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How to Start a Business –
Become a successful entrepreneur
ganesh.vigneswara@gmail.com, ni_ganesh@cb.amrita.edu
Dr Ganesh Neelakanta Iyer
Amrita Vishwa Vidyapeetham
Associate Professor, Dept of Computer Science and Engg
Amrita School of Engineering, Coimbatore
About Me • Associate Professor, Amrita Vishwa Vidyapeetham
• Masters & PhD from National University of Singapore (NUS)
• Several years in Industry/Academia
• Sasken, NXP, Progress, IIIT-H, NUS
• Architect, Manager, Technology Evangelist, Visiting Faculty
• Talks/workshops in USA, Europe, Australia, Asia
• Cloud/Edge Computing, IoT, Game Theory, Software QA
• Kathakali Artist, Composer, Speaker, Traveler, Photographer
GANESHNIYER http://ganeshniyer.com
Agenda
• Introduction
• Characteristics of Successful Entrepreneurs
• Starting a business
• Some successful entrepreneurs and their habits
Who is an
entrepreneur?
Definition
entrepreneur
/ˌɒntrəprəˈnəː/
noun
plural noun: entrepreneurs
a person who sets up a business or businesses, taking on
financial risks in the hope of profit.
"many entrepreneurs see potential in this market"
10 Characteristics of
Successful Entrepreneurs
https://www.cleverism.com/10-characteristics-successful-entrepreneurs/
#1. UNENDING PASSION
“Enthusiasm is the
sparkle in your eyes, the
swing in your gait, the
grip of your hand and the
irresistible surge of will
and energy to execute
your ideas.” – Henry Ford
Dr Ganesh Neelakanta Iyer 7
#1. UNENDING PASSION
Dr Ganesh Neelakanta Iyer 8
• Every good entrepreneur has a tremendous passion for
what they are doing – for changing the world with their
products and services
• It might sound crazy but passion is the reason
entrepreneurs get up in the morning
• It provides people with motivation, movement and
resilience
• You won’t be stuck in the rut if you have passion – you
won’t be fazed by problems
How to find your passion?
• Start by creating a simple list of things you love. What things give
you the most joy in life? What are the actions, the people, the
emotions and the things you enjoy the most?
• Don’t think what you think you want to do but what you actually enjoy
doing. If money and fame were out of the equation, what would
make you get up in the morning and put a smile on your face?
• If you think about the issue like this, then you can start
understanding where your passion is rather than focusing on where
you think it should be
Dr Ganesh Neelakanta Iyer 9
On a sheet of paper, can you identify your passion?
Dr Ganesh Neelakanta Iyer 10
#2. THE ABILITY TO STAY MOTIVATED
Dr Ganesh Neelakanta Iyer 11
“Success is walking
from failure to
failure with no loss
of enthusiasm.” –
Winston Churchill
#2. THE ABILITY TO STAY MOTIVATED
• The life of an entrepreneur can be hard and no matter how
passionate you are, sometimes getting out of bed might seem
overwhelming
• But the successful entrepreneurs do it – they stay motivated even
when times get tough
• A great entrepreneur is the one who encounters a problem and still
keeps moving forward because they are driven.
• You need to also understand that the road of an entrepreneur can be
lonely
• The world’s greatest entrepreneurs haven’t relied on others to
motivate them. They are able to self-motivate and to find the fire
inside them each morning
Dr Ganesh Neelakanta Iyer 12
Dr Ganesh Neelakanta Iyer 13
How to motivate yourself?
• The key is to make the goals small and tangible
– break down a bigger goal – such as launching your own business – to
smaller goals – setting up a website, finding a partner, etc
• You also need the goals to be tangible. For example, becoming an
entrepreneur is not as a tangible goal as launching a cosmetic shop
online
• although you are doing the same thing in both situations
• Make sure you take time to reward yourself for accomplishing tasks
– It doesn’t have to be anything huge – a new book, a date with your spouse
or a five-minute nap can be just as motivating as a huge, expensive
holiday
Dr Ganesh Neelakanta Iyer 14
• Can you breakdown your goals into small chunks?
• Also list down how do you want to reward yourselves for
each tasks accomplishments?
Dr Ganesh Neelakanta Iyer 15
#3. WILLINGNESS TO TAKE AND TO
TOLERATE RISK
“Security is mostly superstition.
It does not exist in nature, nor
do the children of men as a
whole experience it. Avoiding
danger is no safer in the long
run than outright exposure. Life
is either a daring adventure or
nothing.” – Helen Keller
Dr Ganesh Neelakanta Iyer 16
#3. WILLINGNESS TO TAKE AND TO
TOLERATE RISK
• Successful entrepreneurs are those who take risks
• You need to see risks as part of the job description and to be
able to navigate the risky world of business in style.
• These entrepreneurs understand the difference between
calculated risks and mindless risk
• They know risks will be part of the game but by taking their
chances, they can succeed quicker than if they just sat
around waiting for the right moment
Dr Ganesh Neelakanta Iyer 17
How to become better at tolerating risks?
• What can you do to become better at tolerating risks?
• The best thing to do is to keep learning
• Learn about being an entrepreneur, your industry, the taxes, human
behavior and everything out there
• Furthermore, you need to become better at creating backup plans
• The risks you take are easier to handle when you know there’s a
Plan B
• You won’t feel scared or nervous during the process because you
know there is a backup to fall to – something to keep you going even
when you don’t first succeed
Dr Ganesh Neelakanta Iyer 18
• Can you identify and list Plan B for your idea items listed
before in case of a risk that comes up?
– E.g. When you have half way through your idea, someone else
already advertise a business plan with similar idea as yours.
– This is risky for you since he might get more business. What
will you do?
Dr Ganesh Neelakanta Iyer 19
#4. BEING ABLE TO GET ALONG AND TO
LEAD PEOPLE
“A leader is one
who knows the way,
goes the way and
shows the way.” –
John C. Maxwell
Dr Ganesh Neelakanta Iyer 20
#4. BEING ABLE TO GET ALONG AND TO
LEAD PEOPLE
Dr Ganesh Neelakanta Iyer 21
• Entrepreneurs are great at elevating others while still acknowledging
the importance of other people in their own success story
• Entrepreneurs genuinely like people and they want to surround
themselves with other high-achieving people
• You need to have that networking bug and a real desire to keep in
touch with people
• You should be a person who cares about other people and likes to
help them
How to network and lead more effectively?
