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