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Skills & Myths of an Innovative Entrepreneur

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“Skills & Myths of an Innovative Entrepreneur” managed to educate and motivate. Innovation requires the
“intuitive mind” and the “rational mind” to work in tandem, bringing the forces of hard work, keen
observation, tedious research (reading & experiencing), understanding of trends and gaps to identify a problem and re-frame it into one worth solving. This becomes a viable Startup idea. The session also tackled Myths like “You are born innovative”, “Entrepreneurs are gamblers”, “Good ideas automatically
attract funding” and so on – commonly held beliefs. The most motivating message we were left with – everybody can be innovative, one just needs to develop the skills and behavior to be that – an innovative entrepreneur.

Published in: Leadership & Management
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Skills & Myths of an Innovative Entrepreneur

  1. 1. Innovative Entrepreneur Skills? Myths! More> Lounge47, Aug 16, 2014 Sudeendra.Koushik@gmail.com
  2. 2. How many of you see yourself as a Innovator ?
  3. 3. What is Innovation Develop an idea that can be of social and/or commercial use to mankind
  4. 4. Innovation is NOT only
  5. 5. 43 % 42 % Household insecticides market = 3000 cr
  6. 6. Social Innovation Commercial Innovation  Welfare  Self esteem driven  Lifestyle is key  IP/Patent is not key  Pull Innovation  Not for profit  Industry  Technology driven  RoI is key  IP is a goal  Push Innovation  For profit
  7. 7. JC Bose Wireless communication 1894 Archimedes Sushrutha / Charaka Yoga Kanad _ atomics Bhaskara _ algebra Nagarjuna_Chemistry Bharadwaj _ Aviation
  8. 8. Where are you India ? INTERNET Timothy B Lee CELL PHONE Martin Cooper
  9. 9. Patents
  10. 10. What is missing? Skill Habit That you can learn, practice it to perfection That you keep repeating, Even unconsciously
  11. 11. Where am I
  12. 12. I don't believe there is such a thing as a non-innovative person. Everyone is innovative somewhere in his or her life. - Anonymous
  13. 13. Innovation is for… Children ??
  14. 14. Business Process Idea YOU as Intra-preneur Idea
  15. 15. YOU as Entrepreneur Business Plan IdeaIdea
  16. 16. Your Innovation Products & Services Process Business model None of your business Everything else Faster, Better, Cheaper – Fast food delivery Value Chain, Eco-system - Wal-Mart, Dell Finance, Billing, Customer service – Payment gateway, ATM Features, New applications, New products, New services Glass staircase Examples Ipad, Appstore, Opensource
  17. 17. Idea Solutions & Decision making Selling your innovation ARTIST SCIENTIST INDUSTRIALIST
  18. 18. How to Spot Innovative opportunity?
  19. 19. What is your Experience of a Auto ? Why 3 wheels Why they squeeze in Congested traffic Radius of turning Camera Tripod allows the most precise moments to be captured and that too sharply Unpredictable movements
  20. 20. PROBLEM FRAMING TRENDS FIX GAPS How to start Identify a valuable Problem Sony Walkman ?
  21. 21.  Bitter medicine  Mosquito repellant  Ganesha – around the world  Chotakool Problems are everywhere … if you want to see it PROBLEM FRAMING
  22. 22.  Face-book vs. Orkut  Nokia and dual sim  Kodak and Digital Camera  Ambassador, Premier Padmini Vs Hyundai, Toyota  Stitched vs Ready made clothing  Desktop versus Tablet, Notebook computers  Landline versus mobile TRENDS
  23. 23. McKinsey Global Institute - TrendsMobile Internet Knowledge work Automation Internet of things Cloud Technology Advanced Robotics Autonomous vehicles Next-gen Genomics Energy Storage 3D Printing Advanced Materials Advanced oil & gas explorations / recovery Renewable energy
  24. 24.  Gatorade sports drink  24 hour day care  Big size clothing  Tata Nano FIX GAPS
  25. 25. Traits of a Innovator? EXPERIMENT OBSERVE (analogy) HARD WORK Find other uses For existing thing
  26. 26.  10,000 + experiments – Edison  51 attempts of angry birds  5200+ prototypes of Vacuum cleaner  Sachin Tendulkar  Sprint runners on sand  Rocky  First Flight of 6 minutes EXPERIMENT HARD WORK
  27. 27.  3m Coating  Post it notes  Microwave oven  Velcro  Penicillin – Alexander Fleming OBSERVE (analogy)
  28. 28. Habits of a Innovator? PASSION READ-READ- READ MORE INTUITION FACE FAILURE LOG BOOK
  29. 29. PROBLEM section IDEA section LOG BOOK
  30. 30. INSIGHT / RESEARCH PSEUDO- EXPERIENCE READ-READ- READ MORE
  31. 31. 91 year old masters Left school at 14 Dr Devi Shetty's Bangalore-based Narayana Hrudayalaya hospital performs more heart operations a day than Singapore and Malaysia together. MRF Pace Bowler? Make cartoons  Make people happy ! Passion Passion Passion PASSION
  32. 32. How do you develop intuition ? Contemplate – solitude Newton – Fall of apple Archimedes – Gold in crownAadi kavya.. INTUITION
  33. 33. FACE FAILURE
  34. 34. People see RESULTS and not the STRUGGLE
  35. 35. BORED ?
  36. 36. Seat for standing
