The entrepreneurial journey and balancing the variables in the equation

The Entrepreneurial JourneyBalancing the Variables in the Equation

Entrepreneurship Cell, IIT KharagpurEntrepreneurship Awareness Camp, Bangalore

9th October 2013

Anjana Vivek

[email protected]

VentureBean Consulting Private Limited

The 1st Variable: You

The 2nd Set: ’To Trigger Thinking’

The 3rd Set: The Ecosystem

Caselets

In Summary

Agenda

2 2

VentureBean Consulting Private Limited3

YOU

The First Variable


WHY ??

Do you want to be an Entrepreneur


Three youngsters want to be actors

WHY?

• One wants name and fame • One wants to make money and travel• One wants to play different roles

To the outsider however they all look similar and the difference in their motivation is not visible…

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I want to be an Entrepreneur

WHY?

.. Because I Want..

• to make a difference• to do what is fashionable• To have some work to do and I am not getting a job / or a

job I like• … etc..

.. Because I do not Want..

• to take up a job• to follow the crowd• … etc..

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BEFORE YOU START

Do take time out to think/reflect…

• WHAT are the strengths – that you bring to this business

• WHAT are the constraints that you have to either – Address or– Accept (and work keeping this in mind)

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Caselets

In Summary

Agenda

8 8


Business related

The Second Set of Variables


PBRT - A business review tool

• People • Business• Regulatory• Time

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PBRT - A business review tool: People

• Details of persons you will have on board– Your self and immediate team– Others in network whom you will leverage– Mentors/Advisors

• Starting point due diligence on those who are not known to you personally: Google, Facebook, LinkedIn, YouTube searches and ask your trusted networks… discretely

• Check comfort level, compatibility, alignment of thinking

• Reputational capital, integrity, ethics etc… will this add … or deplete value?

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PBRT - A business review tool: Business

• How will the idea move to a business over the next few years

• Check the Business Model, a useful tool: the Business Model Canvas: http://www.businessmodelgeneration.com/canvas

• Think of financials and non financial such as sales, profits, value, cash flow, costs, brand creation, customers, quality as well as quantity etc..

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http://www.businessmodelgeneration.com/canvas




PBRT - A business review tool: Regulatory

• Structuring and formation of your venture: Proprietary, partnership, Company.. ??

• Tax impact on structure

• Other statutory compliances to be met..

• Impact of structure on brand and growth

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PBRT - A business review tool : Time

• Immediate term: NOW .. In the 1st year: Need to survive

• Medium term: 3- 5 years: Direction setting

• Long term: really long term vision, personal and business: for example 15 years: Dream and motivations

• Will the steps taken today take you towards the larger goals

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Caselets

In Summary

Agenda

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The Ecosystem

The Third Set of Variables


The ecosystem

The ecosystem’s impact on You

AND

Your impact on the ecosystem

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Ethics

GovernanceEnvironment

Value systems

Fairness


The ecosystem

• What are your views on the ways and means of achieving business results

• Who are your business role models, why?

• What do you want to be known for if you are the next Role Model?

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Caselets

In Summary

Agenda

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Caselet 1

• An e-commerce company started by offering a complete line of service offerings in travel industry, using e-commerce

• The target customer was in the high income bracket• Offerings typically showed price reductions in the range of

Rs.500-Rs.1000 compared to competition• This was not a significant amount of saving for target

customer• Hence sales did not take off as planned in the first 6

months, due to mismatch in target customer need vs. offering

Q. If you were the founder, how would you proceed?

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Caselet 2

• Lifestyle product manufactured by a 2nd generation entrepreneur from a family business

• This was self funded• Initial year sales was promising• Promoter found that to grow to the next level, there was

a need to focus on increasing sales, improving production capacity as well as opening retail outlets

• Money was limited, new product lines also needed to be developed and the founder was finding it difficult to prioritize time, bandwidth and money

Q. You are the founder; what are the 3-5 key points for planning, how will you put together an action plan for 6 months

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Caselets

In Summary

Agenda

22 22


In Summary• The key variable is YOU• BUSINESS: What is the business idea/project/plan;

how would you like to proceed over time• ECOSYSTEM: How does the eco-system impact you

and how can you can impact this • Attempt to Balance the multiple variables, revisiting

from … time to time

Practice: Dynamic business planning

GOOD LUCK in your venturing…

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Maintain Charted Path

Quickly adapt to change


Additional information/articles/resources

• http://www.linkedin.com/company/venturebean-consulting-private-limited

• www.slideshare.net/anjanavivek

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http://www.linkedin.com/company/venturebean-consulting-private-limited

http://www.linkedin.com/company/venturebean-consulting-private-limited

http://www.slideshare.net/anjanavivek


Thank You!

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