Entrepreneurship

What is entrepreneurship? Not small business management Not just startups Not just for-profit firms Is the act of creating a new and innovative enterprise

“It’s a way to think, a way to learn Developing an idea Applying creativity Initiating and innovating Creating a new value “It’s a way to think, a way to learn and a way to succeed”

Who is an entrepreneur? take control of his future self employed compete with themselves believe success/failure lies in their control

What makes an entrepreneur? strong motivation excitement desire for fame wish to inspire and develop vision

Where to begin… Identifying Opportunity Developing Plan Assemble Team Funding & Support Pricing models Competitive research Financial models Business plans Attract and retain the best talent Complimentary skills and personalities Term sheets Make sure you have more than enough resources to pursue vision General market research Segment research

Building a successful venture The success formula

Team- the right personalities Everyone should be… - a team player - a hard worker - curious - flexible - good at listening Need to have… - creative people - managers - domain experts

Strategy Fundamental issues: - Who is the market? What are their needs? - How does your product meet these needs? - How much can you expect them to pay? - What is the long term strategy? - Who are your competitors ? How are you better?

Resources Goods Cash Network

Three keys to a successful enterprise Be organized Effective Professional

Mistakes to be avoided… selling to the wrong people. spending too much money. spending too little money. putting on a fake front. going against your intuition.

Risks of being self-employed uncertainty of having a regular income loss risks in self invested money getting out of business

Various programs promoting entrepreneurship World Entrepreneurship Week –UK Entrepreneurship Week –USA - internet based campaign - encourage enterprise in youth to seize overlooked opportunities. Lunar Boom Town – Wikiversity - collaborating students with designing and revising business models

The skills embodied in entrepreneurship are really life skills—some would say survivor skills—required in today’s global, hypercompetitive world.

Thank You - Govind Ghiraiya