Why become an Entrepreneur? My views: Allows you to follow your dream Only way to legitimately create wealth Helps nation building
If its hot, its not for you Sectors that are celebrated to be hot are already taken. HOT sectors are for employees.
So, what’s hot? Ideas that address large markets Ideas that address expressed or felt needs Other factors: Who’s the competition? Sustainable advantage?
Differing needs of micro, small and medium enterprises M&S: Gang of believers Jugaad Multi-tasking Proving concept Moving towards scale Medium: Teams Processes Focus on expertise Fine-tuning implementation Improving efficiencies
Research the right product or service There is no one right answer. Ask those who will use it. What do they need? What do they currently do? What are their pain points? What would they pay a premium for? What will delight them? What price would they pay? How will it change their life? Who will decide? What difference will it make in their lives/
Thoughts on demand analysis There is no one right answer. “ Market is as big as 22bn $” Questions to answer. How many customers are there in the markets that I intend to play in and how many can I reach and how many of them can I hope to convert and how many of them could repeat purchase, etc, etc. Is an irrelevant statement.
In summary Entrepreneurship is not about starting a company. It is about the an enterprising spirit. Entrepreneurship is not about taking risks. It is about thoroughly understanding and doing your best to mitigate risks. Entrepreneurship is not about ‘best practices'. It is about next practices. There is no pot of gold at the end of the rainbow. The rainbow is all you have. Enjoy it.
Have a great rainbow. [email_address] Psst… we are always on the lookout for student volunteers with an entrepreneurial bent of mind