A presentation I prepared for a talk at a seminar on career choices. The presentation details few of the learning I had prepared. I hold no copyright to the image - I have used them only for educational purpose here

1. Entrepreneurship
...as a Career Choice
Sachidananda B S
NSRCEL, IIM Bangalore
29 April 2014 1(c) Sachidananda Benegal
...as a Career Choice

2. 29 April 2014 2(c) Sachidananda Benegal

3. Why do entrepreneurs start?
Expected Lifestyle
Bored with routine
Feeling underutilized
Aspiration
Independence
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Creative freedom
Larger Cause
Feeling underutilized
Livelihood
Independence
Idea to Reality

4. Why do entrepreneurs start?
Expected Lifestyle
Bored with routine
Feeling underutilized
Aspiration
Independence
29 April 2014 (c) Sachidananda Benegal 4
Creative freedom
Larger Cause
Feeling underutilized
Livelihood
Independence
Idea to Reality

5. What is it like?
Market Product/Service
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Very Busy! Fine, but with
what?

6. What is it like?
Doing the balancing act between the market and the product/service
Falling in love with your creation and not listen to the market
else
you end up
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No body wants your product!
Forget Paying for it

7. Finding the balance?
01 IDEA !
02 HYPOTHESIS
03 EXPERIMENTAL DESIGN
Do I have real evidence from my buyer that
this is compelling?
What are the key assumptions required to
make this business work?
How do I definitely prove or disprove the
assumption with minimum time or effort?
6.a PIVOT
Experiments
disprove
hypothesis
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04 EXPERIMENTATION
05 PIVOT OR PERSEVERE?
6.b PERSEVERE
How do I definitely prove or disprove the
assumption with minimum time or effort?
Am I reacting or am I focused on validating my
pivotal assumptions?
Pivot or Persevere
Experiment proves hypothesis
Experiments
disprove
hypothesis
Hypothesis testing till you find a repeatable and
significantly interesting business
A journey from: unmanageable to the manageable
The lean method!

8. Does Balance mean success?
Customer
Need
• Subjective:
– What is success to you
may not be success to
me
• A point of Balance of all
three
Successful Entrepreneurship
Economic
Viability
Personal
Satisfaction
• Subjective:
– What is success to you
may not be success to
me
• A point of Balance of all
three
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Courtesy: Stevenson and Spence 2007

9. In Summary...
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10. In Summary...
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11. In Summary...
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12. In Summary...
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13. In Summary...
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14. Here is my Map?
A Vision without action would lead you no where
Network heavily: meet, greet, speak, listen, respond
Learn accepting No as an answer
Read it as – “not now, not in this form...”
Time is the most important resource – have a premium on it
Learn to focus – you could easily be distracted
Fail Fast, Fail Early
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Time is the most important resource – have a premium on it
Learn to focus – you could easily be distracted
Fail Fast, Fail Early
Mitigate Risks as far as possible
Think of Affordable loss when in confusion/not moving ahead
Be open to changing goals – you means are all that you have; preserve them
Be Decisive: Close things – don’t let things dangle!
Be Assertive – don't appear arrogant
Remember – you do not have to re-invent the wheel

15. All I have said is my experience, but the path is yours to make...
THANKS YOU
All I have said is my experience, but the path is yours to make...
29 April 2014 15(c) Sachidananda Benegal
All photo credits to the internet