Random Jotings From A Startup Conference.
Ideas are a dime a dozen, what makes a difference is how you execute it. Take for instance taxi’s, in India. What these new Apps like Ola and Uber have done is turned the sector upside down with a service that is decades old. A start-up is more a marathon than a sprint.
There is a common saying in the startup world that you are most likely to die from indigestion than from starvation. This is true for hyper funded startups with loads of cash but very little of a product.
Persevere but be Aware – Because entrepreneurs feel so strongly about an idea is that they actually believe it resonates with the public. Usually when they go to the market they are disappointed. To prevent this from happening create an MVP and test it with your potential customer base.
The one thing that is always constant is change. Ask for feedback and prioritize requirements and features requested by customers. Get the right set of people through your marketing channel to ensure your business flourishes.
Once you grain traction you need to put systems in place involving HR, compliance, certifications because external elements will now start taking interest your work
Set Audacious goals: Don’t set low balled goals. If you are dreaming you would rather be dreaming big.
Exits for Your Business: Staying Private is a option that few startups choose but is one worth considering. IPO and M & A’s are other options to explore.
Focus & Tenacity
Intralinks – A platform for loan syndication. The company has US$ 18 million cash burn every month and a revenue of just 3 million dollars. A new CEO was hired to restructure the company. The first thing he did was focus. So they shifted from 7 to just one product. Then they made presentations to after 215 Venture capitalists before they succeeded in raising US$50 million.
How many entrepreneurs have the perseverance to face rejections from more than 200 VC’s ? This is something to ponder for those who are waiting to startup.