2. So YOU want to be an Entrepreneur?
NOW WHAT!
Let’s do a self-assessment first…
3. Who is an Entrepreneur
A person who
Starts a new venture and takes full responsibility
of the outcome
Has an effectual thinking
His key driving factor is the desire for
freedom and empowerment
4. Who Am I
Passionate
Committed & very hard working
Motivated - More notably Self-Motivated
Self-belief/ Emotional resilience
Skilled enough to assemble teams
Visionary
Inspires confidence
Risk taker
Patient and persistent
Fair
Rebellious
5. What is my knowledge base
Education
Training
Experience
Expertise
6. Whom do I know
What is your support system
Social and professional network
Reach out to as many people as possible
More importantly, leverage your network
7. Conduct Due Diligence on your IDEA
Before writing business plan, answer the following:
Is it do-able
Technological feasibility
Market potential
Marketing feasibility
Economical feasibility
Financial feasibility
8. Define your IDEA in few lines
Develop a description of the system, features
and processes that will allow you to discuss the
idea with others
To create a successful company you should be
able to define the business model
Manufacture product or provide service
B2B or B2C
9. Determine the Strategy
Your strategy will depend on
Goal as an entrepreneur
USP
Ability to manage the ecosystem
Sustainability
Business environment
10. Make an initial estimates of…
Investment in assets and working capital
Team
Product pricing and rough costs
11. Create a Business Plan
Initial projection that provides a frame
work for more formal business plan
12. Arrange Capital
The source could be
Personal savings
Your family and friends
Banks
Angel Investors
13. Investor’s Perspective
In evaluating a plan investor will look into a
value that is tangible, they won‟t be impressed
only with subjective statements
People are ready to put money in an upturn. In a
downturn people want the best bank for their
buck
14. Timeline should include…
Legal procedures – filing papers of incorporation,
partnership, etc.
Finding office or manufacturing space
Expectations for research and development
Product development
Getting all necessary licenses and permits
Purchase or lease of equipment
Hiring of personnel
Schedule 3 times more
Purchase of materials time for regulatory
related activities
Start date for marketing activities
Opening date for business
15. Time to start a business – Top 10
Number of calendar days needed to complete procedures to legally
operate a business at no additional cost to speed it up
Source: World Development Indicator
16. Time to start a business in India
India ranked 113th with 30 days to complete procedures
Source: World Development Indicator
17. Rankings – Ease of doing business
High ranking means that the regulatory environment is conducive to
business operation
Country Rank
Singapore 1
New Zealand 2
Hong Kong SAR, China 3
United States 4
United Kingdom 5
Denmark 6
Ireland 7
Canada 8
Australia 9
Norway 10
India 133
Source: World Development Indicator
18. Do’s
Do what you like and are passionate about
Get people smarter than you
Attract and retain the best talent
Be respectful
Be prepared to work very hard
Be prepared for the hardships
Always have provision for kitchen money
Remember that „Cash is King‟ – Be Frugal
Seek a mentor
Review regularly
19. Don’ts
Procrastinate
Ignore the competition
Be overconfident
Ignore importance of good planning and
business
Ignore the power of a good team
Ignore customer service
Push away cash flow problem
Mix personal and professional issues
20. Be prepared-You will be CXO
Initially you will be CEO, COO, CFO, CMO,
CIO
All value added activities are to be controlled
by the owner
Work 24/7 hrs
May feel lonely but,
“ You have your freedom”
21. ALWAYS REMEMBER
You are among the 1% who have taken a
step to make a difference
SOMETIMES THE IDEA MAY FAIL
BUT YOU WILL NEVER FAIL
PICK ANOTHER ONE AND RUN!