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Door to Entrepreneurship

Door to Entrepreneurship. 25 th 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.

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Door to Entrepreneurship

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  1. Door to Entrepreneurship 25thDec 2011

  2. 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.

  3. 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!

  4. What do you expect once you enter through the door…

  5. Expectation • Success • Money • Fame • Growth • What else?? • Uncertainty • Fear of failure • Sense of achievement • Satisfaction • Making the difference

  6. 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!!

  7. 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

  8. 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

  9. 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.

  10. 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

  11. 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!

  12. 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

  13. 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’

  14. 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

  15. 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

  16. 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

  17. 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!!

  18. 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

  19. Remember There are always problems around us that need solutions. The person who gives the best solution and can market it well succeeds.

  20. 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

  21. 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

  22. 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

  23. 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

  24. 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!

  25. What have we learnt

  26. 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!

  27. Basic part of Business Plan • Vision • Background • Goals • Industry • Gaps/Opportunities • Products/Services • Competition • Marketing • Organization & People • Funding

  28. B Plan has to be… • Concise • Factual • Researched • Emotional/Passionate • Realistic • Portrays commitment • Persuasive • Original

  29. True Entrepreneurs!

  30. Do it – start your company. It is like a sport with ups and downs. The trophy is in the end. Isn’t it thrilling!!

  31. Questions and Next Steps yfshyd@youthforseva.org

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