Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Thoughts for entrepreneurs


Published on

Thoughts for entrepreneurs

Published in: Business
  • Be the first to comment

  • Be the first to like this

Thoughts for entrepreneurs

  1. 1. startup thoughts ( for wanna be entrepreneurs )
  2. 2. co-founding, is it necessary ? ● Business is all about people and communication. ● When you are starting up, having a partner helps you in so many ways that you can skip counting instead. ● As per Startup Genome, having a co-founder ( with complementary skills ) accelerates startup's growth by 4x and chances of raising money increases 2x. ● A good partner hustles with the same passion as you do, is absolutely helpful in operations, helps you maintain your sanity, shares same vision and is ready for the hard work, “the battle”. ● Partner removes the boredom / makes those lonely, moments of discouragement go away ( happens with every entrepreneur ).
  3. 3. best practices of having a co-founder ● have a co-founder who is as resourceful as you are, or else either of you may eventually develop differences in opinions. ● The other one may not the see bigger picture out of your action or perceiving / believing those will be hard for the other partner. ● you will waste lots of time in justifying / proving whatever you know is right but its a human's mental tendency to be cynic about things even if they will loose it eventually. they won't just understand. ● find people whom you want to work with, by visiting different places where you can possibly find them. keep your mind open and talk to more and more people about your startup idea. ● Have discrete equity agreement which will ensure that you don't loose too much upfront and eventually you would have judge the person in shorter time frame ( 6 months to 1 year ) – Things to be tested are :- intensity of passion about following the vision & working towards achieving it. and traits like dedication, integrity perseverance as well.
  4. 4. ● Starting up along with co-founder should never be the only option for you. ● All you need is a seed capita to validate your idea in the market. ● There are multiple ways to achieve it :- – Write down all the features of your product / service & how you will ● , ideally you should work or it by getting a job which teaches you way more than you would have emancipated ● Be a great employee to become a rockstar employer ● you should know what to expect frmo an employee realistically when if you will become one / experience it once or else you will live with the fantasy f having ideal employee which may not really exist. ● You should be a great trainer as well who will develop it's team members.
  5. 5. learning from others ● learn from the experiences of others : ● not just mistakes, but success have common threads among them also. ● for eg.: every billionaire on this planet have worked they a** off to reach where they are right now. ● And trait of being creative as well as competitive acts like a rocket booster in their success. ● when you get absolutely immersed into the things you are doing ( business in this case ), you will by yourself work day and night without caring about the aches you are having in body, other distractions.
  6. 6. for employers ● all employees are to be groomed, shaped the way organization's culture is or else either of them will get really pissed.
  7. 7. Startuping is like a first love, which keeps you busy round the clock, is full of excitement, addictive and requires you to push yourself a bit more than the best you can do. Constantly reiterating the product and services processes involved. journey is progressive you fall you rise. but you learn now that you know where not to step and correct yourself on every step ( on basis of past experiences ) that and something related to it, reiterating now, you have build something , build faster, find gaps, take feedbacks , reiterate / improve on basis of feedback — do it faster that’s how you will end up being best in your market space, you have to constantly learn, improve and never give up ( in any field or thing you do what so ever )
  8. 8. providing necessary resources required by your arsenal ● suppose you have an airplane which is running low of fuel. ● airplane typically uses Gasoline / Petrol of Grade A which is transparent & has low ignition temperature without slightest of impurities. ● Now suppose you try to fuel it with the same petrol which you use for your Car. ● Will airplane be able to fly at all ? For a few minutes, perhaps Yes. But it will result in engine problems and might lead to crash. ● Reason being the “Resource” airplane in this case, has it's requirements which are to be met in order to sustained use of the resource. If you will fail in providing it, then resources will deplete, won't be able to function properly and eventually die out.
