Sustaining the Venture


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This presentation was prepared for the Business Plan Competition - MAGNATE 0 2013, held at IIT-BHU

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Sustaining the Venture

  1. 1. Sustaining Your Venture: The Entrepreneurial Challenge Presented By: Anupam Kumar Reader School of Management Sciences, Varanasi Email: ©copyright 2013 Anupam Kumar
  2. 2. Expert Observations Galbraith, a Canadian-American economist said: “People are poor because they prefer it that way.” “This is one of the reasons of poverty and backwardness of many African and Asian nations.” “Because the people of these nations are lacking in ambitions they are lagging behind others in development.” ©copyright 2013 Anupam Kumar
  3. 3. Words of Wisdom• As per our former President, Shri A.P.J. Abdul Kalam: – Dream, dream, dream and dream! – Turn dreams into thoughts; and – Thoughts would transform into action!• And further: – Dreams are not those which we see when we are asleep; but those which do not let us sleep! ©copyright 2013 Anupam Kumar
  4. 4. How Dreams transform to Action? Lived Longevity Lived Longevity Idea Idea Dream Dream Vette Vette dd Opportunity Opportunity Holistic Holistic Uniqueness UniquenessTarget Market Target Market Personal Personal Share Share Longevity in Gap Longevity in GapCommitment Commitment market market Valid Valid Revenue Revenue Product // Product Action Plan Action PlanRate of Market Rate of Market Growth Growth Price Price ©copyright 2013 Anupam Kumar
  5. 5. Entrepreneur• According to Joseph Schumpeter, a 20th Century Austrian Economist, – An entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation.• As per Wikipedia: – Entrepreneurship is the act of being an entrepreneur, which can be defined as – "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods". ©copyright 2013 Anupam Kumar
  6. 6. Entrepreneurship in India• In India, traditionally, entrepreneurship had been culturally driven. – We find many family run entrepreneurial enterprises.• Entrepreneurs in India can broadly be divided into two categories. – Compulsive Entrepreneurs • These are the entrepreneurs who have been forced into to earning their livelihood due to financial or opportunity pressures. – Entrepreneurship by Choice • These were a rare breed as far as India is concerned, but with the opening of the economy there has been an outflow of such people ©copyright 2013 Anupam Kumar
  7. 7. The Compulsive Entrepreneurs• The compulsive entrepreneurs may be divided into the following types. – Pull Factor Entrepreneur – Push Factor Entrepreneur – Self Employed (Rural) Entrepreneurs ©copyright 2013 Anupam Kumar
  8. 8. What kind of Entrepreneur are we?• Entrepreneurs by Choice can broadly be divided into three categories. – The Fear Entrepreneur • In the words of Mahatma Gandhi, “Fear has its use but cowardice has none.” • For an entrepreneur the well being of those dependent on the enterprise creates the fear. – The Fun Entrepreneur • Here entrepreneurship is seen as a way of living a life of ones own choice. • Creation of wealth may give the entrepreneur the sense of fun. – The True Entrepreneurs ©copyright 2013 Anupam Kumar
  9. 9. The Entrepreneurship ContinuumFun En T rEntrepreneur t re u e pre FEA neF ur R–U FU NFN RO NT IER Fear Entrepreneur FEAR ©copyright 2013 Anupam Kumar
  10. 10. The Entrepreneurs• The entrepreneurs may further be categorized under the following broad classes. – Passion Entrepreneurs • These are extremely creative people who would not like to delegate any responsibilities to others. – Social Entrepreneurs • They would like to make a social impact or social change through their enterprise. – Intrapreneurs • These entrepreneurs work within the ambit of an organization. • Most corporate giants rest on their shoulders. – Serial Entrepreneur • These build businesses and move on after creating self sustaining businesses to find new enterprises.
  11. 11. Entrepreneurs’ First Step Provides Vision Action Plan Target ProtectsInvestments Quantifies & Provides BUSINESS PLAN ThingsSustainability Gives Hedging Market Reality Risk Intelligence Check
  12. 12. Entrepreneurial Strategy• Building the mindset of nimble thinking and quick action – Read the daily sales pulse – Build teams around key personnel – Empower the team to support the roof – Fill the war chest before riding to battle – Submit to financial discipline – Downplay your strengths; play your weakness – Build your inner circle. ©copyright 2013 Anupam Kumar
