Tag Archives: entrepreneurship

The New Wave of Entrepreneurship

by admin

There is a multi-trillion dollar economy opening up to technology faster than ever. It has been driven by trends that have changed the nature of how entrepreneurs will be characterized going forward; specifically, industry executives will be the next wave of in-demand startup CEOs.

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In April of 2007, Apple changed everything with the launch of the iPhone. It is hard to imagine that it has only been 8 years since the release of the first truly pervasive smartphone, but there is no denying its impact has been world-changing. Beyond the creation of a new dimension of industry-driven, by location-based, services (and with it, a myriad of billion dollar companies), an equally significant phenomenon emerged. By creating technology that was intuitive to the consumer masses, every person around the world started to embrace technology as more than just a work tool. Lawyers, doctors, car mechanics and people from every sector of the economy not only had a tool for productivity, but a piece of technology in their pocket they embraced as an intimate part of their lives.

 

Furthermore, these new consumers could now point to a standard for usable technology. Cumbersome, enterprise legal software that won’t allow a lawyer to search cases from outside the office is no longer acceptable. For those outside of the Silicon Valley silo, conversations can be heard from construction workers sitting on a lunch break saying “Wouldn’t it be nice if there was an app to …”. Unfortunately, these conversations are often too far away from Silicon Valley’s ears, which are still dominated by the talk of what will be the next WhatsApp or Instagram. Even so, a new breed of entrepreneur is emerging who see firsthand the challenges in their industry, and with that the opportunity to make a world-changing impact, and these entrepreneurs do not fit the founder archetype that many Silicon Valley investors look for.

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Photos from http://www.ablogtowatch.com, http://securityaffairs.co, http://geniusapp.com, and http://www.rakenapp.com

Previous decades saw similar shifts in entrepreneur characterizations. The late 90s were about Harvard MBAs applying traditional management techniques to leverage brand new Internet technologies. The “aughts” brought on the “22 year-old Stanford Computer Science” graduate applying technology to a low hanging industry. Now, in this decade, we are seeing a new wave of entrepreneurship driven by industry executives with deep product backgrounds leveraging technology to disrupt a traditionally non-tech industry.

For the past 2 years I’ve had the opportunity to see this shift firsthand as the managing partner of Silicon Valley Software Group (SVSG), a firm of CTOs focused on helping companies with their technology strategy. SVSG has seen entrepreneurs ranging from movie producers, lead singers of platinum album rock bands, travel executives, and hedge fund managers all trying to figure out how to leverage their domain expertise through technology. After a number of similar engagements, a few observations have emerged:

In each venture, a product-focused entrepreneur saw the adoption of technology among their peers in a particular industry and, with that, the opportunity to create a product focused on that industry.

  • Noneof these entrepreneurs had notable tech experience.
  • Hardly ANY of these high profile individuals had relevant connections with the Silicon Valley community.

This last observation is of particular importance!

As tunnel-visioned as Silicon Valley might be, there is a reason that it has produced so many world-changing companies.

The combination of growth capital, multidisciplinary talent, and mentors sharing best practices around how to create hyper-growth businesses are often taken for granted by those who are part of the ecosystem.

However, the disconnect between Silicon Valley natives and outsiders is shocking. Many of the companies SVSG has come across have no ability to raise strategic capital at first because their businesses are too risky when considering common pitfalls they are more likely to fall into compared with their Valley peers. Concepts as commonplace as the lean startup methodology are welcomed as sage insight to these new entrepreneurs.

What is missing for these new founders is a bridge into Silicon Valley. To date, this has been stymied by a narrow mindset from the Silicon Valley community. However, the forces of capitalism will eventually prevail and these new entrepreneurs will find their own community to center around. Keen investors will lead the herd and take advantage of existing markets ripe for change. Incubators and accelerators will emerge with afocus on entrepreneurs with deep industry experience. We are in a tech boom right now and there are countless ways to apply technology to industries that haven’t changed in decades. For those sitting in the corner office, the time has come to venture out, there are markets to disrupt.

The original article was written by MATT SWANSONand can be read on the Toptal Blog.

 

Start-Up India, 2016- A Review

by admin

img source: www.awesomeindia.in

I catch a metro everyday to reach my college and that day was just another day…I plugged in to my headphones listening to the song, “Socha Hai”- from the movie Rock On. The lyrical beauty of the song brings so many dispersing thoughts on a beat of drum and a rhythm. Like he mentions – “Badal neele kyon , Ped hogaye hain kum kyon……Socha Hai ”- A subtle pointer to the existing environmental problems, that need a solution…but we remain ignorant or try to neglect them. Unless we are a victim, we do not react! Umm, it sounds too much of a value education lecture but these proverbs and small moments in life have their own significance that could teach us a life changing lesson.

Another anecdote that reminds me of opportunities in life was while leading the contingency to IIT Bombay, E summit in the month of January.  There I got to know a lot about what is the stage for entrepreneurs in India. We were presented with huge amount of information that elevated us on subjects like technology, finance, innovation, talent, creativity in India and global level. The amazing fact about E summit was open to copious chances to listen from Kunal Shah, Ashish Hemrajani, Sachin Bansal and Rahul Yadav… apart from these chat sessions there were also a fair for students to seek internships and jobs at emerging and well to do enterprises. Finally the two day carnival had its closing seminar from Rana Kapoor, CEO Yes Bank where he clearly said, “For him entrepreneurship in India comes from the concept of DICE – Design Innovation Creativity and very spirit of Entrepreneurship that he will be promoting at his CEO level and also bring that culture through his children”—–Who says India doesn’t have scope?