• Start networking as part of your daily schedule
Dr Ganesh Neelakanta Iyer 22
Schedule a networking hour
•This should be an hour or two of your time
spent just on networking.
•Do it at least three times a week.
Connect with the people you
know
•Use the time to connect with those people
•Send e-mails, make phone calls and
organize meetings
Have a plan prepared on your networking improvement
Dr Ganesh Neelakanta Iyer 23
#5. OPENNESS TO CHANGE
“Some people don’t
like change, but you
need to embrace
change if the
alternative is
disaster.” – Elon Musk
Dr Ganesh Neelakanta Iyer 24
Only thing constant in this world is change
Dr Ganesh Neelakanta Iyer 25
#5. OPENNESS TO CHANGE
• Technology is one of the major reasons for the change
• For entrepreneurs, the key is to adapt to the change quick
enough
• If you don’t have an open mind in the modern world, you are
likely to miss out on opportunities
• A successful entrepreneur is always looking for new ways of
doing things
Dr Ganesh Neelakanta Iyer 26
How to become adapted to change?
• You need to view it as an opportunity rather than a problem or threat
• Sometimes change seems bad at the outset and it’s painful
• It’s a good idea to become better at dealing with change by forcing yourself to new
situations
• If you willingly seek out new experiences and unexpected situations, you will learn
how to adapt to these moments
• Simple things such as travelling to new places, trying different foods, challenging
yourself with new situations are enough to help withstand stress of change better
Dr Ganesh Neelakanta Iyer 27
• Can you list three items that you want for a change?
– E.g. Tasting Thai Red Curry with rice using chop sticks…
– Travelling to Myanmar as next holiday for a change
– etc
Dr Ganesh Neelakanta Iyer 28
#6. TOUGHNESS TO KEEP MOVING
FORWARD
“Achievement seems to
be connected with action.
Successful men and
women keep moving.
They make mistakes but
they don’t quit.” – Conrad
Hilton
Dr Ganesh Neelakanta Iyer 29
#6. TOUGHNESS TO KEEP MOVING
FORWARD
• As you’ve already become aware, the life of an entrepreneur is not
easy
• But the successful ones have a strong characteristic of staying tough
in the face of adversity
• These entrepreneurs know that things don’t always go according to
plan and the world of business can provide you with your (un)fair-
share of setbacks
• But no matter what life throws at these entrepreneurs, they will keep
marching forward. They have an aura of resilience around them.
Dr Ganesh Neelakanta Iyer 30
How to be more resilient?
• If you know how to learn from your mistakes, then you can move forward
stronger
• You realize that negative feedback or mistakes don’t define or destroy you
– you can use the experiences to grow and to learn, becoming stronger
and better as a result
• You need to be able to identify things you can change (not enough
customers – increase your reach) and those you can’t
• The ability to know what things you can change and what you can’t, will
equip you to handle things and to let go of worrying about things you can’t
control.
Dr Ganesh Neelakanta Iyer 31
#7. DESIRE TO COMPETE AND TO WIN
“Winners never
quit, and quitters
never win.” –
Vince Lombardi
Dr Ganesh Neelakanta Iyer 32
#7. DESIRE TO COMPETE AND TO WIN
Dr Ganesh Neelakanta Iyer 33
• Entrepreneurs can’t be everybody’s friends
• There is no such thing as a participation award in the world of business.
Some win and some lose
• The most successful entrepreneurs want to win
• They like the competition and thrive on the prospect of beating the
competition
• Being an entrepreneur is similar to being a top athlete – you need the
same willingness to put yourself on the line and the hunger to come out
on top.
How to love competing?
• It’s important to understand the love for competition doesn’t mean you wish bad for
others
• Entrepreneurs don’t compete purely for personal gain
• They want to win because they believe in their vision – they know others will benefit
from their victories.
• You need to know that you don’t want to harm other entrepreneurs – you just think
and know your product or service is the winning one
• Challenge yourself with new experiences and start looking for those clever ways to
make your product or service better
Dr Ganesh Neelakanta Iyer 34
#8. UNDERSTANDING OF FINANCES AND BUSINESS
BASICS (OR THE WILLINGNESS TO LEARN!)
“Rule No. 1: never
lose money. Rule
No. 2: never forget
rule number 1.” –
Warren Buffett
Dr Ganesh Neelakanta Iyer 35
#8. UNDERSTANDING OF FINANCES AND BUSINESS
BASICS (OR THE WILLINGNESS TO LEARN!)
Dr Ganesh Neelakanta Iyer 36
• Good entrepreneurs need to be good with money – it’s as simple as
that
• You can’t grow a successful business if you don’t know anything
about finances or business
• Even if you don’t do it all on your own, you’d still need to be smart
enough to figure out who are those people worth listening to.
• Successful entrepreneurs understand what cash flow is and how
their taxation impacts the bottom line.
How to develop your business skills?
• You just need to be willing to learn and to listen to those
who’ve already made it in the world of business.
• You should definitely read business books, follow
entrepreneurs on social media, check up industry blogs and
attend seminars and workshops
• Take in everything you can about how to make it as an
entrepreneur and how to handle money.
Dr Ganesh Neelakanta Iyer 37
List three points you would like to do to develop your
business skills
Dr Ganesh Neelakanta Iyer 38
#9. CREATIVE AND PROGRESSIVE VIEW
OF THE WORLD
“You can’t connect the
dots looking forward; you
can only connect them
looking backward. So you
have to trust that the dots
will somehow connect in
your future.” – Steve Jobs
Dr Ganesh Neelakanta Iyer 39
#9. CREATIVE AND PROGRESSIVE VIEW
OF THE WORLD
Dr Ganesh Neelakanta Iyer 40
• The best entrepreneurs are creative creatures – they see
opportunities in places where others might not
• They think outside of the box and introduce us to products
and services we sometimes didn’t realize we needed.
• You’ll succeed if you understand the world is changing
and you need to embrace and innovate this change
How to stay creative?
• It’s important to constantly stay on the lookout for new ideas – you never
know what you find
• Again, one of the best ways to keep innovating is to keep learning
• You don’t want to be stuck with just your industry but to see what
entrepreneurs in different sectors and in different countries are doing
• By surrounding yourself with new information and different people, you will
become more creative and open to ideas. So, don’t be afraid to trial new
technology, trying different methods and techniques and meeting people
with different mindsets.
