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Piran Doctor Director ASCII Group Of Companies. Avoidable Pitfalls For The Entrepreneur.

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Presentation on theme: "Piran Doctor Director ASCII Group Of Companies. Avoidable Pitfalls For The Entrepreneur."— Presentation transcript:

1 Piran Doctor Director ASCII Group Of Companies

2 Avoidable Pitfalls For The Entrepreneur

3 Establishing Credentials

4 Pitfalls Or Mistakes Learning From Mistakes Wise learn from mistakes of others Average learn from own mistakes Fools never learn

5 Purpose Of The Session Make Sure You Don’t Make Them

6 Boy, Have I Made Many!

7 The Circumstantial Entrepreneur

8 Personal Standing Fascinated by computers Studying in 12 th Std. Proficient in Applications & F1 Key Dream to own a bike Attended a course on Entrepreneurship conducted by IMC Extremely impressed by Mr. Forbes

9 The Course Identifying Projects Finance H.R. Marketing ….. Selective Listening

10 Motivation & Support Structure Both parents in service Chartered Accountants Grass always greener on the other side Business definitely the way to go Dad puts up office space Willing to guarantee borrowings

11 The Opportunity Franchise Advertisement For Computer Education Low investment Immediate setup Money would just pour in Existing success stories Not to mention a Posh Office and the Mafatlal Name

12 Sure Shot ! Signed Up

13 C.A. Dad Prepares Project Report Loan Zoroastrian Co-op Bank Disburses Loan

14 Comprehensive 1 Week Training Rearing to go Definite beliefs on What is going to work And what is not Sure knew how to make it work

15 So What Are Your Beliefs ? Money Pricing What Brings In Customers Business Knowledge Scale Of Operations What’s Needed

16 Let’s Get Back Its My Story, Remember ?

17 Infrastructure Ready Arguable Location Out Dated Computers Arguable Scale of Operations

18 The Inauguration Small affair Called all well wishers All who would be some use

19 My First Employee Not sure of volume of business Hire 1 Lecturer Send him for training for the Course Hold the fort till he gets back

20 Contribution to brand building Advertisements I guess I was the only one that read them!

21 Lesson Learnt Brand Building Advertisements For Small Businesses A Waste

22 Advertisements Need To Focus On Getting Customers In Need To Be Focused & Customer Centric

23 The First Student Pre-Convinced Yet Took The Longest To Convince

24 The First Batch 8 in the Morning My Role Open the door Keep students entertained Apologize for Lecturer’s absence

25 What are the problems so far ?

26 Lessons Learnt Business Opportunities need to be scrutinized thoroughly Entrepreneurship NOT a bed of roses Don’t mess in something you have no idea of If you don’t have an idea – GET ONE Keep Backups Get A Mentor

27 The Learning Stage Myth I need to know everything there is

28 Never Happened Needed To Get Others

29 Recruitment A Moderate Issue Got Basic Help

30 Loan Repayments Commence Need To Get That Money In Thanks To Mr. Gutta

31 Sitting Learning Not Helping Got to get out & sell Get my self a Sales Guy

32 The Sales Stage Batches started money flowing But not enough to pay the bills

33 Sales Guy Gets A Break 1 st School Student Batch

34 Kids Do Great Easier To Teach

35 More In My League School Marketing In Full Earnest

36 First School Contract Hung On Pricing

37 Learnt About Marginal Costing Applied, Deal Goes Through

38 What are the problems so far ?

39 Lessons Learnt Sales is what we are in business for You need to know a good deal Not everything Planning Keeping provision for Working Capital Your budgets are not accurate: Provide for overflows

40 Pays The Bills, Nothing More Marginal Costing Sucks

41 Word Spreads Better Pricing More Schools

42 Business But No Money No People

43 Need Of The Hour Finance Recruitment & Training

44 Approach To Staff I Needed These Guys Nothing Less Than Equals I was Only More Equal

45 What are the problems so far ?

46 Lessons Learnt Repay before time Earn the confidence of lenders Be prepared for growth Team has to be ready before the business comes in Team is what makes it all work

47 You Gad U Dares The Unthinkable Meeting with the Chairman of the Bombay Port Trust

48 Huge Recruitment & Training Contract A Real Confidence Booster

49 Observation You tend to play at your level of comfort

50 Lesson Might as well play at levels of discomfort

51 What Holds Us Back

52 Self Image

53 Fear

54 First Invitation Out Of Mumbai Pouring In Of Advice Put On The Back Burner

55 Why Not ?

56 Respond After 3 Months Get Thrown Out

57 Get The Business Any Way Start Of A One Month Nightmare

58 The Nightmare Implementation Commenced New Language No Course Material Not a clue how to teach

59 What are the problems so far ?

60 Lesson Learnt Know your customers Know their requirements Get good local people Setup good systems Outsource what you cannot do Right amount of involvement Personal control