But after returning from IIT Bombay, I was pondering over the opportunities that will be soon flooded in Indian Start-up ecosystem. This is what I came across while researching over the Internet.

After going through a lot of facts, stats in the newspaper about the start-up buzz, I personally an entrepreneur who is at a very nascent stage believe that the year of 2016 has brought revitalization into the start-up ecosystem. Some facts that throw light to the fortunes of 2016 are as follows:

A great kick-start to the year with the most awaited start-up stand-up India plan which has given a sunrise to the Indian start-up ecosystem.  Our honourable Prime Minister, Narendra Modi has created his objective as Start-up Stand-up India boosting the budding entrepreneurs, investors, venture capitalists. I remember few words from his speech addressing us, In the address during Start-up India launch, Modiji expressed, “Everyone has a idea, if Government stops working the youth has that potential to drive the nation, there are dreams deep embedded but due to risk and our insecurities we Inhibit ourselves”. He inspires that people who have started haven’t thought of bank balance but how are they imparting to society in a good way!….So what is required is a long term approach.

The start-up plan also brought a lot of conditions and policies that enhance and leverage the status of start-up hub in India.People believed that even though it is difficult to start a company in India, it is almost impossible to shut one down. However, he said, “an unencumbered easy exit option will be provided under the bankruptcy Act so that start-ups can exit within 90 days. The master of quotes as he is, Narendra Modi futher added, “Those who run from water will never learn to swim. You have to drown once to be able to learn to swim.” He also made the tax regime better in terms of profit and capital gains. Now the patent registration has become fluid & easy. It also allows self-compliance via mobile platforms. The plan also proposes investments in education, innovation centres, incubation centres and research &Infotech parks.  Isn’t it great!

Another event that catches my eye is Global Investor meet Karnataka in the early February of this leap year ( 2016) . Karnataka being the hub having a confluence of culture , technology and knowledge  sets an exemplar. The meet brought proposal of investor penetration into following sectors including : manufacturing , IT services, IT parks, Infrastructure, tourism, Agra infrastructure , technology clusters ,healthcare and education. It paved way for ease of conducting business via online portals and computerised planning implementation. The online portal provides all information with respect to setting up a business including policies, Whom to concern, entry modes and where to seek information. Every sector has also defined its policies uploaded on the portal of investor Karnataka to attract potential investors or foreign traders on board.

The Mid –  February  saw a carnival at Mumbai BKC—Make in India Week  which  created avenues for showcasing, connecting and collaborating for manufacturing in India. A platform where global CEOs, think tanks, policy makers, Diplomats and Political leaders converged. There were a lot of B2B and B2G deals that happened like Government of Jharkhand and Adani group and Vedanta limited. For youth and startups there was on spot 2 crore prize by Qualcomm , hackathon  for entrepreneurs to contest and even showcased stories of sculptors of India through their startups, products and platforms. The Australian government has given a nod for their co-operation and confidence for the same agenda.

The recent announcement of Budget brings a basket full of opportunities for entrepreneurs to grow, a ticket to tax holiday till March 2019 with a criterion of eligibility saying it should be innovative in its nature. The budget promises to elevate woman entrepreneurship by investing 500 crore for the same. It also brings a special patent regime. Though many our disappointed because the budget is not start-ups centric.

I personally believe that there are many opportunities only one has to realize sometimes it can be from one’s own learning curve for example  somewhere in Maharashtra there is no electricity , to drive a water pump a boy connected to batteries of his motor bike acting as a power source for the pump.  It is rightly said when it comes on you, you will realize. Rasi seeds since 1973, coming up with hybrid cotton, maize , vegetables —-so what is the requirement? People like Kiran Mujumdar Shaw, Biocon believes that India is a transforming economy  from agrarian to urban  hence it brings a load on farmers , leading to suicides , quality of food and health issues but bio manufacturing and high valued bio- services (like biometrics ) have made it so easy.  The current environment is so lucrative with development in communication and information system our age is the most informed one. So it’s the time to master around whether a process, product, management, channel. The world now calls for creativity that is human centred (figuring issues around us, just locate), capturing all human senses , multidisciplinary (involving from production to Launch and even extended to end receiver).

Be the next Marco Polo , Be the next  Albert Einstein, Be the next Larry Page …Be the next You. The time is yours, just use it as a powerful instrument and it will fetch fortunes to you.

Souce of review: Some of the facts have been adopted from leading newspapers like economictimes.com and news portals like firstpost.com

By

Gautam Chada

Author- SuccessYeti

9 Strategies To Sustain Your Start-up 

by admin

img source: www.europeanbusinessreview.com

I was in 12th then, I can relate to one particular lesson from Biology even today, which is the “Survival of the Fittest” from Darwin’s theory of evolution. I am sure you all have read it and remember very well. Still I would love to recall- the theory entailed that nature selects the one who is sustainable and competes in surroundings. In fact today just owning a start-up is not remarkable enough but the most important is how one faces fierce competition, unpredictable market condition and volatile economy. In order to sustain in this business growth, here are 9 strategies that can be utilized:

Use new capabilities of marketing and branding (of course i.e. low budget)

If one goes to see traditional marketing, we had a range of things in the promotional mix whether it’s advertising, direct mail or packaging but today marketers believe that there is a prominence of sponsorship, public relations, and digital and live brand experiences. This is something even I learnt during my time of Internship and the term is Experiential Marketing.

