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Entrepreneurship

Sam LodhiMarch 2011

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A Non Entrepreneurial Time Line

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School College University Further Education

Retirement

As time/education increases, salary increases

Work

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Self Reflecting Questions

1. Why are you here studying?

2. What do you want to do in the future?

3. Why do you want to do that?

4. Do you understand the risks and costs.

5. What do you need to get there?

Thinking about where you want to be in the future?

Are you happy with Status Quo?

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Importance of Personal Analysis

Do you have what it takes to be an entrepreneur and do you really want to be one?

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Personal Analysis

1 -Dream

2 - Decisiveness

3- Doers4- Determination

5 - Dedication

6 - Devotion

7 - Details

8 - Destiny9 - Dollars

10 - Distribute

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The Model Entrepreneur !

1. Dream -Entrepreneurs have a vision of what the future could be like for them and their business.

2. Decisiveness - They don’t procrastinate. They make decisions swiftly.

3. Doers - Once they decide on a course of action, they implement it as quickly as possible. 

4. Determination - They implement their ventures with total commitment. They seldom give up, even when confronted by obstacles that seem insurmountable.

5. Dedication - They are totally dedicated to their dream, sometimes at considerable cost to their relationships with their friends and families. They work tirelessly. Twelve-hour days, and seven-day work weeks are not uncommon when an entrepreneur is striving to get a business off the ground.

6. Devotion - Entrepreneurs love what they do. It is that love that sustains them when the going gets tough.

7.  Details - It is said that the devil resides in the details.

8. Destiny - They want to be in charge of their own destiny rather than dependent on an employer.

9. Dollars - Getting rich is not the prime motivator of entrepreneurs. Money is more a measure of their success.

10. Distribute - Entrepreneurs distribute the ownership of their business with key employees who are critical to the success of the business.

Entrepreneurial Business

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It’s all about creating Value

In order to successfully provide value to another person, it must take on a form they’re willing to pay for.

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Businesses & Value Creations

• Product – Create a single tangible item or entity, the sell and deliver it for more than what it cost to produce.

• Service – Provide help or assistance, then charge a fee for the benefits rendered.

• Shared Resource – Create a durable asset that can be used by many people, then charge access.

• Subscription – Offer benefit on an ongoing basis, and charge a recurring fee.

• Resale – Acquire an asset from wholesale, then sell that asset to a retail buyer at a higher price.

• Lease – Acquire an asset, then allow another person to use that asset for a predefined amount of time in exchange for a fee.

• Agency – Market and sell an asset or service you don’t own on behalf of a third party, then collect a percentage of the transaction price as a fee.

• Audience Aggregation – Get attention of a group of people with certain characteristics, then sell access in the form of advertising to another business looking to reach that audience.

• Loan – Lend a certain amount of money, then collect payments over a predefined period of time equal to the original loan plus a predefined interest rate.

• Option – Offer the ability to take a predefined action for a fixed period of time in exchange for a fee.

• Insurance - Take on the risk of some specific bad thing happening to the policy holder in exchange for a predefined series of payments, then payout claims only when the bad thing happens.

• Capital – Purchase an ownership stake in a business, then collect a corresponding portion of the profits as a one-time payout or on-going dividend.

Summary

• Being an entrepreneur is hard work and is all about creating value.

• You will need to make sacrifices.

• There is a high emotional investment.

• You may fail initially but the perseverance will pay off eventually.

• Your success may not be what you imagined.

• You may not become a billionaire, but you could still have

• A comfortable enjoyable life.

• Be your own boss.

• Be in a better position than people who have worked all their life.

• Deferred Gratification

• Providing Value

Entrepreneurship is all about:

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Biography

Sam Lodhi

Samir Lodhi is one of the founding partners of Inkosis Ltd. He is also one of the directors of I.B.R.S. Plc. a consulting practice which advises firms on technology, risk and assurance.

Over the years Sam held various management positions in UK and overseas, including the COO of ClubNet Communications, where he turned the company around operationally and positioned for its successfully multi-million sale.After the sale of ClubNet communications, Sam started investing in the Internet sector in 2001 as a private investor. Eventually, this was to become the start of the Inkosis private equity fund.

Sam graduated from Queen Mary College, University of London with an bachelor's degree in Computer Engineering. Subsequently with a Masters in Information Security from the prestigious Royal Holloway College, University of London.

• www.ibrs.com

• www.inkosis.com

• http://uk.linkedin.com/in/lodhi