Turning today’s most promising Startups into tomorrow’s most successful businesses

How to be a successful EntrepreneurAzhar Rizvi CEO & Director Tech Angels Network (TAN)March 11th, 2009

“There is no Magic Pill for becoming a

Successful Entrepreneur”

'Entrepreneur' pill

Better business ... through chemistry?

Entrepreneurs must be able to tolerate risk-risky behavior in a decision-making

context and cognitive flexibility.

CNNMoney.com March 4 & 5, 2009: 4:35 PM ET

• "By cognitive flexibility, we mean the ability to spontaneously restructure one's knowledge, in many ways, in adaptive response to radically changing situational demands...This is a function of both the way knowledge is represented (e.g., along multiple rather single conceptual dimensions) and the processes that operate on those mental representations

The First Step

• Risk Factor – What if I Fail • Personal Assessment - Do I

have it in me to succeed• Family and friends• How and where to Start • Where to get the funding • Will I be able to make lots of

money

Key Characteristics

• Huge drive• Willing to take risks• Able to develop new ideas• Able to get on with people• Strong leader (driven followers)• Dominant person• Has problems with a manager above

Crystallizing your Thoughts• Make a daily living• Achieve social and economic

security• Work for oneself, not for others• Commercialize a particular idea,

technology or skill• Focus on the business• Becoming market leader

Business Planning

• Identify business opportunities• Scan competition• Put down your key services/ products• Meet peers, businessmen • Put together a business plan• Find out funding avenues• Team • Plan your finances

Executive SummaryMay contain some or all of the following:

• A description of company strengths and weaknesses, products and/or services and achievements and failures.

• a description of the market opportunity available;

• a viable business opportunity; • the values driving the business; • an overview of the industry in which the

business will compete, including demand and competitive advantage;

• a strategy as to how the business intends to accelerate in next 5 years;

• a statement as to the management and other resources that are available or will be acquired to accelerate the business;

• a general plan for capitalizing the venture; • and the identification of critical issues to be

resolved as the business moves forward.

Entrepreneur’s Perspective

• Customer Focus

• Stake Holders

• Team

Customer Focus• Get comfortable asking advice and help.• Improve Listening Skills• Talk to your competitors.• Talk to established entrepreneurs and Professionals. • Networking and Industry Association.• Meet your Prospective / customers.• Understand your differential advantage. • Beta Testing – Customers • Customer – A great funding resource. • To sell many, sell one. • Maximize customer satisfaction• Maintain a diary and take notes.

Stakeholders interest

• Financial Planning.• ROI – is the name of the

game.• Assume goodwill; but audit,

measure and lock the doors – or you are running a hobby business.

• People who say they can raise money for your startup usually can’t.

Team

• Are you OK with being in charge?• Get the right Mix.• New versus a existing teams. • Find a lead Sales Person• Efforts and Rewards• Readathons – Good to Great. • Suggestion box.• No one cares as much about it as you do.

Giving back to community

• Adopt a project. • Involve your team. • Reward – Star performers• Advantages.

• Just stay in business. Do whatever it takes to make it to that third year. Don’t flame out.

Good Luck.

Thank You