This kind of marketing is purely based on the focus that is to form a memorable and emotional connection between customer and brand so that it may generate customer loyalty and influence their purchase decision.The activities are usually designed to add value to target audiences in their own environments, during their natural existence. After the worldwide launch of Samsung S5 in Barcelona it was launched in India in order to create the buzz. A campaign was planned to run customized demo locations, mall activations and corporate activations. Even recently Airtel had set up 40 brand activation stalls at multiple locations to bring the essence of 4G.

Read more on : 5 things you must do to build a successful start-up

Other kinds of marketing available at hand are Internet and mobile marketing

With the growth in the smartphone, development of 4G segments, Reliance Jio and programs like digital India, marketers have lucrative advantage of connecting digitally with the target audience and there is a plethora of options, whether it is video content, interactive polls, blogs, and enhanced versions of whitepapers. The most important of all is Social media which is an astounding innovation of this century allowing building virtual relationship and allows a great amount of visibility and penetration in comparison to other forms of marketing.

Turn customer inputs into innovation

As I already mentioned keeping customer involved with the brand, A firm can actually has a feedback approach in order to improve the company image like having a complain portal , interactive polls, campaigns. It is very important to solder that gap between customer and market. Many of the service oriented companies like technology providers, packaging, event management firms have taken up this thought and worked upon.

Using social responsibilities such as attaching to National objective

Today start-up social responsibility is an emerging concept which stresses on what we take from environment we need to pay back to it since it is an important stakeholder. It’s all about sustainable development. Many entrepreneurs have diverted their attention towards national goal or approaches like, Make in India, Swaach Bharat Abhiyan or Digital India.

Having a sound research and market update

 In order to sustain in this market one needs to scan and screen the triggers and barriers. One needs to have a good research about the current affairs and activities, industry or sector trends, growth potential in the segment targeted. There are many start-ups that fail to realize the market game and miserably are cleared off from the picture. Yet many realized and have changed the strategies, I remember reading about Talent Pad, a hiring platform which was not able to use its analytic abilities to track the best tech talent for recruiters and understanding its shortfall it is now more of a training platform rather. It is very important to have the right kind of knack to understand the market game. If one is able to fill those gaps, he is a winner of this game.

Investing in right talent

To get the best people, a start-up needs to identify them and compete with other start-ups to hire them. It’s not only one looks for technical qualification but also what the person’s orientation towards the start-up. In fact in one of the recent studies conclude that many start-ups fail due to lack of cohesive work force or differences with co-founders. To my knowledge there are numerous early stage start-ups that miserably failed in 2014, to name a few: Pirate’s kitchen, SASLAB Technologies, blogtard.com and Academic ventures. All of the above have one thing common improper team and inefficient to deliver results to customer segments.

Read more on: For budding entrepreneurs: Here are 7 funding options for your start-up

 Respond to environmental changes

In order to survive in increasingly competitive market, one needs to monitor and track the market. Today all businesses operate in an environment continuously changing. It is very important to respond or proactively think about such changes since they create opportunities, threats and uncertainties for an Entrepreneur. If one can understand the situation of recent floods in Chennai or Hurricane Katrina hitting the Middle East or the recent switch to smartphones present a bunch of opportunities and threats associated. In a competitive economic system, the success, survival and growth of enterprise warrants market assessment. This includes market condition, competitive situation and trade practices.

Focus not only on employees but also external stakeholders

A start-up is not limited to internal employees but also external stakeholders like suppliers, dealers or sponsors who are an integral part of the business model. It is very important to stay connected with all external stakeholders because they also have some equity so they need to be managed well. They equally can participate in the start-up activities and build relationships with them to make them important partners.

Understand your customer well

The value offered by the start-up to its customer is the fulcrum of any business. To give good customer care you must deliver what you promise. In order to understand this- put yourself in the shoes of customers to know what they want and what they expect.

And above all, you need to have immense leadership qualities to sustain your start up in both low and high tides.

By

Gautam Chadha

Author – SuccessYeti

5 Ways To Market Your Business On A Shoestring Budget

by admin

img source: pauldunay.com

After doing my post-graduation in Business Administration, I have realized the theoretical concepts taught to us do apply in the real world. I am a marketing student and I have learnt one thing that marketing goes well in hand with finance. Every marketing program, be it offers, promotions or events requires penny to be spent from our pockets. Marketing of a business projects the revenue it earns and it also determines the bottom line of any business. That’s why when a company spends money on some cause, business communication or campaign one question from consumer insights or brand manager to the planning team would be what will be the ROI – Return on Investment?

Another important element that requires the business to flourish well is strategic effectiveness which means a strategy is effective if it uses the resources allocated as per the plan and delivers the expected results. And to check the effectiveness of a strategy, it requires tracking the performance and evaluating that has it reached its specific goal.

Today everything requires money and hardly anybody believes in solely charitable business. In such an economic downturn how do you engage your clients, customers and vendors without having a grand expenditure? When have a shoestring budget, these low cost and effective marketing ways will help your business leap to great heights.

Event Marketing

I was lucky enough in my second year to know about this concept. I was at a mall where I witness a flash mob giving a unique or delightful experience about the Dish TV- Dish Sawar hai. Actually it’s a more one to one marketing creating a live contact between company and customers through fairs, concerts or sporting events.

