Ready Reckoner for your Entrepreneurial Dream

1

Ready Reckoner for your
Entrepreneurial Dream
Ten Tips to Become Your Own Boss

• Presented By
• Dr. Sachin S. Vernekar
• Director, BVIMR New Delhi

2
What is Entrepreneurship?

• Entrepreneurship is all about an idea which
  creates differentiated business value to
  customers, said Mr. N.R. Narayana Murthy,
  Chairman Emeritus of Infosys Technologies.
  (Source The Hindu Business Line in an excerpt
  from TieCon Hubli-2012.
• JOSEPH SCHUMPETER View on Entrepreneurship, A
  process where established ways of doing things
  are destroyed by the creation of new and better
  ways of getting things done.

3
Ten Commandments of Entrepreneurial Dream

• 1. Prepare Your Family Pillar of Support My
  wife wasnt too comfortable with my
  entrepreneurial zeal, so we agreed to give it a
  year. If I failed to zero in on something within
  this period, I would return to a job Rivi
  Varghese, Customer XPs ( A Real - Time
  Intelligent Customer Experience Management
  Solutions for Banking, Retail and Telecom
  Industries).

4
Ten Commandments of Entrepreneurial Dream

• 2. Plan Your Finances You might not earn
  anything in the first 2-3 years, so you need to
  plan your familys finances accordingly. A
  capital cushion is essential to ensure that your
  family lives comfortably Ashutosh Garg,
  Guardian Lifecare (Guardian Lifecare Private
  Limited is an eight-year-old retail chain of
  health and wellness stores ).

5
Ten Commandments of Entrepreneurial Dream

• 3. Forget The Job Perks As a manager in a
  company, you are accustomed to other people doing
  things for you. In a start up, you have to care
  of everything yourself from operational
  expenses to food bills Jiggy George, Dream
  Theatre (Official site for band and some of
  their side projects. Information includes tour
  dates, discography, album reviews, tablatures,
  sound clips, photos, links and an online shopping
  store).

6
Ten Commandments of Entrepreneurial Dream

• 4. Learn to Cope With Failure I met 15 VCs
  before one agreed to fund me. One investor
  rejected my proposal within five minutes of a
  presentation. Instead, he spent an hour trying to
  convince me to go back to my job - Treat failure
  as a Stepping Stone Kunal Bahl, Snapdeal
  (Snapdeal is India's best daily deals website
  offering up to 90 discounts on dining, health
  beauty services, travel, apparels branded
  products like mobiles, clothes, watches etc. )

7
Ten Commandments of Entrepreneurial Dream

• 5. Have a Plan that is Unique The business plan
  should be unique and clutter free. An
  entrepreneur must look into his area of core
  competence and use it to devise a strong plan
  Kavindra Mishra, Zovi.com ( An exclusive online
  apparel brand in India quality mens womens
  apparels, formal shirts and leather belts )

8
Ten Commandments of Entrepreneurial Dream

• 6. Belief in Yourself - Belief in ones idea can
  take you a long way. Our concept was ahead of its
  time, but I didnt give up on my vision. At every
  step, there were people who ridiculed the idea. I
  had the last laugh VSS Mani, Just Dial (Just
  Dial India's No.1 local search engine provides
  comprehensive updated information on all B2B and
  B2C Products and Services).

9
Ten Commandments of Entrepreneurial Dream

• 7. Interact with Like Minded My partner
  Abhishek was running an e-commerce portal, which
  was acquired by a bigger website. He expressed
  interest in working with me and we launched our
  site Chetan Bafna, Fetise.com (Fetise is
  India's first online shopping community for Men -
  selling apparels, shoes and accessories from
  contemporary luxury brands).

10
Ten Commandments of Entrepreneurial Dream

• 8. Gain Enough Experience I used to teach at a
  diving centre in Lakshadweep. After teaching more
  than 600 students for eight years. I decided to
  float my own diving company Anees Adenwala,
  Orca Dive Club (Orca Dive Club offers dive
  solutions for beginners and experienced divers,
  our aim is to bring the sport of SCUBA closer to
  the people of India).

11
Ten Commandments of Entrepreneurial Dream

• 9. Dont Take Too Much Debt If you are thinking
  of starting up, this is the best time. But dont
  take a home loan since it kills entrepreneurship.
  You can never get out of it Binny Bansal,
  Flipkart (Flipkart is among India's largest
  online retailers. It is an electronic commerce
  company headquartered in Bangalore, Karnataka,
  India).

12
Ten Commandments of Entrepreneurial Dream

• 10. Have a Plan B Ready After the first few
  months, we realised that service was not our core
  competence. Besides, the margins were quite low.
  This was the time we concluded that it was better
  to focus on products Rahul Anand, Happily
  Unmarried (Happily Unmarried is a product design
  brand from India).
• (Source Excerpt from How to Fund a Start
  Up, The Times of India, February 6, 2012, Page
  No. 18 ).

13
Think and Act !!!!!!! Be the Agent of Positive
Change
14

• Thank You