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By An Aspiring EntrepreneurBy An Aspiring Entrepreneur(Gaurav Manchanda)(Gaurav Manchanda)

EntrepreneurshiEntrepreneurshipp

EntrepreneurshiEntrepreneurshipp

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ENTREPRENEURSHIP :

“Most of what you hear about entrepreneurship is all wrong. It’s not magic; it’s not mysterious; and it has nothing to do with genes. It’s a discipline and, like any discipline, it can be learned.”

Peter F. Drucker

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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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72%

10% 10% 8%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Independence Satisfaction

Best things aboutowning a business

Control Others

Survey by Padgett Business Services USA Inc.

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Types of Skills Required in Entrepreneurship

Technical Business Management

Personal

Writing Planning Inner Control

Oral Communication

Leadership Risk Taking

Monitoring theEnvironment

Interpersonal Innovative

Using Technology

Marketing (Selling)

Change-orientedvisionary

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Entrepreneur Process Diagram

Motivation to make a difference

Spotting & Exploiting

Opportunities

Finding the required

resources

Using networks

extensively

Overcoming Obstacles

Controlling the

Business

Financial, Social,

Aesthetic Capital

Showing determination in the face of

adversity

Managing Risk

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Entrepreneurship Process

The Idea Realizing the opportunity

Engaging the idea &

opportunity

Exploiting the opportunity

to build something of

value

The Inventor

The Opportunity Spotter The Project Champion

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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

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Three Aspects of Entrepreneurship

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

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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...

4.3

5.3

5.5

6.2

7.1

7.2

7.3

China

Mexico

Brazil

Russia

Germany

India

USA

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

...with high end qualifications...

3.9

6.4

6.9

7.1

7.2

7.3

8.9

China

Mexico

Germany

Brazil

Russia

USA

India

...and extremely cost efficient

0.4

0.6

0.7

2.3

2.4

20.3

24.1

India

China

Russia

Mexico

Brazil

USA

Germany

Availability of skilled labour, 2003 Availability of qualified engineers, 2003

Total compensation for manufacturing workers, 2002

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CONFIDENCE: INDIA INC. GOING GLOBAL

Source: Literature Review

0

2000

4000

6000

8000

10000

12000

2002 2003 2004 2005 2006

Overseas Acquisitions by India Inc ($ US Million)

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A snapshot of Indians at the helm of leading Global businessesThe 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)Chief Economist of the International Monetary Fund (Raghuram Rajan

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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• Don’t give up too early• Have a mentor• Have appropriate funding• Be a good cash manager• Build sales first• Don’t try to rush• Be wary of bad advice or suppliers

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Questions & Answers ???

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Thank You