Turning todays most promising Startups into tomorrows most

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 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

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 • • 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 • 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 • • 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 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 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 • Customer Focus • Stake Holders • Team

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 • 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.

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 • • Adopt a project. Involve your team. Reward – Star performers Advantages.

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

Thank You