Characteristics of successful

entrepreneurs
Idea generation
Idea and opportunities

Jonali Saikia Khasnabish

The Entrepreneurial mindset

 What are the key learnings?

Passion

The number one characteristic shared by successful entrepreneurs is

a passion for the business.

This passion typically stems from the entrepreneur’s belief that the
business will positively influence people’s lives.

The most important thing about starting a business is to be

passionate about what you do. I think it is very difficult to enter a
business you don’t understand and have passion for” - Oleg
Tschltzoff, Fotolia, NY.“
Product/Customer Focus

A second defining characteristic of successful

entrepreneurs is a product/customer focus.–An
entrepreneur’s keen focus on products and customers
typically stems from the fact that most entrepreneurs
are, at heart, craftspeople.

“The computer is the most remarkable tool we’ve

ever built ..... but the most important thing is to get
them in the hands as many peopleas possible.”
-Steve Jobs
Tenacity/determined despite failure

 Tenacity/Determined Despite Failure–Because entrepreneurs are typically trying

something new, the failure rate is naturally high.–The litmus test for entrepreneurs
is their ability to persevere through setbacks and failures
  The ability to fashion a solid business idea into a viable
Execution 
business is a key characteristic of successful entrepreneurs.
In many cases, Execution Intelligence is the factor that
intelligence 
determines whether a start-up is successful or fails.
The ability to execute a business idea means developing a
business model, putting together a new venture team, raising
money, establishing partnerships, managing finances, leading
& motivating employees etc.
“To open a business is very easy, to keep it open is very difficult.”
-Chinese saying
“Ideas are easy. It’s execution that ‘s hard.” Jeff Bezos,
Amazon.com
 Difference
between
Entrepreneur
and
Intrapreneur
Who is an Intrapreneur
 Work for a company and wants to create new ideas for the sake of the company
 They believe in change and do not fear failure, they discover new ideas
 They look for such opportunities that can benefit the whole organization
 They take risks, promotes innovation to improve the performance and profitability,
resources are provided by the organization
Differences
between an
intrapreneur
and an
entrepreneur
Session 4: Techniques for
Idea/Opportunity Generation /
Identification
Customers seldom know what they want
Ideas..
 If I had asked people what they wanted, they would have probably said ‘faster horses’
-- Henry Ford

 Google

 Facebook

 Whatsapp
Popular idea generation myths

 Pick your passion

 Choose an underserved market
 Choose an industry that’s trending
Generating new ideas
 Develop keen awareness
 Look for possibilities – what if, what else? Where else
 Explore relatedness – Patterns using knowledge, analysis, comparisons, imagination
 Experiment/testing- Develop prototypes, test hypothesis and experiment
Developing awareness

Common observations

 Unused medicines at home

 Unused clothes and accessories
 Different remote control devices
 Bicycles gathering dust
 Cars not being used due to WFH
 Other personal experiences
Nature inspired ideas
 Lotus paint –Lotusan by
German professor Wilhem
Barthelot to mimic the
Lotus leaf – which does not
attract dirt

 Velcro - Inspired by the

plant Burs which has
microscopic hooks
Needs- action (Idea)- meet need
 ‘Eureka’
moment
Unstructured

Right place at
the right time
The story of Redbus • Diwali 2005- Phanindra Sama, an Engineer
working in Bangalore was unable to get a bus
ticket to go home to Hyderabad

• He studied the system of bus booking and

discovered that a lot of bus seats go unused every
day

• This is due to lack of centralisation of bus seats

• He and 2 other friends decided to change this

• They approached TiE – they were assigned

mentors

• They started with 5 seats, 5 lakh rupees, one

operator
10000+ opeartors, 15 states, 5000 tickets daily
$12 M revenue in few years
Acquired by ibibo in 2018 for $138 million = Rs 1000
cr
Structured

 Brainstorming matrix
 Corridor principle
 Long tail ( ignored segment)
 Kickstarter.org
Brainstorming

1. Customer segment Audience segments Unsolved needs/problems

Fashion designers Trend forecast
Students Passing exams
2. Unsolved problems
WFH professionals Home office
School students Lack of phsyical exercise
Retired people Boredom and loneliness
Availability of good
Design houses Designers
Entrepreneurs Funding
Homemakers Side income
Self employed professionals Business leads
Idea generation - Brainstorming matrix

Audience segments Unsolved needs/problems Business models Rank

Physical Any
    Services products Digital products Marketplace Subscriptions other  

Fashion designers Trend forecast Y Y N Y N    

Students Passing exams Y Y Y N N    

WFH professionals Home office Y Y N N Y    

School students Lack of phsyical exercise Y Y          

Retired people Boredom and loneliness N            

Design houses Availability of good Designers N            

Entrepreneurs Funding              

Homemakers Side income              

Self employed professionals Business leads              

Steps to idea selection

1 2 3 4 5

Step 1- Create audience Step 2- Assign Step 3- Create columns Step 4- Shortlist your Step 5 – Evaluate by
or customer segments unsolved problems for business models ideas competition, skill
against each against each set/interests,
connections,
opportunity

Tips

Competition is good- it means there’s demand in the market

Being the first to start with an idea is good but being second is even better 
Copying an existing idea will not help- adding value is important
Assignment

 Create new idea generation using the brainstorming matrix

Customer segments Problem/Need Business model

Physical Digital Marketpla Subscript Any
    Services product product ce ion other
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
Corridor principle

The Corridor Principle is a relatively new concept that states that the creation of a
venture or firm by an entrepreneur opens it up to opportunities and ideas it could
not see before the start of the business. This principle also explains the possibility
of an entrepreneurial venture taking advantage of so many opportunities in the
market by pivoting away from its initial focus.
Long tail
 The word ‘idea’ refers to a plan
that is triggered by the thinking
faculty of the mind 
Idea and
opportunity
The word ‘opportunity’ can be
defined as a favorable time or
situation for doing something. 
Differences between Idea and opportunity

• Opportunity refers to a favorable time or situation for doing something

whereas an idea refers to a thought or suggestion about a possible course
of action.
• An opportunity is an idea that’s passed the test of planning. It has
potential. You can implement it. Idea on the other hand, is a plan.
• An opportunity is viewed as favorable to the individual in question; an
idea, however, may not always be favorable.
• Opportunities have value. Ideas are the inspiration consisting of hard
work and brainstorming.
Opportunities 2021
 Class participation
Shark Tank

https://www.youtube.com/watch?v=ag6Hr0tX-Zw
Lean startup method – transform ideas into venture
Do you have an entrepreneur mindset?

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