  9. 9. ● Same is the case with your employees. Equip them with inferior quality resources which they far from their standards of their normal usage, things will get complicated and eventually issues from either party would arise related to productivity and happiness level while working. ● Hence, if you are an employer, equip employees with the standard toolkit / resources they use so that they will be productive in their work. ● While you can always increase the quality of resources, but never deplete it.
  10. 10. m#1 : setting unreal expectations from your resources ● suppose you have a 1400cc Hatchback Car which you are driving. You expect to do off-roading with it, taking it to rocky terrains / hills. ● Can you do it with same efficiency that of 4000cc SUV ? Certainly not. ● Why ? ● Because that's what the SUV are meant to do & not Hatchbacks. ● Also, Hatchbacks are way cheaper than SUV, are small in size. ● So when you have resources with you, know their limitations and don't set too unreal expectations from them, which eventually leads to frustation and doesn't do any good to anyone.
  11. 11. are you starting up ? ● These days entrepreneurship is spreading like a mania but there are some best practices also read as unwritten rules. ● A few of them are :- ● 1. Startup in the field which matches your personality. ● - For example :- If you don't like socializing, then it would be obviously hard to start business in clubbing / partying like domain wherein lots of socializing is involved. ● to startup, you are required to nail the problem in business and that's identified when you are part of it / you have experienced it. taking other's word for it will question the authority of the issue so it's best to immerse yourself first and experience.
  12. 12. ● having a co-founder is a big decision - ● how not to choose one > ● - a friend can prove to be as not so great option since whenever any relationship involves money, ego grows up eventually which jeopardizes the relationship. ● ● Always manage to have tainted relationship and took a w hile to smoothen it, but you should take your chances ● friends will be there to support you and you can thank thhem, help them back and reward ( if things works out nicely ) ● co-founding with a stranger sharing common goal / vision should be great values / high integrity. ●
  13. 13. ● but certainly you can be a programmer since it depends upon the programmer how much interaction does programmer want. When stripping down the product based business model, in early stage following are involved :- ● 1. You ( Programmer, Ideator, visionary ) ● 2. Product ( On which you are working ) ● 3. Users ( For whom you are creating the product ) ● At some point you will realize that business isn't about coding / 1-man army but people and you can't just keep quiet, you have to communicate with people. ● So make a habit of talking, talking to anyone ( if that's safe ), help them in their projects, ask them for feedback on your products / ideas.
  14. 14. ● startup has to be consistent with activities of their respective stage. ● for example : you won't give 10kg dumb bell to 4 year old kid as it will deform his limbs likewise things for activities are to be done consistently depending on your business stage. ● don't bet big when you are not capable. ● customer dev, dimension which deals how founders search for and validate scalable customer acquisition strategy ● progress of startups type dimensions ● 20 months - it takes to stage 1 to 14 ● revenue ways ● subscription transaction fee, rental fee, lead generation
  15. 15. ● Stage 0 - ● Discovery ● Validation ● Efficiency ● Scale ● Source – Startup Genome ● competitive advantage by type ● most popular experts are brad feld, steve blank, eric ries, dave mcClure seem ellis
  16. 16. feed your business's need ● know what your business needs and feed it. every business is unique so does their needs. ● fulfill their unique need(s). ● for an example : ● suppose, you want to create some fancy doors. ● now items required to achieve are :- ● 1. wood ● 2. cnc machine ● 3. other wood tools like saw, hammer, etc. ● if you don't have any of them then required results are nearly impossible.
  17. 17. ● another example, ● suppose you need to develop iOS apps, then it's necessary to develop in on Apple's machine ( MacBook Pro / Air ) or else you won't be able to make them. ● So identify what all your business requires, and arrange all of them to enable business to function.
  18. 18. ● how to find traction after making changes ● consistent startups show consistent growth ● and do it.
  19. 19. talk to strangers ● don't have presumptions about people. ● dont think too much. ● just smile , approach and talk I have done this thousands of times, and I am pretty much alive & surely it works.
  20. 20. Are you starting up ? ● lets talk :) ● e-mail : ● linkedin : ● twitter : @gaurangagg