor Greece Celebrates Two Years and 3,500+ Jobs Created By Its Entrepreneurs
December 18th, 2014
By Ben Horowitz
After I wrote A Good Place to Work, people flooded me with feedback about one-on-ones. About half the responders chastised me, saying that one-on-ones were useless and that I shouldn’t put so much emphasis on them. The other half wanted to know how to run more effective one-on-ones. It seems to me that both groups are likely talking about two sides of the same coin.
Perhaps the CEO’s most important operational responsibility is designing and implementing the communication architecture for her company. The architecture might include the organizational design, meetings, processes, email, yammer and even one-on-one meetings with managers and employees. Absent a well-designed communication architecture, information and ideas will stagnate and your company will degenerate into a bad place to work. While it is quite possible to design a great communication architecture without one-on-one meetings, in most cases one-on-ones provide an excellent mechanism for information and ideas to flow up the organization and should be part of your design.
Generally, people who think one-on-one meetings are a bad idea have been victims of poorly designed one-on-one meetings. The key to a good one-on-one meeting is the understanding that it is the employee’s meeting rather than the manager’s meeting. This is the free-form meeting for all the pressing issues, brilliant ideas and chronic frustrations that do not fit neatly into status reports, email and other less personal and intimate mechanisms.
If you are an employee, how do you get feedback from your manager on an exciting, but only 20% formed idea that you’re not sure is relevant without sounding like a fool? How do you point out that a colleague that you do not know how to work with is blocking your progress without throwing her under the bus? How do you get help when you love your job, but your personal life is melting down? Through a status report? On email? Yammer? Asana? Really? For these and other important areas of discussions, one-on-ones can be essential.
If you like structured agendas, then the employee should set the agenda. A good practice is to have the employee send you the agenda in advance. This will give her a chance to cancel the meeting if nothing is pressing. It also makes clear that it is her meeting and will take as much or as little time as she needs. During the meeting, since it’s the employee’s meeting, the manager should do 10% of the talking and 90% of the listening. Note that this is the opposite of most one-on-ones.
While it’s not the manager’s job to set the agenda or do the talking, the manager should try to draw the key issues out of the employee. The more introverted the employee, the more important this becomes. If you manage engineers, drawing out issues will be an important skill to master.
Some questions that I’ve found to be very effective in one-on-ones:
If we could improve in any way, how would we do it?
What’s the No. 1 problem with our organization? Why?
What’s not fun about working here?
Who is really kicking ass in the company? Who do you admire?
If you were me, what changes would you make?
What don’t you like about the product?
What’s the biggest opportunity that we’re missing out on?
What are we not doing that we should be doing?
Are you happy working here?
In the end, the most important thing is that the best ideas, the biggest problems and the most intense employee life issues make their way to the people that can deal with them. One-on-ones are a time-tested way to do that, but if you have a better one, go ahead with your bad self.
By Eva Pearce
Seeking financial support from an angel investor should be mutually advantageous. Investors are looking for great opportunities in which to invest and make money, while entrepreneurs may have great ideas but no capital. Angel investors do refuse investment opportunities and for all sorts of reasons, it may well be because they don’t consider the idea a viable one, or it is just not something that has grabbed their attention. However, sometimes the idea may well be a great one, but the investor still says no, simply because the entrepreneur hasn’t done their homework.
Pitching an investment opportunity, no matter how great the idea, requires plenty of planning. All too often, entrepreneurs go into a pitch cold and are shocked as to why the investor has declined the opportunity. They may well be onto a winner, but have been refused simply because they have not prepared properly and considered the needs of the investor, and this poor planning soon becomes evident.
