How to become a successful entrepreneur

How to Start a Business –
Become a successful entrepreneur
ganesh.vigneswara@gmail.com, ni_ganesh@cb.amrita.edu
Dr Ganesh Neelakanta Iyer
Amrita Vishwa Vidyapeetham
Associate Professor, Dept of Computer Science and Engg
Amrita School of Engineering, Coimbatore

About Me • Associate Professor, Amrita Vishwa Vidyapeetham
• Masters & PhD from National University of Singapore (NUS)
• Several years in Industry/Academia
• Sasken, NXP, Progress, IIIT-H, NUS
• Architect, Manager, Technology Evangelist, Visiting Faculty
• Talks/workshops in USA, Europe, Australia, Asia
• Cloud/Edge Computing, IoT, Game Theory, Software QA
• Kathakali Artist, Composer, Speaker, Traveler, Photographer
GANESHNIYER http://ganeshniyer.com

Agenda
• Introduction
• Characteristics of Successful Entrepreneurs
• Starting a business
• Some successful entrepreneurs and their habits

Definition
entrepreneur
/ˌɒntrəprəˈnəː/
noun
plural noun: entrepreneurs
a person who sets up a business or businesses, taking on
financial risks in the hope of profit.
"many entrepreneurs see potential in this market"

10 Characteristics of
Successful Entrepreneurs
https://www.cleverism.com/10-characteristics-successful-entrepreneurs/

#1. UNENDING PASSION
“Enthusiasm is the
sparkle in your eyes, the
swing in your gait, the
grip of your hand and the
irresistible surge of will
and energy to execute
your ideas.” – Henry Ford
Dr Ganesh Neelakanta Iyer 7

#1. UNENDING PASSION
• Every good entrepreneur has a tremendous passion for
what they are doing – for changing the world with their
products and services
• It might sound crazy but passion is the reason
entrepreneurs get up in the morning
• It provides people with motivation, movement and
resilience
• You won’t be stuck in the rut if you have passion – you
won’t be fazed by problems

How to find your passion?
• Start by creating a simple list of things you love. What things give
you the most joy in life? What are the actions, the people, the
emotions and the things you enjoy the most?
• Don’t think what you think you want to do but what you actually enjoy
doing. If money and fame were out of the equation, what would
make you get up in the morning and put a smile on your face?
• If you think about the issue like this, then you can start
understanding where your passion is rather than focusing on where
you think it should be

On a sheet of paper, can you identify your passion?

#2. THE ABILITY TO STAY MOTIVATED
“Success is walking
from failure to
failure with no loss
of enthusiasm.” –
Winston Churchill

#2. THE ABILITY TO STAY MOTIVATED
• The life of an entrepreneur can be hard and no matter how
passionate you are, sometimes getting out of bed might seem
overwhelming
• But the successful entrepreneurs do it – they stay motivated even
when times get tough
• A great entrepreneur is the one who encounters a problem and still
keeps moving forward because they are driven.
• You need to also understand that the road of an entrepreneur can be
lonely
• The world’s greatest entrepreneurs haven’t relied on others to
motivate them. They are able to self-motivate and to find the fire
inside them each morning

How to motivate yourself?
• The key is to make the goals small and tangible
– break down a bigger goal – such as launching your own business – to
smaller goals – setting up a website, finding a partner, etc
• You also need the goals to be tangible. For example, becoming an
entrepreneur is not as a tangible goal as launching a cosmetic shop
online
• although you are doing the same thing in both situations
• Make sure you take time to reward yourself for accomplishing tasks
– It doesn’t have to be anything huge – a new book, a date with your spouse
or a five-minute nap can be just as motivating as a huge, expensive
holiday

• Can you breakdown your goals into small chunks?
• Also list down how do you want to reward yourselves for
each tasks accomplishments?

