Turning today’s most promising Startups into tomorrow’s most successful businesses How to be a successful Entrepreneur Azhar Rizvi CEO & Director Tech Angels Network (TAN) March 11 th, 2009

“There is no Magic Pill for becoming a Successful Entrepreneur”

'Entrepreneur' pill Better business... through chemistry? Entrepreneurs must be able to tolerate risk-risky behavior in a decision-making context and cognitive flexibility. CNNMoney.com March 4 & 5, 2009: 4:35 PM ET

"By cognitive flexibility, we mean the ability to spontaneously restructure one's knowledge, in many ways, in adaptive response to radically changing situational demands...This is a function of both the way knowledge is represented (e.g., along multiple rather single conceptual dimensions) and the processes that operate on those mental representations

The First Step Risk Factor – What if I Fail Personal Assessment - Do I have it in me to succeed Family and friends How and where to Start Where to get the funding Will I be able to make lots of money

Key Characteristics Huge drive Willing to take risks Able to develop new ideas Able to get on with people Strong leader (driven followers) Dominant person Has problems with a manager above

Crystallizing your Thoughts Make a daily living Achieve social and economic security Work for oneself, not for others Commercialize a particular idea, technology or skill Focus on the business Becoming market leader

Business Planning Identify business opportunities Scan competition Put down your key services/ products Meet peers, businessmen Put together a business plan Find out funding avenues Team Plan your finances

Executive Summary May contain some or all of the following: A description of company strengths and weaknesses, products and/or services and achievements and failures. a description of the market opportunity available; a viable business opportunity; the values driving the business; an overview of the industry in which the business will compete, including demand and competitive advantage; a strategy as to how the business intends to accelerate in next 5 years; a statement as to the management and other resources that are available or will be acquired to accelerate the business; a general plan for capitalizing the venture; and the identification of critical issues to be resolved as the business moves forward.

Entrepreneur’s Perspective Customer Focus Stake Holders Team

Customer Focus Get comfortable asking advice and help. Improve Listening Skills Talk to your competitors. Talk to established entrepreneurs and Professionals. Networking and Industry Association. Meet your Prospective / customers. Understand your differential advantage. Beta Testing – Customers Customer – A great funding resource. To sell many, sell one. Maximize customer satisfaction Maintain a diary and take notes.

Stakeholders interest Financial Planning. ROI – is the name of the game. Assume goodwill; but audit, measure and lock the doors – or you are running a hobby business. People who say they can raise money for your startup usually can’t.

Team Are you OK with being in charge? Get the right Mix. New versus a existing teams. Find a lead Sales Person Efforts and Rewards Readathons – Good to Great. Suggestion box. No one cares as much about it as you do.

Giving back to community Adopt a project. Involve your team. Reward – Star performers Advantages.

Just stay in business. Do whatever it takes to make it to that third year. Don’t flame out. Good Luck.

Thank You