The pitch is something many people looking for investment fret about, and yet it should be simple, after all, it is your business idea and if you can’t explain it, nobody else can. If you can’t explain your business idea to somebody, you can’t expect that person to want to invest. An angel investor needs to know what they are plowing their money into, so the pitch should be succinct and concise and should clearly explain what your business is about both as an outline and in detail. For instance, say you intend to provide a European wedding service where you help people get married in romantic places such as Paris, Rome or Venice and do all the arrangements for them. Your pitch should detail what exactly it is your business offers, so you should explain that for a fee you take care of everything. You organize the necessary documentation and visas, sort through the European bureaucracy, organize the photographer, buy euros on the behalf of the couple, book the hotels and arrange the flights.
Once you have set up the business idea, you need to have also planned for any questions. For instance, after pitching the European wedding idea, an investor may ask what happens if the hotels are all booked, or do you charge commission for buying euros or booking the hotel? What happens if the couple changes their mind? If you can’t answer these questions then you can’t expect the angel investor to want to give you any money.
Poor business plan
Too many people asking investors for money have either a poor business plan or none at all. A business plan should outline not just the initial idea, but also outline every aspect of the aims for the business and possible threats. This should include how it will be marketed, operational information such as where you will be based, the running and set up costs, possible threats to the business, any potential barriers to success, a sales forecast over three years, and what return you are offering for any investment.
Of course, if it is a new business you may have no idea of what your sales forecast or costs may be. However, an investor will have expected you to research similar ideas and come up with at least a realistic estimate. Most investors will want to scrutinize or question your business plan so make sure you have done your homework and you business plan contains as much information as possible.
Overvaluing the business
You may think you have a million dollar idea, but that doesn’t mean you should value your business at a million dollars. If you ask an angel investor for $100,000 for a ten percent share of your business, you will probably find the investor either laughs or walks away. You need to be realistic, while you may think the business has the potential to earn millions, an investor will look at what the business is worth at the moment. If you have few assets and limited sales, your business is not going to be worth very much. A more realistic figure for a start up to offer an investor will be around 50%. While this may sound steep, without investment, your million-dollar idea will essentially be worthless. Furthermore, any investment is a risk to the angel investor, and the potential share should reflect this.
No exit strategy
While your business idea may become your whole life and is all you think about, it won’t be the angel investor’s, and there is a chance he or she doesn’t want to be tied to you and your business forever. Most investors will want you to offer them an exit strategy and a time limit on the investment where they will get their money back and be able to walk away. An angel investor is just that, an investor, they are not your partners so don’t plan on them wanting to stay with you forever. Make sure you have planned for the future, both positively and negatively. You may think things won’t go wrong, but an angel investor probably won’t share the same optimism, so ensure you have a strict time limit as to when you will be able to pay them back.
CLICK HERE to read the full Endeavor Insight, Omidyar Network, and Aspen Network of Development Entrepreneurs’ report, “Why Becoming Large Matters: How scalable, high-growth entrepreneurs can help solve the jobs crisis” or use the interactive Job Creation Calculator.
The world needs to create more than 500 million new jobs by 2020 to provide career opportunities for the currently unemployed as well as young people who will be joining the workforce. SMEs which grow into large businesses are uniquely capable of quickly scaling and, relative to microenterprises and un-scalable SMEs, growing SMEs are most critical to meaningful job creation, especially in developing countries. By supporting and investing in scalable SMEs, policy makers, business leaders and development works can help fight the jobs crisis.
Many innovative organizations are working towards this goal, include Aspen Network of Development Entrepreneurs (ANDE) members Endeavor, Omidyar Network, Acumen Fund, Ignia, SEAF, and New Ventures. These organizations are investing resources and providing much needed support to entrepreneurs all over the world.
Globant (Endeavor company in Argentina): Globant’s four founders transformed a self-staffed IT outsourcing shop into a company of more than 2,800 employees that is putting Buenos Aires on the tech map. Globant is one of Latin America’s fastest growing independent software product development companies and the leader of a new sector in Argentina.
