Skills & Myths of an Innovative Entrepreneur
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“Skills & Myths of an Innovative Entrepreneur” managed to educate and motivate. Innovation requires the “intuitive mind” and the “rational mind” to work in tandem, bringing the forces of hard work, keen observation, tedious research (reading & experiencing), understanding of trends and gaps to identify a problem and re-frame it into one worth solving. This becomes a viable Startup idea. The session also tackled Myths like “You are born innovative”, “Entrepreneurs are gamblers”, “Good ideas automatically attract funding” and so on – commonly held beliefs. The most motivating message we were left with – everybody can be innovative, one just needs to develop the skills and behavior to be that – an innovative entrepreneur.
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- 1. Innovative Entrepreneur Skills? Myths! More> Lounge47,
Aug 16, 2014 Sudeendra.Koushik@gmail.com
- 2. How many of you see yourself as a Innovator ?
- 3. What is Innovation Develop an idea that can be of social
and/or commercial use to mankind
- 4. Innovation is NOT only
- 5. 43 % 42 % Household insecticides market = 3000 cr
- 6. Social Innovation Commercial Innovation Welfare Self esteem
driven Lifestyle is key IP/Patent is not key Pull Innovation Not
for profit Industry Technology driven RoI is key IP is a goal Push
Innovation For profit
- 7. JC Bose Wireless communication 1894 Archimedes Sushrutha /
Charaka Yoga Kanad _ atomics Bhaskara _ algebra Nagarjuna_Chemistry
Bharadwaj _ Aviation
- 8. Where are you India ? INTERNET Timothy B Lee CELL PHONE
Martin Cooper
- 9. Patents
- 10. What is missing? Skill Habit That you can learn, practice
it to perfection That you keep repeating, Even unconsciously
- 11. Where am I
- 12. I don't believe there is such a thing as a non-innovative
person. Everyone is innovative somewhere in his or her life. -
Anonymous
- 13. Innovation is for Children ??
- 14. Business Process Idea YOU as Intra-preneur Idea
- 15. YOU as Entrepreneur Business Plan IdeaIdea
- 16. Your Innovation Products & Services Process Business
model None of your business Everything else Faster, Better, Cheaper
Fast food delivery Value Chain, Eco-system - Wal-Mart, Dell
Finance, Billing, Customer service Payment gateway, ATM Features,
New applications, New products, New services Glass staircase
Examples Ipad, Appstore, Opensource
- 17. Idea Solutions & Decision making Selling your
innovation ARTIST SCIENTIST INDUSTRIALIST
- 18. How to Spot Innovative opportunity?
- 19. What is your Experience of a Auto ? Why 3 wheels Why they
squeeze in Congested traffic Radius of turning Camera Tripod allows
the most precise moments to be captured and that too sharply
Unpredictable movements
- 20. PROBLEM FRAMING TRENDS FIX GAPS How to start Identify a
valuable Problem Sony Walkman ?
- 21. Bitter medicine Mosquito repellant Ganesha around the world
Chotakool Problems are everywhere if you want to see it PROBLEM
FRAMING
- 22. Face-book vs. Orkut Nokia and dual sim Kodak and Digital
Camera Ambassador, Premier Padmini Vs Hyundai, Toyota Stitched vs
Ready made clothing Desktop versus Tablet, Notebook computers
Landline versus mobile TRENDS
- 23. McKinsey Global Institute - TrendsMobile Internet Knowledge
work Automation Internet of things Cloud Technology Advanced
Robotics Autonomous vehicles Next-gen Genomics Energy Storage 3D
Printing Advanced Materials Advanced oil & gas explorations /
recovery Renewable energy
- 24. Gatorade sports drink 24 hour day care Big size clothing
Tata Nano FIX GAPS
- 25. Traits of a Innovator? EXPERIMENT OBSERVE (analogy) HARD
WORK Find other uses For existing thing
- 26. 10,000 + experiments Edison 51 attempts of angry birds
5200+ prototypes of Vacuum cleaner Sachin Tendulkar Sprint runners
on sand Rocky First Flight of 6 minutes EXPERIMENT HARD WORK
- 27. 3m Coating Post it notes Microwave oven Velcro Penicillin
Alexander Fleming OBSERVE (analogy)
- 28. Habits of a Innovator? PASSION READ-READ- READ MORE
INTUITION FACE FAILURE LOG BOOK
- 29. PROBLEM section IDEA section LOG BOOK
- 30. INSIGHT / RESEARCH PSEUDO- EXPERIENCE READ-READ- READ
MORE
- 31. 91 year old masters Left school at 14 Dr Devi Shetty's
Bangalore-based Narayana Hrudayalaya hospital performs more heart
operations a day than Singapore and Malaysia together. MRF Pace
Bowler? Make cartoons Make people happy ! Passion Passion Passion
PASSION
- 32. How do you develop intuition ? Contemplate solitude Newton
Fall of apple Archimedes Gold in crownAadi kavya.. INTUITION
- 33. FACE FAILURE
- 34. People see RESULTS and not the STRUGGLE
- 35. BORED ?
