Sustaining the Venture

Sustaining Your Venture: The
Entrepreneurial Challenge
Presented By:
Anupam Kumar
Reader
School of Management Sciences,
Varanasi
Email: anupamkr@gmail.com

©copyright 2013 Anupam Kumar

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.”


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!


How Dreams transform to Action?
Lived Longevity
Lived Longevity
Idea
Idea
Dream
Dream
Vette
Vette
dd

Opportunity
Opportunity
Holistic
Holistic
Uniqueness
Uniqueness
Target Market
Target Market
Personal
Personal
Share
Share Longevity in
Gap
Longevity in
Gap
Commitment
Commitment market
market

Valid
Valid
Revenue
Revenue
Product //
Product Action Plan
Action Plan
Rate of Market
Rate of Market
Growth
Growth Price
Price


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".

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


The Compulsive Entrepreneurs
• The compulsive
entrepreneurs may be
divided into the
following types.
– Pull Factor Entrepreneur
– Push Factor
Entrepreneur
– Self Employed (Rural)
Entrepreneurs


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

The Entrepreneurship Continuum

Fun
En T r
Entrepreneur t re u e
pre
FEA ne
F ur
R–
U FU
NF
N RO
NT
IER

Fear
Entrepreneur
FEAR

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.

Entrepreneurs’ First Step
Provides
Vision Action Plan
Target

Protects
Investments Quantifies
& Provides BUSINESS PLAN Things
Sustainability

Gives
Hedging Market
Reality
Risk Intelligence
Check

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.

• 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

• 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


• 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


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

• 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.

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

• 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.

• 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.


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.


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!

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


• If the fun is gone,
change the game!

• Be Dispensable!

• Pass on the baton


So, are you ready for an
Entrepreneurial Journey?
Welcome aboard!


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
– clipartof.com
– community.realitytvworld.com
– youngandemployed.com
– clipartillustration.com
– magicalmaths.org
– coolmamablog.com
– glogster.com
– freechristianillustrations.com
– dir.coolclips.com
– vi.sualize.us
– nutritioneducationstore.com
– blogs.msdn.com

For further details…
Contact:
Anupam Kumar
Reader
School of Management Sciences,
Varanasi
Email: anupamkr@gmail.com
Web: https://sites.google.com/site/anupamkr

(c) Copyright Anupam Kumar 2013

Sustaining the Venture

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