Companies use this kind of marketing entertainment to reach consumers for hand to hand sampling or interactive displays. You can distribute customized t-shirts, coasters, pamphlets, etc. to the crowd with the purpose of marketing your product.

It is realized it is one of the fastest way of growing marketing communication. It is basically to meet the corporate objectives by attending to client or customer on a more personal level.

The objectives could be sales, marketing, brand awareness and image enhancement. The key to event marketing is to know your audience well and connect with them to create an everlasting memory. And the best part- you do not need a huge budget for this.

Social media marketing

Social media is huge and its reach is enormous. Maximize use of all social tools to market your product- Create a page on Facebook, Tweet your product, Insta them, pin on Pinterest, share on Linkedin. Do everything to reach out globally.

You have to be very smart and creative on social media. Once you connect with the pulse of your audience, just wait and watch for the impact. Marketing accomplished in a shoestring budget!

Newsletters/Emails

Avail free online tools! You can even buy some bulk email generators at a very nominal price. For example, MailChimp. Procure a master list of email ids and start sending updates. Host a campaign and be creative so that people are instantly willing to open the newsletters or emails sent by you. Do not be bland.

Online product listing

Use the online space for listing your product or service. For example- olx, quickr, yahoo listing, angieslist, etc. If you are willing to shell out a few extra bucks then avail their sponsored ads, it will offer higher visibility to your product.

Guest blogging

This is one of the most used tactics which allows you to build authority in your industry through blogging. Today guest posting is an amazing exercise to engage the audience it allows to build relationships. Business blogging further helps to create links between various suppliers, vendors or consumers. However your content should align to your website. Featuring guest post will expose your audience with fresh and new content to explore.

Hire sales and marketing intern on freelance basis. Delegate responsibilities to organize events, handle social pages, etc. The marketing would be done in a very low budget.

By

Gautam Chadha

Author – SuccessYeti

8 Must Watch Bollywood Movies For Budding Entrepreneurs

by admin

img source: imgbuddy.com

I am a big Bollywood buff…and trust me Bollywood is huge and diverse. So in this article, I have handpicked a couple of movies from my library that will inspire budding entrepreneurs. These are movies that have certainly left a lasting impression on my mind and have held me for long to ponder over things in life.

Swades

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 A movie that brings earthly feelings to an Indian especially and allows the Indian audience to penetrate to the grassroots… But why is it a must-watch movie for an entrepreneur? Well, the movie depicts SRK as working abroad but when he visits India, he is utterly moved by the plight of the villagers.  And his journey begins – he explores the failure of tradition and culture in Indian society that they cannot accept anything new easily, fear to adapt to new techniques and equipment, giving up responsibilities for materialism and the need for self-sustaining independence- Swades. Thus, starting a business and making a huge profit should not be the sole goal. One has to think for people and must have a pious motive behind the venture.

Iqbal

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A film which could be called as cult classic, Nagesh Kuknoor brings a simple story which has so many elements making it much more accepted and adored among the Indian masses. Trust me for a layman it could be cricket which is very inseparable from Indian society. But Iqbal is not just Cricket, it’s something more than that and by something I mean the harrowing struggle the guy goes beyond the prejudices of lower middle class, challenges himself at every step, role of a mentor, a mentor and student relationship, aspirations to wear the attire of national cricket team, overcoming the stigma what society puts on handicapped and crippled people. The film is motivating not only the journey of Iqbal from scratch but also how he is supported by his mother and sister, constant guidance from Naseeruddin Shah who is his coach, adding a dose of will power and  confidence daily. According to me it’s an ultimate triumph of human spirit. It has great takeaways for an Entrepreneur which is thinking creatively, passion, taking challenges and venturing new things, bringing a change in outlook, self-motivated and a learning spirit.

Wake Up Sid

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It’s movie which will strike the chord of the Indian youth, which throwbacks old days of college and high school where one used to go with friends for nightouts, pubbing and clubbing. The movie doesn’t have a great story but it’s a very light and enjoyable movie. The story is revolving a boy whose life is so chilled, taken for granted and Mumbai bhasha main ”Chalta HaiBhaiwhose life transformed into a man of change who is responsible and interested in what he is doing. In simple words, this light movie conveys a very strong message – Realize your potential, find it out and give your heart and soul to achieving it.

Guru

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Guru is nothing but reflection of any man’s desires and ambition and what drives the person and his personality to gain success. The movie talks about various odds the main Character Guru Bhai faces and overcomes because there is something more than emotions that flow into business. He has proper traits of an entrepreneur, sense of business ethics, meticulous, persevering and committed. The character believes in dreams and planning and executing them successfully. The story is an apt exemplification of from rags to riches.

Udaan

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A well scripted movie again bringing those real life ironies and experiences like the bad stigma Indian society carries that an Engineer is successful and safe.  The movie really got tears in my eyes after seeing that the guy wants to chase his dream but is always under oppression and bondage imposed by his own tyrant father. Motwane, the film’s director brings out the character’s rebellious spirit of wanting to achieve his desires and the determination to pace with it.

