Entrepreneurship Nuggets & Advice

Entrepreneurship – Nuggets

Sandeep Srivastava

Entrepreneurship – Nuggets

® Trademark Registration in respect of the concerned mark has been applied for by Sandeep Srivastava

Sandeep SrivastavaFounder & CEOIndus Leadership Solutions™

PeopleFusion™

INTRODUCTIONINTRODUCTION

A Little About Me

� Mechanical Engineer 1987 NIT Kurukshetra� Mechanical Engineer 1987 NIT Kurukshetra

� PGDM 1989 IIM Lucknow

� Worked in leading Indian & Multinational IT Product & Service companies from 1989 till 2007

� Became MD for India operations of an MNC software company at the age of 35

software company at the age of 35

� Last corporate assignment was as CEO of a Multinational Engineering Services company which employed about 400 people

A Little About Me

� In January 2008 established � In January 2008 established “PeopleFusion™” to be an independent

mentor, coach and headhunter

� In December 2013 formed “Indus

Leadership Solutions™” a company focused on enabling entrepreneurs in the Employee

on enabling entrepreneurs in the Employee Training & Management Consulting

business

A Little About Me

� Took to long distance running in 2006 and � Took to long distance running in 2006 and have ran 8 Full Marathons (42.2km) &

innumerable Half Marathons (21.1km) since

� Run 40-50km per week regularly and up to

90km during peak training

� Now also a running blogger

� Now also a running blogger (www.runindiarun.com) and running product

reviewer (associated with brands like Reebok, Skechers & Puma)

IS ENTREPRENEURSHIP FOR

“Entrepreneurship is the last refuge of the trouble making individual”

- Natalie Clifford Barney

IS ENTREPRENEURSHIP FOR

Who is an Entrepreneur?

� Someone who exercises initiative by � Someone who exercises initiative by organizing a venture to take benefit of

an opportunity and, as the decision maker, decides what, how, and how

much of a good or service will be produced

produced

What is an Entrepreneur

Driven By?

Joseph Schumpeter said..

� Entrepreneurs are not necessarily motivated � Entrepreneurs are not necessarily motivated by profit but regard it as a standard for

measuring achievement or success.

� greatly value self-reliance,

� strive for distinction through excellence,

� are highly optimistic (otherwise nothing

would be undertaken), and

� always favour challenges of medium risk

(neither too easy, nor ruinous).

Reluctant Entrepreneur

� Someone who wants a “replacement � Someone who wants a “replacement income” for:

� Lost job and/or

� To move away from the rat race

� May not extend themselves

� Danger of losing motivation

� Status quo is difficult to maintain in a

competitive, inflationary economy

Ideas Entrepreneur

� Is fascinated by new ideas, new enterprises� Is fascinated by new ideas, new enterprises

� Every day is a eureka moment

� Low on patience to build things

� Products and services in constant “beta”

� Tendency to burn cash fast

� Looking for someone’s else's money to burn

� They are always ahead of actual business

Angry/Cocky Entrepreneur

� “I’ve had it till here with these jokers”� “I’ve had it till here with these jokers”

� “Why the hell should I work 24x7 for

someone else”

� Fails to appreciate the safety net of the “corporate support ecosystem”

� Contacts & Success in Company ≠ Success

in Business

� Reality may bites too late and will then struggle to survive

Considered Entrepreneur

� May not have a grand idea� May not have a grand idea

� Has thought this through & has a plan

� Willing to be patient. In for the long haul.

� Does not get ahead of the cash.

Understands the meaning of “managing the cash-flow”

cash-flow”

� Is a fan of “Built to Last”

� May overthink things and fail to act

Don’t be a “Confuso-Preneur”

� “While I am looking for my next job I’ll try to � “While I am looking for my next job I’ll try to be an entrepreneur”

� Very common these days

� Yearns for the sound of cash hitting the back on the 1st of every month

� Steam runs out as soon as the next

“headhunter” calls

� Danger of projecting a confusing picture even during job search

Four Questions to Ask yourself

before you Jump-in

� What is my ideal vision for the future?� What is my ideal vision for the future?

� Money, size, presence, social status…

� Who will be my customers?

� Industry, function, size, problems…

� What am I going to deliver to them?

Products or services or both

� Products or services or both

� What are my core competencies?

� Differentiation, competitive advantage…

Answers?

� All answers may not be available to begin � All answers may not be available to begin with

� Keep working on the ones you haven’t fully figured out

� It is only when you have put together some

answers to these four question that you will

answers to these four question that you will have a compelling story and a strong

motivation to move forward

Answers?

