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Entrepreneurship Pains Pleasures Abhishek Jain
1. Entrepreneurship:
Pains and Pleasures
A simple way to start a non-simple company
Abhishek Jain
www.abhishekjain.org
Saturday, July 25, 2009
2. 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
3. My View on the above slide
THE ABOVE SLIDE WAS $%^@#
Entrepreneurship: Pains and Pleasures 3
4. 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
5. 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
6. 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
7. 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
8. 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
9. 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
10. 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
11. 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
12. 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
13. 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
14. 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
15. 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
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16. So what is it
BRASSTACKS
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17. 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
18. 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
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19. 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
20. 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
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21. 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
22. 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
23. 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
24. 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
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25. 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
26. 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
27. 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
28. 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
29. 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
30. 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
31. 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
32. 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
33. 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
34. 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