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Become and Entrepreneur
- 1. BECOME AN ENTREPRENEUR On a Mission to build an Empire and leave a Legacy Rachel Ngom
- 2. WHAT IS ENTREPRENEURSHIP • It’s a process of: • Thinking Creative Ideas • Seeking out Opportunities • Setting up a Startup • Converting startup into a successful business
- 3. WHY ENTREPRENEURSHIP? • Reasons: • Be Your Own Boss • No Restrictions • Creating Something New • Follow Your Dreams • Greater Financial Rewards
- 4. TRAITS OF AN ENTREPRENEUR • Must have: • Passion • Communication Skills • Creativity • Determination • Open Mind • Confidence • Risk Taker • Good Ethics
- 5. IDEA VS OPPORTUNITY • Ideas are solution to problems • concept of something • Opportunity is a set of • Ideas • Circumstances • Situations • Opportunity leads to desirable and viable business Ideas are inspiration Opportunities have value
- 6. GOOD IDEA Every idea is a good idea which meets below criteria: • Provides Benefits to the Customers • Innovative • Unique • Clear Focus • Have Long Term Profit
- 7. ANALYZE YOUR IDEA Consider following steps in your analysis • Product/Service Desirability and Demand • Industry/Target Market Feasibility • Financial Aspects • SWOT
- 8. SETUP YOUR STARTUP After finalizing your idea; setup your startup and give your best • Make a Business Model • Organize your working schedule • Gather a Professional and Skilled Team • Find a workplace and build a website • Grow the network of related colleagues and acquaintances
- 13. HOW TO ACCELERATE YOUR STARTUP • Join an Incubation Center • Some prominent ICs in Pakistan: • PITB’s Tech Incubator – Plan9/X • NIC ISB • LUMS Center for Entrepreneurship • Technology Incubation Center, NUST
- 14. PLAN 9 SERVICES
- 15. ELEVATOR PITCH • A Very Concise Presentation of Idea • A Persuasive Speech • Used to spark interest in others for your idea or business • Usually 30 Sec long or max 1 min.
- 16. HOW TO PITCH TO INVESTORS • Always prepare a script and memorize it • Even if you’re genius and fluent • Three Important Parts of Script: • Opening (Grab Attention and Place a Hook) • Middle (A Little Bit of Information) • Closing (Ask for whatever you’re looking for)
- 17. OPENING OF SCRIPT • Most Important Part of the Pitch • Place a Hook and Grab Attention • Try to Use: • Short Stories • Analogies • Avoid Tech Terms
- 18. MIDDLE OF SCRIPT • Be brief while answering following questions: • What is your product/service? • Who is your target market? • How will you make money? • Describe your team? • Who are your competitors? • What is your competitive advantage?
- 19. CLOSING OF SCRIPT • Ask for whatever you want • Close with something memorable • Something which will remind of you and your idea in future • “I would like to leave you with one final thought………[say your impactful thought]”
Editor's Notes
- The Process Turning an idea into an opportunity is a process which consists of the following: 1. Strategic Fit. To have an opportunity, you need to have something which the market wants. Or the market needs to want what you have. 2. Business Plan. You need to have a business plan to convert an idea to an opportunity. 3. Team. To deliver on an opportunity a team is needed. 4. Leadership. Guide your team effectively. 5. Resources. Resources are needed to turn your idea into an opportunity. Successful entrepreneurs are good at figuring out which ideas can be opportunities. Then they turn them into one.
- P/S Desirability: ■ Does it make sense? Is it reasonable? Is it something real customers will buy? ■ Does it take advantage of an environmental trend, solve a problem, or fill a gap in the marketplace? ■ Is this a good time to introduce the product or service to the market? ■ Are there any fatal flaws in the product or service’s basic design or concept? Three commonly utilized methods for doing this include (1) talking face-to-face with potential customers, (2) utilizing online tools, such as Google Adwords and landing pages, to assess demand, and (3) library, Internet, and gumshoe research. Market Feasibility: Are young rather than old ■ Are early rather than late in their life cycle ■ Are fragmented rather than concentrated ■ Are growing rather than shrinking ■ Are selling products or services that customers “must have” rather than “want to have” ■ Are not crowded ■ Have high rather than low operating margins ■ Are not highly dependent on the historically low price of a key raw material, like gasoline or flour, to remain profitable