Thinking of Starting up? 10 Tips to starting up right.
1. Know your strength. There will always be a difference between those who inherit a strength vs someone who is intuitively good at it. Know what your forte is.
2. Learn to Tell a story. Boy meets girl, they fall in love and eventually end up together. This has been the story of the bollywood for atleast a decade, yet the style changes in every movie. learn to talk about your product, company and yourself as a story. It matters.
3. Take your time. Haste makes waste, and that relates to entrepreneurship quite well. Thinking of starting up? Meet and Interact with people, read enough, establish relationships, create dialogues, and be sure of what you are doing before you start.
4. Lead from the beginning. Entrepreneurship is not an alternative to having a job. Infact its all about being effective and having an insight that no one else seems to have. There will be plenty of time when you’ll have a curve ball thrown at you and you’d have to catch up, but dont start at that.
5. Predict the learning curve. At some point your learning curve will not keep up with the needs of the company and its complexity – which is when teams expand. When starting out, you should know when itd be time to step down and let someone else lead.
6. Measure everything. Passion is one bit of entrepreneurship, the rest is about making a miracle happen with the least amount of resources possible. Obcessively measure everything – not just the bottomline – and compete, strive harder. Apart from measuring your own growth, also take numbers from your competitors, place them at your stage and compete against their numbers (compete with the Industry, not just yourself – You can quite easily cheat yourself if you do)
7. Learn to manage Cash. A major portion of running a business is all about managing cash and cash-flows. It is imperative for the founder to plan and execute “on time and on budget”
8. Structure it right. Form leads to function, and the structure of the company in most cases, leads to its stability. Whether it be a Partnership firm, or LLP or Pvt Ltd, define roles, boards, advisory teams, etc with vivid clarity.
9. Pick your co-founder well. You do not know a person till you have started a company with them, and emotions run high in a startup-environment. If you do not want to lose a close friend, it helps making that choice wisely.
10. Nurture relationships. And do it as a habit, rather than by need. Your advisors, potential bankers, investors, partners, team mates, employees – spend time with them and keep their interests in mind as well. You never know where and when they might be able to help you out.