How to be a successful entreprenuer?

1. Turning today’s most promising
Startups into tomorrow’s most
successful businesses
How to be a successful Entrepreneur
Finnich Vessel
Founder:AffiliateBay
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2. “There is no Magic Pill for becoming a
Successful Entrepreneur”

3. 'Entrepreneur' pill
Better business ... through chemistry?
Entrepreneurs must be able to tolerate risk-risky
behavior in a decision-making context and
cognitive flexibility.
CNNMoney.com March 4 & 5, 2009: 4:35 PM ET

4. • "By cognitive flexibility, we mean the ability to
spontaneously restructure one's knowledge, in
many ways, in adaptive response to radically
changing situational demands...
• This is a function of both the way knowledge is
represented (e.g., along multiple rather single
conceptual dimensions) and the processes that
operate on those mental representations

5. The First Step
• Risk Factor – What if I Fail
• Personal Assessment - Do I have
it in me to succeed
• Family and friends
• How and where to Start
• Where to get the funding
• Will I be able to make lots of
money

6. Key Characteristics
• Huge drive
• Willing to take risks
• Able to develop new ideas
• Able to get on with people
• Strong leader (driven followers)
• Dominant person
• Has problems with a manager above

7. Crystallizing your Thoughts
• Make a daily living
• Achieve social and economic
security
• Work for oneself, not for others
• Commercialize a particular idea,
technology or skill
• Focus on the business
• Becoming market leader

8. Business Planning
• Identify business opportunities
• Scan competition
• Put down your key services/ products
• Meet peers, businessmen
• Put together a business plan
• Find out funding avenues
• Team
• Plan your finances

9. Executive Summary
May contain some or all of the following:
• A description of company strengths and
weaknesses, products and/or services and
achievements and failures.
• a description of the market opportunity available;
• a viable business opportunity;
• the values driving the business;
• an overview of the industry in which the business
will compete, including demand and competitive
advantage;
• a strategy as to how the business intends to
accelerate in next 5 years;
• a statement as to the management and other
resources that are available or will be acquired to
accelerate the business;
• a general plan for capitalizing the venture;
• and the identification of critical issues to be
resolved as the business moves forward.

10. Entrepreneur’s Perspective
• Customer Focus
• Team

11. Customer Focus
• Get comfortable asking advice and help.
• Improve Listening Skills
• Talk to your competitors.
• Talk to established entrepreneurs and Professionals.
• Networking and Industry Association.
• Meet your Prospective / customers.
• Understand your differential advantage.
• Beta Testing – Customers
• Customer – A great funding resource.
• To sell many, sell one.
• Maximize customer satisfaction
• Maintain a diary and take notes.

12. Team
• Are you OK with being in charge?
• Get the right Mix.
• New versus a existing teams.
• Find a lead Sales Person
• Efforts and Rewards
• Readathons – Good to Great.
• Suggestion box.
• No one cares as much about it as you do.

13. Giving back to community
• Adopt a project.
• Involve your team.
• Reward – Star performers
• Advantages.

14. • Just stay in business. Do whatever
it takes to make it to that third year.
Don’t flame out.
Good Luck.

15. Thank You
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