Entrepreneurship...as a Career Choice

Sachidananda B SNSRCEL, IIM Bangalore

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...as a Career Choice

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Why do entrepreneurs start?

Expected Lifestyle

Bored with routine

Feeling underutilized

Aspiration

Independence

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Creative freedom

Larger Cause

Feeling underutilized

Livelihood

IndependenceIdea to Reality

Why do entrepreneurs start?

Expected Lifestyle

Bored with routine

Feeling underutilized

Aspiration

Independence

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Creative freedom

Larger Cause

Feeling underutilized

Livelihood

IndependenceIdea to Reality

What is it like?

Market Product/Service

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Very Busy! Fine, but withwhat?

What is it like?

Doing the balancing act between the market and the product/service

Falling in love with your creation and not listen to the market

elseyou end up

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No body wants your product!

Forget Paying for it

Finding the balance?

01 IDEA !

02 HYPOTHESIS

03 EXPERIMENTAL DESIGN

Do I have real evidence from my buyer thatthis is compelling?

What are the key assumptions required tomake this business work?

How do I definitely prove or disprove theassumption with minimum time or effort?

6.a PIVOTExperimentsdisprovehypothesis

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04 EXPERIMENTATION

05 PIVOT OR PERSEVERE?

6.b PERSEVERE

How do I definitely prove or disprove theassumption with minimum time or effort?

Am I reacting or am I focused on validating mypivotal assumptions?

Pivot or Persevere

Experiment proves hypothesis

Experimentsdisprovehypothesis

Hypothesis testing till you find a repeatable andsignificantly interesting business

A journey from: unmanageable to the manageable

The lean method!

Does Balance mean success?

CustomerNeed

• Subjective:– What is success to you

may not be success tome

• A point of Balance of allthree

Successful Entrepreneurship

EconomicViability

PersonalSatisfaction

• Subjective:– What is success to you

may not be success tome

• A point of Balance of allthree

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Courtesy: Stevenson and Spence 2007

In Summary...

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In Summary...

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In Summary...

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In Summary...

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In Summary...

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Here is my Map?A Vision without action would lead you no where

Network heavily: meet, greet, speak, listen, respond

Learn accepting No as an answerRead it as – “not now, not in this form...”

Time is the most important resource – have a premium on itLearn to focus – you could easily be distractedFail Fast, Fail Early

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Time is the most important resource – have a premium on itLearn to focus – you could easily be distractedFail Fast, Fail Early

Mitigate Risks as far as possibleThink of Affordable loss when in confusion/not moving ahead

Be open to changing goals – you means are all that you have; preserve them

Be Decisive: Close things – don’t let things dangle!

Be Assertive – don't appear arrogant

Remember – you do not have to re-invent the wheel

All I have said is my experience, but the path is yours to make...

THANKS YOU

All I have said is my experience, but the path is yours to make...

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All photo credits to the internet