The entrepreneurial journey and balancing the variables in the equation

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The three sets of variables to look at in the Entrepreneurial Journey, the First is You, the Second is the Business/Idea and the Third the Ecosystem... how do you balance multiple factors.. PLUS a framework and tools for analysis

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The entrepreneurial journey and balancing the variables in the equation

  1. 1. The Entrepreneurial Journey Balancing the Variables in the Equation Entrepreneurship Cell, IIT Kharagpur Entrepreneurship Awareness Camp, Bangalore 9th October 2013 Anjana Vivek anjana@venturebean.com
  2. 2. VentureBean Consulting Private Limited The 1st Variable: You The 2nd Set: ’To Trigger Thinking’ The 3rd Set: The Ecosystem Caselets In Summary Agenda 2 2
  3. 3. VentureBean Consulting Private Limited 3 YOU The First Variable
  4. 4. VentureBean Consulting Private Limited 4 WHY ?? Do you want to be an Entrepreneur
  5. 5. 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… 5
  6. 6. VentureBean Consulting Private Limited 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.. 6
  7. 7. VentureBean Consulting Private Limited 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) 7
  8. 8. VentureBean Consulting Private Limited The 1st Variable: You The 2nd Set: ’To Trigger Thinking’ The 3rd Set: The Ecosystem Caselets In Summary Agenda 8 8
  9. 9. VentureBean Consulting Private Limited 9 Business related The Second Set of Variables
  10. 10. VentureBean Consulting Private Limited PBRT - A business review tool • People • Business • Regulatory • Time 10
  11. 11. 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? 11
  12. 12. 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.. 12
  13. 13. VentureBean Consulting Private Limited 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 13
  14. 14. 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 14
  15. 15. VentureBean Consulting Private Limited The 1st Variable: You The 2nd Set: ’To Trigger Thinking’ The 3rd Set: The Ecosystem Caselets In Summary Agenda 15 15
  16. 16. VentureBean Consulting Private Limited 16 The Ecosystem The Third Set of Variables
  17. 17. VentureBean Consulting Private Limited The ecosystem The ecosystem’s impact on You AND Your impact on the ecosystem 17 Ethics Governance Environment Value systems Fairness
  18. 18. VentureBean Consulting Private Limited 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? 18
  19. 19. VentureBean Consulting Private Limited The 1st Variable: You The 2nd Set: ’To Trigger Thinking’ The 3rd Set: The Ecosystem Caselets In Summary Agenda 19 19
  20. 20. VentureBean Consulting Private Limited 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? 20
  21. 21. VentureBean Consulting Private Limited 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 21
  22. 22. VentureBean Consulting Private Limited The 1st Variable: You The 2nd Set: ’To Trigger Thinking’ The 3rd Set: The Ecosystem Caselets In Summary Agenda 22 22
  23. 23. VentureBean Consulting Private Limited 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… 23 Maintain Charted Path Quickly adapt to change
  24. 24. VentureBean Consulting Private Limited Additional information/articles/resources • http://www.linkedin.com/company/venturebean- consulting-private-limited • www.slideshare.net/anjanavivek 24
  25. 25. VentureBean Consulting Private Limited Thank You! 25

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