Entrepreneurship Pains Pleasures Abhishek Jain
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Entrepreneurship Pains Pleasures Abhishek Jain

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Presentation by Abhishek Jain
Zeus Numerix Pvt Ltd
at Startup Satrurday

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    Entrepreneurship Pains Pleasures Abhishek Jain Entrepreneurship Pains Pleasures Abhishek Jain Presentation Transcript

    • Entrepreneurship: Pains and Pleasures A simple way to start a non-simple company Abhishek Jain www.abhishekjain.org Saturday, July 25, 2009
    • Entrepreneurship  It is all about hard work  Perseverance pays in the end  You should have it in you  Concentrate on the ideas  It is essential to keep your focus right  Entrepreneurs must develop knowledge optimization initiatives to leverage key learnings Entrepreneurship: Pains and Pleasures 2
    • My View on the above slide THE ABOVE SLIDE WAS $%^@# Entrepreneurship: Pains and Pleasures 3
    • Motivation  Why am I lecturing here?  Why should I spend my time to teach you?  Dr S Chandrashekar used to travel 100 miles to take a class of physics for 2 students  T D Lee; C N Yang-Won  Self satisfaction  Please utilize your time with me Entrepreneurship: Pains and Pleasures 4
    • Myself  Abhishek Jain – M Tech Aerodynamics, IIT Bombay  Company – Zeus Numerix Private Limited ( www.zeusnumerix.com)  Incubated in Society for Innovation & Entrepreneurship (SINE)  Chief of Marketing  Moderately successful  First company in India to make engineering analysis and design software Entrepreneurship: Pains and Pleasures 5
    • Lockheed Martin India Innovation Growth Medal  Received in FICCI, Given by Dr T Ramasami Secretary DST, standing Dr Ray Johnson LM CTO Entrepreneurship: Pains and Pleasures 6
    • Entrepreneurship  It is all about hard work  Who doesn’t know it  Perseverance pays in the end  Wow what an information; ever read Panchtantra?  You should have it in you  What??  Concentrate on the ideas  Where???  It is essential to keep your focus right  When??? Is it?? Entrepreneurship: Pains and Pleasures 7
    • What is it All About  “To carry his load without resting, not to be bothered by heat or cold and always be content: these three things we can learn from a donkey” – Indian proverb Entrepreneurship: Pains and Pleasures 8
    • I Would Say  As from the above slide, I don’t intend to sermonize  10 min bore; 80min lecture and 30min Q&A  My Introduction  Bad, weird Examples  Some Anecdotes; they are funny but believe me they are true  Few things we thing just don’t matter, but they do  Unfortunately, I am a male, so the language is male; implies his = her in presentation  Lets have some quiz also  Everything you already know, just trying to drive home the point and mind you experience matters Entrepreneurship: Pains and Pleasures 9
    • What I Say  Is not a professional advice, just what I learnt from doing something in these years. This is not an official view of my company or IITB or SINE. These are purely my views and by no means entirely correct  Is general advice in funny unpolished language; remember I am not an MBA  Doesn’t suit you; stop me in between, you are investing time to listen to me; I will change track if possible  Ask questions; No questions means ALL CLEAR or ALL CLEAR  Comes from experience not books Entrepreneurship: Pains and Pleasures 10
    • What I Wish To say  Why not be an entrepreneur  What you gain  How we did it  Essentials  Idea  Core Team  Initial Money  Marketing  HR  Execution  General Gyan Entrepreneurship: Pains and Pleasures 11
    • Entrepreneur: Why Not  Soch lo yeah rasta khatron se bhara hai; Ek Krantikari ke liye uski party uska sab kuch hai; Uskee jindagi mein na khushi, na sukh na pyaar na parivar  Legend of Bhagat Singh  Company is like revolutionary party  You live it; emotional attachment  You love it like your child & 8/10 lost  You feel like you are jailed  You don’t have Khatra of life (Risk) Entrepreneurship: Pains and Pleasures 12
    • Entrepreneur: Why Not  Spend a lot of time in business  Miss out on social life  You can see your friends enjoying life  Friends are able to spend money; you are not; No parties  Parents pressurize you to join a stable job and give them time  Friends have girlfriends; yours, if any by God’s grace, has run away or warning to do so  Arrange marriage: Girls father doesn’t understand your job  Hobbies get a back seat  This work-life-balance and all that management gyan does not work (Please read article below) http://timesofindia.indiatimes.com/Work-life_Imbalance/articleshow/2949519.cms Entrepreneurship: Pains and Pleasures 13