Ziqitza Healthcare (Acumen Fund portfolio company in India): Ziqitza Health Care Limited (ZHL) is the first private ambulance company in India that provides service for all, regardless of income, and is one of just three organized operators in the country. In 2007, the company had 10 ambulances in Mumbai. Today, it has more than 870 Ambulances across Mumbai, Kerala, Bihar, Rajasthan, and Punjab.
Versé (Omidyar Network Portfolio company in India): Versé offers a suite of mobile classifieds products that allows people of all socio-economic classes in India and other emerging economies to engage and access important information that can help them improve their lives. Versé facilitates deeper connections between people, their needs, and new opportunities through services such as: SMS-alerts, a Hindi language option, zero-cost USSD sessions, and customized information searches powered by online and print media partners.
[issuu layout=http%3A%2F%2Fskin.issuu.com%2Fv%2Fcolor%2Flayout.xml backgroundcolor=F1F1F1 showflipbtn=true documentid=130201145256-4f6c34ce00a54e619e3b84fee7bc5cb8 docname=jobsreport username=endeavorglobal1 loadinginfotext=Why%20Becoming%20Large%20Matters showhtmllink=true tag=ande width=600 height=391 unit=px]
CLICK HERE to read the full Endeavor Insight report, “Emerging Market Entrepreneurs Have Emerged: A look at the fastest growing entrepreneurs in Endeavor’s portfolio”
While it is not surprising that the majority of Endeavor’s fastest growing entrepreneurs are serial entrepreneurs, the finding that a majority have also previously worked at large corporations–including multinational companies–is somewhat counter to traditional notions of the “solitary entrepreneur.” Moreover, many of these high-growth entrepreneurs argue that this prior experience at a large company was a key asset in helping them grow their current venture. Specifically, they cite this experience as having been essential to learning about a specific market and/or about the organizational structure that operates within large companies.
Basel Mashhour, founder of The Bakery Shop, an Endeavor Entrepreneur in Egypt who would have placed in the Top 100 of this year’s Inc. 500, explained that his previous experience working at Henkel as a brand manager helped him to better understand consumers and to identify new needs for certain customer segments: “It gave me [a] good view on the market, how it’s segmented and how to understand the consumers. Also, working in a big corporation gave me a sense of how to deal with the different departments and get the best out of everyone since, as a brand manager, I handled the brand from the marketing side, the sales side, and the production side.”
To learn more about Basel, other fast growing Endeavor Entrepreneurs, and their lessons for success, please read the full report here.
[issuu width=550 height=425 embedBackground=%23f2f2f2 backgroundColor=%23222222 documentId=121001195247-6ce58c68bdfe4ae9ad3e19a301cca0cf name=inc500 username=endeavorglobal1 tag=endeavor unit=px v=2]
Endeavor network member Fadi Ghandour’s next investment: building a future for Arab social entrepreneurship
By Knowledge at Wharton
Fadi Ghandour’s name has been synonymous with Arab entrepreneurship. In 1982 he established Aramex as an express operator for the Middle East and South Asia, and it became the first Arab-based company to trade on NASDAQ in 1997. He is also a founding partner of Maktoob, the Arab/English Internet portal that Yahoo! acquired in the fall of 2009 for US$85 million.
Now, Ghandour is stepping away from the CEO seat to take on a new role, joining a growing group of social entrepreneurs attempting new business models in the region that blend profit with social impact.
Having long promoted entrepreneurship in Arab countries, Ghandour spoke with Arabic Knowledge@Wharton about Ruwwad for Development, his first step in social impact efforts, in addition to a broader discussion about what’s next for social enterprise in the MENA region.
An edited transcript of the conversation follows.
Arabic Knowledge@Wharton: For those who are not familiar with Ruwwad for Development, could you please provide a short description?
Fadi Ghandour: Ruwwad is a private sector led, non-profit community empowerment organization that helps disadvantaged communities through youth activism, civic engagement and education.