Band Baja Barat

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One might be surprised  to see this movie in list but it’s not like the other YashRaj movies where hero and heroine crave for love and dance in green meadows. This time YRF planned a mega package by introducing Shruti and Bitto two young college graduates who didn’t know each other well , just an acquaintance and they partner with each other to start wedding planner business. The basic premise is romance but the director Manish Sharma has captured the essence of start-ups like the resource handling, conceptualization and ideation, pillar to post work.  It also brings struggles and success points of a new venture. The story gets diluted due to mix of professional and personal aspects of lives. You can take a bucket load of lessons if you are a budding entrepreneur and that include , having a degree doesn’t conclude you are good in business administration, dreaming big is the game and maintaining harmony with clients and vendors (caterers , decorators , logistics) creates a win – win situation and above all your compatibility with your partner. You must watch the movie…

Rocket Singh- Salesman Of The Year

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A quote from the movie which says, “Risk toh Spiderman ko bhi lena padta hai, main toh phir bhi salesman hoon” (Even Spiderman takes risk, I am just a salesman)touches the audience.  The character played by Ranbir Kapoor is of a young graduate who is very honest and diligent. But the director brings out the fatal realities of honesty or whistle blowing in a firm. However, he always believed in himself as capable enough to start his own business and with the people within his company. And he succeeds. His company in fact becomes the rival for the one he works for. Overall the film is attention grabbing and exciting to watch. The character delivers an environment which is ethical and fair enough to run a clean business.

Manzil

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I didn’t see the movie until my mom announced that the movie is going to be displayed on Zee Classic. The lead character of the film Ajay, that’s Mr. Amitabh is very passionate and ambitious; instead of a job he begins his own business of galvanometers. In meantime he meets Aruna the female lead at a wedding. Aruna being rich and wealthy makes Ajay very afraid of the fact that he is not established so he lies and pretends to be rich. However he falls prey to cut throat competition from rivals and loses his market. But at the end, he wins..The movie depicts the ups and downs of an entrepreneur’s life… and it’s indeed not a cakewalk! But it’s your willpower and perseverance that would take you ahead…

To get inspired from Hollywood movies, read this article of mine,

5 must watch movies for entrepreneurs 

By

Gautam Chadha

Author: SuccessYeti

5 Steps To Making The Perfect Business Pitch To Investors

by admin

If one clearly remembers that epic scene from The Wolf Of Wall Street where Leonardo Di Caprio questions to a sample of salesmen about how to sell a pen!

Well, there is nothing great in that pen but a clever pitch to sell the pen can excite anyone to buy the pen or any other product or service for that matter…

For some this comes very naturally but others master the art of selling. And then your presentation skills, clarity of thoughts, convincing power, etc. etc. contribute to making that perfect business pitch in order to grab a decent investment for your start-up as well as for an established business

If you are looking to tap high growth potential in your business, then you have to raise the capital at some points and this will most likely include pitching to potential investors.

It is how you effectively convey to others i.e. putting across your ideas on the table. Rather making it boring you should be so confident in your delivery that the panel gets intimidated with your idea. Make sure you include the following points in your business pitch in order to make it perfect.

Tell your story

Begin with the story of your company, its product and services and other offerings. You are master at this because no one better than you can explain about your company to the investors. The story should be able to answer the 5W and 1 H and should also be natural and engaging that it should lure the investor to know more and show interest in the plan.

Remember one more thing while presenting your story – support it with examples or anecdotes. If you want to be persuasive, you have to select the most relevant evidence for the story you’re telling.

Watch other people making a pitch

Certain things can be imbibed by seeing i.e. how others behave, talk , walk or showcase themselves. This can be done by attending a number of live pitching events and competitions, that would give you a fair idea on the standard of presentation. Take a note of which attracted investment (or won) and which didn’t. Then, decide for yourself how much of the decision was made based on the business (including idea, product, or service), or the pitch presentation itself. Listen to the feedback the investors or judges and take it into consideration so you don’t make the same mistakes next time.

Ted Talk shows are one of the best places to learn, a lot of people come down to speak and try one to acclimatize about what is life and other aspects.

Plan your pitch strategically

Consider who you are pitching to, and what their needs are. In fact answering these questions will make your pitch delivery without much pain. It will present a clear idea about your goal and a direction to it.

  • Who is your ultimate customer?
  • What message(s) do you want to deliver to that customer?
  • What are you hoping to achieve?

It should comprise of the following: Company introduction, solution, success, target market, customer acquisition, competition, revenue model, financial projections, funding needs and last but not the least your exit strategy.

Apart from this, investors will want you to be back up your claims. Have a well thought about this!

What is the value of sweat equity? (Mehnaat)

Even I was unfamiliar with this term “Sweat Equity” but at the click of the button everything is available at your desktop. Sweat equity is the time and effort the founder of the company invests in order to get it off the ground when it initially started. While the sweat equity isn’t determined by the money owner invests in the business, sweat equity does have a value.The knowledge effort and time invested by individual puts represent sweat equity. Sweat equity is a critical component in negotiating the shares of early employees and founders. This is quite challenging as you have to determine what everyone is worth, including yourself!

Factors that determine sweat equity:

  • Commitment
  • Contribution
  • Alignment

It is very important that sweat equity must be recoded onto the business balance sheet as capital investments with monetary value in yours and your employee name. There are many potential problems involved, so it is better to go about carefully and in most cases take help of professionals.

Show passion and don’t beg

It is definitely important to be passionate about your idea. Just don’t take that passion to an extreme and appear desperate. Be confident about your idea and engage your audience. Apart from good content of the pitch, It is very important to have a good body language i.e. handshake, facial expressions, body positioning and use of props and space. Most of soft skill teachers in fact focus a lot on non verbal communication.

Read more on: 5 things you must do to build a successful startup

As a result, sending the right body language signals can make or break your pitch. So, let’s break it down.