    • Why Do It  You can make your country/parents proud  “What is the penance you did to get a son like that” Thiruvalluvar, Tamil  You can become Bill Gates or Narayanmurthy  Not all can get jobs; some have to create them  Don’t have to say “YES SIR” to a foolish boss  You become famous  You don’t suffer for someone else’s mistakes  Its so great to have your dreams come true  You don’t have to make a resume  You can marry a film actress Doesn’t necessarily mean opening a company for profit Entrepreneurship: Pains and Pleasures 14
    • Are You Afraid  After all its not that difficult  Mere mortals like us do it  Even if you fail it is a great learning experience and that too usually on somebody else’s money  You become a lot more confident and can look towards life in very different way  People rush to recruit you  Companies provide a red carpet for you Entrepreneurship: Pains and Pleasures 15
    • So what is it BRASSTACKS Entrepreneurship: Pains and Pleasures 16
    • Law  Do you know which ministry controls the companies?  Who is the minister?  Where will you register your company?  Ask always  Which side of law you are?  Money; is it accounted for properly?  Are the Directors of the company aware of accounts  Necessary registrations  Proprietary or private limited registration  Sales and service tax registration  CA audit Entrepreneurship: Pains and Pleasures 17
    • Idea  Start with an idea and change it as per environment  All great ideas don’t mean great success  Average idea doesn’t mean you can’t be successful  Getting married to idea can be fatal (not always)  Each company has its own DNA; make your own  Apple, SONY, Google – We Innovate  Microsoft, IBM – Customer is King  McDonalds – Time is Money  Go Air, Indigo – Economy  Kingfisher, Taj Hotel – You are a Maharaja Entrepreneurship: Pains and Pleasures 18
    • Core Team  Most important part of the company  Should have complimentary characteristics  “If two partners agree on all the things then one of them is not needed”  Business partner must not be friend or relative or father- in-law (unless he gives money) just for the sake of it  Business in friendship is OK but no friendship in business  Stockdale Paradox; Every great company faces adversity*; Core team must be psychologically strong  Charismatic* people do not matter. How many state toppers have companies? Domain knowledge is a must Entrepreneurship: Pains and Pleasures * Jim Collins; Good to Great 19
    • India Inc: Core Team CMO Chairman CEO  We had a Chairman, CEO, CMO  One had vision; other translated it on ground and one propagated that it was actually being done Entrepreneurship: Pains and Pleasures 20
    • India: Core Team 2 Chairman +CEO+CMO  One man was great; others followed him  Could not guard secrets; attrition was high  Did help in getting India Inc team win Entrepreneurship: Pains and Pleasures 21
    • Initial Money  Call it bootstrapping, begging, borrowing etc; word does not matter; get it  Don’t get money from illegal sources (yeah father in-law money is OK) or tough men  Use the resources judicially; try to do many of your works yourselves (even if you have to make tea, clean the place occasionally)  Get an angel investor or soft loan like SINE IITB gives  Core members usually get very low to zero salaries in the starting Entrepreneurship: Pains and Pleasures 22
    • Marketing  Most important job that people hate to do  You don’t get your meal if you don’t market  Everybody in the company should be marketing  “Coherent speech” by all members is a problem  Marketing DOES NOT mean speak more, but LISTEN more  What is clients need?  Within how much (time/money/efforts) he wants to fulfil his need?  Why am I a better match for Customer?  Cost is not always a factor? Don’t harp it too much  Take the projects; you have nothing to lose Entrepreneurship: Pains and Pleasures 23
    • Marketing  Know your customer; remember energy is limited  Shri Mithun Chakraborty movies  Jumbo king vada pav center  Micro-credit – ICICI, Grameen Bank  Modern Babas/Sadhus or fortune teller parrot  Is need hurting the customer; if it does not, there is no urgency to buy  How many promises we are making to the customer  Treat your marketing people with respect; they are anyway cursed a lot by customers  Coca Cola advertisement in Saudi Arabia Entrepreneurship: Pains and Pleasures 24