#3. WILLINGNESS TO TAKE AND TO
TOLERATE RISK
“Security is mostly superstition.
It does not exist in nature, nor
do the children of men as a
whole experience it. Avoiding
danger is no safer in the long
run than outright exposure. Life
is either a daring adventure or
nothing.” – Helen Keller

#3. WILLINGNESS TO TAKE AND TO
TOLERATE RISK
• Successful entrepreneurs are those who take risks
• You need to see risks as part of the job description and to be
able to navigate the risky world of business in style.
• These entrepreneurs understand the difference between
calculated risks and mindless risk
• They know risks will be part of the game but by taking their
chances, they can succeed quicker than if they just sat
around waiting for the right moment

How to become better at tolerating risks?
• What can you do to become better at tolerating risks?
• The best thing to do is to keep learning
• Learn about being an entrepreneur, your industry, the taxes, human
behavior and everything out there
• Furthermore, you need to become better at creating backup plans
• The risks you take are easier to handle when you know there’s a
Plan B
• You won’t feel scared or nervous during the process because you
know there is a backup to fall to – something to keep you going even
when you don’t first succeed

• Can you identify and list Plan B for your idea items listed
before in case of a risk that comes up?
– E.g. When you have half way through your idea, someone else
already advertise a business plan with similar idea as yours.
– This is risky for you since he might get more business. What
will you do?

#4. BEING ABLE TO GET ALONG AND TO
LEAD PEOPLE
“A leader is one
who knows the way,
goes the way and
shows the way.” –
John C. Maxwell

#4. BEING ABLE TO GET ALONG AND TO
LEAD PEOPLE
• Entrepreneurs are great at elevating others while still acknowledging
the importance of other people in their own success story
• Entrepreneurs genuinely like people and they want to surround
themselves with other high-achieving people
• You need to have that networking bug and a real desire to keep in
touch with people
• You should be a person who cares about other people and likes to
help them

How to network and lead more effectively?
• Start networking as part of your daily schedule
Schedule a networking hour
•This should be an hour or two of your time
spent just on networking.
•Do it at least three times a week.
Connect with the people you
know
•Use the time to connect with those people
•Send e-mails, make phone calls and
organize meetings

Have a plan prepared on your networking improvement

#5. OPENNESS TO CHANGE
“Some people don’t
like change, but you
need to embrace
change if the
alternative is
disaster.” – Elon Musk

Only thing constant in this world is change

#5. OPENNESS TO CHANGE
• Technology is one of the major reasons for the change
• For entrepreneurs, the key is to adapt to the change quick
enough
• If you don’t have an open mind in the modern world, you are
likely to miss out on opportunities
• A successful entrepreneur is always looking for new ways of
doing things

How to become adapted to change?
• You need to view it as an opportunity rather than a problem or threat
• Sometimes change seems bad at the outset and it’s painful
• It’s a good idea to become better at dealing with change by forcing yourself to new
situations
• If you willingly seek out new experiences and unexpected situations, you will learn
how to adapt to these moments
• Simple things such as travelling to new places, trying different foods, challenging
yourself with new situations are enough to help withstand stress of change better

• Can you list three items that you want for a change?
– E.g. Tasting Thai Red Curry with rice using chop sticks…
– Travelling to Myanmar as next holiday for a change
– etc

#6. TOUGHNESS TO KEEP MOVING
FORWARD
“Achievement seems to
be connected with action.
Successful men and
women keep moving.
They make mistakes but
they don’t quit.” – Conrad
Hilton

#6. TOUGHNESS TO KEEP MOVING
FORWARD
• As you’ve already become aware, the life of an entrepreneur is not
easy
• But the successful ones have a strong characteristic of staying tough
in the face of adversity
• These entrepreneurs know that things don’t always go according to
plan and the world of business can provide you with your (un)fair-
share of setbacks
• But no matter what life throws at these entrepreneurs, they will keep
marching forward. They have an aura of resilience around them.

How to be more resilient?
• If you know how to learn from your mistakes, then you can move forward
stronger
• You realize that negative feedback or mistakes don’t define or destroy you
– you can use the experiences to grow and to learn, becoming stronger
and better as a result
• You need to be able to identify things you can change (not enough
customers – increase your reach) and those you can’t
• The ability to know what things you can change and what you can’t, will
equip you to handle things and to let go of worrying about things you can’t
control.

#7. DESIRE TO COMPETE AND TO WIN
“Winners never
quit, and quitters
never win.” –
Vince Lombardi

#7. DESIRE TO COMPETE AND TO WIN
• Entrepreneurs can’t be everybody’s friends
• There is no such thing as a participation award in the world of business.
Some win and some lose
• The most successful entrepreneurs want to win
• They like the competition and thrive on the prospect of beating the
competition
• Being an entrepreneur is similar to being a top athlete – you need the
same willingness to put yourself on the line and the hunger to come out
on top.

