nurturing the entrepreneurship 2

7/31/2019 Nurturing the Entrepreneurship 2

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Nurturing

the

Entrepreneurship


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The Awakening

Seeing an opportunity suddenly that has not

been observed before.

Path leading to the unknown.

New and unpredictable opportunity vs.

predictable present and future.

Job vs. Entrepreneurship Pause before choosing path.

Motivation is usually emotional.


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Stop

Focus

Listen

Feel

Choosing The Right Path


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Becoming an Entrepreneur

Expect the unexpected. The road toentrepreneurial freedom is rarely paved, andgenerally speaking, your tires arent ready for

the rocky terrain, either. Theres absolutely no point in being an

entrepreneur if youre not going to be doingsomething that you really enjoy!

If youre going to traverse the road of anentrepreneur, you need to play it smart byavoiding distractions and obstacles.

Source:

Personofied.com


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The Realization

An entrepreneur should concentrate on the

strategic and not be bogged down with the

operational side.

Brainstorming for new ideas and opportunities

sharpen an entrepreneur.


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Choosing Business Opportunities

Most crucial questionWhat business? What

USP?

Focus and specialize

Eg. FuncoLand started selling Sega &

Nintendo games in 3 stores in 1991. Now has6,100 stores worldwide.


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Every business idea has to be adapted to fit

your personality and perceptions.

Helpful if business opportunity coincides with

proprietor's instincts.

Anita Roddick, founder of The Body Shop,

was passionate about natural beauty products.


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Major Challenges for an

Entrepreneur How to best leverage

my Limited Resources?

What am I selling?

How am I selling?

To Whom am I selling?


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Doubt

The worst enemy to creativity is self-

doubtSlyvia Plath, writer.

Inaction breeds doubt and fear. Action breeds

confidence and courage. If you want to

conquer fear, do not sit home and think about

it. Go out and get busy.Dale Carnegie


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Capital isn't so important in business.

Experience isn't so important. You can get both

these things. What is important is ideas. If you

have ideas, you have the main asset you need,

and there isn't any limit to what you can do

with your business and your life.Harvey S.

Firestone, founder of Firestone Tyres.


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The Negative Reaction

Self doubt often triggered by family, friends,

colleagues.

Leads to confusion, fear of failure,

complacency.


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The Negative ReactionSome

stats

50% entrepreneurships survive (2007)

Survival Rate after start-up (2002 data)

2 years66%

4 years49.6%

6 years39.5%

Most firms remain a one location firm. (2007)


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Dealing with the negative

Negative reaction kills imagination

Doubt creates questions and confusion

Keep logic away during the awakening period The Thinker vs The Dreamer

Thinker relies on logic

Dreamer relies on the idea Be positive

Have faith in yourself


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Be Prepared

Entrepreneurs who completed a business plan

were six times more likely to start a business

than those in the still active or quit the

process groups..

Entrepreneurs who completed a business plan

were more likely to engage in more start-up

activities than those in the two other groups.


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Entrepreneurs who completed written business

plans were more likely to engage in more start-

up activities than entrepreneurs who completed

less formal plans (unwritten or informally

written).

US data 2007


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Ignoring Nay sayers

A Pakistani Entrepreneur defies the

odds


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Atif Mumtaz

Pakistani entrepreneur

My advice to all entrepreneurs out there.

Never say Never . Do not listen to nay sayers.

Believe in yourself and in your idea and just do

it. The rest will be history.


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Launching BrightSpyre.com

Launched in 2001

First Pakistani online job search portal

Atif Mumtaz was told that it was crazy toexpect Pakistanis to use the internet to do

recruitment and job search.

Believed in the idea and persisted.

In 2 years it had 100,000 users. Today 659,679

users.


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Jaroka / UM Healthcare

Launched rural Tele-health care network in

collaboration with Stanford, APPNA and NUST

Connects patients with Lady Healthcare

Workers through mobile phones

Hospital run by UM Healthcare in Zahidabad,

NWFP sustains database of patients.


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Personforce

Online Hiring solution linked with certain sitessuch as enews published by Harvard, Stanfordetc.

Newspapers, popular blogs, and socialnetworks all use the Personforce classifiedadvertising platform to enhance theircommunities and help advertisers reach theirtarget audience

600,000 use Personforce for job hunting


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EDUCATING THE NATION

A Case


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Nasreen

Intermediate

Taught 20 years in govt. school

Accident resulting in limited mobility Staying at home not easy

Need to support 5 children on husbands

meager salary Started tuition centre at home which led to

opening school


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Leased furniture and fridge for school

Expansion through loan financing

Lease of computers increased enrollment by

100% Started with 4 students and 1 teacher

Now has 450 students and 14 teachers

Charged Rs.100/student with teachers salary at

market rate


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Did not make profit for 1st year

Now charges Rs 450/student

Biggest challenge?? Future prospects??

Lessons learned?

nurturing the entrepreneurship 2

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