ENTREPRENEURSHIP DEVELOPMENT V.S.G.Soujanya MBA#8036

Entrepreneurship is first and foremost a mindset. It is the art of finding creative profitable solutions to problems. Entrepreneurship is first and foremost a mindset. It is the art of finding creative profitable solutions to problems. Entrepreneurship Entrepreneurial spirit is characterized by innovation and risk-taking, and an essential component of a nation's ability to succeed in an ever changing and more competitive global marketplace. Entrepreneurial spirit is characterized by innovation and risk-taking, and an essential component of a nation's ability to succeed in an ever changing and more competitive global marketplace. innovation componentnation'sabilitycompetitiveglobal marketplace innovation componentnation'sabilitycompetitiveglobal marketplace The assumption of risk and responsibility in designing and implementing a business strategy or starting a business is all in Entrepreneurship. The assumption of risk and responsibility in designing and implementing a business strategy or starting a business is all in Entrepreneurship.

The Art of Starting While starting a business one need to focus on : Understanding your customer Understanding your customer Passion Passion Understand your competition Understand your competition Cash flow Cash flow You (know who you are) You (know who you are)

Most Important Things an Entrepreneur must Accomplish Make Meaning Make Meaning Make Mantra Make Mantra Get Going Get Going Define a business model Define a business model Weave a Mat Weave a Mat

Make Meaning “If you make a meaning,you make money but if you make money,you don’t make the meaning”. “If you make a meaning,you make money but if you make money,you don’t make the meaning”. Going into business for something more than making money. Going into business for something more than making money. Focused on accomplishing a goal and being true to what it stands for. Focused on accomplishing a goal and being true to what it stands for. Can create more value and achieve lasting strategic advantages over their competitors Can create more value and achieve lasting strategic advantages over their competitors

Make Mantra A mantra is for employees; it’s a guideline for what they do in their jobs. A mantra is for employees; it’s a guideline for what they do in their jobs. A mantra is three or four words to explain why your product, service or company should exists. A mantra is three or four words to explain why your product, service or company should exists. It sets the entire team on the right course. It sets the entire team on the right course. A mantra is made out of meaning of your business A mantra is made out of meaning of your business

Get Going Think Big Think Big Find a few Soulmates Find a few Soulmates Polarize People Polarize People Design Different Design Different Use Prototypes as market research Use Prototypes as market research

Define your Business Model Who has your money in their pockets? Who has your money in their pockets? How are you going to get it into your pockets? How are you going to get it into your pockets? Defining a business model: Defining a business model: Be specific Be specific Keep it simple Keep it simple Copy somebody Copy somebody

Weave A MAT Milestones Milestones Assumptions Assumptions Tasks Tasks

Milestones Prove your concept. Prove your concept. Complete design specifications Complete design specifications Finish a prototype Finish a prototype Raise Capital Raise Capital Ship a testable version to customers Ship a testable version to customers Ship the final version to customers Ship the final version to customers Achieve breakeven Achieve breakeven

Assumptions Product or service performance metrics Product or service performance metrics Market size Market size Gross margin Gross margin Sales calls per sales person Sales calls per sales person Conversion rate of prospects to customers Conversion rate of prospects to customers Length of sales cycle Length of sales cycle Return on investment for the customer Return on investment for the customer Compensation requirements Compensation requirements

Tasks List of major tasks that are necessary to design, manufacture, sell, ship and support your product or service are: List of major tasks that are necessary to design, manufacture, sell, ship and support your product or service are: Renting office space Renting office space Finding key vendors Finding key vendors Setting up accounting and payroll systems Setting up accounting and payroll systems Filing legal documents Filing legal documents Purchasing insurance policies Purchasing insurance policies

The Art of Internal Entrepreneur Creating innovative products or services internally is Internal Entrepreneurship. Creating innovative products or services internally is Internal Entrepreneurship.

Recommendations for Internal Entrepreneurs Put the Company First Put the Company First Kill the Cash flows Kill the Cash flows Stay under the Radar Stay under the Radar Find a God Father Find a God Father Get a separate building Get a separate building Give hope to the hopeful Give hope to the hopeful Anticipate, then Jump on,Tectonic Shifts Anticipate, then Jump on,Tectonic Shifts Build on what exists Build on what exists Collect and Share Data Collect and Share Data Let the Vice Presidents come to you Let the Vice Presidents come to you Dismantle when Done Dismantle when Done Reboot your Brain Reboot your Brain

Entrepreneur of Today’s World Entrepreneur of Today’s World Passionate Passionate Enthusiastic Enthusiastic Goal Oriented Goal Oriented Creative Imagination Creative Imagination Positive Attitude Positive Attitude Decision Makers Decision Makers

Conclusion The best way to start your business is the tailoring the ways of your thoughts The best way to start your business is the tailoring the ways of your thoughts Try your best to make sure that your goal of achieving money in starting a business is only secondary. Try your best to make sure that your goal of achieving money in starting a business is only secondary. One should take into consideration certain things that one can use to achieve along term growth. One should take into consideration certain things that one can use to achieve along term growth.

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