Post on 01-Jan-2016
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DOOR TO
ENTREPRENEURSHIP
25th Dec 2011
Entrepreneurs..
..those persons (business owners) who seek to generate value, through the creation or expansion of economic
activity, by identifying and exploiting new products, processes or markets.
In this room we have peoplewho…
…have jumped but are trying to find the way
...are on the edge and are thinking …have found the way; need evaluation …are well on the path towards
destination&
People who want to make the world a better place
…so all of you are at different stages of being Entrepreneurs!
What do you expect once you enter through the door…
Expectation Success Money Fame Growth What else??
Uncertainty Fear of failure
Sense of achievement Satisfaction Making the difference
Why do you want to be an Entrepreneur? My Boss is a ‘control freak’
I can do better…Be my own Boss My firm’s not doing well, so it’s the right
time Work is depressing and boring To make a lot of money? Do something I Love Follow my dream Need to bring about a change…. a
social change!!
This meeting is not to - Raise funding Evaluate your business ideas/plans Give answers all your queries
It is to - Make you think Help you to take some decisions Give you some basic understanding Lead you into the next discussions Provide you a framework
What do you need to begin? Vision Determination Passion/Drive Hands on approach Mental and Physical Fitness Emotional support
Spouse Family
Cash Ability to take Risks and handle uncertainties
Some questions to ask yourself
What’s your aspiration? What would you do if you have enough money with
you? Think about issues around you
Is your family with you? Are you a risk taker? Is borrowing money going to
keep you awake at night? What matters to you?
Your values, priorities, goals Where does your vision/venture fit in the world? Are you a self starter? Do you like surprises – if you
want predictable and orderly life, don’t get into entrepreneurship.
Build your idea Is your purpose clear Does it make sense Find underserved market Validate the idea with data
Market Research Field interviews
Build your idea ‘Creatively’ Read to understand the trends Talk to people Keep your ‘eyes’ open
Take your time – do lot of research
Ask these questions to yourself Who is my customer What is my target market and its size How will I make money How will my product seem different to the
customer from what he has today What the competitive landscape is and how
am I different Value proposition Be articulate – understand your business
model first!
More questions Has anyone tried what you are planning
to do? What had happened? If there is no Competition; does it mean
no market? Does this feel right to me? What does
my inner voice say?
Define the Business as tightly as possible – what, who, why
Quick case… Team of Doctors turned investors
Venture to put up computers with latest applications in hospitals
What, Who, Why
Let’s go to ‘How’
Build the basics Mission, Vision and Values
What’s the purpose, what you are trying to accomplish
Core team Leader: someone who can make hard calls Technical lead: Build or get it built Business Dev lead: who can listen, understand
customers Finance Regulatory Administrative/Operations/HR Identifying how best to utilize everyone – its your money
3 Ps Purpose
Keep this in mind to build your Strategy People
Core start-up Team Strong Advisory Team Build the right structure
Process Thorough execution planning
Implement…& keep in mind People can and should wear multiple hats Have flexible roles in the beginning First set of employees should have an
owner’s mindset and not an employee mindset
Respect money Make your customers insanely happy so they
love you Love P&L even though you don’t understand
Accounting
Practical tips from experts Capitalize on your strength
Technology/Marketing/Relationships/Operations Learn from failures and quickly move on
You will make mistakes/build room for those Be open to suggestions, criticisms, new ideas Be hands on – learn from doing Practice elevator pitch Stay on course – follow your vision. If change is
necessary, research first Keep a close watch on the spending; Cash is the
King!!
Ups and Downs begin and many questions start to emerge. I am not rich I’ll fail I am not very bright I don’t have an MBA I can’t take risks At this stage – have conviction, build
traction Plan well and remain focused
Remember
There are always problems around us that need solutions. The person who
gives the best solution and can market it well succeeds.
Four important ‘C’s Customers
Who will buy goods or services Collaborators
Partners Mentors Guides
Contributors Who provides cash
Companions Friendly Companies who will share the best practices
Customers
Listen to the customers: Technical people often go wrong in that. They just remain so caught up in their own product
You need sales persons who are self motivated Someone who can locate those less than
10% folks in the crowd who would like to try your product or service
Collaborators Build right advisory model in the
system Advisory board Mentors
One on one One to many Many to one
Leadership coaching and strategic advice
Contributors/Investors Most investors look for traction
You should have revenue or at least commitment from potential buyers
Avoid VC funding as long as possibility Keep it simple and don’t take too much
money if you don’t need it Family and friends may help in the
beginning
Companions Find though your network/relationships Ask relevant and non-competitive
questions Find a way to convert Companions to
Collaborators Interesting example: New product
entering the market – three companies doing the same. Great Companionship!
What have we learnt
W
P
C
• What• Who• Why
• Purpose• People• Process
• Customers• Collaborators• Contributors• Companions
Bring Social Change Our Country needs change We have to give back Many grass-root problems
Need newer solutions Profitable ventures can make huge
difference Be Society’s change agents; creators of
innovations that disrupt the status quo and transform our world for the better!
Basic part of Business Plan Vision Background Goals Industry Gaps/Opportunities Products/Services Competition Marketing Organization & People Funding
B Plan has to be… Concise Factual Researched Emotional/Passionate Realistic Portrays commitment Persuasive Original
True Entrepreneurs!
Do it – start your company. It is like a sport with ups and
downs. The trophy is in the end. Isn’t it
thrilling!!
Questions and Next Steps
yfshyd@youthforseva.org