Post on 03-Apr-2018
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Entrepreneurship
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Entrepreneurial DNA
What is Entrepreneurship all about?
Why to go for it?
When is the right time to jump into it?
How to become a successful entrepreneur?
Who should aim it as a career option? Where to know more about it?
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Elements in Entrepreneurship
It is about pursuing your idea
It is about taking risks
It is about following your passion
It is about planning
It is about sheer commitment
It is about having resources
It is about skills and abilities
It is about strategy and vision
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Business Plan
BP describes the merits
requirements
risks
potential rewards of the opportunity and
how it will be seized
Helps in
analyzing all aspects of the venture & preparing strategies
raising outside capital
attracting key advisors, directors, or team members
quantifying goals & objectives
guiding the policies & actions of the firm
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Elements-Business Plan Elements
Cover Page
Title Page
Table of Contents
Executive Summary
The Industry and the Company Market Research and Analysis
The Economics of the Business
Marketing Plan
Design and Development Plans
Manufacturing and Operating Plan
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This is a collection of ideas/inputs from some very successful
entrepreneurs and investors
Vikram Akula, SKS Microfinance
Sanjeev Agarwal, Helion VC
Anand Lunia, Seedfund
Alok Mittal, Cannan Partners
Yashish Dahiya, Policybazaar
Amit Prasad, SatNav
Contributors
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Passionate, but Objective Follow your passion (not just money!)
Objective: You obviously love your idea. Do others loveit too?
Caution: Balance between self confidence andobstinacy
tip1
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Long Term FocusOne business at a time (it is easy to get distracted)
Think 5-10 years. It will take time to stabilize
tip2
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Prepare self and family for sloggingtip3
12-15 hours work a day for 2-3 years is normal
Align familythey wont see you much but their moral
support is crucial
Success will be 50% Strategy and 150% Execution!
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Manage Teamtip4
Hire go-getters, driven people with a spark in their eyeswho can work on their own
Dont expect the team to be your clone: they will have
different skills Be ruthless when it comes to performance
Team needs to be High on Thinking AND High on
Execution
Motivate and inspire team
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Be comfortable with change
tip5
Annual plans seldom last more than a month!
Be prepared to tweak models and abandon initialplans based on market learning
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Preserve CashIf your business plan requires x, raise at least 5x Find alternate sources of cash
Minimize uses of cash. Minimal fixed salaries etc.
tip6
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Keep doing Six Sigma. Test in one setting, tweak toimprove and then reapply the proven model in asmany locations as needed
Create an effective middle management pool
ScalingUp
tip7
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Spend disproportionate time figuring out the revenuemodelwhere will we get cash from?
Find out what specifically is your USP?
Why will you succeed when other competitors comein?
Revenue Model
tip8
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Whatever be the business idea, usually a lot ofmarketing & sales will be required
Avoid changing consumer habits it requires time and
effort
Focus on PR, Word of Mouth, Viral Marketing etc.
Enhance your network most early institutional dealsleverage existing network
Look for credibility enhancers how would youconvince the new client you are worth doing businesswith?
Marketing & Sales
tip9
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As an entrepreneur, maximum money is made fromequity (not from annual profits).
Think how you will realize the equity valuelisting, sell
off, strategic partner etc.
Insight: Many businesses in Silicon Valley start withunderstanding: What new skill does Google want?,then a business is developed with the sole idea of beingsold to Google in 3-5 years!
Ask: Why would someone buy me? What skill set do Ibring that complements what the large players alreadyhave?
Prepare for exit
tip10
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Thank You