  13. 13. Entrepreneurial Strategy• Acquire a change mindset to help scale up from a small start. Achieve Achieve Early Early Success Success Start Start Think Think Small Small Big Big Scale Scale Replicate Replicate up up – Know the growth stages of an enterprise – See the oak tree in the acorn ©copyright 2013 Anupam Kumar
  14. 14. Entrepreneurial Strategy• Build a learning organization and be the first student. – Do not stop to learn, the show must go on – Feedback is critical and good if it is critical • Learning is more – Keep the faith, be slow to change – Use early learning to build the system – Climb every mountain, cross every stream ©copyright 2013 Anupam Kumar
  15. 15. Entrepreneurial Strategy• Recognize, building enterprise-wide brand equity is the core task of an entrepreneur.• Many a times the enterprise brand equity is built over the entrepreneur’s brand equity.• The entrepreneur needs to connect and reconnect• Learn the science of selling ©copyright 2013 Anupam Kumar
  16. 16. The Functional Strategy• Marketing • Operations – Look before you leap – Run a tight ship• Finance • Business Development – Don’t juggle the figures, – Test the waters – Walk the tight-rope of • Training & Systems justified cost – Keep it in the family• Human Resources • Projects – Build pyramids that – Follow the rule of 3: house the living • Need, • Productivity, • Cost-effectiveness ©copyright 2013 Anupam Kumar
  17. 17. Entrepreneurial Strategy• You stand alone, so stand strong. – Be transparent, be consistent – Be an extreme optimist – Energize people• And…,• Build your own brand equity..• If you don’t blow your own horn, someone else will use it as a spittoon. ©copyright 2013 Anupam Kumar
  18. 18. Building Personal Brand• Develop a strong belief system• Keep a positive attitude and contagious enthusiasm. – You cannot not market• Develop gutsy goals that make you stretch.• Seek out and act on opportunities.• Stay active in your community by networking and volunteering. – Sell more by giving things away• Take your expertise to another level. – Your expertise is showing ©copyright 2013 Anupam Kumar
  19. 19. Building Personal Brand• Build a strongly connected group of strategic alliance. – Get out there and work it.• Break the mould, then shamelessly promote your uniqueness. – Build your unique brand recognition• Get out in front of your target audience on a regular basis and don’t ever stop reminding them about your business. – Deliver shamelessly through the mail. ©copyright 2013 Anupam Kumar
  20. 20. Building Personal Brand• Publish a newsletter – Self promotion with Newsletter• Embrace technology and market yourself on the web. – Shamelessly market on the web.• Apply for and win awards. – Lights, Camera, Action. You’re on!• Write a book. – Fame fortune and your name in print. ©copyright 2013 Anupam Kumar
  21. 21. Entrepreneurs’ Power Principles• Understand the Goal• Sell the Truth• Sweat the Small Stuff• Live Well by Promoting Strengths• Wherever you go, sell everything you’ve got.• Promote the value, not the price.• Forget the sizzle – Promote the steak.• Learn the promotion power phrase.• Promote to Elephants• Move the cheese. ©copyright 2013 Anupam Kumar
  22. 22. What Keeps You Going?The Motivators The Pinchers• Remember what moved • Stronger than the you towards your venture motivators are the feelings – The Passionate which • Reignite – Hurt you, – The Social concern – Pinch you, or even • Relive the plight of your – Stab you. beneficiaries – The Intrapreneur • When everything else • Reinvent & redefine seems to fail. – The Serial Entrepreneur – Keep those thoughts at hand! • Move on! • But, Guard against the Fatigues! ©copyright 2013 Anupam Kumar
  23. 23. Entrepreneurial Strategy Combat the four fatigues• Idea Fatigue • Time Fatigue – Take a break – Get resource – Exit • Interest Fatigue• Resource Fatigue – Recharge self – Acquire debt – Transform business – Sell equity ©copyright 2013 Anupam Kumar
  24. 24. Entrepreneurial Strategy• If the fun is gone, change the game!• Be Dispensable!• Pass on the baton ©copyright 2013 Anupam Kumar
  25. 25. So, are you ready for anEntrepreneurial Journey? Welcome aboard! ©copyright 2013 Anupam Kumar
  26. 26. Bibliography• Marya, G., “Building an entrepreneur mindset: Take Charge!”, Faridabad, Haryana: Entrepreneur India. 2012.• Allen, D., “Confessions of Shameless Self Promoters”, New Delhi: Roli Books. 2002.• Das, S.C. and Mahapatro, B.B., “Enterpreneurship: MSMEs Micro-Small and Medium Enterprises (Issues and Opportunities)”, New Delhi: Wisdom Publications. 2010.• For images and clip-arts – – – – – – – – – – – – ©copyright 2013 Anupam Kumar
  27. 27. For further details… Contact: Anupam Kumar Reader School of Management Sciences, Varanasi Email: Web: (c) Copyright Anupam Kumar 2013