entrepreneurship tips

7/29/2019 Entrepreneurship Tips

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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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18/18

Thank You

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