� Circumstances, markets, technology, goals, � Circumstances, markets, technology, goals, may change and evolve with time. Making

the current answers redundant. Look for new ones

� The entrepreneurial risk is to have the confidence to move forward despite the lack

confidence to move forward despite the lack of present answers and the uncertainty

about future ones

On Preparation

“In preparing for battle I have always found that plans are useless, but

planning is indispensable.” - Dwight D. Eisenhower

- Dwight D. Eisenhower

STARTING TROUBLES

“If you are not embarrassed by the first version of your product, you’ve launched too late.”

– Reid Hoffman, LinkedIn co-founder

STARTING TROUBLES

Getting over who you were

� You will perceive a loss of prestige and � You will perceive a loss of prestige and position which came with your company and

business card

� You are not a designation

� Your company didn’t define you

� People will treat you differently, be ready

� You don’t need to explain yourself to society at large

Getting over who you were

� You will struggle with the ecosystem you � You will struggle with the ecosystem you gave up

� The more senior you were the bigger the

struggle

� Don’t try to compensate by being “ahead of

the cash”

� Everything now costs your money

� You may have to earn back your position

and prestige

The Myth of the Grand Idea

� Very rarely is there a grand idea� Very rarely is there a grand idea

� Don’t get carried away by your own idea

� Things evolve, die, fade away, your thinking

matures, reality bites, the world changes

� The very best idea is useless without execution

execution

On the Grand Idea

“Even if you don’t have the perfect idea to

begin with, you can likely adapt.” – Victoria Ransom, Wildfire Interactive

“Ideas are commodity.

Execution of them is not.” – Michael Dell, Dell chairman and CEO

Past Experiences

� Experience is good, Experience is bad� Experience is good, Experience is bad

� This always works. This never works !

� Conventional wisdom says – “doing the

same thing over and over again doesn’t change the outcome” – but it will if things

have changed (people, customers,

have changed (people, customers, technology, resources, needs and wants)

� Don’t be afraid to challenge your

experiences

Expecting Success Overnight

� Your not going to make money right away� Your not going to make money right away

� In fact you’re probably not going to make

money for quite some time

� Even if you have the best idea (product/service) in the world it takes time &

effort to package, present and put it in front

effort to package, present and put it in front of your customer

� Understand the cycle of your deliverables,

both development and sales. Be realistic

Getting Intimidated !

Small – No Problem !

“There’s nothing wrong with staying small. You can do big things with a

small team.” - Jason Fried, 37signals founder

EVERYDAY STRUGGLES

“A ‘start-up’ is a company that is confused about – 1. What its product is. 2. Who its customers are. 3. How to make money”

– Dave McClure, 500Startups

EVERYDAY STRUGGLES

Struggles

� Entrepreneurship is not “cool”, it’s an � Entrepreneurship is not “cool”, it’s an everyday struggle

� Everyday is not going to be full of sunshine

� There will be doubts, lots of them

� You won’t feel the passion & commitment on some days, it’s ok!

some days, it’s ok!

� Your family will think you are now freely available to them. Avoid the daily chores trap

� Initially focus on what you know best and � Initially focus on what you know best and where you can add most value

� What’s your niche? How are you different?

� Diversification will come later, keep an eye out for opportunities but don’t jump at every

opportunity

Daily Mantras

� The goals must be clear but also the means � The goals must be clear but also the means to achieving them must be clear and be

worked on everyday

� Be fully committed. This doesn’t guarantee

success but lack of it will guarantee failure

� If you have never networked in your life,

� If you have never networked in your life, now is the time to learn a new skill !

Daily Mantras

� Bootstrap. The trappings can come later� Bootstrap. The trappings can come later

� Self promote

� Be nimble and agile but don’t be in a hurry

� Close, close, close

� Generate cash

AVOIDING PITFALLS

“A fall into a ditch makes you wiser.”

