Ready Reckoner for your Entrepreneurial Dream

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Ready Reckoner for your Entrepreneurial Dream

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Title: Ready Reckoner for your Entrepreneurial Dream


1

Ready Reckoner for your
Entrepreneurial Dream
Ten Tips to Become Your Own Boss
  • Presented By
  • Dr. Sachin S. Vernekar
  • Director, BVIMR New Delhi

2
What is Entrepreneurship?
  • Entrepreneurship is all about an idea which
    creates differentiated business value to
    customers, said Mr. N.R. Narayana Murthy,
    Chairman Emeritus of Infosys Technologies.
    (Source The Hindu Business Line in an excerpt
    from TieCon Hubli-2012.
  • JOSEPH SCHUMPETER View on Entrepreneurship, A
    process where established ways of doing things
    are destroyed by the creation of new and better
    ways of getting things done.

3
Ten Commandments of Entrepreneurial Dream
  • 1. Prepare Your Family Pillar of Support My
    wife wasnt too comfortable with my
    entrepreneurial zeal, so we agreed to give it a
    year. If I failed to zero in on something within
    this period, I would return to a job Rivi
    Varghese, Customer XPs ( A Real - Time
    Intelligent Customer Experience Management
    Solutions for Banking, Retail and Telecom
    Industries).

4
Ten Commandments of Entrepreneurial Dream
  • 2. Plan Your Finances You might not earn
    anything in the first 2-3 years, so you need to
    plan your familys finances accordingly. A
    capital cushion is essential to ensure that your
    family lives comfortably Ashutosh Garg,
    Guardian Lifecare (Guardian Lifecare Private
    Limited is an eight-year-old retail chain of
    health and wellness stores ).

5
Ten Commandments of Entrepreneurial Dream
  • 3. Forget The Job Perks As a manager in a
    company, you are accustomed to other people doing
    things for you. In a start up, you have to care
    of everything yourself from operational
    expenses to food bills Jiggy George, Dream
    Theatre (Official site for band and some of
    their side projects. Information includes tour
    dates, discography, album reviews, tablatures,
    sound clips, photos, links and an online shopping
    store).

6
Ten Commandments of Entrepreneurial Dream
  • 4. Learn to Cope With Failure I met 15 VCs
    before one agreed to fund me. One investor
    rejected my proposal within five minutes of a
    presentation. Instead, he spent an hour trying to
    convince me to go back to my job - Treat failure
    as a Stepping Stone Kunal Bahl, Snapdeal
    (Snapdeal is India's best daily deals website
    offering up to 90 discounts on dining, health
    beauty services, travel, apparels branded
    products like mobiles, clothes, watches etc. )

7
Ten Commandments of Entrepreneurial Dream
  • 5. Have a Plan that is Unique The business plan
    should be unique and clutter free. An
    entrepreneur must look into his area of core
    competence and use it to devise a strong plan
    Kavindra Mishra, Zovi.com ( An exclusive online
    apparel brand in India quality mens womens
    apparels, formal shirts and leather belts )

8
Ten Commandments of Entrepreneurial Dream
  • 6. Belief in Yourself - Belief in ones idea can
    take you a long way. Our concept was ahead of its
    time, but I didnt give up on my vision. At every
    step, there were people who ridiculed the idea. I
    had the last laugh VSS Mani, Just Dial (Just
    Dial India's No.1 local search engine provides
    comprehensive updated information on all B2B and
    B2C Products and Services).

9
Ten Commandments of Entrepreneurial Dream
  • 7. Interact with Like Minded My partner
    Abhishek was running an e-commerce portal, which
    was acquired by a bigger website. He expressed
    interest in working with me and we launched our
    site Chetan Bafna, Fetise.com (Fetise is
    India's first online shopping community for Men -
    selling apparels, shoes and accessories from
    contemporary luxury brands).

10
Ten Commandments of Entrepreneurial Dream
  • 8. Gain Enough Experience I used to teach at a
    diving centre in Lakshadweep. After teaching more
    than 600 students for eight years. I decided to
    float my own diving company Anees Adenwala,
    Orca Dive Club (Orca Dive Club offers dive
    solutions for beginners and experienced divers,
    our aim is to bring the sport of SCUBA closer to
    the people of India).

11
Ten Commandments of Entrepreneurial Dream
  • 9. Dont Take Too Much Debt If you are thinking
    of starting up, this is the best time. But dont
    take a home loan since it kills entrepreneurship.
    You can never get out of it Binny Bansal,
    Flipkart (Flipkart is among India's largest
    online retailers. It is an electronic commerce
    company headquartered in Bangalore, Karnataka,
    India).

12
Ten Commandments of Entrepreneurial Dream
  • 10. Have a Plan B Ready After the first few
    months, we realised that service was not our core
    competence. Besides, the margins were quite low.
    This was the time we concluded that it was better
    to focus on products Rahul Anand, Happily
    Unmarried (Happily Unmarried is a product design
    brand from India).
  • (Source Excerpt from How to Fund a Start
    Up, The Times of India, February 6, 2012, Page
    No. 18 ).

13
Think and Act !!!!!!! Be the Agent of Positive
Change
14
  • Thank You
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