entrepreneurhip why - where - when

Entrepreneurship

Why – Where – How

Why become an

Entrepreneur?

My views:

Allows you to follow your dream

Only way to legitimately create wealth

Helps nation building

If its hot, its not for you

Sectors that are celebrated to be hot are

already taken. HOT sectors are for

employees.

So, what’s hot?

Ideas that address

large markets

Ideas that address

expressed or felt needs

Other factors:

Who’s the competition?

Sustainable advantage?

Differing needs of micro, small and medium enterprises

M&S:

Gang of believers

Jugaad

Multi-tasking

Proving concept

Moving towards scale

Medium:

Teams

Processes

Focus on expertise

Fine-tuning implementation

Improving efficiencies

Market research?Ask the right people

Research the right product or service

Ask those who will use it. What do they

need? What do they currently do? What are their pain

points? What would they pay a premium for? What will

delight them? What price would they pay? How will it

change their life? Who will decide? What difference

will it make in their lives/

There is no one right answer.

Thoughts on demand analysis

“Market is as big as 22bn $”

There is no one right answer.Questions to answer. How many customers

are there in the markets that I intend to play in and

how many can I reach and how many of them can I

hope to convert and how many of them could repeat

purchase, etc, etc.

Is an irrelevant statement.

In summary

Entrepreneurship is not about starting a company. It is about the

an enterprising spirit.

Entrepreneurship is not about taking risks. It is about thoroughly

understanding and doing your best to mitigate risks.

Entrepreneurship is not about ‘best practices'. It is about next

practices.

There is no pot of gold at the end of the rainbow. The rainbow is

all you have. Enjoy it.

Have a great rainbow.prajakt.raut@orangecross.com

Psst… we are always on the lookout for student volunteers with an entrepreneurial bent of mind