By

Gautam Chadha

Author: SucessYeti

5 Things You Must Do To Build A Successful Start-Up

by admin

“The strategy is to first know what you don’t know, the tactic is to grind, and the value is to remember: there are plenty of places to innovate.” These were the words David Friedberg, founder of Weather bill.

People generally become very inquisitive with the subject of entrepreneurship. They have questions like, If I want to become an Entrepreneur, Where do I start from? Do I learn how to program to make the next Dropbox or SAS? Do I start selling products? How does one create a successful start- up venture?

An example I came across, is a very famous start-up Academia.edu, whose ideas around choosing & developing a business idea were both thought provoking and filled with wisdom.

Academia.edu’s mission is certainly a noble one i.e. Mr. Richard Price wants to get every single PDF on science ever written on internet for free. The initiative has also managed to raise a substantial amount of money.

The methodology of building a social networking platform for academics is really commendable and is a source of inspiration for other budding entrepreneurs. There are many such success stories in the space of start ups.

Here are some tips that will be beneficial to make your start-up a successful one.

Get Your Ideas Validated

In this generation of ours we are budding and shooting with ideas, but we don’t realise before starting on a particular idea that is there a market demand for it. Don’t work on the business until you’ve validated the idea. Make sure there’s a market. Make sure it’s what the customer wants. Sometimes the entrepreneur’s vision doesn’t align properly with what customer’s want.

Coming to the point, why is Validating Idea of importance? Since it helps to answer a quest of what is the potential market or is there a lack of it.

If you have an idea that is great and you want to turn it into a successful product, one should keep the following in mind, don’t keep to yourself and tell it to as many people as possible and seek their opinion.Talk with people you trust and whose opinion you value. Do test your idea like premier, pre-surveys etc.

If you’re aiming to become a billion-dollar business, take steps to ensure that the market can satisfy your aspirations.

Define a Goal or Mission 

Most business start-ups fail within three years. They fail for three reasons. The first is that the business has insufficient capital to operate until cash flow can pay expenses and generate an operating profit. The second is due to poor management. The third is most significant one i.e. Lack of common motive or goal.

As an Entrepreneur articulate your mission, what you aim to do and why it is important. It is simple, easy and more comprehensive than any business plan one writes. In fact such kind of a post will not only be good for internal motivation but also allows connecting with the external world like engineers, investors or future employees.Even if you haven’t built your idea yet, simply writing it down will have a transformative effect on how you think about what you’re doing.

Estimate your Start-up Cost

Launching a new start up is a big decision; it is an opportunity cost for one’s own family for years ahead. It is very important that the Entrepreneurs should build business budgets very carefully. Most of the start- ups are dealing with less number of resources so it is really important to allocate your start- up capital very carefully. A good budget helps you stay prudent in the way you spend your money while ensuring you don’t skip on essentials your business needs to survive.

The budget is really an organised way one can precede further. It allows a scope of constructing the future ahead. This document will chart out a target specifying, revenue goals. In facts once you have a sound budget in your hand; it will be easy for banks and other financial institutions.

It should consist of following i.e. start- up expense which may vary with business types but it generally includes a licensing fee or some fee on incorporation, insurance payments, rent utilities and the cost of supplies and last but not the least website holding and its maintenance. Sometimes it is difficult to gauge but one can research by assessing other firms in one’s region and other data. Apart from initial capital there is something which the start-up requires on month on month basis i.e. operating cost which can be further broken into fixed and variable one. Better be prepared to handle, maintain trackers and alerts to tell you ow to deal in escalation.

Start-up founders must also estimate their business’ projected revenue for a given period. Your revenue sources can include the sale of goods or services, income generated through selling a portion of your business, or other income from company-owned investments. The revenue will provide our goals a direction to move ahead.

Another big challenge is managing the personal expenses at the same time. There should be some contingencies assigned to personal and family expenses.

Build the Right team

Hiring the right talent can make or break any young start-up.

When investors evaluate startup proposals, much of their final decision is based on the team. Why? Because it’s a lot easier to fix problems with the product than to fix the team.

Finding the right team: Attracting and hiring people from one ground is difficult. The very first baby steps require you to know whom you need to hire, when you need them and why you need them.

The hiring person should write out a list of how each new employee will specifically contribute to the organization in the short term. Long-term goals can be more broad.

Finding the people with the right skill sets for a position is very difficult. A company rarely hires their ideal candidate. The work needs to be done, and start -ups don’t have the luxury of waiting.

Start-ups should search for experienced hires who have not only the technical skill but have worked in start-ups before and love the start-up lifestyle.

Respond to Feedback and Refine your Model

It is very important to accept the criticism in a very healthy manner. For start-up entrepreneurs, the need to constantly tinker with the business never ends. You have always got to be thinking about how you can tweak whatever you have to make it even better.

The process of building or refining your business model is a matter of carefully working through and answering these four important questions:

How does the business generate income?

How to fine tune the business model to increase revenue?

What are the major costs incurred in generating revenue?

How to reduce cost on your business model?

These are some of the tests. If you want to add, do hit the comment box below.

Written By

Gautam Chadha

Author-SuccessYeti

10 Ways To Encourage Your Kids To Become Entrepreneurs

by admin

img source: technori.com

A wonderful thing about kids of this generation is, they are extremely passionate about their dreams and are keen to pursue them ruthlessly. Hence it falls upon parents to make sure that the successive generation doesn’t make the same mistake of choosing the aspect of absolute security over creative satisfaction when they decide what to become when they grow up. Encouraging them to become entrepreneurs and create their own future is a good way of doing that.

