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Elements of Starting up

The key traits required to conceive great business

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Elements of Starting up

  1. 1. Elements of Starting up Heart, Smarts, Guts, Luck What it takes to be an entrepreneur and build a great business Joy Bhattacharjee, Co-Founder, Kanopy Techno Solutions Pvt. Ltd.
  2. 2. Questions ■ What does it take to be a great entrepreneur? ■ How do you find such a person? ■ How do you become one? ■ What are the crucial character traits and habits? ■ Are they always the same? ■ What can be learnt other than innate? ■ Do founders possess different strengths than scalers? ■ What are the crossroads business-builders must face? ■ How many business books and experts, what to impart?
  3. 3. Lets us ‘Begin’ “Taking the first step is always the hardest” Insecurities: ■ What if I fail ? ■ Do I have enough money ? ■ How long will it take ? ■ What happens to my social life ? ■ Is my personality startup material ?
  4. 4. Traits of Great Entrepreneurs HEART SMARTS GUTS LUCK Code for Authentic Vision ● Purpose ● Passion ● Sacrifice ● Nuance Pattern Recognition ● Book Smarts ● Street Smarts ● People Smarts ● Creative Smarts Solidity ● Guts to Initiate ● Guts to Endure ● Guts to Evolve Lucky Attitude ● Humility ● Intellectual Curiosity ● Optimism Lucky Network Exemplified by ● Howard Schultz, Starbucks ● Guy Laliberté, Cirque du Soleil ● Jeff Bezos, Amazon ● Bob Langer, MIT ● Bill Gates, Microsoft ● Richard Branson, Virgin Airlines ● Paul Reichmann, Olympia & York ● Jay Chiat, TBWAChiatDay ● Li Lu, Coleader, Tiananmen Square 1989 Showcased in / Analogs ● Philippe Petit in Man on Wire ● John Keating in Dead Poets Society ● Will Hunting in Good Will Hunting ● Frank Abagnale in Catch Me if You Can ● King George VI in The King’s Speech ● Harvey Milk in Milk ● Jamal in Slumdog Millionaire ● Forrest Grump in Forrest Grump
  5. 5. Heart: How it reveals itself Purpose and Passion + Sacrifice / Work Ethic + Nuance 60 % of founders are Heart-driven “I’d probably rank Heart-the passion for something and the desire to see it through, no matter what the challenge, as number one” -Google Cofounder Sergey Brin
  6. 6. HEART: Winning with the Heart Heart hahrt noun 1 : the source of an authentic vision and the soul of a business or calling Purpose and Passion: You cannot plan Heart, or “in vitro fertilize” a truly great business. A company’s foundation lies in purpose. Sacrifice and Agape: The concept of agape and natural maternal-like sacrifice that comes with creating and building a business. Nuance: The subtleties and thousand points of light that emanate and coalesce from a genuine Heart and ultimately differentiate it from its competitors.
  7. 7. Power & Impact of Purpose Impact Purpose Beliefs / Values Specific capabilities Tactics / Tools Behavior Propagation of Purpose: A small change in purpose has a large impact on more tactical aspects of what you do. That is why it is important to understand your purpose first.
  8. 8. Limitations of Heart ■ Heart needs to be complemented by execution and market acceptance to become business ■ Heart can’t just be about thinking big ■ Heart-driven approach can yield diminishing returns Passion Market Capabilities Magic
  9. 9. Questions ■ What is the purpose of your business, stated simply and clearly? ■ What is the (right-brained) essence of your business model? ■ What are the must-have values of your business? ■ What are you prepared to do when those values are violated? Or are there values you are willing to trade off for scale? ■ What are the top five to eight nuances in your business that differentiate it from the rest? ■ If you had all the money you could ever want, what would you be doing to occupy your life meaningfully?
  10. 10. Smarts: How it reveals itself Pattern Recognition Book Smarts + Street Smarts + People Smarts + Creative Smarts = Business Smart IQ IS ONLY THE BEGINNING Business Smarts biz-nəs, sma:rts, noun 1 : pattern recognition across book smarts, street smarts, and creative smarts, esp. In entrepreneuship