- Chinese Proverb

AVOIDING PITFALLS

Financial

� It’s all about cash-flow� It’s all about cash-flow

� It’s good to have a

contract/agreement/written understanding even if you are doing business with your

best friend

� The financial risk is yours don’t expect your

� The financial risk is yours don’t expect your employees to share it

Financial

� More money is not going to solve your � More money is not going to solve your business problems

� Seek funding for growth not to pay the monthly bills (cash-flow, cash-flow, cash-

Funding is Not Your Objective

“Money is like gasoline during a road trip. You don’t want to run out of gas on your trip,

but you’re not doing a tour of gas stations”

- Tim O’Reilly, O’Reilly Media founder and

People

� Don’t get enamored by team size� Don’t get enamored by team size

� Don’t hire people if you can’t commit to

paying them month after month after month, in spite of your personal situation

� Hire committed people. Don’t be

disappointed if they move on

People

� Share responsibilities, teamwork wins where � Share responsibilities, teamwork wins where individual effort fails

� Now is the time to start treating everyone –customers, employees, service providers

with respect

Societal

� Listen to advice, don’t listen to noise and � Listen to advice, don’t listen to noise and negativity

� Learn to say no, but don’t appear arrogant when you do so

� Don’t be afraid to ask for help

� Ask for recommendations. Word of mouth is

a powerful tool

Societal

� Make powerful allies� Make powerful allies

� Avoid publicity before substance and

performance

WHAT’S THE SECRET SAUCE

Always bear in mind that your own resolution to succeed is more important than any other.- Abraham Lincoln

WHAT’S THE SECRET SAUCE

FOR SUCCESS?

Ideas & Creativity are not

enough to Propel You

Nearly every man who develops an idea works it up to the point where it looks

impossible, and then he gets discouraged. That’s not the place to become discouraged.

- Thomas A. Edison

BELIEFS, PASSION,

I have no special talents. I am only passionately curious.- Albert Einstein

BELIEFS, PASSION,

ATTITUDE, COMMITMENT…..

Values, Principles & Beliefs

� Everyone has them� Everyone has them

� They form the basis for our thoughts &

actions

� Many a times we are not able to clearly define them but they do exist & are our

moral compass

� They define us as a person

Passion

� Is driven by your beliefs� Is driven by your beliefs

� One of the most important attributes for

individual success

� Leads to action

� Creates a yearning for learning

One of the best determinants of ensuring

� One of the best determinants of ensuring

that one has not fallen off the path is to test one’s passion quotient

On Passion

Passion is energy. Feel the power that comes from focusing on what excites you.

- Oprah Winfrey

Positive Attitude

� A person with a Positive one� A person with a Positive one

� Looks for good in a situation

� Accepts Change as a sign of growth

� See Problems as an opportunity

� Are happy, optimistic and confident

Negative Attitude

� A person with a Negative one� A person with a Negative one

� Always sees something wrong

� Believes other people cause problems

� Fights change

� Take mistakes as failures

� Are angry, frustrated, doubtful, pessimistic

Outcomes of Attitude

� A positive or negative attitude creates � A positive or negative attitude creates influence and action

� A Positive attitude leads to problem solving, helping, contributing, improving

� A Negative one leads to critiquing, being a

devil’s advocate, holding up a mirror,

devil’s advocate, holding up a mirror, frustration. Negativity too may drive action

Neutral Attitude

� A person with a Neutral one� A person with a Neutral one

� Waits for someone else to solve things

� Is a Spectator – Bystander

� Believes Status quo is best

� Thinks they cannot influence the outcome or future

future

� Are indifferent, tired, detached, unemotional

Outcomes of Attitude

� A neutral one leads to only emptiness� A neutral one leads to only emptiness

� Neutral/Indifference is the attitude you don’t

want to have

� With this attitude you are going nowhere

� No, this is not Nirvana

Attitude

Whether you think you can or think you can’t, you are right

- Henry Ford

Commitment

� When you act with purpose, passion & � When you act with purpose, passion & persistence on your beliefs it is a

commitment

� Your first commitment is to yourself & your

beliefs

� Then to your customers, then to your

� Then to your customers, then to your employees, and finally to the results

Commitment

� Get a reputation for commitment through � Get a reputation for commitment through supporting others & constantly improving

what you do

� Commitment begets commitment

On Comittment

The best man for a Job is not the one with the best capabilities but the one

with the greatest commitment

- Unknown

ACTION AND PERSEVERANCE

There are risks and costs to a program of action. But they are far less than the long-range risks and costs of comfortable inaction.- John F. Kennedy

ACTION AND PERSEVERANCE

Keep a Bias for Action

� Inaction breeds doubt and fear� Inaction breeds doubt and fear

� Action breeds confidence and courage

� There will never be a perfect moment for a

decision or perfect data to support one

� Sometimes chaotic action is better than orderly inaction. Try things out, experiment.

orderly inaction. Try things out, experiment.