Dr Ganesh Neelakanta Iyer 41
#10. DETERMINATION IN THE FACE OF
DECISIONS
“In every success
story, you will find
someone who has
made a courageous
decision.” – Peter F.
Drucker
Dr Ganesh Neelakanta Iyer 42
#10. DETERMINATION IN THE FACE OF
DECISIONS
• Successful entrepreneurs are great at making decisions
• Now, this doesn’t always mean they make the right decisions; But it
does mean they are willing to make those decisions nonetheless
• Successful entrepreneurs don’t ponder a decision for weeks and
months – they understand the opportunity might slip by if they did
• You can’t ponder decisions for too long – sometimes you just need
to decide even when you’re not sure of the facts. It all comes down
to your ability to tolerate the risks, too.
Dr Ganesh Neelakanta Iyer 43
How to become better at decision-making?
Step 1. Creating a constructive environment
Step 2. Investigating the situation in detail
Step 3. Generating good alternatives
Step 4. Exploring the solutions
Step 5. Choosing the best solution
Step 6. Evaluating the plan
Step 7. Communicating the decision and taking action
Dr Ganesh Neelakanta Iyer 44
Why Mark Zuckerberg always wears the
same colored T-shirt?
45
https://www.businessinsider.in/Heres-The-Real-Reason-Mark-Zuckerberg-Wears-The-Same-T-Shirt-Every-Day/articleshow/45064550.cms
THE CHARACTERISTICS THAT MAKE
SUCCESSFUL ENTREPRENEURS
• The above ten characteristics are things all successful
entrepreneurs share
• Without passion, you can’t find motivation and without your
ability to take risks, you can’t ever be decisive in the face of
decisions
• You can learn to find your passion or become better at
knowing how the world of business works
Dr Ganesh Neelakanta Iyer 46
How to start a business?
https://blog.hubspot.com/sales/how-to-start-a-business
How to Start a Business
Download a
business plan
template.
Create a
business plan.
Determine your
business' legal
structure.
Register your
business'
name.
Review small
business
taxes.
Market the
business.
Sell your
products and
services.
Keep your
customers
happy.
Fund the
business.
Dr Ganesh Neelakanta Iyer 48
What is a business plan?
• A business plan is a living document that maps out the
details of your business. It covers what your business will
sell, how it will be structured, what the market looks like,
how you plan to sell your product or service, what funding
you'll need, what your financial projections are, and which
permits, leases, and other documentation will be required.
Dr Ganesh Neelakanta Iyer 49
How to Make a Business Plan
• Narrow down what makes you different.
• Keep it short.
• You can (and should) change it as you go.
Dr Ganesh Neelakanta Iyer 50
How to Write a Business Plan
• Write an executive summary.
• Describe your company and business model.
• Analyze your market's conditions.
• Explain your product and/or service.
• Outline all operations & management roles.
• Design a marketing & sales strategy.
• Detail a financial plan with business costs, funding, and
revenue projections.
• Summarize the above with an appendix.
Dr Ganesh Neelakanta Iyer 51
Business Plan Template
Dr Ganesh Neelakanta Iyer 52
Example
Dr Ganesh Neelakanta Iyer 53
Next Steps
• Make your business legal
• Register a business name
• Learn Marketing techniques
• Look for funding
Dr Ganesh Neelakanta Iyer 54
Most Famous Entrepreneurs of All Time
Dr Ganesh Neelakanta Iyer 55
https://www.inc.com/larry-kim/11-most-famous-entrepreneurs-of-all-time-and-what-made-them-wildly-rich.html
Walt Disney
Dr Ganesh Neelakanta Iyer 56
Walt Disney started off as a farm boy
drawing cartoon pictures of his
neighbor's horses for fun. When he
was older, Walt tried to get a job as a
newspaper cartoonist, but was unable
to find one and ended up working in
an art studio where he created ads for
newspapers and magazines.
Eventually he grew to work on
commercials, became interested in
animation, and eventually opened his
own animation company
J.K. Rowling
Dr Ganesh Neelakanta Iyer 57
Today J.K. Rowling is a household
name for fans of the beloved Harry
Potter book series, but she wasn't
always gifted with magic. The fact is,
J.K Rowling was at her rope's end
before her misfit gang of witches and
wizards saved her. Before her
bestseller cast a spell on readers,
J.K. Rowling was living on welfare
and struggling to get by as a single
mother
Steve Jobs
Dr Ganesh Neelakanta Iyer 58
Jobs dropped out of college because
his family couldn't handle the financial
burden of his education. He
unofficially continued to audit classes,
living off free meals from the local
Hare Krishna temple and returning
Coke bottles for change just to get by.
Jobs credited the calligraphy class he
stopped in on as his inspiration for the
Mac's revolutionary typefaces and
font design.
Kris Carr
Dr Ganesh Neelakanta Iyer 59
We all get hit by unforeseen
obstacles. For Carr, it was a rare
cancer. Carr fought her disease head
on with a new nutritional lifestyle,
developing a career as a successful
author and health coach in the
process. Despite facing challenging
circumstances from the start, she is
now looked to as one the most
knowledgeable experts on healthy
living online today.
https://www.entrepreneur.com/article/249961
Young Indian Entrepreneurs Of 2018
https://yourstory.com/mystory/top-10-young-entrepreneurs-in-india-2018-till-date-cdulu28uft
Dr Ganesh Neelakanta Iyer 60
Ritesh Agarwal - Age 24
Dr Ganesh Neelakanta Iyer 61
Ritesh Agarwal has had an interesting
childhood. He was never fond of studies so he
dropped formal education out of his plans. The
idea of Oravel Stays struck him when he was
18. The basic idea was a budget hotel chain
that provides B&B. Realizing that no other
service offered a room for a budget traveller,
Ritesh took the idea from Oravel stays to OYO
rooms and voila! Agarwal started OYO with 11
only rooms in a Gurgaon hotel. This is one of
the best successful entrepreneurs stories in
India. Today, OYO has 65000 rooms in about
5500 properties across 170 cities in India.
Shravan and Sanjay Kumaran - Age 15,17
Dr Ganesh Neelakanta Iyer 62
Shravan and Sanjay, siblings aged 17 and 15
respectively are the youngest upcoming
entrepreneurs of India. Together, they are the
brain behind GoDimensions. The aim of the
company is to develop a simple technological
solution for the digital world. They are the
youngest Mobile App Developers in India.
