Challenges faced by other young entrepreneur

WELCOME

Honourable Judges, Rotary Club Members and all My Participating Friends.

Speakers – Know How!

1. Shikhar Singh – MMS I Yr.2. Jason Mascarenhas – MMS I Yr.3. Suman Raina – MMS I Yr.

InTrOdUcTiOn

I TO... U TO...

A person who organizes, operates, and assumes the risk for a business venture.

Why Are We Here ??

• To Share Our Own Real Time Experience as “Entrepreneur”…..

• To learn various other aspect of, “Challenges Faced By other Young Entrepreneur”.

• To Discuss Many Other Issues as Entrepreneur.

What are we talking about ?

Entrepreneur• Costumer oriented• Bold and ambitious• The Company works for him• Hire people to make them

future entrepreneur• Creates his own idea and

implements it fast• Generally an innovator &

quick mover

Businessman• Usually a profit oriented• Usually plays safe• Works for the Company• Generally hire people to

contribute profit• May be purchased, donated

or inherited• Usually has a traditional

business format

Entrepreneurs Approach • General Approach – • Broad knowledge base – depending on circumstances & available

resources, Region based Agri - business , selling food. Opinions – subjective Report. General notion – manufacturing is difficult, service is in.

• Our Approach – • Research based learning – HPL project Research Methodology – Questionnaire- Response-Analysis-

Conclusion Interview – General Questions – challenges, learning.

Steps and Rules \ Regulation for our “High Performance Leadership” Project undertaken .

• 15 member, Per head 1000/-Rs, 3 Months.

Coming Straight To The Point !• Raising funds (Generating Capital) – Rs 1,000/- each.

• Decision on the business idea –unique, profitable, sustainable (Expert Advice, Brainstorming,

Experiment n Learning)

• Assuring commitment of people whose idea is not selected

Justify why their idea is not the best in the current scenario. Explain the new idea. Tell them that they & their advice is valuable.

• Distributing the product through channels- already the distributors & dealers are committed (Relationship based selling)

• Narrow profit margin Company- distributors- wholesalers-retailers-customers We normally buy from wholesalers & sell it to customers But it would be more profitable if buy-company sell- customers We have to sell in large volumes to make substantial profit ?? We lose competitive edge because we are not selling at a low price.

• Choice of leadership style that can bring & keep different people together Dominate/authoritarian ->people loose interest & motivation Democratic/friendly -> people get interested & enthusiastic

• Competition – brand loyalty of the customers towards established brands “Dealers don’t buy unknown brands1”

• Time to develop new customers – 3 months

• No annuity or fixed business-since newly started –risk is high!! ( focus on business development)

• Forecasting is difficult without the past data n trend available (market survey)

• Less working Capital/ liquid cash – If large inventory is stocked-money gets locked- difficult to operate- Risk is high !!

HIGH MARKET

RISK BARKING

• Budget constraints Acquiring right people –skills Promotion & advertisementsI. Lead generation –corporate database- 1:10II. Warehouse III. Stock taking- zero deviation…physical n system-lack of IV. software & coordinationV. Cell phone usage- no feedback---limited customer callingVI. Conveyance- meeting customers---delivering goods

• Customers don’t trust easily- young – serious New- capability –product/service Quality- e.g.chocolate making / selling training

• Service consistency – same people react differently based on Internal & external environment Different people

• Service availability- we couldn’t cater to people from Pune , Delhi

We Tried to understand …..• “Fall in the journey of life only to rise again,

remember this life is to educate you and you have only to gain”

“Failures are the stepping stones to success”

• Relationship is the key to selling

• Team functions best when mutual respect love n affection selfless spirit to serve team members everyone “thinks customer” Cooperation instead of competition Collective intelligence instead of Individual intelligence If you walk alone, you walk fast. If you walk with others you reach far.

• TEAM – ogether veryone chieves ore• WORK - illingness pportunities espect nowledge

• Choose a business which falls in the intersection of the 3 imp circles

What I am good at ?

What is hot ?

What I like to do?

• Risk & Growth curve v/s Business stages

Stage 1 Stage 2 Stage 3 Stage 4

Series 3RiskGrowth

Our Learning & Conclusion• Success is not simple• Communication & Relationships are

interdependent• Prioritizing Tasks – Helps a lot.

• “ It sales : but YOU have to SELL !”

Thank You !