Entrepreneurship Nuggets & Advice

Entrepreneurship – Nuggets

Sandeep Srivastava
Founder & CEO
Indus Leadership Solutions™
PeopleFusion™
© Copyright 2013. Sandeep Srivastava, New Delhi. All Rights Reserved.
® Trademark Registration in respect of the concerned mark has been applied for by Sandeep Srivastava

A Little About Me
Mechanical Engineer 1987 NIT Kurukshetra
PGDM 1989 IIM Lucknow
Worked in leading Indian & Multinational IT
Product & Service companies from 1989 till
2007
Became MD for India operations of an MNC
software company at the age of 35
Last corporate assignment was as CEO of a
Multinational Engineering Services company
which employed about 400 people

A Little About Me
In January 2008 established
“PeopleFusion™” to be an independent
mentor, coach and headhunter
In December 2013 formed “Indus
Leadership Solutions™” a company focused
on enabling entrepreneurs in the Employee
Training & Management Consulting
business


A Little About Me
Took to long distance running in 2006 and
have ran 8 Full Marathons (42.2km) &
innumerable Half Marathons (21.1km) since
Run 40-50km per week regularly and up to
90km during peak training
Now also a running blogger
(www.runindiarun.com) and running product
reviewer (associated with brands like
Reebok, Skechers & Puma)

“Entrepreneurship is the last refuge of the trouble making
individual”
- Natalie Clifford Barney

IS ENTREPRENEURSHIP FOR
ME?

Who is an Entrepreneur?
Someone who exercises initiative by
organizing a venture to take benefit of
an opportunity and, as the decision
maker, decides what, how, and how
much of a good or service will be
produced


What is an Entrepreneur
Driven By?

Joseph Schumpeter said..
Entrepreneurs are not necessarily motivated
by profit but regard it as a standard for
measuring achievement or success.
greatly value self-reliance,
strive for distinction through excellence,
are highly optimistic (otherwise nothing
would be undertaken), and
always favour challenges of medium risk
(neither too easy, nor ruinous).

Reluctant Entrepreneur
Someone who wants a “replacement
income” for:
Lost job and/or
To move away from the rat race

May not extend themselves
Danger of losing motivation
Status quo is difficult to maintain in a
competitive, inflationary economy

Ideas Entrepreneur
Is fascinated by new ideas, new enterprises
Every day is a eureka moment
Low on patience to build things
Products and services in constant “beta”
Tendency to burn cash fast
Looking for someone’s else's money to burn
They are always ahead of actual business


Angry/Cocky Entrepreneur
“I’ve had it till here with these jokers”
“Why the hell should I work 24x7 for
someone else”
Fails to appreciate the safety net of the
“corporate support ecosystem”
Contacts & Success in Company ≠ Success
in Business
Reality may bites too late and will then
struggle to survive

Considered Entrepreneur
May not have a grand idea
Has thought this through & has a plan
Willing to be patient. In for the long haul.
Does not get ahead of the cash.
Understands the meaning of “managing the
cash-flow”
Is a fan of “Built to Last”
May overthink things and fail to act

Don’t be a “Confuso-Preneur”
“While I am looking for my next job I’ll try to
be an entrepreneur”
Very common these days
Yearns for the sound of cash hitting the
back on the 1st of every month
Steam runs out as soon as the next
“headhunter” calls
Danger of projecting a confusing picture
even during job search

Four Questions to Ask yourself
before you Jump-in
What is my ideal vision for the future?
Money, size, presence, social status…

Who will be my customers?
Industry, function, size, problems…

What am I going to deliver to them?
Products or services or both

What are my core competencies?
Differentiation, competitive advantage…

Answers?
All answers may not be available to begin
with
Keep working on the ones you haven’t fully
figured out
It is only when you have put together some
answers to these four question that you will
have a compelling story and a strong
motivation to move forward

Answers?
Circumstances, markets, technology, goals,
may change and evolve with time. Making
the current answers redundant. Look for
new ones
The entrepreneurial risk is to have the
confidence to move forward despite the lack
of present answers and the uncertainty
about future ones


On Preparation

“In preparing for battle I have always
found that plans are useless, but
planning is indispensable.”
- Dwight D. Eisenhower


“If you are not embarrassed by the first version of your product,
you’ve launched too late.”
– Reid Hoffman, LinkedIn co-founder

STARTING TROUBLES

Getting over who you were
You will perceive a loss of prestige and
position which came with your company and
business card
You are not a designation
Your company didn’t define you
People will treat you differently, be ready
You don’t need to explain yourself to society
at large


Getting over who you were
You will struggle with the ecosystem you
gave up
The more senior you were the bigger the
struggle
Don’t try to compensate by being “ahead of
the cash”
Everything now costs your money
You may have to earn back your position
and prestige

The Myth of the Grand Idea
Very rarely is there a grand idea
Don’t get carried away by your own idea
Things evolve, die, fade away, your thinking
matures, reality bites, the world changes
The very best idea is useless without
execution


