1. ENTREPRENEURSHIP
Starting-up
Pramod Kumar Gothi
NorthStar Advisors
www.ns-advisors.com

2. So YOU want to be an Entrepreneur?
NOW WHAT!
Let’s do a self-assessment first…

3. Who is an Entrepreneur
 A person who
 Starts a new venture and takes full responsibility
of the outcome
 Has an effectual thinking
 His key driving factor is the desire for
freedom and empowerment

4. Who Am I
 Passionate
 Committed & very hard working
 Motivated - More notably Self-Motivated
 Self-belief/ Emotional resilience
 Skilled enough to assemble teams
 Visionary
 Inspires confidence
 Risk taker
 Patient and persistent
 Fair
 Rebellious

5. What is my knowledge base
 Education
 Training
 Experience
 Expertise

6. Whom do I know
 What is your support system
 Social and professional network
 Reach out to as many people as possible
 More importantly, leverage your network

7. Conduct Due Diligence on your IDEA
Before writing business plan, answer the following:
 Is it do-able
 Technological feasibility
 Market potential
 Marketing feasibility
 Economical feasibility
 Financial feasibility

8. Define your IDEA in few lines
 Develop a description of the system, features
and processes that will allow you to discuss the
idea with others
 To create a successful company you should be
able to define the business model
 Manufacture product or provide service
 B2B or B2C

9. Determine the Strategy
 Your strategy will depend on
 Goal as an entrepreneur
 USP
 Ability to manage the ecosystem
 Sustainability
 Business environment

10. Make an initial estimates of…
 Investment in assets and working capital
 Team
 Product pricing and rough costs

11. Create a Business Plan
 Initial projection that provides a frame
work for more formal business plan

12. Arrange Capital
 The source could be
 Personal savings
 Your family and friends
 Banks
 Angel Investors

13. Investor’s Perspective
 In evaluating a plan investor will look into a
value that is tangible, they won‟t be impressed
only with subjective statements
 People are ready to put money in an upturn. In a
downturn people want the best bank for their
buck

14. Timeline should include…
 Legal procedures – filing papers of incorporation,
partnership, etc.
 Finding office or manufacturing space
 Expectations for research and development
 Product development
 Getting all necessary licenses and permits
 Purchase or lease of equipment
 Hiring of personnel
Schedule 3 times more
 Purchase of materials time for regulatory
related activities
 Start date for marketing activities
 Opening date for business

15. Time to start a business – Top 10
Number of calendar days needed to complete procedures to legally
operate a business at no additional cost to speed it up
Source: World Development Indicator

16. Time to start a business in India
India ranked 113th with 30 days to complete procedures
Source: World Development Indicator

17. Rankings – Ease of doing business
High ranking means that the regulatory environment is conducive to
business operation
Country Rank
Singapore 1
New Zealand 2
Hong Kong SAR, China 3
United States 4
United Kingdom 5
Denmark 6
Ireland 7
Canada 8
Australia 9
Norway 10
India 133
Source: World Development Indicator

18. Do’s
 Do what you like and are passionate about
 Get people smarter than you
 Attract and retain the best talent
 Be respectful
 Be prepared to work very hard
 Be prepared for the hardships
 Always have provision for kitchen money
 Remember that „Cash is King‟ – Be Frugal
 Seek a mentor
 Review regularly

19. Don’ts
 Procrastinate
 Ignore the competition
 Be overconfident
 Ignore importance of good planning and
business
 Ignore the power of a good team
 Ignore customer service
 Push away cash flow problem
 Mix personal and professional issues

20. Be prepared-You will be CXO
 Initially you will be CEO, COO, CFO, CMO,
CIO
 All value added activities are to be controlled
by the owner
 Work 24/7 hrs
 May feel lonely but,
“ You have your freedom”

21. ALWAYS REMEMBER
 You are among the 1% who have taken a
step to make a difference
SOMETIMES THE IDEA MAY FAIL
BUT YOU WILL NEVER FAIL
PICK ANOTHER ONE AND RUN!

22. Thank You