- 36. Seat for standing
- 37. Creative problem solving is looking at the same thing as
everyone else and thinking something different. Nobel prize winner,
Albert Szent-Gyorgi
- 38. Who gives ideas at work YOU caniff .. YOUR IDEA change the
way people LIVE or WORK Arthur Rock, star investor Intel, Apple,
Teledyne, more
- 39. What is Product or Service Product Tangible Generalized How
customer decides Manufacturing to dealer shop Product marketing
Innovation based on technology Service Intangible Personalized How
customer decides Manufacturing to customer service Service
marketing Innovation based on experienceRice, Sugar Bank, SaloonCar
& service
- 40. Opportunity identification Idea Or Solution PRODUCT SERVICE
Solves New Problem Solves Current Problem PATENT Timely Attractive
Durable Available
- 41. Opportunity identification PRODUCT SERVICE Timely
Attractive Durable Available
- 42. So Whattest People dont buy WHAT you do People buy WHY you
do
- 43. Myth-1 Entrepreneurs are born, not made Experience Learning
Pursuing an opportunity
- 44. Innovation is NOT about ideas only Innovation is NOT about
Technology Innovation is about meeting needs & Innovation is
about creating Businesses Entrepreneurship
- 45. Formal Degree matters ? Ratan Tata BS Architecture (62) /
Adv Mgmnt Prog Harvard (75) Mukesh Ambani BE Chemical, 1 yr (of 2)
MBA Stanford Anil Ambani MBA Deepak Parekh (HDFC) CA Kumar Mangalam
Birla CA. MBA Narayana Murthy BE(univ of Mysore), Mtech
- 46. Time Market Size
- 47. Opportunity marketFinancial Organizational Product /
Service ?
- 48. Hype Cycle for Consumer Devices
- 49. Myth-2 Anyone can start a business Planning Luck
Perseverance 1 in 10/20 survive 5 years period for capital
gains
- 50. How they started HP Motorola Sony Ex. Walkman Bowling foul
line indicator Telescope clock Drive Urinal Auto flush Shock to
lose weight! Had no idea Made Rice cooker ! Failed Struggling
battery eliminator repair biz P&G Soap and candle maker
- 51. Myth-3 Entrepreneurs are gamblers Take risks - Calculated
risks
- 52. Value chain analysis Inbound Operations Outbound Sales
& Marketing Secondary / Support Profit feedback
- 53. Myth-4 Entrepreneurs wants all for themselves Team needed
to grow big
- 54. Boxing INVENTOR Entre/intra Preneur PromoterManager High
Low High Low Creativity & Innovation GM skills, Biz Know-How,
Networking Time telling Vs. Clock building Built to last
- 55. Myth-5 Entrepreneurs work longer than managers at firms
Mixed evidence
- 56. Myth-6 Money is the most important ingredient One of the
least important ingredient
- 57. Myth-7 Entrepreneurs should be young and energetic Age is
no barrier 30s to 60s
- 58. How late is late KFC Colonel Sanders was started at 65
Steve built his first computer at 10 Ramanujam Own theorems by 12
Edison Printer as a kid
- 59. Myth-8 Entrepreneurs seek power and control Sense of
accomplishment
- 60. Opportunity & Idea or Case build-up Decision Making
Solution generation PoC / Patent Validation Idea Selling Movie 127
hours EXIT Time Difficulty per step ~ F(energy already spent) Dont
get emotionally attached Valuable problem? Valuable Solution?
- 61. Timmons model Opportunity Resources Team
- 62. Myth-9 Talent is enough; success will follow in a year or
two What else is more common Maxim amongst VC Lemon ripen in 2/2.5
years Pearls need 7/8 years
- 63. Myth-10 Any good idea will get money in Only 1 to 3 in 100
are funded
- 64. Business Plan Sense of Excitement Along with facts and
figures - anticipation and excitement of the possibilities that
surround a new venture
- 65. Myth-11 Good entrepreneurs need a good SAT, GMAT etc
Innovation, creativity, decision making Integrity, leadership, team
building, networking
- 66. IQ /SAT /CAT what not MBA Harvard Alumni was studied for 25
years So called TOP in class were found successful & NOT
successful in life So called BOTTOM were very very successful So
called MIDDLE all cases
- 67. Closing
- 68. Read unrelated stuff ! Read Related stuff ! Online Idea
contests Keep yourself challenged Draw your ideas; Think Visually
Be Positive Physically active Laugh a Lot Watch Tom & Jerry
Find and Be YOURSELF
- 69. Imagination is more important than knowledge. For while
knowledge defines all we currently know and understand, imagination
points to all we might yet discover and create - Albert
Einstein
- 70. Its a life skill part of U Its exciting - creation Its
satisfying - growth Innovation
- 71. PROBLEM SOLVING TRENDS FIX GAPS EXPERIMENT OBSERVE
(analogy) HARD WORK PASSION READ-READ- READ MORE INTUITION FACE
FAILURE LOG BOOK YOU & iQ DO THINK BEHAVE
- 72. The start How many of you see yourself as a Innovative
entrepreneur ?
- 73. Thanks for your time & Giving me this opportunity