    • Networking  Are you a part of TiE, India angel networks, etc etc  Do you have membership of FICCI, CII or other trade associations  Are you regularly visiting trade fairs and writing white papers  Are you seen, do people come to say you hello  Remember only two things – Shock and Awe  HITCH – Will smith to his client Entrepreneurship: Pains and Pleasures 25
    • Human Resource  You don’t win a game without good players  10 Mohan Bagan strikers don’t make a Pele  What is the incentive for him to play for you?  Remember you are not giving them good salary  Doesn’t mean you throw away the stock  Motivation and fear of losing can be a big problem  Do they feel part of the company  Do they feel they do a favor by remaining in company  Retention strategies can be a challenge  Communicate to them properly  Freedom within limits is essential  Take out time to explain decisions Entrepreneurship: Pains and Pleasures 26
    • Execution  Ready, Fire, Aim (In search of Excellence)  Thinking is such a waste of time  There is no auspicious time to start work  Too much discussion is not necessary  Employees must have freedom to make mistakes and so should you  Impatience is good  Some targets need to be set  Take the technological challenge Entrepreneurship: Pains and Pleasures 27
    • Competition  Know who is you competitor  Who was the competitor of RASNA – TEA  Track their movements  Learn from them  Compare time and price  Be ethical and non-manipulative  Don’t be negligent of small players in your field; remember as a startup you are killing a giant  Be open to ideas of competition Entrepreneurship: Pains and Pleasures 28
    • How We Did It  We had an intellectual property  Some Professors and Students came together  Support from SINE for seed loan, registration etc  Better mix of people  Could attract talent because work we did was unique in India  Got customers due to contacts of our professors  Delivered accurate solutions though sometimes late  Said no to propositions that were lucrative but outside your philosophy  The team – Prof Banerjee, Prof Shevare, Basant Gupta, Irshad Khan Entrepreneurship: Pains and Pleasures 29
    • Unsolicited Advice: Manage Time  Aapne hamko 5 minute diya aur hamne 4.30 min mein khatam kar diya. ½ minute ka profit. Yeah hai business  Guru; Abhishek Bacchan’s dialogue in Arbitration Scene  Make a list of activities you will not do  Watch Saas Bahu serials; cricket!  Work that can be delegated like maintaining files  Going to disco  Devote some time for others; Do some social work  Regularly call your family and friends Entrepreneurship: Pains and Pleasures 30
    • Unsolicited Advice: Maintain Sanity  Attend parties and ask friends that you can’t contribute; eat as if you contributed most  Go to Jinalay/Temple/Mosque/Church/Gurudwara/Synagogue if you are a theist or do some Yoga  Sleep properly; don’t bring tension at home, it anyways doesn’t solve the problem excepting combing  Beware of intoxications like drinking/smoking  If you are short tempered or with high BP or have a lot of self pride then do a job, entrepreneurship is not for you  Exercise is a must Entrepreneurship: Pains and Pleasures 31
    • Read, Read, Read …..  All great men were great readers; Gandhi, Bose, Dhirubhai, Narayanmurthy …..  Just reading business does not help; diversify  Most important ideas come from very different subject – Genetic Algorithms in design  Know your surroundings – Newspapers are a good medium for the same; Pokharan could affect my company  Reading removes a lot of tension – (Auto)biographies are very good Entrepreneurship: Pains and Pleasures 32
    • Read Some Books  Mahanayak – Viswas Patil  Why men don’t listen women can’t read maps – Allan & Barbara Pease  Foods that fight pain – Dr Neal Barnard  I Dare – Kiran Bedi  Wings of fire – HE Dr APJ Abdul Kalam  Straight from the Gut – Jack Welch  Crossing the Chasm – Geoffrey Moore (For start-ups)  In search of excellence – Thomas Peterson  Built to last – Jim Collins  Good to Great – Jim Collins  Maverick – Ricardo Semler  Scientific American Magazine Entrepreneurship: Pains and Pleasures 33
    • I Wish  Open your company; its now or never  You have no responsibilities, so take the plunge  Don’t worry about future job; they are plenty for brilliant people like you  Request your college to open an entity like SINE  Narayanmurthy has 2 ears, 2 legs, one nose; do you feel deficient; Steve Jobs had cancer you don’t  Companies are like babies; they die if parents divorce or don’t care about environment; choose good partners  When India becomes developed country in 2020 you be part of development rather than an impediment Entrepreneurship: Pains and Pleasures 34
    • Abhishek Jain abhishekjain29@gmail.com 35