When asked about how they managed to
achieve this feat, the brothers responded by
saying “reading books and solving the
problems given to them”. They develop apps
for both, Android as well as IOS platforms.
Sreelakshmi Suresh - Age 20
Dr Ganesh Neelakanta Iyer 63
Ever since her childhood, the tech-savvy
Sreelakshmi always had an eye for computers.
She started using computers at the age of 3. Her
exemplary appetite for learning about Web
Designing helped her to get into the groove. She
developed a habit of designing at the age of 4
and finally had designed a website at the age of
6. She is currently pursuing her grade 12
education from a secondary school in
Kozhikode. Last year, she achieved her aim of
developing 50 websites; this year, she aims to
double that number.
13 Astonishing Habits of a Successful Entrepreneur
https://www.oberlo.in/blog/habits-of-a-successful-entrepreneurDr Ganesh Neelakanta Iyer 64
1. They Have Hobbies
Dr Ganesh Neelakanta Iyer 65
2. Entrepreneurs Ignore the Haters
• All entrepreneurs have experienced haters. Parents,
friends and coworkers probably told them their idea was
stupid or that they wouldn’t succeed as an entrepreneur.
• But they just didn’t listen
• To be a successful entrepreneur, you need to get into the
habit of trusting your intuition
• Do what’s best for you. Live life your own way.
Dr Ganesh Neelakanta Iyer 66
3. Entrepreneurs Know How to Stay
Motivated
Dr Ganesh Neelakanta Iyer 67
• Listen to ‘motivational speeches’ playlists on
Spotify.
• Write down 20 reasons why you started a
business and look at it every time you lose
motivation. Answer this question: why?
• Read a biography about someone who’s
overcome adversity.
• Start with one small step. What little task can
you work on right now to help you achieve
your big goal?
4. Entrepreneurs Manage their Time Well
• Use apps like Freedom to block social media sites and other
distracting websites during your work day.
• Follow the 80-20 rule. What 20% of your tasks lead to 80% of
your income? Focus on those 20% of tasks and reduce time
spent on other tasks.
• Delegate tasks. What do you do better than anyone else?
Stick to that and outsource the rest.
• Say no. There aren’t enough hours in the day to execute on
every idea that pops up in your head. Stick to the ideas that’ll
drive the most results. It’s okay to say no to friends, family
and your team sometimes.
Dr Ganesh Neelakanta Iyer 68
5 Entrepreneurs Exercise
Dr Ganesh Neelakanta Iyer 69
6. Entrepreneurs are Team Players
• Delegate. You can’t do every task on your own. It’d make you
inefficient. Share your responsibilities with the team so that
more of your team can grow. And so that you can focus on what
matters. If you don’t have a team, hire freelancers to help.
• If someone is trying to move their career in a certain direction,
help them get there. If not, you risk losing them forever.
• Get everyone involved. Don’t be the person who wants all the
recognition. Roping in other team members can help you
achieve a bigger goal.
Dr Ganesh Neelakanta Iyer 70
7. They Find ‘Me Time’
• Find the time that works for you. After the kids have gone
to bed or before the family wakes up.
• Pursue an interest that excites you so much that you’ll do
whatever it takes to do it.
• Lunch breaks are a perfect time for your ‘me time.’ You’re
away from your family and you’re legally permitted to duck
out and take a break.
Dr Ganesh Neelakanta Iyer 71
8. They’re Healthy
• Your diet is important but it’s not the only thing. You also need to
balance out physical exercise like cardio and mental exercise like
meditation. Try writing in a journal for mental clarity each day.
• Have one cheat day each week. One day where you eat anything
you want. The rest of the week focus on clean eating habits.
• Avoid sugar. If you read ingredients you’ll find that sugar is in almost
everything. But it can result in a sugar crash. Take the time to read
the ingredients for your food. Your food can help fuel your success.
• The most successful entrepreneurs actually do sleep. So be sure to
get your eight hours every night so that you can have a productive
day, every day.
Dr Ganesh Neelakanta Iyer 72
9. They Wake Up Early
• According to Business Insider, Richard Branson wakes up at 5:45
am, Indra Nooyi wakes up at 4:00 am, Tim Cook wakes up at 4:30
am, and Howard Schultz wakes up at 4:30 am. Most are in the office
by 7 am. They all have morning routines.
• Tips for getting into the habit of waking up early:
– Go to bed early. No, midnight is not early. Aim for 9 or 10 pm.
– On a piece of paper, write down why you need to wake up early . Place
the paper on your nightstand. When your alarm goes off in the morning
and you’re tempted to press snooze, read the paper first. The world needs
you. So get your ass out of bed.
– Don’t put your phone near your bed. Put it on the other side of the room.
Dr Ganesh Neelakanta Iyer 73
10. They Ask Questions
• Try new things
• Read a lot
• Test everything
Dr Ganesh Neelakanta Iyer 74
11. They Know Why They Started
• What impact do you want to have in the world?
• Why do you want to start a business?
• Why do you want to make $1,000,000? What’s your
motivating force?
• Who is pushing you to greatness?
• Who do you want to be successful for?
• The bigger your why the harder you’ll work to achieve it. Your
why is what’ll get you out of bed in the morning and what’ll get
you through adversity.
Dr Ganesh Neelakanta Iyer 75
12. They Minimize their Decisions
• The average adult makes about 35,000 decisions a day
• Like the decision you made to listen to me today. 
– Delegate
– Simplify your decisions – right from food
– Don’t make decisions when you don’t have to
Dr Ganesh Neelakanta Iyer 76
13. Entrepreneurs Take Action
• Goodbye daydreams, hello real life
• That idea of starting a business went from hanging out in
your head to becoming an actual store
• The goal you set for yourself two months ago has started
seeing some solid results
• If you want to win the game, you’ve gotta play it
• Ideas mean nothing to an entrepreneur. It’s all about
execution
Dr Ganesh Neelakanta Iyer 77
Dr Ganesh Neelakanta Iyer 78
Final Story of myself – As entrepreneur
Current Status
Classical
Music
Violin Kathakali
Light Music /
Slokas
Online classes
Computer
Science
subjects tuition
So what stops you from being an
entrepreneur?
