Session 2 

Mr. Venkatesh Varadachari

Cofounder and Director

Money Wizards

When money wizards started India was one of the worst countries in Asia for entrepreneurship. Even though population of our country is high India is a small market, small market with big potential. The major problem faced by an entrepreneur is when you really want to start a business no one takes you seriously. A beginner will always face huge financial crisis. Limited resource can affect you in many ways. You will struggle for survival. All you get is frustration. Everything takes longer and costs more. You will take several roles such as CEO, CPO, salesman etc. Manpower will be the scarcest resource.

It is essential to come up with a creative and catchy concept when you begin. The first thing to know is market acceptability. Develop the product and experiment by selling to a small group. Find the acceptability and get the feedback and then expand the market.

How much is it enough to start a business?  You have start with money to make money. Undercapitalised situations can bring terrible disasters how should it be spent? Spent more money in product development. What is the right time to rise funding? Fund should be raised after earning a little profit from your product. You should have the power to demand and bargain. How to increase chances for funding? Never let the person know that money is your motive. Ask for advice, develop a good relationship and bring him to a state where he cannot say no. Hire employees only when the need arises. You must have the talent to find the right person. Advertising is a very expensive way to get hurt. You can start advertising when you get enough venture capital.

It is ok if you don’t know much. You will learn when you start doing.