Starting Up and Soaring High: Lessons in Entrepreneurship | Subhas Sapkota | TEDxTechspire College

Key Concepts

• Entrepreneurship
• Business Strategy
• Risk Management
• Financial Literacy
• Innovation
• Team Building
• Networking
• Continuous Learning
• Execution Strategy
• Problem Solving
• Value Proposition
• Market Trends
• Resilience
• Self-Discipline

Business Lessons from Childhood

The speaker begins by sharing early business experiences from childhood.

• Example: Selling pears during a vacation after 6th grade.
• Pricing Strategy: Initially selling pears at ₹50 per kg, gradually reducing the price to ₹20 per kg by the end of the day.
• Lesson Learned: The importance of pricing strategy and understanding the time value of money. Even selling at a lower price (₹20) at the end of the day resulted in profit.
• Quote: "प्राइसिंग टाइम वैल्यू ऑफ मनी" (Pricing, time value of money).

Early Career and Learning

The speaker discusses learning computer skills in 8th grade and becoming a computer instructor after SLC (School Leaving Certificate).

• Experience: Teaching computer skills at the same institute where he was once a student.
• Observation: Realizing that some individuals have certain privileges that allow them to excel.
• Example: Seeing classmates who weren't top students become instructors while he was still a student.
• Counseling Experience: Recalls a counseling session where he was motivated to pursue CA (Chartered Accountancy).
• Significance of Signature: The counselor's signature on a document was valued at ₹1 lakh, highlighting the importance of signatures and their value.
• CA Journey: Passed CA after multiple attempts (5-6), emphasizing the low pass rate (5-10%) and the importance of learning from failures.

Career at F1Soft and Entrepreneurial Journey

The speaker transitioned to F1Soft after completing CA, rejecting a bank job offer.

• Reason: Believed F1Soft offered better opportunities for innovation and new product development.
• Roles at F1Soft: Served in various roles, including Finance Director, CFO, and CEO, for 12 years.
• Entrepreneurial Goal: To establish F1Soft as a recognized brand in Nepal.

Steps to Becoming a Successful Entrepreneur

The speaker outlines a step-by-step approach to entrepreneurship.

1. Clear Vision and Purpose

• Key Point: Identify a problem that the business aims to solve.
• Emphasis: The business idea should address a specific need or issue.

2. Problem Solving and Value Addition

• Key Point: Offer additional features or services that differentiate the business from existing solutions.
• Examples: Competitive pricing, after-sales service, or unique product features.

3. Calculated Risk Taking

• Key Point: Entrepreneurs should be willing to take risks, but with careful calculation and understanding of potential consequences.
• Warning: Many startups fail due to excessive risk-taking without proper assessment.
• Example: Taking a loan of ₹1 lakh with the expectation of doubling it, but without considering the potential for loss.
• Concept: Risk appetite should be aligned with the business's capacity.

4. Resilience and Grit

• Key Point: Entrepreneurs must be resilient and persistent in the face of challenges and market fluctuations.
• Example: The impact of the cooperative fraud on related businesses in Nepal.
• Importance: Maintaining belief in the business even during downturns.

5. Continuous Learning

• Key Point: Learning from both successes and failures is crucial for growth.
• Emphasis: Adopting a positive attitude towards learning from mistakes.

6. Networking and Team Building

• Key Point: Building a strong network and team is essential for accessing resources and expertise.
• Resources: Capital resources (money) and human resources (team members).
• Importance: The team's size, capacity, and decision-making abilities should align with the business's needs.

7. Right Execution Strategy

• Key Point: Having a great idea, resources, and team is not enough; proper execution is critical.
• Emphasis: Executing the plan at the right time and in the right way.
• Recommendation: Learn from successful businesses and adapt their strategies.
• Example: Adapting traditional banking models to digital banking.

8. Financial Literacy

• Key Point: Understanding financial statements and cash flow is essential for making informed decisions.
• Importance: Being able to measure success in terms of profit and loss.
• Analogy: Even without a CA background, entrepreneurs should understand basic financial concepts.
• Example: Understanding the difference between spending ₹5 and earning ₹1 versus spending ₹5 and earning ₹50 initially, then gradually increasing earnings.

9. Marketing and Sales Strategy

• Key Point: Effective marketing and sales strategies are crucial for reaching customers and generating revenue.
• Emphasis: The importance of salesmanship and understanding customer needs.

10. Innovation

• Key Point: Continuous innovation is necessary for staying ahead of the competition.
• Emphasis: Innovation doesn't always require inventing something entirely new; it can involve improving existing products or processes.
• Analogy: Taking two steps ahead when others are taking one.

11. Self-Discipline

• Key Point: Self-discipline and consistent effort are essential for achieving success.

Conclusion

The speaker concludes by encouraging entrepreneurs to strive for success and contribute to a brighter future for Nepal. He emphasizes the importance of self-discipline and continuous effort. He views the large Nepali population as a competition-free environment with ample opportunities.