DR. T.K.

JAINS NOTES FOR ENTREPRENEURS

the 10 point orientation programme for future entrepreneurs

Short, crisp, and impact making guidelines
Dr. Trilok Kumar Jain

2013

DEAN

,ISBM, SURESH

GYAN VIHAR UNIVERSITY JAIN.TK

, JAIPUR @GMAIL.COM

M: 9414430763,

10 point orientation programme for future entrepreneurs By Dr. Trilok Kumar Jain

For whom? thow who have become entrepreneurs those who aspire to be entrepreneurs those who aspire to train entrepreneurs thow who aspire to support entrepreneurs

1. Ideas that can Cash

Business success depends on Ideas. The ideas that are produced in laboratories, fail in market. The ideas that will entice the market, will rule the business. So pick up ideas that will generate quick cash and will enable you to recover your investment in as short time as 2-3 years. If a business is designed to generate cash after 10 years, close the idea - this idea would suit an MNC or a government company - not a fresh entrepreneur. 2. Ideas that have aspiration value There are ideas that can generate cash, but the business is related to not so dignified field. Forget these ideas. Pick up ideas that have aspiration value. There are ideas that people will respect, love and admire. Starting an educational institution for example, has an aspiration value, but starting a bar is not having

such aspiration value. So between these two ideas, the first idea should be given preference. 3. Ideas that are slightly ahead of time There are ideas that are related to remote future - such ideas will take a long time to succeed. Dont go for ideas that will require concept marketing. Such ideas are great - but for those who are established entrepreneurs. You are yet to start. Dont start with experimentation. 4. Beyond marketing - feel the customers People will ask you to adopt marketing for success in entrepreneurship. I ask you to adopt customers. When you adopt customers, you feel them, you understand their anxieties, their worries, their pulse and then you design products that will not fail in the market. More than products, you fail because you fail to cover your products with right services, right design, right packaging, right emotions and right supprt system. These additional things are more important today than the bare product. These additional things come to you when you embrace customers. Invite your customers for occasional discussions, feedback, interactions and involve all your team members in such sessions. Everyone of your team must undertand how you add emotions to your product. 5. Evolve products that will be required tomorrow

Products and services that will sell tomorrow - may have a small market segment today. But its better to try with this small segment. Build your expertise which will enable you to prepare for the future. Its not necessary to have a large market share, but its necessary to have a market segment which will continue to grow in future. Take Steve Jobs for example, he launched products that were catered to the market segment that was very selective, careful and 6. Start small Many entrepreneurs spend years in trying to go for a big project - ultimately they loose their energy. Start small - its easier, its faster, its full of learning and its fun. You are relatively stress free. You are everyone - marketer, producer, HR executive, and even a receptionist of your business. But this pays you

when you stretch your business. Stretch your business slowly. With every increase in business operations, there come problems un-anticipated. So its better to start small and grow slowly. 7. Dont create assets - if create - create for life Successful entrepreneurs create enterprises, not fixed assets. Fixed assets are bye-products. They emerge spontaneously. If you are keen to produce fixed assets, you be prepared to block your working capital. Keeping a higher working capital is always advantageous. Blocking your working capital in fixed assets is not advantageous. Still if you are creating fixed assets, plan them carefully and construct them for generations. It requires only slightly more planning and some extra resources to make your fixed assets the best of class. This will add a brand to you, give you more prestige and a satisfaction that you have gifted to the world a beutiful building. The buildings that you make, should not be designed for the present business that you are running, but should be designed to last for next 200 years. 8. Be prepared to close down your business

Gorwth in life require switch over. When you grow, you switch from class 5 to 6, then from 6 to 7, and so on. With each switch over, you find new circumstances, new rules and new set of game. In business, you may have to switch over from one business to another. Today you are making product X, tomorrow you may have to produce Y, which may be significantly different from X. Thus you have to be prepared to close your business. There will be emotional attachment with your business, but be prepared to close it. 9. Hire intrapraneurs, inspire them and give them freedom Selecting right employees is very difficult task today. Dont hire employees who will work for fixed time. Hire intrapraneurs. Dont look at qualifications and degrees. Look at initiative, zeal, enthusiasm, will power, dreams, aspirations, values, culture, family upbringings, and do experiment in your selection process. Innovate, involve and introduce systems for inviting interns and for their engagements. Enable your interns to be your partners in the years to come. Spare your time to couch, mentor and guide your interns. Be prepared that out of 100, you will hardly be able to pick 10 interns and out of 100 interns, you will be able to find 10 intrapraneurs and out of these 100 intrapreneurs, 10 will make the real entrepreneurs for you and enable you to expand your business beyond your imagination. 10. Sell your success story

People will invite you to share your success story. B-schools, schools of entrepreneurship, industry associations will all call you once or twice. Be prepared to sell your story. You should return with a group of admirers. Create an online marketing channel to share your story and network with your admirers. This will enable you to take up the next steps in your business - that of scaling, that of adding franchisees, that of adding partners in new locations, and that of going to public. Dont keep any ego. Share your success story on internet, in newspapers, in magazines, and tell people about how you started from scratch, how you struggled and how you ultimately survived.

Pl. do read my other articles also - which are freely available on the net : -

Beginners Guide to Career Enrichment Biographies of Great Scholars from Bikaner Bikaners Greatest Role Models of our times

Sujit Lalwani An Inspirational Leader and Social Entrepreneur Abhay Jain Granthalaya Bikaner Harakh Chand Nahata The Great Social Entrepreneur

I also need your support - I also need your network - I also need your patronage - I also need you.