61 The Stage Of Growth Turnover Crosses A Crore For The First Time

62 Natural Diversification Planned This Time Around

63 Self & Staff Roles Change Levels Of Management Added Time Allocations Change Availability Change

64 Birth Of The Boss Cant be expected to visit over 30 centers myself

65 Brewing Unrest Dot Com Boom Mass Exodus Staff Retention an Issue

66 What are the problems so far ?

67 Lessons Learnt H.R. A very important function Organization growth linked with individual growth not enough Growth should be in line with other opportunities The better you train them the faster you loose them. Train anyways.

68 New Challenges Large staff strength Multi location operations Rising overheads Staff turnover Competition at every corner Ploughing back mostly EVERYTHING

69 Lessons Learnt Clear job definitions Accepting staff turnover as inevitable Greater emphasis on systems Innovate or perish No deal better at times All eggs in one basket Business is done for what you can take out

70 Lesson From Avoidance People Will Pay Your Price - If They Want What You Got

71 BPO Boom

72 New Challenges Still working on cost based pricing Pricing bound by contracts Inability to Compete With Salary Structures Rejuvenating Innovation Pampering Staff Reduces Quality

73 What are the problems so far ?

74 Lessons Learnt Value based pricing Customers understand your plight but expect solutions Involve customers in the solution Work around the problem Change your Business Model Balance systems & freedom to innovate Blow Hot Blow Cold

75 A Few Pointers The Gyan

76 Job People And Entrepreneurs It’s A Frame Of Mind

77 Our Conditioning Plays An Important Part After all you are a sum total of every thing you have picked up on the way

78 Look Before You Leap

79 A Rolling Stone Gathers No Moss But you definitely get polished

80 More to be worried in case you are a first generation business man

81 Get Clear Why You Want To Get Into Business Not Just Any Business - THIS Business

82 You Are An All In One - Till You Can Afford Others

83 Plato on blindness The Discomfort Of Something New

84 Pointers On Learning

85 How To Use Learning Especially Contradictory Points Of View

86 Ask If you don't know If you want something No matter how stupid or audacious

87 Ask the right questions to the right people

88 Try, Keep If It Works For You Don’t emulate big businesses - It’s a different ball game

89 Internalize Or It Will Just Be Your Knowing

90 Take Advise - But Make Your Decision After all the consequences are yours

91 Model On Success

92 Go into details

93 Smart Works. Smarty Does Not

94 Fear & Insecurity Don’t try to be fearless They are your allies Listen to them They are warning signals Acknowledge them get the message Set the situation right

95 Beliefs Question them Check to see if they are your own See if they serve you well Drop them if they hold you back Strengthen them if they empower you

96 Your Beliefs Form Your Limitations

97 Self Image Don't identify your self image to your role as an entrepreneur or It becomes a roller coaster ride

98 Put A Person In A Situation And He Survives You too will survive

99 Courage Is Not The Absence Of Fear, But The Ability To Do What Is Right In Presence Of It

100 Take Calculated Risk With Ideas With People With Money With Whatever You Got

101 The Imagined Risk Is Always Greater Than The Real Risk

102 Making Choices No Golden Formula You cant have everything You cant do everything Make them one at a time If they were right, good for you If they were wrong, get the lesson

103 Pick Your Niche

104 Pick Your Battles Great things come out of war But you need peace to enjoy the fruit

105 Adapt & Innovate

106 Give More

107 Let Others Grow With You It Is The Fastest Method

108 Share Your Vision And How The Business Is Doing

109 Keep In Touch With Customers

110 Relationships Are Everything

111 Integrity Is Important

112 Go For The Long Run

113 Change Is The Only Constant

114 People Closest Resist Most They Have Invested In You

115 It Is A Continuous Discovery

116 Don't Work Because U Have Nothing Better To Do

117 Certain Things Are Cast In Stone

118 The Rest Are Shades Of Grey

119 As Kenny Rogers Puts It Know when to hold them Know when to fold them Know when to walk away Know when to run You never count you money sitting at the table until the dealings done

120 Please feel free to contact me Piran Doctor, Kamani Chambers, 32- R. Kamani Marg, Ballard Estate, Mumbai Tele: ,


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