  37. 37. “Creative problem solving is looking at the same thing as everyone else and thinking something different.” Nobel prize winner, Albert Szent-Gyorgi
  38. 38. Who gives ideas at work YOU can…iff… .. YOUR IDEA ‘change’ the way people LIVE or WORK… Arthur Rock, star investor – Intel, Apple, Teledyne, more
  39. 39. What is Product or Service Product  Tangible  Generalized  How customer decides  Manufacturing to dealer shop  Product marketing  Innovation based on technology Service  Intangible  Personalized  How customer decides  Manufacturing to customer service  Service marketing  Innovation based on experienceRice, Sugar Bank, SaloonCar & service
  40. 40. Opportunity identification Idea Or Solution PRODUCT SERVICE Solves New Problem Solves Current Problem PATENT Timely Attractive Durable Available
  41. 41. Opportunity identification PRODUCT SERVICE Timely Attractive Durable Available
  42. 42. ‘So What’”test  People don’t buy WHAT you do  People buy WHY you do
  43. 43. Myth-1  Entrepreneurs are born, not made  Experience  Learning  Pursuing an opportunity
  44. 44. Innovation is NOT about ideas only Innovation is NOT about Technology Innovation is about meeting needs & Innovation is about creating Businesses Entrepreneurship
  45. 45. Formal Degree matters ?  Ratan Tata  BS Architecture (62) / Adv Mgmnt Prog Harvard (75)  Mukesh Ambani  BE Chemical, 1 yr (of 2) MBA Stanford  Anil Ambani  MBA  Deepak Parekh (HDFC) – CA  Kumar Mangalam Birla – CA. MBA  Narayana Murthy – BE(univ of Mysore), Mtech
  46. 46. Time Market Size
  47. 47. Opportunity marketFinancial Organizational Product / Service ?
  48. 48. Hype Cycle for Consumer Devices
  49. 49. Myth-2  Anyone can start a business  Planning  Luck  Perseverance  1 in 10/20 survive 5 years – period for capital gains
  50. 50. How they started HP Motorola Sony Ex. Walkman Bowling foul line indicator Telescope clock Drive Urinal Auto flush Shock to lose weight! Had no idea Made Rice cooker ! Failed Struggling battery eliminator repair biz P&G Soap and candle maker
  51. 51. Myth-3  Entrepreneurs are gamblers  Take risks - Calculated risks
  52. 52. Value chain analysis Inbound Operations Outbound Sales & Marketing Secondary / Support Profit feedback
  53. 53. Myth-4  Entrepreneurs wants all for themselves  Team needed to grow big
  54. 54. Boxing INVENTOR Entre/intra Preneur PromoterManager High Low High Low Creativity & Innovation GM skills, Biz Know-How, Networking Time telling Vs. Clock building – Built to last
  55. 55. Myth-5  Entrepreneurs work longer than managers at firms  Mixed evidence
  56. 56. Myth-6  Money is the most important ingredient  One of the least important ingredient
  57. 57. Myth-7  Entrepreneurs should be young and energetic  Age is no barrier  30s to 60s
  58. 58. How late is late… KFC Colonel Sanders was started at 65 Steve built his first computer at 10 Ramanujam Own theorems by 12 Edison Printer as a kid
  59. 59. Myth-8  Entrepreneurs seek power and control  Sense of accomplishment
  60. 60. Opportunity & Idea or Case build-up Decision Making Solution generation PoC / Patent Validation Idea Selling Movie 127 hours EXIT Time Difficulty per step ~ F(energy already spent) Don’t get emotionally attached Valuable problem? Valuable Solution?
  61. 61. Timmons model Opportunity Resources Team
  62. 62. Myth-9  Talent is enough; success will follow in a year or two  What else is more common  Maxim amongst VC  Lemon ripen in 2/2.5 years  Pearls need 7/8 years
  63. 63. Myth-10  Any good idea will get money in  Only 1 to 3 in 100 are funded
  64. 64. Business Plan Sense of Excitement Along with facts and figures - anticipation and excitement of the possibilities that surround a new venture
  65. 65. Myth-11  Good entrepreneurs need a good SAT, GMAT etc  Innovation, creativity, decision making  Integrity, leadership, team building, networking
  66. 66. IQ /SAT /CAT what not …  MBA Harvard – Alumni was studied for 25 years  So called ‘TOP’ in class – were found successful & NOT successful in life  So called ‘BOTTOM’ – were very very successful  So called ‘MIDDLE’ – all cases
  67. 67. Closing
  68. 68. Read unrelated stuff ! Read Related stuff ! Online Idea contests Keep yourself challenged ‘Draw’ your ideas; Think Visually Be Positive Physically active Laugh a Lot Watch Tom & Jerry Find and Be YOURSELF
  69. 69. Imagination is more important than knowledge. For while knowledge defines all we currently know and understand, imagination points to all we might yet discover and create - Albert Einstein
  70. 70. • It’s a life skill – part of U • It’s exciting - creation • It’s satisfying - growth Innovation…
  71. 71. PROBLEM SOLVING TRENDS FIX GAPS EXPERIMENT OBSERVE (analogy) HARD WORK PASSION READ-READ- READ MORE INTUITION FACE FAILURE LOG BOOK YOU & iQ DO THINK BEHAVE
  72. 72. The start How many of you see yourself as a Innovative entrepreneur ?
  73. 73. Thanks for your time & Giving me this opportunity

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