Dr Ganesh Neelakanta Iyer
ni_amrita@cb.amrita.edu
ganesh.vigneswara@gmail.com
GANESHNIYER
http://ganeshniyer.com/
https://www.amrita.edu/faculty/ni-ganesh

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How to Start a Business

  • 1. How to Start a Business – Become a successful entrepreneur ganesh.vigneswara@gmail.com, ni_ganesh@cb.amrita.edu Dr Ganesh Neelakanta Iyer Amrita Vishwa Vidyapeetham Associate Professor, Dept of Computer Science and Engg Amrita School of Engineering, Coimbatore
  • 2. About Me • Associate Professor, Amrita Vishwa Vidyapeetham • Masters & PhD from National University of Singapore (NUS) • Several years in Industry/Academia • Sasken, NXP, Progress, IIIT-H, NUS • Architect, Manager, Technology Evangelist, Visiting Faculty • Talks/workshops in USA, Europe, Australia, Asia • Cloud/Edge Computing, IoT, Game Theory, Software QA • Kathakali Artist, Composer, Speaker, Traveler, Photographer GANESHNIYER http://ganeshniyer.com
  • 3. Agenda • Introduction • Characteristics of Successful Entrepreneurs • Starting a business • Some successful entrepreneurs and their habits
  • 5. Definition entrepreneur /ˌɒntrəprəˈnəː/ noun plural noun: entrepreneurs a person who sets up a business or businesses, taking on financial risks in the hope of profit. "many entrepreneurs see potential in this market"
  • 6. 10 Characteristics of Successful Entrepreneurs https://www.cleverism.com/10-characteristics-successful-entrepreneurs/
  • 7. #1. UNENDING PASSION “Enthusiasm is the sparkle in your eyes, the swing in your gait, the grip of your hand and the irresistible surge of will and energy to execute your ideas.” – Henry Ford Dr Ganesh Neelakanta Iyer 7
  • 8. #1. UNENDING PASSION Dr Ganesh Neelakanta Iyer 8 • Every good entrepreneur has a tremendous passion for what they are doing – for changing the world with their products and services • It might sound crazy but passion is the reason entrepreneurs get up in the morning • It provides people with motivation, movement and resilience • You won’t be stuck in the rut if you have passion – you won’t be fazed by problems
  • 9. How to find your passion? • Start by creating a simple list of things you love. What things give you the most joy in life? What are the actions, the people, the emotions and the things you enjoy the most? • Don’t think what you think you want to do but what you actually enjoy doing. If money and fame were out of the equation, what would make you get up in the morning and put a smile on your face? • If you think about the issue like this, then you can start understanding where your passion is rather than focusing on where you think it should be Dr Ganesh Neelakanta Iyer 9
  • 10. On a sheet of paper, can you identify your passion? Dr Ganesh Neelakanta Iyer 10
  • 11. #2. THE ABILITY TO STAY MOTIVATED Dr Ganesh Neelakanta Iyer 11 “Success is walking from failure to failure with no loss of enthusiasm.” – Winston Churchill
  • 12. #2. THE ABILITY TO STAY MOTIVATED • The life of an entrepreneur can be hard and no matter how passionate you are, sometimes getting out of bed might seem overwhelming • But the successful entrepreneurs do it – they stay motivated even when times get tough • A great entrepreneur is the one who encounters a problem and still keeps moving forward because they are driven. • You need to also understand that the road of an entrepreneur can be lonely • The world’s greatest entrepreneurs haven’t relied on others to motivate them. They are able to self-motivate and to find the fire inside them each morning Dr Ganesh Neelakanta Iyer 12
  • 14. How to motivate yourself? • The key is to make the goals small and tangible – break down a bigger goal – such as launching your own business – to smaller goals – setting up a website, finding a partner, etc • You also need the goals to be tangible. For example, becoming an entrepreneur is not as a tangible goal as launching a cosmetic shop online • although you are doing the same thing in both situations • Make sure you take time to reward yourself for accomplishing tasks – It doesn’t have to be anything huge – a new book, a date with your spouse or a five-minute nap can be just as motivating as a huge, expensive holiday Dr Ganesh Neelakanta Iyer 14
  • 15. • Can you breakdown your goals into small chunks? • Also list down how do you want to reward yourselves for each tasks accomplishments? Dr Ganesh Neelakanta Iyer 15
  • 16. #3. WILLINGNESS TO TAKE AND TO TOLERATE RISK “Security is mostly superstition. It does not exist in nature, nor do the children of men as a whole experience it. Avoiding danger is no safer in the long run than outright exposure. Life is either a daring adventure or nothing.” – Helen Keller Dr Ganesh Neelakanta Iyer 16
  • 17. #3. WILLINGNESS TO TAKE AND TO TOLERATE RISK • Successful entrepreneurs are those who take risks • You need to see risks as part of the job description and to be able to navigate the risky world of business in style. • These entrepreneurs understand the difference between calculated risks and mindless risk • They know risks will be part of the game but by taking their chances, they can succeed quicker than if they just sat around waiting for the right moment Dr Ganesh Neelakanta Iyer 17
  • 18. How to become better at tolerating risks? • What can you do to become better at tolerating risks? • The best thing to do is to keep learning • Learn about being an entrepreneur, your industry, the taxes, human behavior and everything out there • Furthermore, you need to become better at creating backup plans • The risks you take are easier to handle when you know there’s a Plan B • You won’t feel scared or nervous during the process because you know there is a backup to fall to – something to keep you going even when you don’t first succeed Dr Ganesh Neelakanta Iyer 18