How to love competing?
• It’s important to understand the love for competition doesn’t mean you wish bad for
others
• Entrepreneurs don’t compete purely for personal gain
• They want to win because they believe in their vision – they know others will benefit
from their victories.
• You need to know that you don’t want to harm other entrepreneurs – you just think
and know your product or service is the winning one
• Challenge yourself with new experiences and start looking for those clever ways to
make your product or service better

#8. UNDERSTANDING OF FINANCES AND BUSINESS
BASICS (OR THE WILLINGNESS TO LEARN!)
“Rule No. 1: never
lose money. Rule
No. 2: never forget
rule number 1.” –
Warren Buffett

#8. UNDERSTANDING OF FINANCES AND BUSINESS
BASICS (OR THE WILLINGNESS TO LEARN!)
• Good entrepreneurs need to be good with money – it’s as simple as
that
• You can’t grow a successful business if you don’t know anything
about finances or business
• Even if you don’t do it all on your own, you’d still need to be smart
enough to figure out who are those people worth listening to.
• Successful entrepreneurs understand what cash flow is and how
their taxation impacts the bottom line.

How to develop your business skills?
• You just need to be willing to learn and to listen to those
who’ve already made it in the world of business.
• You should definitely read business books, follow
entrepreneurs on social media, check up industry blogs and
attend seminars and workshops
• Take in everything you can about how to make it as an
entrepreneur and how to handle money.

List three points you would like to do to develop your
business skills

#9. CREATIVE AND PROGRESSIVE VIEW
OF THE WORLD
“You can’t connect the
dots looking forward; you
can only connect them
looking backward. So you
have to trust that the dots
will somehow connect in
your future.” – Steve Jobs

#9. CREATIVE AND PROGRESSIVE VIEW
OF THE WORLD
• The best entrepreneurs are creative creatures – they see
opportunities in places where others might not
• They think outside of the box and introduce us to products
and services we sometimes didn’t realize we needed.
• You’ll succeed if you understand the world is changing
and you need to embrace and innovate this change

How to stay creative?
• It’s important to constantly stay on the lookout for new ideas – you never
know what you find
• Again, one of the best ways to keep innovating is to keep learning
• You don’t want to be stuck with just your industry but to see what
entrepreneurs in different sectors and in different countries are doing
• By surrounding yourself with new information and different people, you will
become more creative and open to ideas. So, don’t be afraid to trial new
technology, trying different methods and techniques and meeting people
with different mindsets.

#10. DETERMINATION IN THE FACE OF
DECISIONS
“In every success
story, you will find
someone who has
made a courageous
decision.” – Peter F.
Drucker

#10. DETERMINATION IN THE FACE OF
DECISIONS
• Successful entrepreneurs are great at making decisions
• Now, this doesn’t always mean they make the right decisions; But it
does mean they are willing to make those decisions nonetheless
• Successful entrepreneurs don’t ponder a decision for weeks and
months – they understand the opportunity might slip by if they did
• You can’t ponder decisions for too long – sometimes you just need
to decide even when you’re not sure of the facts. It all comes down
to your ability to tolerate the risks, too.

How to become better at decision-making?
Step 1. Creating a constructive environment
Step 2. Investigating the situation in detail
Step 3. Generating good alternatives
Step 4. Exploring the solutions
Step 5. Choosing the best solution
Step 6. Evaluating the plan
Step 7. Communicating the decision and taking action

Why Mark Zuckerberg always wears the
same colored T-shirt?
45
https://www.businessinsider.in/Heres-The-Real-Reason-Mark-Zuckerberg-Wears-The-Same-T-Shirt-Every-Day/articleshow/45064550.cms

THE CHARACTERISTICS THAT MAKE
SUCCESSFUL ENTREPRENEURS
• The above ten characteristics are things all successful
entrepreneurs share
• Without passion, you can’t find motivation and without your
ability to take risks, you can’t ever be decisive in the face of
decisions
• You can learn to find your passion or become better at
knowing how the world of business works

How to start a business?
https://blog.hubspot.com/sales/how-to-start-a-business

How to Start a Business
Download a
business plan
template.
Create a
business plan.
Determine your
business' legal
structure.
Register your
business'
name.
Review small
business
taxes.
Market the
business.
Sell your
products and
services.
Keep your
customers
happy.
Fund the
business.

What is a business plan?
• A business plan is a living document that maps out the
details of your business. It covers what your business will
sell, how it will be structured, what the market looks like,
how you plan to sell your product or service, what funding
you'll need, what your financial projections are, and which
permits, leases, and other documentation will be required.

How to Make a Business Plan
• Narrow down what makes you different.
• Keep it short.
• You can (and should) change it as you go.

