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Entrepreneur Vs. Employee

Entrepreneur Vs. Employee. SMALL BUSINESSES DOMINATE THE U.S. ECONOMY. Source : South Western Publishing Survey Report. Think beyond the Safe Zone. People who own, operate, and take the risk of a business venture are Entrepreneurs.

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Entrepreneur Vs. Employee

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  1. Entrepreneur Vs. Employee

  2. SMALL BUSINESSES DOMINATE THE U.S. ECONOMY Source : South Western Publishing Survey Report

  3. Think beyond the Safe Zone People who own, operate, and take the risk of a business venture are Entrepreneurs “True Entrepreneurship comes only from Risk Taking” Dhirubhai Ambani “I studied everything but never topped.... But today the toppers of the best universities are my employees” - Bill Gates

  4. Crowned Entrepreneurs in India Deep Kalra Ex-Employee, AMB Amro Founder, MakeMyTrip.com DhruvShringi Ex-Employee of ebookers.com Founder, Yatra.com (Lost 3 Partners in the beginning)

  5. Sachin and Binny Bansal Alumni of IIT, Delhi Ex. Employees of Amazon.com Founders, FlipKart.com Initial Investment : INR 4 Lacs INR 500 Crore Company in 5 Years, 5000 Employees Acquired WeRead, Mime360, ChakPak.com and Letsbuy.com Vishal Mehta Founder & CEO, Infibeam.com Ex. Employee of Amazon.com

  6. VSS Mani Managing Director, JustDial.com Initial Investment : INR 50,000 Current Company Value : INR 600 Crore Failures : AskMe in 1989, Wedding Planner with The Times of India Vijay Shekhar Sharma CEO, One97 Communications and PayTM B.Tech., Delhi College of Engineering (Failures : XS Corps in 1999)

  7. Murugavel Janakiraman Founder & CEO, Bharat Matrimony Manik Arora Director, IDG Ventures India Ozone Media Kreeda Games Sourcebits Technologies Vserv Digital BrainBees FirstCry.com Goodlife.com Myntra.com Zivame.com Lenskart.com Watchkart.com Bagskart.com

  8. Kunal Bahl Co-founder & CEO, Snapdeal Started Jasper Infotech in 2007 Snapdeal in 2010 Shantanu Prakash Director, Educomp Solutions Ltd. Incorporation - 1994Bachelors from SRCC, Delhi University and MBA, IIM- A Launched eCampus Launched PlanetVidya.comLaunched Smart Class Content solutionZeebo Inc.

  9. Patanjali Keswani Lemon Tree Hotels Pvt. Ltd. Ex. Employee : Taj Group of Hotels B.Tech (Electrical Engineering) from IIT Delhi Verghese Kurien Founder, AMUL India Ex. Employee of Tata Steels Education : Mechanical Engineering Anil Jindal Milkman to Millionaire CEO and MD, SRS Group MadhurBhandarkar Ex. Exployee : * Video Cassette Library * Ram GopalVerma Productions

  10. Companies with less than 50 employees, 44% were satisfied. • Companies with 50-999 employees, 31% are satisfied. • Business with more than 1000, only 28% are satisfied.

  11. Entrepreneurs Vs. Intrapreneurs • Intrapreneur - in an existing organization turns new ideas into profitable realities. • Intrapreneurs - notice opportunities and take initiative to mobilize resources, however they work in large companies and contribute to the innovation of the firm. • Intrapreneurs often become Entrepreneurs. • Entrepreneurs - notice opportunities and take the initiative to mobilize resources to make new products and services.

  12. Entrepreneurs are Made … Not Born! • Developed early in life -> • With Family Environment • Self Employed Parents -> • Support • Encourage Independence • Achievement • Responsibility

  13. Advantages of a Small Business • Greater Opportunities • Feel more important • Feel more secure • Comfort Level

  14. Disadvantages of a Small Business • Lower guaranteed pay • Fewer benefits • Expected to have many skills • Too much cohesion • Hard to move to a big company • Large fluctuations in income possible

  15. Successful and Unsuccessful Entrepreneurs • Unsuccessful • Poor Managers • Low work ethic • Inefficient • Failure to plan and prepare • Poor money managers • Successful • Creative and Innovative • Position themselves in shifting or new markets • Create new products • Create new processes • Create new delivery

  16. Characteristics of Entrepreneurs Successful Entrepreneurs

  17. Suitability for Entrepreneurship • Interests • Hobbies and interests • Past experiences • Aptitude • Assess the advantages of Entrepreneurship • Assess the disadvantages of Entrepreneurship

  18. ADVANTAGES OF ENTREPRENEURSHIP • Own Boss • Choose a business that interests them • Creative • Lots of money

  19. DISADVANTAGES OF ENTREPRENEURSHIP • Risky. • Uncertain and Irregular Incomes • Long Working Hours • Must make all decisions by themselves • Frustration with lack of immediate success • Inability to make the switch to results, or goal orientation. • Poor planning and implementation skills.