  • 19. • Can you identify and list Plan B for your idea items listed before in case of a risk that comes up? – E.g. When you have half way through your idea, someone else already advertise a business plan with similar idea as yours. – This is risky for you since he might get more business. What will you do? Dr Ganesh Neelakanta Iyer 19
  • 20. #4. BEING ABLE TO GET ALONG AND TO LEAD PEOPLE “A leader is one who knows the way, goes the way and shows the way.” – John C. Maxwell Dr Ganesh Neelakanta Iyer 20
  • 21. #4. BEING ABLE TO GET ALONG AND TO LEAD PEOPLE Dr Ganesh Neelakanta Iyer 21 • Entrepreneurs are great at elevating others while still acknowledging the importance of other people in their own success story • Entrepreneurs genuinely like people and they want to surround themselves with other high-achieving people • You need to have that networking bug and a real desire to keep in touch with people • You should be a person who cares about other people and likes to help them
  • 22. How to network and lead more effectively? • Start networking as part of your daily schedule Dr Ganesh Neelakanta Iyer 22 Schedule a networking hour •This should be an hour or two of your time spent just on networking. •Do it at least three times a week. Connect with the people you know •Use the time to connect with those people •Send e-mails, make phone calls and organize meetings
  • 23. Have a plan prepared on your networking improvement Dr Ganesh Neelakanta Iyer 23
  • 24. #5. OPENNESS TO CHANGE “Some people don’t like change, but you need to embrace change if the alternative is disaster.” – Elon Musk Dr Ganesh Neelakanta Iyer 24
  • 25. Only thing constant in this world is change Dr Ganesh Neelakanta Iyer 25
  • 26. #5. OPENNESS TO CHANGE • Technology is one of the major reasons for the change • For entrepreneurs, the key is to adapt to the change quick enough • If you don’t have an open mind in the modern world, you are likely to miss out on opportunities • A successful entrepreneur is always looking for new ways of doing things Dr Ganesh Neelakanta Iyer 26
  • 27. How to become adapted to change? • You need to view it as an opportunity rather than a problem or threat • Sometimes change seems bad at the outset and it’s painful • It’s a good idea to become better at dealing with change by forcing yourself to new situations • If you willingly seek out new experiences and unexpected situations, you will learn how to adapt to these moments • Simple things such as travelling to new places, trying different foods, challenging yourself with new situations are enough to help withstand stress of change better Dr Ganesh Neelakanta Iyer 27
  • 28. • Can you list three items that you want for a change? – E.g. Tasting Thai Red Curry with rice using chop sticks… – Travelling to Myanmar as next holiday for a change – etc Dr Ganesh Neelakanta Iyer 28
  • 29. #6. TOUGHNESS TO KEEP MOVING FORWARD “Achievement seems to be connected with action. Successful men and women keep moving. They make mistakes but they don’t quit.” – Conrad Hilton Dr Ganesh Neelakanta Iyer 29
  • 30. #6. TOUGHNESS TO KEEP MOVING FORWARD • As you’ve already become aware, the life of an entrepreneur is not easy • But the successful ones have a strong characteristic of staying tough in the face of adversity • These entrepreneurs know that things don’t always go according to plan and the world of business can provide you with your (un)fair- share of setbacks • But no matter what life throws at these entrepreneurs, they will keep marching forward. They have an aura of resilience around them. Dr Ganesh Neelakanta Iyer 30
  • 31. How to be more resilient? • If you know how to learn from your mistakes, then you can move forward stronger • You realize that negative feedback or mistakes don’t define or destroy you – you can use the experiences to grow and to learn, becoming stronger and better as a result • You need to be able to identify things you can change (not enough customers – increase your reach) and those you can’t • The ability to know what things you can change and what you can’t, will equip you to handle things and to let go of worrying about things you can’t control. Dr Ganesh Neelakanta Iyer 31
  • 32. #7. DESIRE TO COMPETE AND TO WIN “Winners never quit, and quitters never win.” – Vince Lombardi Dr Ganesh Neelakanta Iyer 32
  • 33. #7. DESIRE TO COMPETE AND TO WIN Dr Ganesh Neelakanta Iyer 33 • Entrepreneurs can’t be everybody’s friends • There is no such thing as a participation award in the world of business. Some win and some lose • The most successful entrepreneurs want to win • They like the competition and thrive on the prospect of beating the competition • Being an entrepreneur is similar to being a top athlete – you need the same willingness to put yourself on the line and the hunger to come out on top.
  • 34. How to love competing? • It’s important to understand the love for competition doesn’t mean you wish bad for others • Entrepreneurs don’t compete purely for personal gain • They want to win because they believe in their vision – they know others will benefit from their victories. • You need to know that you don’t want to harm other entrepreneurs – you just think and know your product or service is the winning one • Challenge yourself with new experiences and start looking for those clever ways to make your product or service better Dr Ganesh Neelakanta Iyer 34
  • 35. #8. UNDERSTANDING OF FINANCES AND BUSINESS BASICS (OR THE WILLINGNESS TO LEARN!) “Rule No. 1: never lose money. Rule No. 2: never forget rule number 1.” – Warren Buffett Dr Ganesh Neelakanta Iyer 35
  • 36. #8. UNDERSTANDING OF FINANCES AND BUSINESS BASICS (OR THE WILLINGNESS TO LEARN!) Dr Ganesh Neelakanta Iyer 36 • Good entrepreneurs need to be good with money – it’s as simple as that • You can’t grow a successful business if you don’t know anything about finances or business • Even if you don’t do it all on your own, you’d still need to be smart enough to figure out who are those people worth listening to. • Successful entrepreneurs understand what cash flow is and how their taxation impacts the bottom line.
