Entrepreneurship

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?

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

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

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

Contributors
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

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1
Follow your passion (not just money!) Objective: You obviously love your idea. Do others love it too? Caution: Balance between self confidence and obstinacy

Passionate, but Objective

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2
Long Term Focus
One business at a time (it is easy to get distracted)

Think 5-10 years. It will take time to stabilize

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3
12-15 hours work a day for 2-3 years is normal Align family they wont see you much but their moral support is crucial Success will be 50% Strategy and 150% Execution!

Prepare self and family for slogging

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4
Manage Team
Hire go-getters, driven people with a spark in their eyes
who 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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5
Be comfortable with change
Annual plans seldom last more than a month! Be prepared to tweak models and abandon initial plans based on market learning

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6
Preserve Cash
If your business plan requires x, raise at least 5x
Find alternate sources of cash Minimize uses of cash. Minimal fixed salaries etc.

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7
Scaling Up
Keep doing Six Sigma. Test in one setting, tweak to improve and then reapply the proven model in as many locations as needed Create an effective middle management pool

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8
Revenue Model
Spend disproportionate time figuring out the revenue
model where will we get cash from? Find out what specifically is your USP? Why will you succeed when other competitors come in?

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9
Marketing & Sales
Whatever be the business idea, usually a lot of marketing & 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 deals leverage existing network Look for credibility enhancers how would you convince the new client you are worth doing business with?

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10
Prepare for exit
As an entrepreneur, maximum money is made from equity (not from annual profits).
Think how you will realize the equity value listing, sell off, strategic partner etc. Insight: Many businesses in Silicon Valley start with understanding: What new skill does Google want?, then a business is developed with the sole idea of being sold to Google in 3-5 years! Ask: Why would someone buy me? What skill set do I bring that complements what the large players already have?

Thank You