Turning today s most promising startups into tomorrow s most successful businesses
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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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Turning today s most promising startups into tomorrow s most successful businesses

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 11th, 2009



Turning today s most promising startups into tomorrow s most successful businesses

'Entrepreneur' pill

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


Turning today s most promising startups into tomorrow s most successful businesses

"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


The first step
The First Step

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


Key characteristics
Key Characteristics

Huge drive

Willing to take risks

Able to develop new ideas

Able to get on with people

Strong leader (driven followers)

Dominant person

Has problems with a manager above


Crystallizing your thoughts
Crystallizing your Thoughts

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


Business planning
Business Planning

Identify business opportunities

Scan competition

Put down your key services/ products

Meet peers, businessmen

Put together a business plan

Find out funding avenues

Team

Plan your finances


Executive summary
Executive Summary

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.


Entrepreneur s perspective
Entrepreneur’s Perspective

Customer Focus

Stake Holders

Team


Customer focus
Customer Focus

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.


Stakeholders interest
Stakeholders interest

Financial Planning.

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.


Turning today s most promising startups into tomorrow s most successful businesses
Team

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.

Suggestion box.

No one cares as much about it as you do.


Giving back to community
Giving back to community

Adopt a project.

Involve your team.

Reward – Star performers

Advantages.


Turning today s most promising startups into tomorrow s most successful businesses

Just stay in business.Do whatever it takes to make it to that third year. Don’t flame out.

Good Luck.