How to Write a Business Plan
• Write an executive summary.
• Describe your company and business model.
• Analyze your market's conditions.
• Explain your product and/or service.
• Outline all operations & management roles.
• Design a marketing & sales strategy.
• Detail a financial plan with business costs, funding, and
revenue projections.
• Summarize the above with an appendix.

Business Plan Template

Example

Next Steps
• Make your business legal
• Register a business name
• Learn Marketing techniques
• Look for funding

Most Famous Entrepreneurs of All Time
https://www.inc.com/larry-kim/11-most-famous-entrepreneurs-of-all-time-and-what-made-them-wildly-rich.html

Walt Disney
Walt Disney started off as a farm boy
drawing cartoon pictures of his
neighbor's horses for fun. When he
was older, Walt tried to get a job as a
newspaper cartoonist, but was unable
to find one and ended up working in
an art studio where he created ads for
newspapers and magazines.
Eventually he grew to work on
commercials, became interested in
animation, and eventually opened his
own animation company

J.K. Rowling
Today J.K. Rowling is a household
name for fans of the beloved Harry
Potter book series, but she wasn't
always gifted with magic. The fact is,
J.K Rowling was at her rope's end
before her misfit gang of witches and
wizards saved her. Before her
bestseller cast a spell on readers,
J.K. Rowling was living on welfare
and struggling to get by as a single
mother

Steve Jobs
Jobs dropped out of college because
his family couldn't handle the financial
burden of his education. He
unofficially continued to audit classes,
living off free meals from the local
Hare Krishna temple and returning
Coke bottles for change just to get by.
Jobs credited the calligraphy class he
stopped in on as his inspiration for the
Mac's revolutionary typefaces and
font design.

Kris Carr
We all get hit by unforeseen
obstacles. For Carr, it was a rare
cancer. Carr fought her disease head
on with a new nutritional lifestyle,
developing a career as a successful
author and health coach in the
process. Despite facing challenging
circumstances from the start, she is
now looked to as one the most
knowledgeable experts on healthy
living online today.
https://www.entrepreneur.com/article/249961

Young Indian Entrepreneurs Of 2018
https://yourstory.com/mystory/top-10-young-entrepreneurs-in-india-2018-till-date-cdulu28uft

Ritesh Agarwal - Age 24
Ritesh Agarwal has had an interesting
childhood. He was never fond of studies so he
dropped formal education out of his plans. The
idea of Oravel Stays struck him when he was
18. The basic idea was a budget hotel chain
that provides B&B. Realizing that no other
service offered a room for a budget traveller,
Ritesh took the idea from Oravel stays to OYO
rooms and voila! Agarwal started OYO with 11
only rooms in a Gurgaon hotel. This is one of
the best successful entrepreneurs stories in
India. Today, OYO has 65000 rooms in about
5500 properties across 170 cities in India.

Shravan and Sanjay Kumaran - Age 15,17
Shravan and Sanjay, siblings aged 17 and 15
respectively are the youngest upcoming
entrepreneurs of India. Together, they are the
brain behind GoDimensions. The aim of the
company is to develop a simple technological
solution for the digital world. They are the
youngest Mobile App Developers in India.
When asked about how they managed to
achieve this feat, the brothers responded by
saying “reading books and solving the
problems given to them”. They develop apps
for both, Android as well as IOS platforms.

Sreelakshmi Suresh - Age 20
Ever since her childhood, the tech-savvy
Sreelakshmi always had an eye for computers.
She started using computers at the age of 3. Her
exemplary appetite for learning about Web
Designing helped her to get into the groove. She
developed a habit of designing at the age of 4
and finally had designed a website at the age of
6. She is currently pursuing her grade 12
education from a secondary school in
Kozhikode. Last year, she achieved her aim of
developing 50 websites; this year, she aims to
double that number.

13 Astonishing Habits of a Successful Entrepreneur
https://www.oberlo.in/blog/habits-of-a-successful-entrepreneurDr Ganesh Neelakanta Iyer 64

1. They Have Hobbies

2. Entrepreneurs Ignore the Haters
• All entrepreneurs have experienced haters. Parents,
friends and coworkers probably told them their idea was
stupid or that they wouldn’t succeed as an entrepreneur.
• But they just didn’t listen
• To be a successful entrepreneur, you need to get into the
habit of trusting your intuition
• Do what’s best for you. Live life your own way.

