1. Introspect to get clarity on what really makes you happy – job satisfaction, doing your own thing, or simply making more money. Once you know this, you can make a better decision on your career path. Don’t force yourself to do what is considered the right thing universally – everyone is different and you need to figure out your strengths and play to them.
2. Choose your business model and industry very carefully – industry potential should ideally be ‘huge’; large is not good enough especially since markets and technologies change rapidly in current times. If you don’t have personal expertise in this field, get a team of domain experts locked-in, preferably as partners or co-founders.
3. Plan your venture’s funding very carefully – ideally one should raise as little cash as possible in the pre-revenue stage as you end up diluting too much equity. However, given the current clime for investing this needs to be modified and it’s worth raising a little more than your business plan suggests. Try to raise the first round from Angel Investors as it is most time-efficient and typically one manages to stay away from onerous terms that come with most venture funding. However, for later rounds, never risk starving your company of cash …..this has killed many a good company! Always keep a buffer of cash or line of credit you can dip into when times are tough.
4. Get the team right… this is the single most important determinant for success. Everything else can and will change; a fledgling business is nurtured by its people so hire the best folks in the business. Don’t hesitate to hire people better than you in specific domains. Colleagues who challenge you and make you feel uncomfortable are your best friends and the ‘yes-men’ are your worst enemies!
5. Make friends at work and promote an honest and open working atmosphere. Ensure that everyone has fun at work, particularly when they are putting in superlative efforts. People tend to give their best when they are enjoying their work.
6. Don’t focus too much on exits, especially not too early in the game. Concentrate on building a solid business; the rest will take care of itself!
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