Entrepreneurship

By An Aspiring Entrepreneur (Gaurav Manchanda)

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ENTREPRENEURSHIP :
Most of what you hear about entrepreneurship is all wrong. Its not magic; its not mysterious; and it has nothing to do with genes. Its a discipline and, like any discipline, it can be learned.
Peter F. Drucker

CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS

PASSIONATELY SEEK NEW OPPORTUNITIES
PURSUE OPPORTUNITIES WITH ENORMOUS DISCIPLINE PURSUE ONLY THE BEST OPPORTUNITIES

ADAPTIVE EXECUTION
SYNERGY
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80% 72% 70% 60% 50% 40% 30% 20% 10% 0% Independence Best things about owning a business

Control
10% 10%

Others
8%
Survey by Padgett Business Services USA Inc.

Satisfaction
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Types of Skills Required in Entrepreneurship

Technical Writing Oral Communication Monitoring the Environment Business Management Planning Leadership Interpersonal Personal Inner Control Risk Taking Innovative Change-oriented visionary
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Using Technology Marketing (Selling)

Entrepreneur Process Diagram

Finding the required resources Using networks extensively

Motivation to make a difference

Spotting & Exploiting Opportunities

Overcoming Obstacles

Controlling the Business

Financial, Social, Aesthetic Capital

Showing determination in the face of adversity

Managing Risk

Entrepreneurship Process
The Inventor The Opportunity Spotter The Project Champion
Exploiting the opportunity to build something of value

The Idea

Realizing the opportunity

Engaging the idea & opportunity

Three Aspects of Entrepreneurship

1. The identification/recognition of market opportunity and the generation of a business idea (product or service) to address the opportunity

Three Aspects of Entrepreneurship

2. The marshalling and commitment of resources in the face of risk to pursue the opportunity

Three Aspects of Entrepreneurship

3. The creation of an operating business organization to implement the opportunity-motivated business idea

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India's PEOPLE ITS STRONGEST ASSET

Based on IMD World Competitiveness Survey

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A large pool of skilled people...

Availability of skilled labour, 2003

...with high end qualifications...

Availability of qualified engineers, 2003

...and extremely cost efficient

Total compensation for manufacturing workers, 2002

USA India Germany Russia Brazil Mexico China

7.3 7.2 7.1 6.2 5.5 5.3 4.3

India USA Russia Brazil Germany Mexico China 3.9 7.3 7.2 7.1 6.9 6.4

8.9

Germany USA Brazil Mexico Russia China India 2.4 2.3 0.7 0.6 0.4

24.1 20.3

Note: Survey results: 1=low; 10 = high Source: IMD world competitiveness Yearbook 2003

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CONFIDENCE: INDIA INC. GOING GLOBAL

Overseas Acquisitions by India Inc ($ US Million)
12000 10000 8000 6000 4000 2000 0 2002 2003
Source: Literature Review

2004

2005

2006
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A snapshot of Indians at the helm of leading Global businesses

The Co-founder of Sun Microsystems (Vinod Khosla), Creator of Pentium Chip (Vinod Dahm), Founder and creator of Hotmail (Sabeer Bhatia), Chief Executive of McKinsey & Co. (Rajat Gupta) President and CFO of Pepsi Cola (Indra Nooyi) President of United Airlines (Rono Dutta) GM of Hewlett Packard (Rajiv Gupta) President and CEO of US Airways (Rakesh Gangwal) Chief Executive of CitiBank (Victor Menezes), Chief Executives of Standard Chartered Bank (Rana Talwar) Chief Executive officer of Vodafone (Arun Sarin) President of AT & T-Bell Labs (Arun Netravali) Vice-Chairman and founder of Juniper Networks (Pradeep Sindhu) Founder of Bose Audio (Amar Bose) Founder, chip designer Cirrus Logic (Suhas Patil ) Chairman and CEO of Computer Associates (Sanjay Kumar) Head of (HPC WorldWide) of Unilever Plc. (Keki Dadiseth) Chief Executive Officer of HSBC (Aman Mehta) Director and member of Executive Board of Goldman Sachs (Girish Reddy) 14 Chief Economist of the International Monetary Fund (Raghuram Rajan

Entrepreneurship
Some advantages
You are your own boss Enjoy the profits from your efforts Sense of pride in your business Flexibility in your work schedule
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Entrepreneurship
Some disadvantages
Will need to put in long hours Need money to start Have to keep up with government rules and regulations May have to mark hard decisions (hiring, firing, etc.) May lose money
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Checklist for Aspiring Entrepreneurs

Do it for passion not money Do something you know about Dont give up too early Have a mentor Have appropriate funding Be a good cash manager Build sales first Dont try to rush Be wary of bad advice or suppliers
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Questions & Answers ???

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Thank You

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