  • 37. How to develop your business skills? • You just need to be willing to learn and to listen to those who’ve already made it in the world of business. • You should definitely read business books, follow entrepreneurs on social media, check up industry blogs and attend seminars and workshops • Take in everything you can about how to make it as an entrepreneur and how to handle money. Dr Ganesh Neelakanta Iyer 37
  • 38. List three points you would like to do to develop your business skills Dr Ganesh Neelakanta Iyer 38
  • 39. #9. CREATIVE AND PROGRESSIVE VIEW OF THE WORLD “You can’t connect the dots looking forward; you can only connect them looking backward. So you have to trust that the dots will somehow connect in your future.” – Steve Jobs Dr Ganesh Neelakanta Iyer 39
  • 40. #9. CREATIVE AND PROGRESSIVE VIEW OF THE WORLD Dr Ganesh Neelakanta Iyer 40 • The best entrepreneurs are creative creatures – they see opportunities in places where others might not • They think outside of the box and introduce us to products and services we sometimes didn’t realize we needed. • You’ll succeed if you understand the world is changing and you need to embrace and innovate this change
  • 41. How to stay creative? • It’s important to constantly stay on the lookout for new ideas – you never know what you find • Again, one of the best ways to keep innovating is to keep learning • You don’t want to be stuck with just your industry but to see what entrepreneurs in different sectors and in different countries are doing • By surrounding yourself with new information and different people, you will become more creative and open to ideas. So, don’t be afraid to trial new technology, trying different methods and techniques and meeting people with different mindsets. Dr Ganesh Neelakanta Iyer 41
  • 42. #10. DETERMINATION IN THE FACE OF DECISIONS “In every success story, you will find someone who has made a courageous decision.” – Peter F. Drucker Dr Ganesh Neelakanta Iyer 42
  • 43. #10. DETERMINATION IN THE FACE OF DECISIONS • Successful entrepreneurs are great at making decisions • Now, this doesn’t always mean they make the right decisions; But it does mean they are willing to make those decisions nonetheless • Successful entrepreneurs don’t ponder a decision for weeks and months – they understand the opportunity might slip by if they did • You can’t ponder decisions for too long – sometimes you just need to decide even when you’re not sure of the facts. It all comes down to your ability to tolerate the risks, too. Dr Ganesh Neelakanta Iyer 43
  • 44. How to become better at decision-making? Step 1. Creating a constructive environment Step 2. Investigating the situation in detail Step 3. Generating good alternatives Step 4. Exploring the solutions Step 5. Choosing the best solution Step 6. Evaluating the plan Step 7. Communicating the decision and taking action Dr Ganesh Neelakanta Iyer 44
  • 45. Why Mark Zuckerberg always wears the same colored T-shirt? 45 https://www.businessinsider.in/Heres-The-Real-Reason-Mark-Zuckerberg-Wears-The-Same-T-Shirt-Every-Day/articleshow/45064550.cms
  • 46. THE CHARACTERISTICS THAT MAKE SUCCESSFUL ENTREPRENEURS • The above ten characteristics are things all successful entrepreneurs share • Without passion, you can’t find motivation and without your ability to take risks, you can’t ever be decisive in the face of decisions • You can learn to find your passion or become better at knowing how the world of business works Dr Ganesh Neelakanta Iyer 46
  • 47. How to start a business? https://blog.hubspot.com/sales/how-to-start-a-business
  • 48. How to Start a Business Download a business plan template. Create a business plan. Determine your business' legal structure. Register your business' name. Review small business taxes. Market the business. Sell your products and services. Keep your customers happy. Fund the business. Dr Ganesh Neelakanta Iyer 48
  • 49. What is a business plan? • A business plan is a living document that maps out the details of your business. It covers what your business will sell, how it will be structured, what the market looks like, how you plan to sell your product or service, what funding you'll need, what your financial projections are, and which permits, leases, and other documentation will be required. Dr Ganesh Neelakanta Iyer 49
  • 50. How to Make a Business Plan • Narrow down what makes you different. • Keep it short. • You can (and should) change it as you go. Dr Ganesh Neelakanta Iyer 50
  • 51. How to Write a Business Plan • Write an executive summary. • Describe your company and business model. • Analyze your market's conditions. • Explain your product and/or service. • Outline all operations & management roles. • Design a marketing & sales strategy. • Detail a financial plan with business costs, funding, and revenue projections. • Summarize the above with an appendix. Dr Ganesh Neelakanta Iyer 51
  • 52. Business Plan Template Dr Ganesh Neelakanta Iyer 52
  • 54. Next Steps • Make your business legal • Register a business name • Learn Marketing techniques • Look for funding Dr Ganesh Neelakanta Iyer 54
  • 55. Most Famous Entrepreneurs of All Time Dr Ganesh Neelakanta Iyer 55 https://www.inc.com/larry-kim/11-most-famous-entrepreneurs-of-all-time-and-what-made-them-wildly-rich.html
  • 56. Walt Disney Dr Ganesh Neelakanta Iyer 56 Walt Disney started off as a farm boy drawing cartoon pictures of his neighbor's horses for fun. When he was older, Walt tried to get a job as a newspaper cartoonist, but was unable to find one and ended up working in an art studio where he created ads for newspapers and magazines. Eventually he grew to work on commercials, became interested in animation, and eventually opened his own animation company
  • 57. J.K. Rowling Dr Ganesh Neelakanta Iyer 57 Today J.K. Rowling is a household name for fans of the beloved Harry Potter book series, but she wasn't always gifted with magic. The fact is, J.K Rowling was at her rope's end before her misfit gang of witches and wizards saved her. Before her bestseller cast a spell on readers, J.K. Rowling was living on welfare and struggling to get by as a single mother
  • 58. Steve Jobs Dr Ganesh Neelakanta Iyer 58 Jobs dropped out of college because his family couldn't handle the financial burden of his education. He unofficially continued to audit classes, living off free meals from the local Hare Krishna temple and returning Coke bottles for change just to get by. Jobs credited the calligraphy class he stopped in on as his inspiration for the Mac's revolutionary typefaces and font design.
  • 59. Kris Carr Dr Ganesh Neelakanta Iyer 59 We all get hit by unforeseen obstacles. For Carr, it was a rare cancer. Carr fought her disease head on with a new nutritional lifestyle, developing a career as a successful author and health coach in the process. Despite facing challenging circumstances from the start, she is now looked to as one the most knowledgeable experts on healthy living online today. https://www.entrepreneur.com/article/249961
  • 60. Young Indian Entrepreneurs Of 2018 https://yourstory.com/mystory/top-10-young-entrepreneurs-in-india-2018-till-date-cdulu28uft Dr Ganesh Neelakanta Iyer 60
  • 61. Ritesh Agarwal - Age 24 Dr Ganesh Neelakanta Iyer 61 Ritesh Agarwal has had an interesting childhood. He was never fond of studies so he dropped formal education out of his plans. The idea of Oravel Stays struck him when he was 18. The basic idea was a budget hotel chain that provides B&B. Realizing that no other service offered a room for a budget traveller, Ritesh took the idea from Oravel stays to OYO rooms and voila! Agarwal started OYO with 11 only rooms in a Gurgaon hotel. This is one of the best successful entrepreneurs stories in India. Today, OYO has 65000 rooms in about 5500 properties across 170 cities in India.
  • 62. Shravan and Sanjay Kumaran - Age 15,17 Dr Ganesh Neelakanta Iyer 62 Shravan and Sanjay, siblings aged 17 and 15 respectively are the youngest upcoming entrepreneurs of India. Together, they are the brain behind GoDimensions. The aim of the company is to develop a simple technological solution for the digital world. They are the youngest Mobile App Developers in India. When asked about how they managed to achieve this feat, the brothers responded by saying “reading books and solving the problems given to them”. They develop apps for both, Android as well as IOS platforms.