  11. 11. Book Smarts ■ High IQ helps open the doors, like good University for Engineering, or MBA ■ Book Smarts help solve analytical issues, after that, its importance wanes! Baseline - You don’t have to be super book smart !!! Habits: ■ Priority Setting ■ Regularly consult a Dashboard of Performance Indicators ■ Don’t waste a minute: Run Better, Shorter Meetings
  12. 12. Street Smarts ■ Successful because of experience and tenacity (ex. Jim Skinner, CEO, MacD, former restaurant manager) ■ Bring hardheaded practicality and momentum ■ Drivers of feedback mechanism of learning ■ Are ultimate business anthropologist-observing events and people ■ Read situations and contexts rather than statistics Habits: ■ Use the Three-Minute Rule: Client actions before and after ■ Appreciate the Power of Pause: Pause, Play, Mute, Rewind
  13. 13. People Smarts ■ Intuiting how people will react in particular situations ■ Prioritizing relationships ■ Developing talent Habits: ■ Prepare for Critical Conversations ■ Cultivate Network: Triage and Focus ■ Focus on Intrinsic Reward as much or more than Extrinsic
  14. 14. Creative Smarts ■ Grasp patterns that others do not (even book smarts fail !) ■ Are visionaries and can perceive future ■ Generate ideas ■ Innovative Best Example: Steve Jobs, Founder, Apple Inc Habits- Practice Spirituality or Meditation Devote time for Creative activities like Music or Fine Arts
  15. 15. Business Smart (Pattern Recognition) ■ Deft amalgam of the four varieties of Smarts ■ Ability not only to mix and match the above qualities, but also to modify and moderate their volume depending on the person, people, situation, or environment in situation ■ Intuitive and experimental, visionary and practical ■ Strategist Analogy: Chess Player, considers game, rules, manuals, teachers, available moves, opponents he has played against, tactics and strategies learnt by trial error, clock and timer !!!!
  16. 16. Too Much Smart ■ Overanalyze ■ Miss the bigger picture ■ Focus too (tooooo) much on details ■ Become precisely incorrect ■ Lack willingness to take leap of faith ■ Never take the first step Examples: None, but could be found in failure stories, oh but they don’t have noticeable failure stories, as they always succeed in petty things
  17. 17. GUTS: To Initiate, Endure and Evolve Entrepreneurship is often: ■ A lonely endeavor ■ Marked by repeated rejection and failure ■ Circuitous journey of extreme highs and lows ■ Like committing to swimming in a sea of ambiguity ■ Normal that nobody else understand your ideas, so spend most waking hours physically or psychologically alone ! Example: Mike Yavonditte, former CEO, Quigo (contextual ad- targeting network directly competed Google’s AdSense), Founder, Hashabe.
  18. 18. Guts Hierarchy Guts to Initiate Guts to Endure Guts to Evolve Guts /guhts/ noun 1 : the courage to make things happen with the will to act; specifically at critical moments of initiation, endurance, and evolution Action, not inaction, not reaction Failure is not an option, but a reality Companies that do not survive are the ones that don’t adapt their practices and products to environmental shifts Survivor Mindset
  19. 19. LUCK’s inevitable role in Business-Building Luck luhk noun 1 : right attitude intersecting with the right relationship network; the result of a lucky attitude (humility, intellectual curiosity, and optimism) and lucky network (subset of one’s relationship network) composed of unexpected but highly useful relationships Humility + Intellectual Curiosity + Optimism Subset of relationship network deriving from a Lucky Attitude and further enhanced through vulnerability, authenticity, generosity, and openness toward people. Lucky Attitude Lucky Network
  20. 20. Execution is Everything !!! Good Luck !! Questions! ?
  21. 21. Thank You Contact Us: Kanopy Techno Solutions Pvt. Ltd. E-103, Visitor Hostel Extension, IIT-Kanpur, Email: contact@kanopytech.com

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  • soraka

    Feb. 10, 2017
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    Nov. 28, 2017

The key traits required to conceive great business

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