ENTREPRENEURSHIP ESSENTIALS for Sustainability

The entrepreneurs need to have a look at these fundamentals before they plunge into entrepreneurship.

1. Entrepreneurship Essentials

2. YOU ARE THE BOSS Fully responsible for success or learning (you don ’ t fail,you learn)

3. It is not easy nor rosy Life is selling And for Entrepreneur Business is ………… LIFE, You eat, drink & sleep in your business IT IS 24X7, 365 DAYS AND LIFE LONG

4. Whom do you sell to and What do you sell in Business.

5. WHAT DO YOU SELL You sell “TRUST” THAT YOU WILL MAKE THEM HAPPY & SUCCESSFUL

6. WHOM DO YOU SELL

7. CUSTOMER HE PAYS FOR EVERYTHING MAKE YOUR CUSTOMER SUCCESSFUL WITH HIS CUSTOMER HOW DO I KEEP INVENTING TO TAKE MORE MONEY FROM HIM

8. INVESTOR HE HAS TO SHOW RETURNS TO HIS INVESTORS MOST IMPORTANT GUY FOR YOUR GROWTH

9. EMPLOYEES THEY REALISE YOUR DREAMS MAKE THEM HAPPY BEING IN YOUR TEAM/FAMILY MAKE THEM PART OF YOUR DREAM MAKE THEM BEHAVE LIKE MINI ENTREPRENUERS.

10. VENDORS THEY ARE YOUR PARTNERS NEVER MAKE MONEY FROM THEM THEIR SURVIVAL IS KEY TO YOUR SUCCESS GENUINELY WORK WITH THEM FOR THEIR IMPROVEMENT TOO

11. SOCIETY NEVER EVER IGNORE SOCIETY YOUR BUSINESS DEPENDS ON THE HEALTH AND PROSPERITY OF SOCIETY. THEIR DISCONTENTMENT CAN RUIN YOUR DREAMS MORE MONEY IN SOCIETY MORE PROSPERITY FOR YOU POLITICS IS A REALITY - FACE IT WITH DIPLOMACY GOVERNEMNET IS THE BIGGEST DESTROYER IF IGNORED SHARE THE JOY,SUCCESS AND HAPPINESS.

12. Customer pays for all ………… .but SUSTAINABLY PROFITABLE BUSINESS NEEDS FOCUS ON ALL THE FIVE. AM I ENHANCING VALUE OR DESTROYING VALUE FOR ANY OF THESE STAKE HOLDERS

13. SOME OF THE SUCCESSFUL ENTREPRENUERS. LATE DR. ANJI REDDY DR. REDDY LABS DHIRUBHAI AMBANI RELIANCE GROUP LARRY PAGE GOOGLE ZUCKERBURG FACE BOOK BILL GATES MICROSOFT STEVE JOBS APPLE

14. SOME OF THOSE WHO FLOUNDERED SOME TIME

15. IGNORING CUSTOMER : A COMPANY IN VARIOUS BUSINESSES COVERING B2C AND B2B , BUT NOT IN FINANCE. BOOM TIME PLENTY MONEY WHAT TO DO? AND THEY HAD TO RETRIEVE WITH SOME LOSSES COME BACK TO FOCUS ON CUSTOMER AGAIN. A PAPER MILL THAT HAS BECOME OBSOLETE-SIRPUR PAPER MILLS.

16. IGNORING VENDORS : THE LATEST UBER SAGA MANY PAPER MILLS ,GOT CHOKED OF SUPPLIES FROM VENDORS AND FARMERS FARMERS IGNORED AND FORCED TO MAKE LOSSES YOU HEAR OF SUICIDES IN COTTON FARMERS. GOVERNEMNT HAD TO INTERVENE IN SOME CASES WITH NO SUCCESS OF RESOLUTION MILLS ARE SHUT .

17. IGNORING EMPLOYEES : MARUTI CAR FACTORY TRAGEDY REGENCY CERAMICS THE LATEST PLEADING BY IT EMPLOYEES FOR BETTER EXIT CONDITIONS GOOGLE EMPLOYEES AMAR RAJA BATTERIES KIRLOSKAR PUMPS TATA GROUP COMPANIES

18. IGNORING INVESTOR : THE LATEST ECOMMERCE AND TECH START UP COMPANIES – BURNING INVESTORS MONEY INDESCRIMINATEY SNAP DEAL VALLUATIONS DOWN BY 40% ASK ME – SHUT DOWN PEPPERTAP -SHUTDOWN KINGFISHER FAILURE TO PAY BACK THE LOANS AND PAYBACK THE SHARE HOLDERS. GREAT INSTITUTE HANDED OVER BY DAD INDESCRIMINATE INVESTMENTS , LUXURY SPENDS ETC … .. SATYAM SCANDAL THE ONLY SINGLE MISTAKE - DIVERSION OF INVESTOR MONEY TO SELF NEEDS

19. IGNORING SOCIETY : BHOPAL GAS TRAGEDY-UNION CARBIDE COCO COLA – WATER PAPER MILLS CLOSED FOR WANT OF WATER TATA MOTORS IN SINGUR NANO FACTORY STOPPAGE MANY POLLUTING INDUSTRIES INDESCRIMINATE MINING INDUSTRY IN PARTICULAR STEEL PLANTS, NOT GETTING CLEARANCES FOR EXPANSION

