Entrepreneurship Mukul Madahar Cardiff School of Management 25th March 2014
Entrepreneur • “A Person who sets up a business or businesses, taking on financial risks in the hope of profit.” Oxford Dictionary
• Is it just about the Steve Jobs and Bill Gates????
The Traits Perseverance – Uncertainty, Failure Passion – Love it or DON’T do it! Tolerance of Ambiguity – Risk. Vision – ahead of the market. Flexibility – Willing to change and adapt. Role breaking – Doing what the majority is not doing. Source: www.entrepreneur.com
10 Must Answer Questions • • • • • • • • • •
How large is your addressable market? How fast is the market growing? Who’s make up your management team? What’s your “secret sauce?” What are the barriers to entry/competitive advantage? What do your financials look like? What’s your path to profitability? Why is this a company versus a product/service? Who’s your competition and how do you beat them? Why can’t Microsoft do this? (or name any big, established company…)
Machala and Farrell
The Secret Ingredients • THE IDEA • Will you BUY it? (Keep the bias on the side) • Your Family and support network…including your community. • Management knowledge (formal and informal). • Passing on the Baton!
Thank you very much for your attention. • Any questions