Don’t do it for money, Do it for your Passion!
Don’t exaggerate the cash flows, under commit and over deliver
Be generous with stake sharing.
Employ people who are smarter than you or atleast smart.
Learn the art of delegation!
Funding is important, don’t hesitate on Venture Capital Funding.
Look for Need Gap.
The scalability of the venture.
Even if your salary is 15lpa, in 5 yrs you will earn 50 lakhs after tax , If you run a business for 5 yrs , it will be in crores very easily.
Feed Back Inc
Apni Aukat mai kaam karo , check the level of risks you can take
A complete team , competency Mapping
Don’t bother about the peer pressure , “ Koi phikr nahi hai apna kaam kar “ ?
If you want to keep your friendship with your college buddies for life, start a firm in a partnership.
Choose a leader not based on shareholding, age but on trust, respect and competence.
Team with trust for each other.
Implemented Balanced score card and incentive schemes very early.
Get 4-5 years of experience; learn at somebody’s cost, get a bit of feel, financial stability and savings.
Don’t just think of it, don’t just wish for it, Jump in it and do it if you are really serious.
More than synergies of skill, synergies of attitude and values is more important.
Join the company where you want to operate
Work for smaller companies to get the exposure to the nuts and bolts of the company.
Shree RENUKA Sugars
The kinds of jobs which comes on Campus are not suitable for budding Entrepreneurship.
Don’t give it up half way.
Have patience during the difficult time.
Plan to put 50% more money than you have calculated .
For midsized company, don’t spread in too many geographies as the management focus will dilute.
Eklavya School ( Sunil Handa )
Can join a company for 2-3 years
Join a company which makes you a CEO of a sick unit, and gives you power to make it profitable
Join a company which provides you opportunity to work fully on a new project from planning till implementation.
Executive Assistant to the CEO , Promoter
Narayan Murthy – Give capital stake to people who add value to your company, not to attract capital.
As human we grossly overestimate the short term and underestimate the long term.
Financial literacy is very important to run a business.
Make a person head, with slightly more equity holding, not more than 4 partners. Equal partnership is not possible.
Don’t worry about temporary loss of status, money and address.
Be prepared to fail, if you can’t take failures, Entrepreneurship is not for you.
Work for a good medium to big size company before jumping, It helps.
Select a leader, having 3-4 equal share partner and looking for consensus is the worst thing.
Don’t start fresh out of college, spend some time in industry.
BE conversant with Finance, VCs don’t teach you that, you should know the finance well.
Aim to create value, lasting value, no dearth of capital in the country.
Diversify wherever possible, as u can’t see the future.
Not be over emotional about your company
Important Traits – Networking, Risk Appetite and Luck!
Promoter has to spend lot of time with customer; sales people cannot match yr energy and passion.
As a small company you need to very transparent, refund the money yourself if you did a bad job.
Learn about networking, cash flows, loans, negotiations before taking a plunge in entrepreneurship.
Try to tell your negatives first in power point, than come to your positives.
Take customer reference (Written) to add value to your power point.
Business plan can be made by anyone, but plans are not enough.