  20. Entrepreneurship: Corporate INTRA-preneurs To reap long-term benefits, top management must allow it to flourish in the day-to-day operations of the business…. This is known as “Skunkworks” Skunkworks - Islands of intrapreneurial activity within an organization. REMEMBER: On the island, formal rules and policies of the organization often DO NOT apply.

  21. Evaluation of Opportunities and Risks • Is there a market? Will people buy? • How much money would it take? Will I be able to borrow that much? • How many hours a week are required? Am I willing to commit that much time? • What are the risks? What is the rate of business failure? • Do I have the right background? Do others who own this kind of business have more experience? • How much money could I make?

  22. Questions and Factors • What are my motivations for owning a business? • Should I start or buy a business? • What and where is the market for what I want to sell? • How much will all this cost me? • Should my company be domestic or global?

  23. Market Research • Planning & Research essential • Extensive market surveys (family, friends, neighbors…) • Magazines and Polls offer some information on the market - • Govt. Reports

  24. Entrepreneurship: Managing a Family Business • Over 50% of the U.S. Gross Domestic Product (GDP) is generated from family business. • 12% of CEOs on the Inc. 500list describe their company as a family business.

  25. Entrepreneurship: Managing a Family Business Two reasons not to go into business with your family or friends.… Families fight Friends fight. Often, it involves money. So a business environment could potentially breed arguments, disagreements, and feuds. Fighting can occur during early developmental stages when hours are long and pay is low. Or, after success has been achieved.

  26. Basis for a Personal Entrepreneurial Strategy • Self assessment based on evaluation of • Your thoughts and actions • Feedback from others • Become aware of blind spots • Reinforces your concepts of your strengths and weaknesses • Evaluation of data that you gather • Develop insights about yourself • Establish goals to fill in the blank spots • Education • Experience • To make appropriate choices-to find fit with the ideas that present themselves.

  27. Begin with a Personal and Company Vision • Charts your personal and the company’s future strategic course • Defines the business makeup for 5 years (or more) • Specifies future technology-product-customer focus • Indicates capabilities to be developed

  28. Myths About Corporate Entrepreneurs • Money is prime objective • High risk takers • Luck is critical • Lack morals or ethics • Power-hungry attitude and must build an empire

  29. Big Idea Sufficient Money Competent Team Relentless Execution Good Plan Key Ingredients for Success And a generous helping of luck… Elements of this Presentation are Courtesy of Dr. Mohan Sawhney @ Kellogg School of Management

  30. The Idea: Assessing the Balance What’s in it for me? Why is yours better? Is it worth it? What are my costs of making it useful? Price Promise Differentiation Risk Effortrequired Support Why should Ibelieve you? What might Go wrong? Is this for me? Target Audience Courtesy of Dr. Mohan Sawhney @ Kellogg School of Management

  31. Growth vs. Profit • Growth today is worth many times the profits tomorrow • Speed vs. Deliberation • Know your speed limit, and don’t let VCs make you exceed it • Opportunism vs. Strategy • Start out being opportunistic, but quickly become strategic • Service vs. Product • Servicize to learn, then productize to earn Courtesy of Dr. Mohan Sawhney @ Kellogg School of Management

  32. Firm and Company Formation • Proprietary Firm • LLP Company • Pvt. Ltd. Company • Ltd. Company • Corporation

  33. QUICK TIPS Find a Vacuum and Fill It. Do Your Homework. You Won't Be Committed if You're Not Having Fun. Work Hard, Play Hard. Set Goals (but go easy on the "vision" thing). Trust Your Intuition. Reach for the Sky (at least once). Learn to Sell. Become a Leader. Recognize a Failure and Move on. • Make the Most of Lucky Breaks. Embrace Change as a Way of Life. Develop Your Contacts. Use Your Time Wisely. Don't Put up with Mediocrity. Chase Quality, Not Dollars. Act Quickly in a Crisis. After a Fall, Get Back in the Saddle Quickly.

  34. Thanks … Dr. Gaurav Kumar Managing Director MagmaResearch and Consultancy Pvt. Ltd. Ambala Cantt. http://www.magmaconsultancy.com gaurav.kumar@magmaconsultancy.com +91-9416366178, +91-9034001978

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