Entrepreneurship

transcript

Entrepreneurship

Ashish Chaturvedi

Who the hell is he ?

Ashish Chaturvedi Founder & CEO

•  Gold Medalist in Engineering. Victim of uncle Osama’s air campaign of 2001.

•  Started with a Chemical manufacturing startup.

•  Spent boring 9+ years with Infosys.

•  IIM Calcutta Alumnus (MBA).

•  1.5+ exciting years at uFony.

•  Taught Digital Marketing & Business Strategy at SIMC.

•  Loves to Run.

Entrepreneurship has some side effects

Before ABer

T.Cholestrol

Weight

Before ABer

D becomes Do-‐it-‐yourself (not Delegate)

– You are the peon, coder, salesman, accountant, marketer & of course CEO

And that leads to …Too much to do…!

Leading to long extra hours

And Lots of RejecWon along the way.

Window shopping employees, Investors and Friends & relaWves.

BUT The Gains are worth the pain…

Calorific Gains

Control your own DesWny.

Fastest way to become a …

Get covered in InternaWonal Media.

And probably the quickest way to get a chance to address peers in your alma mater.

Societal Gains

Generate employment

Bring in FDI

Create an Impact

Skills gains..

Learn what you always wanted to..

Groom yourself to take decisions – Right or Wrong

Learn to deal with ambiguity and failure.

My learning so far….

First step is the Hardest

One has to overcome

How I accidently overcome those..

•  CulWvated my passion

•  Kept trying new things.

•  Found my leverage

•  Found a partner

The choice between Logic and Faith

It CANT be only about Money!

•  Passion •  Goal •  Changing the world •  Helping people •  Pride •  Forced

Idea is Everything

Idea < 5%

But someone can steal my Billion $$ idea

No They Wont!!!

So pitch your idea to as many as you can.

What maiers more is ?

Establishing -‐ Product Market Fit

How to establish product-‐market fit ?

Choose Speed OVER Accuracy

• Avoid building that (elusive) perfect product in one go.

• Release as fast as you can BUT ensure what you are releasing doesn’t suck.

Be in Beta…ALWAYS

•  Build -‐ > Get Feedback -‐ > Test -‐> Analyze -‐ > Create again

Build a Good Team..

Two is merry, three (maybe) is Crowd.

Its Incredibly hard & takes incredibly longer to do everything yourself

More because…

Saves you from the emoWonal drain.

Don’t rely on Part Time

Hire people with complementary skills

Form Alliances (Outsource your weakness)

Money Maiers

Money is Never sufficient

Fear Vs Greed

Fear •  No Product-‐Market Fit

•  UnderesWmated inputs

• OveresWmated Output

Greed •  Do I need money?

•  Do I need it now?

•  How much should I dilute?

How to raise iniWal capital then?

Easiest way

ShramDaan

Leverage

What about Angels ?

I have a perfect Business Plan

Hard facts.. Think like an investor

•  Hardly any body invests in business plans – Especially for the first Wme entrepreneurs

•  Instead people invest in people, relaWonships and teams AND….

•  Business Models (working)

Who can I approach ?

•  Look for angel networks –  Mumbai Angels –  IAN –  Chennai Angels –  SeedFund.in –  Kae Capital

•  Always find an introducWon. It’s the only way they would ever pay aienWon to your case.

•  Ask for Advice , then Favor & at the last Money.

Thanks!

Ashish Chaturvedi +91-‐8412024168 ashish@ufony.com

5Ps for entrepreneurial success

PerspecWve

Proficiency

Providence

Perseverance

Plarorm

IteraWons at Zoment

•  Product pivoted three Wmes in 1.5 years

•  3 iteraWon on UI (sWll counWng), UX changed 5 Wmes.

•  Change, even when you have a Product Market fit.

•  Keep experimenWng!

E N T R E P R E N E U R

•  4 E •  3 R •  2 N •  1 T •  1 P •  1 U

Rhymes similar to a Sanskrit word “Antha-‐Prerna”

What word can we make out of these alphabets ?

E R N T P U