On the Grand Idea
“Even if you don’t have the perfect idea to
begin with, you can likely adapt.”
– Victoria Ransom, Wildfire Interactive
“Ideas are commodity.
Execution of them is not.”
– Michael Dell, Dell chairman and CEO


Past Experiences
Experience is good, Experience is bad
This always works. This never works !
Conventional wisdom says – “doing the
same thing over and over again doesn’t
change the outcome” – but it will if things
have changed (people, customers,
technology, resources, needs and wants)
Don’t be afraid to challenge your
experiences

Expecting Success Overnight
Your not going to make money right away
In fact you’re probably not going to make
money for quite some time
Even if you have the best idea
(product/service) in the world it takes time &
effort to package, present and put it in front
of your customer
Understand the cycle of your deliverables,
both development and sales. Be realistic

Getting Intimidated !


Small – No Problem !
“There’s nothing wrong with staying
small. You can do big things with a
small team.”
- Jason Fried, 37signals founder


“A ‘start-up’ is a company that is confused about – 1. What its
product is. 2. Who its customers are. 3. How to make money”
– Dave McClure, 500Startups

EVERYDAY STRUGGLES

Struggles
Entrepreneurship is not “cool”, it’s an
everyday struggle
Everyday is not going to be full of sunshine
There will be doubts, lots of them
You won’t feel the passion & commitment on
some days, it’s ok!
Your family will think you are now freely
available to them. Avoid the daily chores
trap

Focus
Initially focus on what you know best and
where you can add most value
What’s your niche? How are you different?
Diversification will come later, keep an eye
out for opportunities but don’t jump at every
opportunity


Daily Mantras
The goals must be clear but also the means
to achieving them must be clear and be
worked on everyday
Be fully committed. This doesn’t guarantee
success but lack of it will guarantee failure
If you have never networked in your life,
now is the time to learn a new skill !


Daily Mantras
Bootstrap. The trappings can come later
Self promote
Be nimble and agile but don’t be in a hurry
Close, close, close
Generate cash


“A fall into a ditch makes you wiser.”
- Chinese Proverb

AVOIDING PITFALLS

Financial
It’s all about cash-flow
It’s good to have a
contract/agreement/written understanding
even if you are doing business with your
best friend
The financial risk is yours don’t expect your
employees to share it


Financial
More money is not going to solve your
business problems
Seek funding for growth not to pay the
monthly bills (cash-flow, cash-flow, cashflow)


Funding is Not Your Objective
“Money is like gasoline during a road trip.
You don’t want to run out of gas on your trip,
but you’re not doing a tour of gas stations”
- Tim O’Reilly, O’Reilly Media founder and
CEO


People
Don’t get enamored by team size
Don’t hire people if you can’t commit to
paying them month after month after month,
in spite of your personal situation
Hire committed people. Don’t be
disappointed if they move on


People
Share responsibilities, teamwork wins where
individual effort fails
Now is the time to start treating everyone –
customers, employees, service providers
with respect


Societal
Listen to advice, don’t listen to noise and
negativity
Learn to say no, but don’t appear arrogant
when you do so
Don’t be afraid to ask for help
Ask for recommendations. Word of mouth is
a powerful tool


Societal
Make powerful allies
Avoid publicity before substance and
performance


Always bear in mind that your own resolution to succeed is more
important than any other.
- Abraham Lincoln

WHAT’S THE SECRET SAUCE
FOR SUCCESS?

Ideas & Creativity are not
enough to Propel You
Nearly every man who develops an idea
works it up to the point where it looks
impossible, and then he gets discouraged.
That’s not the place to become discouraged.
- Thomas A. Edison


I have no special talents. I am only passionately curious.
- Albert Einstein

BELIEFS, PASSION,
ATTITUDE, COMMITMENT…..

Values, Principles & Beliefs
Everyone has them
They form the basis for our thoughts &
actions
Many a times we are not able to clearly
define them but they do exist & are our
moral compass
They define us as a person


Passion
Is driven by your beliefs
One of the most important attributes for
individual success
Leads to action
Creates a yearning for learning
One of the best determinants of ensuring
that one has not fallen off the path is to test
one’s passion quotient

On Passion

Passion is energy. Feel the power that
comes from focusing on what excites you.
- Oprah Winfrey


Positive Attitude
A person with a Positive one
Looks for good in a situation
Accepts Change as a sign of growth
See Problems as an opportunity
Are happy, optimistic and confident


Negative Attitude
A person with a Negative one
Always sees something wrong
Believes other people cause problems
Fights change
Take mistakes as failures
Are angry, frustrated, doubtful, pessimistic


Outcomes of Attitude
A positive or negative attitude creates
influence and action
A Positive attitude leads to problem solving,
helping, contributing, improving
A Negative one leads to critiquing, being a
devil’s advocate, holding up a mirror,
frustration. Negativity too may drive action


Neutral Attitude
A person with a Neutral one
Waits for someone else to solve things
Is a Spectator – Bystander
Believes Status quo is best
Thinks they cannot influence the outcome or
future
Are indifferent, tired, detached, unemotional


