25 3 14 entrepreneurship csad

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