  • 63. Sreelakshmi Suresh - Age 20 Dr Ganesh Neelakanta Iyer 63 Ever since her childhood, the tech-savvy Sreelakshmi always had an eye for computers. She started using computers at the age of 3. Her exemplary appetite for learning about Web Designing helped her to get into the groove. She developed a habit of designing at the age of 4 and finally had designed a website at the age of 6. She is currently pursuing her grade 12 education from a secondary school in Kozhikode. Last year, she achieved her aim of developing 50 websites; this year, she aims to double that number.
  • 64. 13 Astonishing Habits of a Successful Entrepreneur https://www.oberlo.in/blog/habits-of-a-successful-entrepreneurDr Ganesh Neelakanta Iyer 64
  • 65. 1. They Have Hobbies Dr Ganesh Neelakanta Iyer 65
  • 66. 2. Entrepreneurs Ignore the Haters • All entrepreneurs have experienced haters. Parents, friends and coworkers probably told them their idea was stupid or that they wouldn’t succeed as an entrepreneur. • But they just didn’t listen • To be a successful entrepreneur, you need to get into the habit of trusting your intuition • Do what’s best for you. Live life your own way. Dr Ganesh Neelakanta Iyer 66
  • 67. 3. Entrepreneurs Know How to Stay Motivated Dr Ganesh Neelakanta Iyer 67 • Listen to ‘motivational speeches’ playlists on Spotify. • Write down 20 reasons why you started a business and look at it every time you lose motivation. Answer this question: why? • Read a biography about someone who’s overcome adversity. • Start with one small step. What little task can you work on right now to help you achieve your big goal?
  • 68. 4. Entrepreneurs Manage their Time Well • Use apps like Freedom to block social media sites and other distracting websites during your work day. • Follow the 80-20 rule. What 20% of your tasks lead to 80% of your income? Focus on those 20% of tasks and reduce time spent on other tasks. • Delegate tasks. What do you do better than anyone else? Stick to that and outsource the rest. • Say no. There aren’t enough hours in the day to execute on every idea that pops up in your head. Stick to the ideas that’ll drive the most results. It’s okay to say no to friends, family and your team sometimes. Dr Ganesh Neelakanta Iyer 68
  • 69. 5 Entrepreneurs Exercise Dr Ganesh Neelakanta Iyer 69
  • 70. 6. Entrepreneurs are Team Players • Delegate. You can’t do every task on your own. It’d make you inefficient. Share your responsibilities with the team so that more of your team can grow. And so that you can focus on what matters. If you don’t have a team, hire freelancers to help. • If someone is trying to move their career in a certain direction, help them get there. If not, you risk losing them forever. • Get everyone involved. Don’t be the person who wants all the recognition. Roping in other team members can help you achieve a bigger goal. Dr Ganesh Neelakanta Iyer 70
  • 71. 7. They Find ‘Me Time’ • Find the time that works for you. After the kids have gone to bed or before the family wakes up. • Pursue an interest that excites you so much that you’ll do whatever it takes to do it. • Lunch breaks are a perfect time for your ‘me time.’ You’re away from your family and you’re legally permitted to duck out and take a break. Dr Ganesh Neelakanta Iyer 71
  • 72. 8. They’re Healthy • Your diet is important but it’s not the only thing. You also need to balance out physical exercise like cardio and mental exercise like meditation. Try writing in a journal for mental clarity each day. • Have one cheat day each week. One day where you eat anything you want. The rest of the week focus on clean eating habits. • Avoid sugar. If you read ingredients you’ll find that sugar is in almost everything. But it can result in a sugar crash. Take the time to read the ingredients for your food. Your food can help fuel your success. • The most successful entrepreneurs actually do sleep. So be sure to get your eight hours every night so that you can have a productive day, every day. Dr Ganesh Neelakanta Iyer 72
  • 73. 9. They Wake Up Early • According to Business Insider, Richard Branson wakes up at 5:45 am, Indra Nooyi wakes up at 4:00 am, Tim Cook wakes up at 4:30 am, and Howard Schultz wakes up at 4:30 am. Most are in the office by 7 am. They all have morning routines. • Tips for getting into the habit of waking up early: – Go to bed early. No, midnight is not early. Aim for 9 or 10 pm. – On a piece of paper, write down why you need to wake up early . Place the paper on your nightstand. When your alarm goes off in the morning and you’re tempted to press snooze, read the paper first. The world needs you. So get your ass out of bed. – Don’t put your phone near your bed. Put it on the other side of the room. Dr Ganesh Neelakanta Iyer 73
  • 74. 10. They Ask Questions • Try new things • Read a lot • Test everything Dr Ganesh Neelakanta Iyer 74
  • 75. 11. They Know Why They Started • What impact do you want to have in the world? • Why do you want to start a business? • Why do you want to make $1,000,000? What’s your motivating force? • Who is pushing you to greatness? • Who do you want to be successful for? • The bigger your why the harder you’ll work to achieve it. Your why is what’ll get you out of bed in the morning and what’ll get you through adversity. Dr Ganesh Neelakanta Iyer 75
  • 76. 12. They Minimize their Decisions • The average adult makes about 35,000 decisions a day • Like the decision you made to listen to me today.  – Delegate – Simplify your decisions – right from food – Don’t make decisions when you don’t have to Dr Ganesh Neelakanta Iyer 76
  • 77. 13. Entrepreneurs Take Action • Goodbye daydreams, hello real life • That idea of starting a business went from hanging out in your head to becoming an actual store • The goal you set for yourself two months ago has started seeing some solid results • If you want to win the game, you’ve gotta play it • Ideas mean nothing to an entrepreneur. It’s all about execution Dr Ganesh Neelakanta Iyer 77
  • 78. Dr Ganesh Neelakanta Iyer 78 Final Story of myself – As entrepreneur
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  • 83. Current Status Classical Music Violin Kathakali Light Music / Slokas Online classes Computer Science subjects tuition
  • 84. So what stops you from being an entrepreneur?
  • 85. Dr Ganesh Neelakanta Iyer ni_amrita@cb.amrita.edu ganesh.vigneswara@gmail.com GANESHNIYER http://ganeshniyer.com/ https://www.amrita.edu/faculty/ni-ganesh