The entrepreneurial journey and balancing the variables in the equation
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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 ...

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 The entrepreneurial journey and balancing the variables in the equation Presentation Transcript

  • 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
  • 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
  • VentureBean Consulting Private Limited 3 YOU The First Variable
  • VentureBean Consulting Private Limited 4 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… 5
  • 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
  • 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
  • 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
  • VentureBean Consulting Private Limited 9 Business related The Second Set of Variables
  • VentureBean Consulting Private Limited PBRT - A business review tool • People • Business • Regulatory • Time 10
  • 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
  • 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
  • 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
  • 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
  • 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
  • VentureBean Consulting Private Limited 16 The Ecosystem The Third Set of Variables
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • VentureBean Consulting Private Limited Additional information/articles/resources • http://www.linkedin.com/company/venturebean- consulting-private-limited • www.slideshare.net/anjanavivek 24
  • VentureBean Consulting Private Limited Thank You! 25