Discover how entrepreneurship is changing in the recent times and the fundamentals of starting your own venture from the scratch. Your Financing options, making your business plan , preparing your pitch deck and other challenges and mistakes to be avoided as you take the course of entrepreneurship.

1. Ms. Anubha Rastogi | Astt. Prof, Vidya School Of Business | 2017-18
Entrepreneurship & The Changing Times !

2. • An Intrapreneur is an employee who develops new business activities for their employer. It is also know as
‘corporate entrepreneurship’ or ‘corporate venturing’
• Their role would be parallel to that of the entrepreneur – generating new ideas, creating vision, identifying new
opportunities and ways to exploit them.
• The role has been described as a ‘change master’ (Kanter, 1985)
• Intrapreneurs may…
• Manage specific projects
• Set up new business units
• Reinvigorate the whole organisation
• Reinvent the industry through a radical vision or change in technology (product or process)
• Act as a disruptive force to shake existing managers from their comfort zone
• Challenge existing orthodoxy
• Question policy – thrive on chaos (Peters, 1989).
• Reap the rewards.
Anubha Rastogi | VSB

3. Anubha Rastogi | VSB
• Intrapreneurs have more interest in starting a new independent business than other employees.
• They have more entrepreneurial attitudes and perceptions.
• They personally know an entrepreneur who recently started a business and feel that they have the skills.
• They see opportunities in their environment and do not have a fear of failure that would prevent them from starting
a business.
• Skunk were advanced/disruptive product groups organizational isolated from the rest of their company
• Skunk works had control over their sales channel
• World-class R&D groups that didn’t control the channel often saw their innovation die internally
• Skunk works looked much like a startup
• Skunk works epitomized innovation by exception
• Companies now need innovation by design – innovation and execution that work side-by-side

4. Anubha Rastogi | VSB
Involves the decision to become an entrepreneur by leaving present activity.

5. Anubha Rastogi | VSB

6. Anubha Rastogi | VSB
Entrepreneurs use identifiable milestones to measure their progress:
• Deciding to start a business
• Researching the concept
• Preparing for launch
• Securing the first customer
• Obtaining the business license
And other activities which signal the business is in operation
Starting from Scratch
• Who and where are my customers?
• How much will those customers pay for my product?
• How much of my product can I expect to sell?
• Who are my competitors?
• Why will customers buy my product rather than the product of my competitors?

7. Anubha Rastogi | VSB
How does one start a new venture?
Forms of legal ownership
• Sole proprietorship
• Partnership: General partnership, Limited partnership, Limited liability partnership
• Corporation
• Limited liability corporation (LLC)
Financing the new venture
• Sources of outside financing
• Debt financing
• Equity financing
• Equity financing alternatives
• Venture capitalists
• Initial public offerings
• Angel investors

8. Anubha Rastogi | VSB
Some questions to consider before starting your own business are:
• What will I produce?
• Who are my main competitors?
• Why is my product needed?
• How much will my product cost to produce?
• How many people will I need to run the business?
• What physical facilities will I need?
• What licenses, permits, or other legal documents do I need?
• How much money will I need to get started?

9. Anubha Rastogi | VSB
• Cash Flow Management
• Hiring Employees
• Time Management
• Delegating Tasks
• Choosing What To Sell
• Marketing Strategy
• Capital
• Strapped Budget
• Business Growth
• Self-doubt
• Dealing With The Unknown
• Loneliness
• Rule-making

10. Anubha Rastogi | VSB
• Assuming A Second Market Will Adopt A Product
• Launching With Too Many Partners
• Not Making Sure Key Players Got Along
• Waiting Too Long Before Starting Up
• Undervaluing The Product
• Depending Too Much On Automation
• Trying To Be A Know-It-All
• Starting The Business Without Infrastructure
• Focusing On Growth Only
• Expecting Customers To Spot You
• Obsessing Over Competition
• Expanding Without Planning
• Not Hiring Competent Employees
• Ignoring Customer’s Response
• Missing Viable Investment Opportunities
• Not Keeping Up With Market Trends
• Investing Too Much On Workplace Setup
• Not Spotting Target Audience
• Choosing The Wrong Platform
• Being Too Mainstream

11. Anubha Rastogi | VSB
Entrepreneurship is not static. New ventures grow through transitional stages and are
eventually harvested. Entrepreneurs must transition from their roles of micromanagers to
strategic managers.
Stage I: Existence
Major challenge: obtaining customers and delivering the product or service contracted for.
• Can we get enough customers, deliver our products, and provide services well enough to become a viable
business?
• Can we expand from that one key customer or pilot production process to a much broader sales base?
Stage II: Survival
It has demonstrated that it is a workable business entity.
Major challenge: shifts from mere existence to the relationship between revenues and expenses.
• In the short run, can we generate enough cash to break even and to cover the repair or replacement of our capital
assets as they wear out?
• Can we, at a minimum, generate enough cash flow to stay in business and to finance growth to a size that is
sufficiently large, given our industry and market niche, to earn an economic return on our assets and labor?

12. Anubha Rastogi | VSB
Stage III: Success
Major challenge: Company has grown large enough to, in many cases, require functional managers to take over
certain duties performed by the owner.
The owner consolidates the company and marshals resources for growth. The owner takes the cash and the
established borrowing power of the company and risks it all in financing growth.
Stage IV: Take-off
Major challenge: how to grow rapidly and how to finance that growth.
• Delegation - Can the owner delegate responsibility to others to improve the managerial effectiveness of a fast
growing and increasingly complex enterprise? Further, will the action be true delegation with controls on
performance and a willingness to see mistakes made, or will it be abdication, as is so often the case?
• Cash - Will there be enough to satisfy the great demands growth brings (often requiring a willingness on the
owner’s part to tolerate a high debt-equity ratio) and a cash flow that is not eroded by inadequate expense
controls or ill-advised investments brought about by owner impatience?
This is a pivotal period in a company’s life. If the owner rises to the challenges of a growing company, both
financially and managerially, it can become a big business. If not, it can usually be sold—at a profit—provided the
owner recognizes his or her limitations soon enough.

13. Anubha Rastogi | VSB
Stage V: Resource Maturity
The greatest concerns of a company entering this stage are:
• First, to consolidate and control the financial gains brought on by rapid growth and,
• Second, to retain the advantages of small size, including flexibility of response and the entrepreneurial spirit.
A company in Stage V has the staff and financial resources to engage in detailed operational and strategic planning.
The management is decentralized, adequately staffed, and experienced.
The company has now arrived. It has the advantages of size, financial resources, and managerial talent. If it can
preserve its entrepreneurial spirit, it will be a formidable force in the market.
If not, it may enter a sixth stage of sorts: ossification.
Ossification is characterized by a lack of innovative decision making and the avoidance of risks. It seems most
common in large corporations whose sizable market share, buying power, and financial resources keep them viable
until there is a major change in the environment.

14. Anubha Rastogi | VSB
Basic items that should be included in a business plan:
• Executive summary
• Industry analysis
• Company description
• Product and services description
• Market description
• Marketing strategy
• Operations description
• Staffing description
• Financial projection
• Capital needs
• Milestones

15. Anubha Rastogi | VSB
Refer: https://pitchdeck.improvepresentation.com/what-is-a-pitch-deck

16. Anubha Rastogi | VSB

17. Anubha Rastogi | VSB
The idea that entrepreneurial success leads to more entrepreneurial activity may explain why
many entrepreneurs start multiple companies over the course of their career
• Corridor Principle: Using one business to start or acquire others and then
repeating the process
• Serial Entrepreneurs: A person who founds and operates multiple companies
during one career