We started Ruwwad for Development (which means Entrepreneurs for Development) in Jordan in 2005 by initiating an ongoing dialogue with the community of Jabal Al-Natheef, a severely marginalized urban area of approximately 75,000 residents in the heart of East Amman, Jordan, to identify the needs of the youth, children and the community. We have now expanded to Egypt, Palestine and Lebanon.
Seed funding from Aramex and myself initiated the first project. Then it became an independent organization backed by several private sector entities and entrepreneurs. Ruwwad’s model is based on a network of partnerships between the private sector, civil society organizations, target communities and government.
Ruwwad’s Mousab Khorma Youth Education & Empowerment Fund (MKYEF) provides students with university scholarships in exchange of volunteering hours every week back into their own community. The volunteering hours are recycled into three main programs targeted at youth, children and the community. It uses a community organizing methodology that supports grassroots leadership development.
Arabic Knowledge@Wharton: How successful has Ruwwad been in achieving social impact? How do you measure the impact?
Ghandour: The impact is measured in different ways. Some of the data is available. But it is also measured in the number of companies and volunteers from the private sector we manage to engage, where the private sector decides to take an active approach to development and invest in their communities. Executives run some programs such as the enrichment program from the private sector, volunteering their time to transfer knowledge and business skills to youth.
Impact is also measured by the employment placement of youth and jobs being created by budding entrepreneurs. One of our students started a company and employs 12 people today. So we also created a micro-venture fund to invest in these new businesses to create employment opportunities rather than just try and place them in jobs.
Our “Six Minutes” reading campaign that aimed to encourage reading beyond school textbooks several minutes a day for pleasure also exemplifies impact. The campaign, led by teachers, youth, and librarians, has created 160 organizers and 23 teams, organized 6,620 public readings and has mobilized 4,463 adults and children who pledged to read alone or collectively.
By Nina Curley
In the second panel at our June event CoE E-Commerce, Show Me The Money, Part 2: Investing in E-Commerce, Chris Schroeder an Endeavor network member, who has previously served as CEO at HealthCentral and Washingtonpost.Newsweek Interactive, discusses the investment opportunity in the Middle East and North Africa, explaining that the region doesn’t need to look necessarily to models from the West.
“The debate about what’s going to be the next hub of innovation, in places like MENA, the next Silicon Valley… is also irrelevant overall because I think what we’re seeing is networks of hubs of innovation and product development with huge ramifications for the kinds of things that we will be looking at as investors,” he says.
Panelist Pamir Gelenbe, Venture Partner at Hummingbird Ventures, who is originally Turkish, discusses how he returned after growing up in the UK to invest in Turkey, how he prefers the energy in Turkey to that in the UK, and how he came to invest in Jordan-based flash sales site MarkaVIP.
When it comes to finding good entrepreneurs in MENA, says Gelenbe, “It’s the same as everywhere else- we look for integrity, fast execution, we look for people who have a world view and understand best practice from everywhere, and typically we look for people who have had a few failures as well.”
After recently returning from a Princeton in Latin America fellowship at Endeavor Colombia Melissa Tran reflects on her experience.
De una, short for de una vez, has quickly become my favorite Colombian phrase. The literal translation for de una vez is “all at once,” but in Colombia, the phrase has a meaning that is closer to “Okay! Let’s do it!” or “Yes! I’m all in!” For example, a common response to a friend’s invitation to lunch would be a wholehearted, “¡De una!” After a year living and working in Bogotá, de una has also come to embody the optimistic spirit that I love about Colombia and its people—a willingness to embrace opportunity and say yes to challenges without hesitancy and with passion and enthusiasm.
One year ago, I came to Bogotá to begin a yearlong fellowship at Endeavor Colombia through the Princeton in Latin America program. Since then I have been working with the Search and Services team to help search for, select, and support high impact entrepreneurs in Colombia. The Endeavor selection process begins with a series of interviews between entrepreneur candidates and our accomplished business mentors. Our team facilitates these interviews in which mentors scrutinize and evaluate the entrepreneurs’ businesses for innovation, growth potential, and fit with Endeavor.
