The Entrepreneurial Journey Balancing the Variables in the Equation Entrepreneurship Cell, IIT Kharagpur Entrepreneurship Awareness Camp, Bangalore 9 th October 2013 Anjana Vivek [email protected]
Aug 20, 2015
The Entrepreneurial JourneyBalancing the Variables in the Equation
Entrepreneurship Cell, IIT KharagpurEntrepreneurship Awareness Camp, Bangalore
9th October 2013
Anjana Vivek
VentureBean Consulting Private Limited
The 1st Variable: You
The 2nd Set: ’To Trigger Thinking’
The 3rd Set: The Ecosystem
Caselets
In Summary
Agenda
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YOU
The First Variable
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WHY ??
Do you want to be an Entrepreneur
VentureBean Consulting Private Limited
Three youngsters want to be actors
WHY?
• One wants name and fame • One wants to make money and travel• One wants to play different roles
To the outsider however they all look similar and the difference in their motivation is not visible…
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I want to be an Entrepreneur
WHY?
.. Because I Want..
• to make a difference• to do what is fashionable• To have some work to do and I am not getting a job / or a
job I like• … etc..
.. Because I do not Want..
• to take up a job• to follow the crowd• … etc..
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BEFORE YOU START
Do take time out to think/reflect…
• WHAT are the strengths – that you bring to this business
• WHAT are the constraints that you have to either – Address or– Accept (and work keeping this in mind)
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The 1st Variable: You
The 2nd Set: ’To Trigger Thinking’
The 3rd Set: The Ecosystem
Caselets
In Summary
Agenda
8 8
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Business related
The Second Set of Variables
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PBRT - A business review tool
• People • Business• Regulatory• Time
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VentureBean Consulting Private Limited
PBRT - A business review tool: People
• Details of persons you will have on board– Your self and immediate team– Others in network whom you will leverage– Mentors/Advisors
• Starting point due diligence on those who are not known to you personally: Google, Facebook, LinkedIn, YouTube searches and ask your trusted networks… discretely
• Check comfort level, compatibility, alignment of thinking
• Reputational capital, integrity, ethics etc… will this add … or deplete value?
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VentureBean Consulting Private Limited
PBRT - A business review tool: Business
• How will the idea move to a business over the next few years
• Check the Business Model, a useful tool: the Business Model Canvas: http://www.businessmodelgeneration.com/canvas
• Think of financials and non financial such as sales, profits, value, cash flow, costs, brand creation, customers, quality as well as quantity etc..
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PBRT - A business review tool: Regulatory
• Structuring and formation of your venture: Proprietary, partnership, Company.. ??
• Tax impact on structure
• Other statutory compliances to be met..
• Impact of structure on brand and growth
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VentureBean Consulting Private Limited
PBRT - A business review tool : Time
• Immediate term: NOW .. In the 1st year: Need to survive
• Medium term: 3- 5 years: Direction setting
• Long term: really long term vision, personal and business: for example 15 years: Dream and motivations
• Will the steps taken today take you towards the larger goals
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The 1st Variable: You
The 2nd Set: ’To Trigger Thinking’
The 3rd Set: The Ecosystem
Caselets
In Summary
Agenda
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The Ecosystem
The Third Set of Variables
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The ecosystem
The ecosystem’s impact on You
AND
Your impact on the ecosystem
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Ethics
GovernanceEnvironment
Value systems
Fairness
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The ecosystem
• What are your views on the ways and means of achieving business results
• Who are your business role models, why?
• What do you want to be known for if you are the next Role Model?
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The 1st Variable: You
The 2nd Set: ’To Trigger Thinking’
The 3rd Set: The Ecosystem
Caselets
In Summary
Agenda
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Caselet 1
• An e-commerce company started by offering a complete line of service offerings in travel industry, using e-commerce
• The target customer was in the high income bracket• Offerings typically showed price reductions in the range of
Rs.500-Rs.1000 compared to competition• This was not a significant amount of saving for target
customer• Hence sales did not take off as planned in the first 6
months, due to mismatch in target customer need vs. offering
Q. If you were the founder, how would you proceed?
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Caselet 2
• Lifestyle product manufactured by a 2nd generation entrepreneur from a family business
• This was self funded• Initial year sales was promising• Promoter found that to grow to the next level, there was
a need to focus on increasing sales, improving production capacity as well as opening retail outlets
• Money was limited, new product lines also needed to be developed and the founder was finding it difficult to prioritize time, bandwidth and money
Q. You are the founder; what are the 3-5 key points for planning, how will you put together an action plan for 6 months
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The 1st Variable: You
The 2nd Set: ’To Trigger Thinking’
The 3rd Set: The Ecosystem
Caselets
In Summary
Agenda
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In Summary• The key variable is YOU• BUSINESS: What is the business idea/project/plan;
how would you like to proceed over time• ECOSYSTEM: How does the eco-system impact you
and how can you can impact this • Attempt to Balance the multiple variables, revisiting
from … time to time
Practice: Dynamic business planning
GOOD LUCK in your venturing…
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Maintain Charted Path
Quickly adapt to change
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Additional information/articles/resources
• http://www.linkedin.com/company/venturebean-consulting-private-limited
• www.slideshare.net/anjanavivek
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Thank You!
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