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Starting Up: Planning Growth by Starting Up: Planning Growth by Presentation Transcript

  • ENTREPRENEURSHIP Starting-up Pramod Kumar Gothi NorthStar Advisors
  • So YOU want to be an Entrepreneur? NOW WHAT! Let’s do a self-assessment first…
  • Who is an Entrepreneur  A person who  Starts a new venture and takes full responsibility of the outcome  Has an effectual thinking  His key driving factor is the desire for freedom and empowerment
  • Who Am I  Passionate  Committed & very hard working  Motivated - More notably Self-Motivated  Self-belief/ Emotional resilience  Skilled enough to assemble teams  Visionary  Inspires confidence  Risk taker  Patient and persistent  Fair  Rebellious
  • What is my knowledge base  Education  Training  Experience  Expertise
  • Whom do I know  What is your support system  Social and professional network  Reach out to as many people as possible  More importantly, leverage your network
  • Conduct Due Diligence on your IDEA Before writing business plan, answer the following:  Is it do-able  Technological feasibility  Market potential  Marketing feasibility  Economical feasibility  Financial feasibility
  • Define your IDEA in few lines  Develop a description of the system, features and processes that will allow you to discuss the idea with others  To create a successful company you should be able to define the business model  Manufacture product or provide service  B2B or B2C
  • Determine the Strategy  Your strategy will depend on  Goal as an entrepreneur  USP  Ability to manage the ecosystem  Sustainability  Business environment
  • Make an initial estimates of…  Investment in assets and working capital  Team  Product pricing and rough costs
  • Create a Business Plan  Initial projection that provides a frame work for more formal business plan
  • Arrange Capital  The source could be  Personal savings  Your family and friends  Banks  Angel Investors
  • Investor’s Perspective  In evaluating a plan investor will look into a value that is tangible, they won‟t be impressed only with subjective statements  People are ready to put money in an upturn. In a downturn people want the best bank for their buck
  • Timeline should include…  Legal procedures – filing papers of incorporation, partnership, etc.  Finding office or manufacturing space  Expectations for research and development  Product development  Getting all necessary licenses and permits  Purchase or lease of equipment  Hiring of personnel Schedule 3 times more  Purchase of materials time for regulatory related activities  Start date for marketing activities  Opening date for business
  • Time to start a business – Top 10 Number of calendar days needed to complete procedures to legally operate a business at no additional cost to speed it up Source: World Development Indicator
  • Time to start a business in India India ranked 113th with 30 days to complete procedures Source: World Development Indicator
  • Rankings – Ease of doing business High ranking means that the regulatory environment is conducive to business operation Country Rank Singapore 1 New Zealand 2 Hong Kong SAR, China 3 United States 4 United Kingdom 5 Denmark 6 Ireland 7 Canada 8 Australia 9 Norway 10 India 133 Source: World Development Indicator
  • Do’s  Do what you like and are passionate about  Get people smarter than you  Attract and retain the best talent  Be respectful  Be prepared to work very hard  Be prepared for the hardships  Always have provision for kitchen money  Remember that „Cash is King‟ – Be Frugal  Seek a mentor  Review regularly
  • Don’ts  Procrastinate  Ignore the competition  Be overconfident  Ignore importance of good planning and business  Ignore the power of a good team  Ignore customer service  Push away cash flow problem  Mix personal and professional issues
  • Be prepared-You will be CXO  Initially you will be CEO, COO, CFO, CMO, CIO  All value added activities are to be controlled by the owner  Work 24/7 hrs  May feel lonely but, “ You have your freedom”
  • ALWAYS REMEMBER  You are among the 1% who have taken a step to make a difference SOMETIMES THE IDEA MAY FAIL BUT YOU WILL NEVER FAIL PICK ANOTHER ONE AND RUN!
  • Thank You