Preparing For Entrepreneurship?

Critical Activities Before Final Launch

Preparation for transitioning from job to entrepreneurship starts with an honest attempt aimed at understanding the basic differences between the two worlds of doing business and a job. After careful evaluation if the decision is still to don the entrepreneurial hat. It is important that  certain critical activities, not necessarily in the same chronology, must be undertaken before taking the first step towards entrepreneurship. 

These activities are:

1. Developing Right Entrepreneurial Mindset: The main challenge is getting ready for entrepreneurship. This starting point concerns with developing the right entrepreneurial mindset before taking the plunge.
2. Identifying a calling that resonates with worthwhile purpose : This is somewhat the simplest and yet the most difficult step in entrepreneurship. Identifying the basic reason for being in business defines the level of passion that would provide the drive for building the business in the face of potential  challenges.
3. Defining a product or service: That satisfies a need for which a set of users is willing to pay a price. Here it is important that the size of the market is big enough to ensure economic viability.
4. Preparing business model canvas: This is the detailed project report spelling out important components of business such as 
• Product/Service cost
• Market size estimation
• Pricing 
• Profitability
• Break even point
• Quantum of finance required, its source and cost 
• Competition if any and strategy for addressing it
• Team building 
• Organization development
• Business model that is considered as the best approach for taking the product/service to the market
• Technology
• Infrastructure , its maintenance and cost
• Market feedback, customer satisfaction and product/service development
• Technology
5. Getting Funded: Preparing the Pitch Dec detaining the business plan in terms of expected growth trajectory and future projections. Making presentations to prospective investors for obtaining funding for the venture. 
6. Carrying out a pilot project: Before going full steam it is prudent to check the waters for ascertaining critical parameters before going on a large scale mode. This is done to minimize the risks and learning costs , for ensuring smoother run with the final launch of the final large scale project.

Understanding Entrepreneurship

 

Entrepreneurship! Are You Prepared For The Game?

If you are considering to start your business then you are at the right place at the right time. The journey of an entrepreneur is exciting and yet filled with challenges. These challenges are to make you stronger. The problem happens when you get bogged down with these challenges and tend to give up. Let me reassure you there is a proper check list to assess your preparedness before you jump the fence. But in the past if you have ever tried to shift gears and experienced some setback, it is only a welcome gesture to the entrepreneurship club.

Now it is a proven fact that no matter what your background is you can learn the art and science of entrepreneurship. It is a science because there are mandatory musts and an art because the balance & poise during practical application of these underlying scientific principles is an enjoyable craft.

Keep looking for more because preparation is the key to success. Remember that there are no shortcuts and if you sometimes forget this caution and crash land on a shortcut, this shortcut eventually leads you to the gift of learning in the form of failure. So there are in reality no failures only lessons to be learnt and applied.

If you have any questions or if you need any support in getting started on your entrepreneurial journey , you are invited to connect(Learn More About Our Entrepreneurship Development Program) with the author of this post for more. Author is a business coach with a passion to bring out the best in people and is keenly looking forward to support you in your entrepreneurial journey.

God Bless

Sanjay V Sharma

 

Be A New Age Entrepreneur - Follow Your Passion

The Best Organizations Are Moving Towards Greater Employee Empowerment

Global economy is evolving , new business models are emerging and this all is leading towards a new order of new age employee psychology. This is the time when it is becoming increasingly difficult to hire and retain the best talent. The sought after human resource is not easily available, expect the difficulty of hiring & retaining the best talent to increase with time. The best organizations realize this and are moving towards greater employee empowerment and employee friendly work place policies and culture

The Present Day Human Resource Practices Will No Longer Be Effective

All this brings us to a juncture where the freedom of human spirit to go after their passion and dreams will be far more evident than it has ever been. This poses new challenges to the present day businesses to adjust their systems to the new reality or they will be shocked to suddenly wake up in the new age reality , where the present day human resource practices will no longer be effective and may spell doom to the sleeping giants , who fail to make note of the changing world order

The Dilemma Faced By The Corporate Employees

Lets have a look at the 20% performers from the 80:20 rule of the Pareto Analysis , which means that the 20% employees(read leaders) in any present day corporate carry the burden of the balance 80% employees(read passive & even including counter productive passengers) in that corporate. This also explains the essence of the dilemma faced by the corporate employees who despite having the best intent and skills either are not provided with the necessary resources or are subjected to harsh situations , because of the vested interests of the few, who misuse their chair to serve their vested interests at the cost of the organization, in sharp contravention to the business objectives, of the organizations ,which they are supposed to serve, which are relegated to the last rung of the priority ladder.

Most Employees Get A Raw Deal

Most organizations fail to check this unhealthy trend leading to the exodus of good talented employees ,or even if they continue they are made to perform at a level which is far below their potential, thus the speed & effectiveness of the business gets considerably reduced, and the year on growth rates of such corporate giants are compromised to the extent that either these businesses fail in the long run or they just provide growth to the business owners and the few with vested interests and powers , but the most employees get a raw deal comprising exploitation, instability and a sense of worthlessness. These companies are left with the passengers which find difficult to run the show and they contemplate move to another express organization where the same story is repeated. This is a bitter truth of the corporate life , which even the most successful corporate executives have been subjected to at least a few times during their corporate life in the past. They are able to surmount these unfavorable harsh situations only by sheer application of their resilience & emotional intelligence and by putting in their best energies to manage their survival at the cost of their core job objectives.

Most People Still Believe That Entrepreneurship Is Not For Them

The question that arises here is  why do these star performers continue in their jobs despite such difficult and unfavorable situation. These reasons have a great deal of truth and the responsibility is highly diffused, so it becomes every body's responsibility, these include

1. Despite resentment and frustration, they continue in their jobs because they have seen their colleagues moving out of the line and got into a worse situation
2. The action plan is not clear to them , in terms of what they are going to do once they step out of the comfort zone of their monthly salaries
3. The belief that they are made to grow with, through their early childhood, that they are good enough only to secure good grades and work as an employee for another employer. This is the result of our education system which is designed to churn out best and extra ordinary employees

These reasons have had such a great impact on the psyche that despite the talk of the start ups and entrepreneurship, most people still believe that entrepreneurship is not for them

Follow Your Passion- Be An Entrepreneur

This gives us the break up of the working population into various categories and out of these categories , there is the one where the people realize that the time has come for them to be their own boss as the job doesn't hold the promise it used to once hold and they wish to follow their passion which needs them to hang up. They want to take some time to plan quitting their job but they are not too sure of what exactly do they wish to pursue next.  

What ever may be the constraints that you see as barriers between you and your dream business, we can be the bridge to take you to your entrepreneurship dream land. If you feel that your passion is bigger than your dreams , you may contact us at admin@successnsynergy.com and we shall work closely with you to work out the best solutions matching your skills , interests and expertise.

Sanjay Sharma