entrepreneurhip why - where - when
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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 [email protected]
Psst… we are always on the lookout for student volunteers with an entrepreneurial bent of mind