Do it, Fix it, Try it again (Tom Peters & Bob Waterman)

On Action

You don’t drown by falling in the water; you drown by staying there

- Edwin Louis Cole

Perseverance

� Is the ability to go from failure to failure � Is the ability to go from failure to failure without loss of enthusiasm (Winston

Churchill)

� It is not about “hard work” alone

� It is about learning from ones mistake,

thinking of new ways & ideas, and

thinking of new ways & ideas, and overcoming obstacles and resistance

On Perseverance

“If you can’t fly then run, if you can’t run then walk, if you can’t walk then crawl,

but whatever you do, you have to keep moving forward.”

- Martin Luther King

Do you want to be safe and good, or do you want to take a chance

FEARS AND RISK

Do you want to be safe and good, or do you want to take a chance and be great?- Jimmy Johnson

In order to succeed, your desire for success should be greater than your fear of failure.

- Bill Cosby

FEARS AND RISK

Your Fears

� F.E.A.R.S. = Fear of Failure; the fear of � F.E.A.R.S. = Fear of Failure; the fear of Embarrassment; the fear of Abandonment;

the fear of Rejection; and the fear of Success

� Our Fears keep us back

� If you don‘t ask, the answer is always “No”

� If you haven’t tried you have already failed

� What’s the worst that can happen?

Risk versus Fear

� Our mind is always in a tug of war, one part � Our mind is always in a tug of war, one part wanting to go forward and the other

backward

� Our mind wants comfort & safety but for

progress we need engagement & experiences

experiences

� Our mind overestimates Risk and

underestimates the cost of playing it Safe

Overcome your Fears

� Research has shown that the more you take � Research has shown that the more you take on the unknown the more you are likely to

venture into the unknown

� Too much comfort leads to boredom,

stagnation and dis-engagement

� Action, Passion, Commitment, Ideas,

� Action, Passion, Commitment, Ideas, Perseverance can all help to drive away

your fears

Take Risks, Overcome Fears

“A ship in harbour is safe. But that’s now what ships are built for.”

- William Shedd

DEALING WITH FAILURE

“The road to success is always under construction”

- Arnold Palmer

DEALING WITH FAILURE

Nothing like Failure !

� No “Holy Cows” in business, only in ethical � No “Holy Cows” in business, only in ethical values

� Get off the bus if it’s going in the wrong direction

� Know your limits, take risks, assimilate data

quickly and make changes

� Keep making mistakes, just not the same ones !

Success will happen

Fall seven times, stand up eight

- Japanese Proverb

A CONTRARIAN VIEW

I want to wake up every day and do whatever comes in my mind, and not feel pressure or obligations to do anything else in my life.- Michael Jordan

A CONTRARIAN VIEW

Success – Why, What & When

� Sometimes we just flow with the tide but it � Sometimes we just flow with the tide but it makes sense to sit back and think of –

� What do we consider a success in our

professional & personal life? Why?

� What sacrifices are we willing to make to get

there?

� When do we want to reach where we want to reach?

Success – Why, What & When

� Your definition of success is going to evolve � Your definition of success is going to evolve with time

� Revisit these questions from time to time because the answers will change and may

surprise you as you move ahead

� Sometimes you are going to be glad you

� Sometimes you are going to be glad you didn’t get to where you planned or glad that

you were finally relieved of the burden

The Importance of Pacing

� When you have to run long distances (like a � When you have to run long distances (like a 42.2km marathon) there are multiple

challenges –

� Trying to manage your speed and energy

� Breaking down the distance into smaller

segments. And pacing yourself smartly

� Go out too fast & you burn out before the end; go too slow and you don’t meet your

time objective

Pacing Yourself

� In a marathon, it is not the one who goes out � In a marathon, it is not the one who goes out fastest who wins but the one who slows

downs the least

� Pace your business. If you peak too early

you better have figured out what you are going to do/how you are going to keep the

going to do/how you are going to keep the passion ignited for the balance 20-30 years

� Slow down; enjoy the journey as well as the many destinations you will visit on the way

SO WHAT IS THE SECRET

Always bear in mind that your own resolution to succeed is more important than any other.- Abraham Lincoln

SO WHAT IS THE SECRET

SAUCE FOR SUCCESS?

You are the Secret Sauce !

� Your Abilities define what you are capable � Your Abilities define what you are capable of doing

� ..Your Motivation, Commitment & Passion determines what you will actually do

� ..Your Actions, Attitude and Perseverance

determines how well you will do it

Ending Note

The best time to plant a tree

was 20 years ago.

The second best time is now

- Chinese Proverb

To Stay in Touch

� www.indusleadership.com

� www.peoplefusion.com

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