20. PATH TO A SUCCESSFUL ENTREPRENUER IDEA SELECTION RESOURCE POOLING EXECUTION CONTROL ON THE BUSINESS FLOW CONTINUOUS INNOVATION VARIOUS FUNCTIONS IN OPERATIONS PURCHASE MANUFACTURE/SERVICE MARKETING FINANCE HUMAN RESOURCE MANAGEMENT

21. IDEA SELECTION ………… CONTD . FIRST MOVER ADVANTAGE OR DIFFERENTIATION IN A MATURE MARKET Is it first time and create completely new markets and new needs etc. Is it going to differentiate in the existing mature market WORK ON NUMBERS FOR EACH IDEA THAT INVESTORS ARE INTERESTED. Investements needed initially and next five years ( for assets and working capital) Revenue generation model and robustness of the same ROI, Payback period, HOW EASY IS IT FOR THE IDEA TO BE COPIED AND HOW LONG IT TAKES …… ..meaning how long can you defend in the market. Head , Heart and Gut feel principle.

22. IDEA SELECTION- SINGLE MOST IMP DECISION LOOK FOR THE BIG PAIN POINTS IN THE SOCIETY/MARKET. EG … PAYTM, UBER ETC LOOK AT TWO OR THREE SUCH IDEAS AND WEIGH BETWEEN THEM. LOOK AT FOLLOWING. BE TRUTHFUL ABOUT YOUR CAPABILITY ( PHYSICAL AND FINANCIAL). FITS YOUR KNOWLEDGE AND SKILLS IS IDEA SCALBLE TO MEET YOUR AMBITION AND GOAL IS THE TIMING RIGHT- EX. FIBER OPTICS WHO IS THE COMPETITION WHAT IS THE MARKET SIZE AND GEOPGRAPHY DO A THOROUGH STUDY , DISCUSS WITH MORE FRIENDS AND RELATIVES DO NOT FEAR THE IDEA WILL BE STOLEN PILOT LAUNCH DO NOT DECIDE IN A HURRY UNLESS YOU ARE COMPLETELY SOLD ON THE IDEA. OPPRTUNITIES ARE PLENTY, IF YOU MISS ONE, ANOTHER WILL COME.

23. RESOURCE POOLING MONEY TEAM INFRASTRUCTURE GOVERNMENT CLEARANCES INCENTIVES FROM THIRD PARTIES INCLUDING GOVERNMENT BUT DO NOT DO YOUR NUMBERS BASED ON THESE.

24. EXECUTION FIRST MOVER AND DISRUPTIVE EXECUTE SLOWLY INITIALLY TILL THE IDEA IS PROVEN TO MAKE A DIFFERENCE SCALE UP FASTER THEN , SO THAT COMPETITION CAN NOT CATCH UP KEEP INVENTING NEW VALUE PROPOSITIONS BUILD THE BRAND SCALE UP GEOPGRAPHICALY ENTER RELATED AREAS TO SCALE UP ( LIKE PHONES ARE NOW CAMERAS TOO ) DIFFERENTIATION IN A MATURE MARKET BIG BANG START SCALE UP SLOWLY WITHOUT TOO MUCH DISRUPTION OF THE INCUMBANT KEEP DIFFERENTIATING BUILD A BRAND SCALE UP GEOGRAPHICALLY AND / OR INTO RELATED AREAS.

25. CONTROL ON BUSINESS BE ALERT ON THE MONEY AND MATERIAL MOVEMENT CREATE SYSTEMS TO MONITOR LEAKAGES – PARTICULARLY AS YOU GROW TRUST EVERYONE AND BUILD TRUST AT THE SAME TIME BE RUTHLESS WHEN FOUND GUILTY KEEP EMOTIONS AWAY FROM THE BUSINESS A SMALL INSECURITY HELPS IN BUILDING LONG TERM TRUST AND SUCCESSFUL RELATIONSHIPS.

26. THE MOMENTUM TRUTH OF BUSINESS MASS X VELOCITY

27. CREATIVE MONOPOLY FOR LASTING BUSINESS BE NIMBLE AND FLEXIBLE-READY TO CHANGE---THE FROG ON THE HOT PAN STORY FOLLOW THE MONEY AND PUT IT BACK INTO BUSINESS.LOTS OF DESCIPLINE NEEDED HERE.NO TEMPTATIONS TO OVERSPEND OR WRONG SPEND. MAKE THE DIFFERENTIATION AND KEEP INVENTING TO DIFFERENTIATE. KEEP INVENTING TO CONSTATNTLY ENHANCE VALUE TO STAKE HOLDERS. DO NOT TRY TO BE MONOPLOYSTIC TO BEAT COMPETITION . BE A CREATIVE MONOPOLY ( LIKE APPLE AND GOOGLE )

28. WHAT IT TAKES TO BE AN ENTREPRENEUR DAL/ROTI SECURITY- “I QUIT” MONEY. KNOWLEDGE OF WHAT YOU WANT TO DO. ETERNAL THIRST FOR THE NEW - BE HUNGRY AND BE FOOLISH MAY BE FLEXIBLE ABOUT VOLUME OR VELOCITY SOMETIMES ……………………… ..BUT BE FIRM ON DIRECTION GENUINE LOVE FOR HUMAN BEINGS QUALITY , QUALITY AND QUALITY : THE SWEETNESS OF LOW PRICE IS FORGOTTEN EASILY BUT THE BITTERNESS OF BAD QUALITY STAYS IN MEMORY LONGER.

29. ABOVE ALL “PASSION TO MAKE A DIFFERENCE”

30. THANK YOU