Outcomes of Attitude
A neutral one leads to only emptiness
Neutral/Indifference is the attitude you don’t
want to have
With this attitude you are going nowhere
No, this is not Nirvana


Attitude

Whether you think you can or think you
can’t, you are right
- Henry Ford


Commitment
When you act with purpose, passion &
persistence on your beliefs it is a
commitment
Your first commitment is to yourself & your
beliefs
Then to your customers, then to your
employees, and finally to the results


Commitment
Get a reputation for commitment through
supporting others & constantly improving
what you do
Commitment begets commitment


On Comittment

The best man for a Job is not the one
with the best capabilities but the one
with the greatest commitment
- Unknown


There are risks and costs to a program of action. But they are far
less than the long-range risks and costs of comfortable inaction.
- John F. Kennedy

ACTION AND PERSEVERANCE

Keep a Bias for Action
Inaction breeds doubt and fear
Action breeds confidence and courage
There will never be a perfect moment for a
decision or perfect data to support one
Sometimes chaotic action is better than
orderly inaction. Try things out, experiment.
Do it, Fix it, Try it again (Tom Peters & Bob
Waterman)

On Action

You don’t drown by falling in the water; you
drown by staying there
- Edwin Louis Cole


Perseverance
Is the ability to go from failure to failure
without loss of enthusiasm (Winston
Churchill)
It is not about “hard work” alone
It is about learning from ones mistake,
thinking of new ways & ideas, and
overcoming obstacles and resistance


On Perseverance
“If you can’t fly then run, if you can’t run
then walk, if you can’t walk then crawl,
but whatever you do, you have to keep
moving forward.”
- Martin Luther King


Do you want to be safe and good, or do you want to take a chance
and be great?
- Jimmy Johnson
In order to succeed, your desire for success should be greater than
your fear of failure.
- Bill Cosby

FEARS AND RISK

Your Fears
F.E.A.R.S. = Fear of Failure; the fear of
Embarrassment; the fear of Abandonment;
the fear of Rejection; and the fear of
Success
Our Fears keep us back
If you don‘t ask, the answer is always “No”
If you haven’t tried you have already failed
What’s the worst that can happen?

Risk versus Fear
Our mind is always in a tug of war, one part
wanting to go forward and the other
backward
Our mind wants comfort & safety but for
progress we need engagement &
experiences
Our mind overestimates Risk and
underestimates the cost of playing it Safe

Overcome your Fears
Research has shown that the more you take
on the unknown the more you are likely to
venture into the unknown
Too much comfort leads to boredom,
stagnation and dis-engagement
Action, Passion, Commitment, Ideas,
Perseverance can all help to drive away
your fears

Take Risks, Overcome Fears

“A ship in harbour is safe. But that’s
now what ships are built for.”
- William Shedd


“The road to success is always under construction”
- Arnold Palmer

DEALING WITH FAILURE

Nothing like Failure !
No “Holy Cows” in business, only in ethical
values
Get off the bus if it’s going in the wrong
direction
Know your limits, take risks, assimilate data
quickly and make changes
Keep making mistakes, just not the same
ones !

Success will happen

Fall seven times, stand up eight
- Japanese Proverb


I want to wake up every day and do whatever comes in my mind,
and not feel pressure or obligations to do anything else in my life.
- Michael Jordan

A CONTRARIAN VIEW

Success – Why, What & When
Sometimes we just flow with the tide but it
makes sense to sit back and think of –
What do we consider a success in our
professional & personal life? Why?
What sacrifices are we willing to make to get
there?
When do we want to reach where we want to
reach?


Success – Why, What & When
Your definition of success is going to evolve
with time
Revisit these questions from time to time
because the answers will change and may
surprise you as you move ahead
Sometimes you are going to be glad you
didn’t get to where you planned or glad that
you were finally relieved of the burden

The Importance of Pacing
When you have to run long distances (like a
42.2km marathon) there are multiple
challenges –
Trying to manage your speed and energy
Breaking down the distance into smaller
segments. And pacing yourself smartly
Go out too fast & you burn out before the
end; go too slow and you don’t meet your
time objective

Pacing Yourself
In a marathon, it is not the one who goes out
fastest who wins but the one who slows
downs the least
Pace your business. If you peak too early
you better have figured out what you are
going to do/how you are going to keep the
passion ignited for the balance 20-30 years
Slow down; enjoy the journey as well as the
many destinations you will visit on the way

Always bear in mind that your own resolution to succeed is more
important than any other.
- Abraham Lincoln

SO WHAT IS THE SECRET
SAUCE FOR SUCCESS?

You are the Secret Sauce !
Your Abilities define what you are capable
of doing
..Your Motivation, Commitment & Passion
determines what you will actually do
..Your Actions, Attitude and Perseverance
determines how well you will do it


Ending Note
The best time to plant a tree
was 20 years ago.
The second best time is now
- Chinese Proverb


To Stay in Touch
www.indusleadership.com
www.peoplefusion.com


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