Here are certain ways to encourage your kids to become entrepreneurs.

Foster curiosity to break stereotypes

Encourage the curiosity that is typical of children and address them honestly and carefully. Let them challenge stereotypical notions and set them free by allowing them to think liberally. Ask your kid to come up with an original idea and pitch it to you.

Instead of forcing your idea upon them, mould their creatively to generate a stream of out-of-the-box thinking!

Let them take risks and decide on their own

In a world that’s changing really quickly, the only strategy that is guaranteed to fail is not taking risks.”-Mark Zuckerberg.

Never turn down bluntly the whacky ideas that kids often come up with, it would be more prudent to discuss the pros and cons of that with them logically and let them decide to take the risk, at the same time reassuring your support.

This gives them immense confidence to depend on their decision-making abilities which goes a long way in handling crisis situations in future.

Teach them to learn from their mistakes

Thomas Edison said, “I have not failed. I have just found 10,000 ways that won’t work.”

Explain the meaning of failure to your kids in a positive light. Tell them that mistakes are bound to happen in the learning process, but it’s important to learn a lesson from the mistakes so that they can take them in stride. After all they are kids, so don’t be too serious.

They can take this lesson from Batman

Thomas Wayne: “And why do we fall, Bruce? So we can learn to pick ourselves up.” 

Hone your child’s sales skills from an early age

Sales and marketing is the backbone of an entrepreneurial venture. Help your child to promote their talent or ideas in an interesting way.

Ask them to promote their creative goods like DIY objects, arts and crafts etc. in the neighborhood. Engage them in summer vacations to sell cookies, lemonades, let them play instrument in social clubs or gatherings or to visit your neighbors to show them their products etc. These are certain ways to hone marketing skills right from the tender age.

Advocate financial literacy and independence

To emphasize the value of money on kids, you can devise a ‘learn to earn’ model at home. Ask kids to learn and do a few household works on a daily basis. Give them payment for their work instead of dishing out the pocket money. This way they learn that money isn’t easy to come by. Motivate them to save money they earn when they badly want something. This makes them feel financially independent and empowered. Also, help them save in a more professional way with banks. This automatically gets them interested and hooked on to this habit.

Motivate them to take up leadership positions

With great power comes great responsibility.” Spiderman said that.

Since responsibility is an inherent quality of leadership and entrepreneurship, pushing your child (not forcing them) to take up such positions in schools and colleges will instill a sense of it in them early in life and also give them a taste of good teamwork. Like monitor of the class, sport club leader, etc.

Encourage a ‘creative resolution’ approach and make it fun

When your child comes running to you asking for a way out of their problems, instead of providing a spoon-fed solution engage your kid in some brain-wrecking fun-filled activity to create a solution rather accepting a ready-made one.

Let them ask you infinite times, “why this happens” and “how this happens”… You got to answer.

This keeps the thinking process in motion and allows your child to become creatively independent and innovative.

Consequentially their minds churn out unique ideas which can solve a handful of problems of this world.

Encourage them to see the bigger picture

It always feels good on deeper level if we are able to give back something to the world. Direct your children to set a long-term goal or motive which is for the greater good, has tremendous benefit and impact on a larger scale than just solely themselves. It could be to support a cause they are passionate about, to achieve a certain way of society or to fulfill a wish. Make sure that they understand the importance of helping others when they are in a position to do so.

When they have something much greater to give back than what they initially had, they will automatically feel motivated.

Inspire them through young entrepreneurs or by setting an example yourself

Ask your kids to read up on young entrepreneurs of India like the Kumaran brothers, Ankur Jain, Farrhad Acidwalla, Arjun Rai and King Siddhartha who have set up immensely successful business ventures in homeland and abroad, all within the age of 20!

Even better, if you are an entrepreneur yourself. In that case allow your kid to assist you like student taking up internships. That way they will gain real time experience and develop an interest as well.

Help them to recognize opportunities

Most successful entrepreneurs have succeeded because of their ability to recognize the unique and exact market demands and cater to them. Hence it is very crucial to recognize the underlying opportunities around you by figuring out the different needs of people. It’s always better to discover a new road instead of setting on one forged by others.

Teach your children to always look out for opportunities and then they can decide on a business idea based on their skills and interests.

It’s wonderful to support your kids and observe their inclination towards entrepreneurial ventures from an early age. Assure them of a bright future and allow them to divert from the conventional paths forged by our forefathers.

Be liberal enough to let their dreams come true…Set them free.

By

Bidisha Sarkar 

Author – SuccessYeti

7 Awful Excuses For Not Following Your Entrepreneurial Dream

by admin

So, you have always dreamt of having your own business, inviting, lucrative and empowering. And so it is!

But then, after finishing your education, you got one of those 9 to 5 jobs and stuck to it. You’re now totally in your comfort zone yet secretly cherishing your “entrepreneurial dream” in one remote corner of your mind…

Every time you get in touch with a successful businessman, you think “I could have been him.” Every time you see a startup company’s ad, you desire, “How I wish I was doing this for my own company”

You feel the urge, even opportunity strikes but you push them aside and instead put up blockades made up of silly excuses to prevent the urge from resurfacing. What are you doing my friend?

Our job here is to break those excuse-barriers and make your path to success as rosy as possible.

Who, me? May be, not sure though…

“I don’t have the qualities to be an entrepreneur.”

Why, though? You have dared to dream of it, haven’t you? You have had the courage to visualize yourself as an entrepreneur. So why is this hopelessness filling you?

