Turning today’s most promising Startups into tomorrow’s most successful businesses. How to be a successful Entrepreneur Azhar Rizvi CEO & Director Tech Angels Network (TAN) March 11 th , 2009. “There is no Magic Pill for becoming a Successful Entrepreneur”. 'Entrepreneur' pill
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How to be a successful Entrepreneur
CEO & Director Tech Angels Network (TAN)
March 11th, 2009
Better business ... through chemistry?
Entrepreneurs must be able to tolerate risk-risky behavior in a decision-making context and cognitive flexibility.
CNNMoney.com March 4 & 5, 2009: 4:35 PM ET
"By cognitive flexibility, we mean the ability to spontaneously restructure one's knowledge, in many ways, in adaptive response to radically changing situational demands...This is a function of both the way knowledge is represented (e.g., along multiple rather single conceptual dimensions) and the processes that operate on those mental representations
Risk Factor – What if I Fail
Personal Assessment - Do I have it in me to succeed
Family and friends
How and where to Start
Where to get the funding
Will I be able to make lots of money
Willing to take risks
Able to develop new ideas
Able to get on with people
Strong leader (driven followers)
Has problems with a manager above
Make a daily living
Achieve social and economic security
Work for oneself, not for others
Commercialize a particular idea, technology or skill
Focus on the business
Becoming market leader
Identify business opportunities
Put down your key services/ products
Meet peers, businessmen
Put together a business plan
Find out funding avenues
Plan your finances
May contain some or all of the following:
A description of company strengths and weaknesses, products and/or services and achievements and failures.
a description of the market opportunity available;
a viable business opportunity;
the values driving the business;
an overview of the industry in which the business will compete, including demand and competitive advantage;
a strategy as to how the business intends to accelerate in next 5 years;
a statement as to the management and other resources that are available or will be acquired to accelerate the business;
a general plan for capitalizing the venture;
and the identification of critical issues to be resolved as the business moves forward.
Get comfortable asking advice and help.
Improve Listening Skills
Talk to your competitors.
Talk to established entrepreneurs and Professionals.
Networking and Industry Association.
Meet your Prospective / customers.
Understand your differential advantage.
Beta Testing – Customers
Customer – A great funding resource.
To sell many, sell one.
Maximize customer satisfaction
Maintain a diary and take notes.
ROI – is the name of the game.
Assume goodwill; but audit, measure and lock the doors – or you are running a hobby business.
People who say they can raise money for your startup usually can’t.
Are you OK with being in charge?
Get the right Mix.
New versus a existing teams.
Find a lead Sales Person
Efforts and Rewards
Readathons – Good to Great.
No one cares as much about it as you do.
Adopt a project.
Involve your team.
Reward – Star performers
Just stay in business.Do whatever it takes to make it to that third year. Don’t flame out.