Entrepreneurs that make it through this rigorous process and past a local selection panel have the chance to present their companies at an International Selection Panel along with candidates from Endeavor offices around the world. Before each International Selection Panel, I work with our entrepreneurs to write a detailed company profile, which describes their personal history, as well as outlines all aspects of their company’s business model. Through my interactions with our entrepreneur candidates, I have learned that what distinguishes high impact entrepreneurs is a de una attitude—that is, an ability to embrace opportunities without hesitation—as well as the propensity to think big and a desire to promote social and economic change in their country and the world.
Luckily for me, my PiLA fellowship happened to coincide with Colombia’s turn to host an International Selection Panel in May. The ISP, as we call it, is an event that represents the pinnacle and culmination of the Endeavor selection process, where candidates pass their final rounds of interviews and are selected to become Endeavor Entrepreneurs. The process of planning this large scale event—hosted in the beautiful Caribbean coast city of Cartagena, and involving over 100 participants from around the world—was both challenging and rewarding. After many months of planning and coordination, it was amazing to convene such a talented and impressive group of entrepreneurs, mentors, and Endeavor staff from all over the world, and to see the Endeavor model at its very best in action.
Besides accompanying entrepreneurs through the selection process, I also had the chance to work closely with selected entrepreneurs as part of my work with Entrepreneur Services. Once entrepreneurs have been selected to become a part of the Endeavor network, we help them identify challenges that their companies are facing, and then match them with mentors within our network that can help. Through facilitating mentorships and work sessions, we work with our entrepreneurs on such diverse projects as launching a new line of business, designing a new media marketing plan, and expanding their companies internationally. It has been a truly humbling and inspiring experience to work with and learn from the many talented Endeavor entrepreneurs and mentors who are setting positive examples for future generations of Colombian entrepreneurs.
Fortunately, my year in Colombia wasn’t all trabajo and no play. Colombia is a country of amazingly diverse landscapes: from the expansive highlands of the antiplano, to the lush plantations of coffee country, and the jungle-lined sparkling beaches of the Caribbean coast. Here in Colombia, I discovered that half the fun of traveling is being open to adventure and embracing the unexpected and unknown. Five-hour truck ride with 19 other Wayuu passengers? An exploding game of tejo with locals at 2am? Salsa dancing outside with 10,000 people in Bogota’s largest central plaza? ¡De una!
Reflecting on this last year, the highlight of my time in Colombia has definitely been the many wonderful people that I have had the privilege of meeting. Colombians have a reputation for being some of the friendliest people in the world, a title that is very much deserved. I am especially grateful for my co-workers who have been so patient with me and have inducted me into the world of entrepreneurship and business in Colombia. Even though I was foreigner and a recent college graduate, my coworkers welcomed me as a respected member their team and always took my ideas and opinions seriously. They, and the many other Colombians and gringos whom I met during the last year, have made this experience worthwhile for me.
As I am wrapping up my one year in Colombia, I now catch myself using de una almost as much as a Colombian! More significantly, though, I have also adopted the Colombian approach of facing new opportunities and challenges with enthusiasm and passion. I am very thankful to have had the experience of living and working in Bogotá for the last year, and I hope that I can approach my next adventure with the same de una attitude that Colombia has taught me.
GigaOm on Endeavor’s Silicon Valley Tour (“As VCs edge into Latin America, founders come stateside for an education”)
By Eliza Kern
As some of Silicon Valley’s investors move toward Latin American to find the next hot startups, international founders still look to the United States for models of entrepreneurship and innovation that can be applied back to their home countries — with or without VC dollars.
It’s a beautiful, quintessentially Silicon Valley sight: a throng of entrepreneurs and investors, paired off with notebooks and wine glasses under the umbrellas and palm trees of Stanford’s business school. The founders are pitching, and the investors asking questions as they do business on a breezy Friday afternoon in Palo Alto. It could be any VC cocktail party in the Valley, except that nearly all of the founders are Spanish-speaking entrepreneurs from Latin America, and they’re here to learn from the startup mecca.