Now take a closer look at these three attributes- adaptability, persistence and dedication. Once you think of them constructively, you can rekindle your entrepreneurial dreams.

Do you not adapt to your present job everyday?

Have you not been persistent enough to keep your entrepreneurial dream alive all this time?

Have you not been dedicated to your dream? Secretly making plans, then keeping them locked up?

See, you have the desired qualities. The only one you need, is the right motivation.

I cannot spare the time

You are possibly busy juggling two things- your job and your family. The former may be the thing you are not enjoying! So how can you blame time for not letting you be an entrepreneur? Food for thought!

So make a list of the things that are essential, and cut away from your life all those things that do not fuel your dream. If you don’t ‘have’ time, then you must ‘make’ time. It may not happen immediately, but set goals that span over certain periods and involve ending the obligations that veer you away from starting your own business.

You should also read about – 4 mental blocks that would never let you be an entrepreneur

I’m not rich. Who will invest?

Being an entrepreneur is the art of accomplishing more with less resource at hand. If your plan demands cash or capital of an amount that you do not have, and are not likely to have in the foreseeable future, then it is time to change your plans. You may not be able to control what you have, but the choice of using your resources to bring the best possible result, is entirely yours. Find out ways to garner money…(wait for our next article on this perspective)… There could be an angel investor waiting to give wings to your hopes!

The thing is, one never really has enough. It is all about putting what’s available to the best possible use.

Wouldn’t it be… Umm…kinda risky?

Of course yes, it would be risky! Where is your sense of adventure?

If you take the risk, your idea might click, if you don’t take the risk you regret forever…So which one is a better option? You know the answer.

With the right focus, taking risks only makes your resolve stronger. Refer to what Mark Zuckerberg says, “The biggest risk is not taking any risk… In a world that changing really quickly, the only strategy that is guaranteed to fail is not taking risks.”

In time, you will be telling people, “I’ve risked too much to go back now.”

My ideas aren’t good enough

Then find new ones.

Think. Cultivate inspiration. Plan wisely. Get professional advice. Take up a course. Read more about how to accomplish your goals. Imagination fires up when you are fiercely motivated. You never know you might end up discovering something exceptional while giving a makeover to an old one!

But for heaven’s sake don’t give lame excuses…Stop lying to yourself.

Soon you will have a brilliant plan that would be a big hit in the future…

I don’t know anyone from the industry

How many of us have connections good enough to make their business successful? Very few…

But we all have access to the Internet. Use social media, local publications, banners, pamphlets, etc. to advertise your company. Reach out to people as much as you can.

Take your time to build your foundation. Develop good rapport with the people you get in touch with. You never know when and how miracles happen.

But… what if I fail?

The truth is, you might fail, and if you fail many would thrive on your misfortune. But ask yourself honestly, “should I allow fear of failure overcome my entrepreneurial dreams?” Find out the answer.

But remember, unless you give yourself a chance you can neither taste success nor failure. All I say, never get dissuaded by negative thoughts. Take a shot.

Now that your horrible excuses have been countered, you must buck up to chase your entrepreneurial dream. There is one life but so less time.

Go achieve and win!

By

Srijanee Adhikari 

Author – SuccessYeti

4 Mental Blocks That Would Never Let You Be An Entrepreneur

by admin

Becoming a successful entrepreneur is not easy! While most people fear to start a business, others set up with a kick but it dwindles within a few years down the line.

More than external factors like budget, funds, technical maintenance, development, and marketing, it’s the mindset of the aspiring person that contributes to success or failure of his or her business. Self doubts, fear, and lack of confidence and faith on self are some of those internal blockades that certainly negate your ambition to set up a business. Honestly speaking, every successful entrepreneur has been through mental challenges but the reason why they have emerged as successful is – they have gotten rid of those mental hurdles…So what are those mental blocks that stop you from becoming an entrepreneur?

Should I take the risk?

There’s no question about not taking the risk! The mere thought of leaving your job to start your own business is a risk. But unless you are prepared to take the risk don’t even think about setting up a business.

Do you know Mark Zuckerberg’s opinion on taking risks? He believes that, “The biggest risk is not taking any risk…In a world that changing really quickly, the only strategy that is guaranteed to fail is not taking risks.”

Oh! Salesperson! Never Me

This is the worst kind of mental hurdle that you have to overcome…The ultimate truth is – Every successful businessman is an amazing salesman! So, don’t even think that you can ride on glory without donning the cap of a salesman. Well, I am certainly not referring to traditional salespersons over here but referring your passion about your product, your ability to talk, your ideas about marketing your product and presentation to your prospective customers.

If you are novice in sales, you better learn how to sell! And then take the plunge.

I am not worth the money

How futile it is to think that you are not worth the money you would earn from your business! Of course you are worth of your wealth, it’s your hard work and sweat! You can change your life, empower people and better lives of others with your wealth. So never ever forget the good old saying, “with money comes responsibility”. Good luck.

Business doesn’t run in my family

The very concept that no one from my family has ever become an entrepreneur is very much redundant. These days, youngsters are highly motivated to start up and do what they are passionate about, irrespective of the fact they belong from a business family or not! It’s your skills, your ideologies and your willingness to become an entrepreneur that actually make you the one. So get rid of this traditional mindset.

Listen to your inner voice and you would be able to the right decision. Hope for the best always.

Motivation, Communication, Leadership, Success, Inspiration, Start Up, Business