easy entrepreneurship for beginners

ENTREPRENEURSHIPBy Syed Rizwan Muhammad Rizvi

ENTREPRENEUR• Businessperson• Tycoon• Magnate• Industrialist• Financier• Capitalist• Mogul

THE PHILOSOPHY• Working for your dreams compared to working for other people’s dream.

CONGRATULATIONS• You have chosen to follow your dreams

THE GRAND SCHEME OF THINGS• What do you want to do? • How much capital do you have?• Is it feasible?• What is your success criteria?• What is your exit strategy?• Where do you start?

WHAT DO YOU WANT TO DO?• What is your biggest motivator?• What are you comfortable with?• What is your “thing”?• Has anyone watched the movie “In pursuit of happiness”?• Do you just want to be lucky?

UNDERSTANDING INVESTMENT• What is investment?• What is capital?• Ventures (Venture Capitalists/Investor Angels)• Partnerships

FEASIBILITY OF YOUR IDEA• Drawing feasibility is important• Understanding Cash flow• Understanding NPV• Understanding Return (RoR)• Simulations• The Rule of Thumb

• Your Income – Expenses should be >= your expectation (or RoR)

SUCCESS CRITERIA• Very important to identify success criteria• Success criteria must define:

• The length of the trial• The $ value

EXIT STRATEGY• Treat every business like a project• Remember, your business works for you. You don’t work for the business.• The exit strategy must define:

• The length of the trial• The $ Value• The exit strategy

WHERE DO YOU START?• Million Dollar Question• Identify government/legal requirements• Don’t try to find shortcuts• Identify the equipment required• Find your business place

• Is it going to be a virtual business?• Market location

• Identify the human-resources required

WHERE DO YOU START? -2 • Collect your Capital• Know your competitors• Create a marketing plan• Create a sales strategy• Create a customer retention strategy• Sort out your accounting and compliance

QUESTIONS