More than 100 entrepreneurs, mainly from Argentina, Mexico, and Brazil, gathered in the Valley Friday to meet with investors and startup mentors. The group was organized through Endeavor, a global non-profit that promotes entrepreneurship by connecting foreign startups with resources and mentors in their home countries. While Endeavor has been around since 1997, the group’s early focus on Latin American markets makes it particularly valuable as Silicon Valley’s investors are expressing greater interest in that market.
But what were Friday’s founders looking to bring home? Sure, a check from investors would be great. But just as many seemed to be looking for a better understanding of the culture in Silicon Valley that they’re trying to emulate at home.
“What I love about Silicon Valley is that it has an ecosystem ready for everything,” said Juan Manuel Alvarado Bustamante. “You have the ideas and the money and the companies all in one place. In Mexico, we still need role models. We need Bill Gates, we need Zuckerberg, we need Steve Jobs.”
Venture capital investors are talking a lot about Latin America right now, and several of them are putting significant money into the market. Redpoint and BV Capital’s eVentures launched a VC firm in Sao Paolo that closed a $130 million fund for Brazilian investments, 500 Startups recently took entrepreneurs and investors to Mexico City, Sao Paulo, and Buenos Aires with the Geeks on a Plane trip, and 500 Startups also recently acquired a Mexican accelerator. Investors have been interested in Brazil for a while now, and Mexican investments are growing too.
Just how much the folks on Sand Hill Road are heading south is still questionable. As Katie Fehrenbacher noted in her profile of 500 Startups founder Dave McClure, investing in foreign markets requires a serious degree of travel and hard work that not every investor is willing to put in when so many opportunities are right here at home. Several investors at Friday’s event expressed doubt that the trend was more than the work of a few passionate individuals, and several Latin American founders said they’d been told by investors not to bother looking for funding until they’d relocated to California.
But even if investor interest and record in Latin America is mixed, there’s no question that international startups are looking to Silicon Valley for guidance as their own startup cultures grow at home. The Buenos Aires government provided funding for some of its most promising companies to visit the United States for a week, attending TechCrunch Disrupt and meeting with CEOs and investors as well as Endeavor, with the recognition that the exposure could kickstart the country’s economic growth.
“We can see what is happening here, and it generatates ideas for generating business in Latin America,” said Augustin Gau, one of the Argentinian entrepreneurs picked to make the visit. “For us, it’s about coming to the best place in the world, with the most developed market in the world, so we see a lot of things you’re not going to find in Latin America.”
These can be difficult markets to grow companies in, with entrepreneurs facing challenges from high taxes, to local investors taking huge percentages of equity, to cultural norms making it incredibly difficult to accept failure. A big part of Endeavor’s philosophy is that if one or two startups in a region really take off, those founders can serve as the best mentors to other local companies, often better than distant American CEOs. But seeing American counterparts who’ve taken risks and achieved global results is huge, said [Endeavor Entrepreneur] Santiago Subotovsky, an Argentinian entrepreneur-turned-investor with Emergence Capital.
“The biggest thing they get coming here is the vision of thinking big,” he said.
- November 12th, 2014
- November 12th, 2014
- October 7th, 2014
- February 4th, 2014
- View All
In the news
- March 31st, 2015
- March 29th, 2015
- March 24th, 2015
- March 10th, 2015
- View All
- (video) Endeavor Greece Celebrates Two Years and 3,500+ Jobs Created By Its Entrepreneurs
- (video) 2014 Endeavor Gala Honoring The Abraaj Group’s Arif M. Naqvi Brings Together 400+ Members of the Global Network
- (video) Mexico’s Jorge Soto Discusses the Future of Cancer Detection in TED Global 2014 Talk
- (video) Endeavor Uruguay Gala Brings Together 750+ Network Members and Regional Influencers
- View All