3. Entrepreneurs Know How to Stay
Motivated
• Listen to ‘motivational speeches’ playlists on
Spotify.
• Write down 20 reasons why you started a
business and look at it every time you lose
motivation. Answer this question: why?
• Read a biography about someone who’s
overcome adversity.
• Start with one small step. What little task can
you work on right now to help you achieve
your big goal?

4. Entrepreneurs Manage their Time Well
• Use apps like Freedom to block social media sites and other
distracting websites during your work day.
• Follow the 80-20 rule. What 20% of your tasks lead to 80% of
your income? Focus on those 20% of tasks and reduce time
spent on other tasks.
• Delegate tasks. What do you do better than anyone else?
Stick to that and outsource the rest.
• Say no. There aren’t enough hours in the day to execute on
every idea that pops up in your head. Stick to the ideas that’ll
drive the most results. It’s okay to say no to friends, family
and your team sometimes.

5 Entrepreneurs Exercise

6. Entrepreneurs are Team Players
• Delegate. You can’t do every task on your own. It’d make you
inefficient. Share your responsibilities with the team so that
more of your team can grow. And so that you can focus on what
matters. If you don’t have a team, hire freelancers to help.
• If someone is trying to move their career in a certain direction,
help them get there. If not, you risk losing them forever.
• Get everyone involved. Don’t be the person who wants all the
recognition. Roping in other team members can help you
achieve a bigger goal.

7. They Find ‘Me Time’
• Find the time that works for you. After the kids have gone
to bed or before the family wakes up.
• Pursue an interest that excites you so much that you’ll do
whatever it takes to do it.
• Lunch breaks are a perfect time for your ‘me time.’ You’re
away from your family and you’re legally permitted to duck
out and take a break.

8. They’re Healthy
• Your diet is important but it’s not the only thing. You also need to
balance out physical exercise like cardio and mental exercise like
meditation. Try writing in a journal for mental clarity each day.
• Have one cheat day each week. One day where you eat anything
you want. The rest of the week focus on clean eating habits.
• Avoid sugar. If you read ingredients you’ll find that sugar is in almost
everything. But it can result in a sugar crash. Take the time to read
the ingredients for your food. Your food can help fuel your success.
• The most successful entrepreneurs actually do sleep. So be sure to
get your eight hours every night so that you can have a productive
day, every day.

9. They Wake Up Early
• According to Business Insider, Richard Branson wakes up at 5:45
am, Indra Nooyi wakes up at 4:00 am, Tim Cook wakes up at 4:30
am, and Howard Schultz wakes up at 4:30 am. Most are in the office
by 7 am. They all have morning routines.
• Tips for getting into the habit of waking up early:
– Go to bed early. No, midnight is not early. Aim for 9 or 10 pm.
– On a piece of paper, write down why you need to wake up early . Place
the paper on your nightstand. When your alarm goes off in the morning
and you’re tempted to press snooze, read the paper first. The world needs
you. So get your ass out of bed.
– Don’t put your phone near your bed. Put it on the other side of the room.

10. They Ask Questions
• Try new things
• Read a lot
• Test everything

11. They Know Why They Started
• What impact do you want to have in the world?
• Why do you want to start a business?
• Why do you want to make $1,000,000? What’s your
motivating force?
• Who is pushing you to greatness?
• Who do you want to be successful for?
• The bigger your why the harder you’ll work to achieve it. Your
why is what’ll get you out of bed in the morning and what’ll get
you through adversity.

12. They Minimize their Decisions
• The average adult makes about 35,000 decisions a day
• Like the decision you made to listen to me today. 
– Delegate
– Simplify your decisions – right from food
– Don’t make decisions when you don’t have to

13. Entrepreneurs Take Action
• Goodbye daydreams, hello real life
• That idea of starting a business went from hanging out in
your head to becoming an actual store
• The goal you set for yourself two months ago has started
seeing some solid results
• If you want to win the game, you’ve gotta play it
• Ideas mean nothing to an entrepreneur. It’s all about
execution

Final Story of myself – As entrepreneur

How to become a successful entrepreneur

Current Status
Classical
Music
Violin Kathakali
Light Music /
Slokas
Online classes
Computer
Science
subjects tuition

So what stops you from being an
entrepreneur?

Dr Ganesh Neelakanta Iyer
ni_amrita@cb.amrita.edu
ganesh.vigneswara@gmail.com
GANESHNIYER
http://ganeshniyer.com/
https://www.amrita.edu/faculty/ni-ganesh

How to become a successful entrepreneur

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