There was a great event which was conducted by the Pune Open Coffee Club (POCC) held in the Thought Works cafeteria on Saturday 19th April. It had a great lineup of panelists. The moderator too was awesome and very senior. Details of the event can be found here.
There was a lot of experience talking there! All the panelists and the moderator had been through thick and thin and were openly sharing their thoughts and viewpoints. I have noted down a few points which might be of interest to all. I'm not putting who said what, but only what I perceived from the topics.
1. Co-founders - pick a fight with the person who is a potential co-founder. If you shake hands at the end of the fight - go for him/her. Finding people is the toughest challenge any startup faces. Some say you need luck, some say you need selling skills to get the people you want. I believe that you need to have selling skills to get the people you want. You are going to spend more time with your co-founder than your girlfriend or wife - so choose carefully!
2. Bootstrapping - bootstrap as much as possible. Don't go to a financer. Financers will come to you. Don't run after money - money comes running to you. Hard to believe, but true. It's the initial difficult times that sometimes you question yourself. Holding on is the most plausible solution.
3. Equity sharing: There were two views to equity sharing: One - don't share. Second - share, but sensibly to people who can bring in tons of value to the company. Not investors, but people who bring in value to the company. I particularly liked the second approach, but it has its pitfalls. It relies too much on the fact that you have a good judgement of people. Well, *everybody* thinks that they have a good judgement, but sadly only time tells whether you really do, or don't! So, need to be cautious on that front.
4. Change business strategy - all the time. Suit the needs of the market. I think this is one of the most important things that a startup can do. Change.
5. Data driven growth - keep tab of users using your product and service. Change fast. Studying user data, like why users are not using your product or service, why are they dropping out halfway etc, will give you good insights into what you should do to tweak your product and create a great experience for your users, and make them come back. Getting users to come back and use your product or service is a good way of validating your product or service.
6. User acquisition vs revenue - user acquisition. Revenue comes. I believe that we need to focus on both equally. It is not an either-or scenario.
7. When do you say enough is enough?
Ans: When that thought comes to you - leap ahead. Because, most people give up at that point of time. Real entrepreneurs do not. This was I think a very motivational answer which should be remembered by all entrepreneurs.
8. Come up with creative strategies for getting customers to pay - India is a particularly tough market for that. Customers don't pay. Skip percentages. Talk flat amounts. You cannot give up on getting payment for something that you have done. Appoint a person just to follow up. In the initial times, that person will have to be you.
9. Follow your gut feel. Take advise, but in the end, follow your gut feel. This matters, as no one knows your business best, other than you (and maybe your co-founder). People might have the best intentions for you and your business, but it finally *has* to be your call. Even if it displeases the people giving advise.
10. An entrepreneurs journey is awfully lonely. They are given a celebrity status, but it is a lonely journey. So, try to keep family and friends abreast of what you are doing. They are the ones who will finally understand you, and provide you financial and emotional help if needed.
11. You can work for 18-20 hours a day, 7 days a week, if you are truly inspired by the vision that you are taking forward.
12. Start as early as possible. Least liabilities can help tremendously. If starting out with family, children and liabilities, factor them in your decision to start in the first place.
13. If people around you think you are crazy, you are ahead of the curve. If they think the idea is great, then you are most likely with them on the curve, and your idea might not be tomorrow ready.
14. VCs either say yes, or anything other than no. they never say no. So, don't go by what they say!
There was a lot of experience talking there! All the panelists and the moderator had been through thick and thin and were openly sharing their thoughts and viewpoints. I have noted down a few points which might be of interest to all. I'm not putting who said what, but only what I perceived from the topics.
1. Co-founders - pick a fight with the person who is a potential co-founder. If you shake hands at the end of the fight - go for him/her. Finding people is the toughest challenge any startup faces. Some say you need luck, some say you need selling skills to get the people you want. I believe that you need to have selling skills to get the people you want. You are going to spend more time with your co-founder than your girlfriend or wife - so choose carefully!
2. Bootstrapping - bootstrap as much as possible. Don't go to a financer. Financers will come to you. Don't run after money - money comes running to you. Hard to believe, but true. It's the initial difficult times that sometimes you question yourself. Holding on is the most plausible solution.
3. Equity sharing: There were two views to equity sharing: One - don't share. Second - share, but sensibly to people who can bring in tons of value to the company. Not investors, but people who bring in value to the company. I particularly liked the second approach, but it has its pitfalls. It relies too much on the fact that you have a good judgement of people. Well, *everybody* thinks that they have a good judgement, but sadly only time tells whether you really do, or don't! So, need to be cautious on that front.
4. Change business strategy - all the time. Suit the needs of the market. I think this is one of the most important things that a startup can do. Change.
5. Data driven growth - keep tab of users using your product and service. Change fast. Studying user data, like why users are not using your product or service, why are they dropping out halfway etc, will give you good insights into what you should do to tweak your product and create a great experience for your users, and make them come back. Getting users to come back and use your product or service is a good way of validating your product or service.
6. User acquisition vs revenue - user acquisition. Revenue comes. I believe that we need to focus on both equally. It is not an either-or scenario.
7. When do you say enough is enough?
Ans: When that thought comes to you - leap ahead. Because, most people give up at that point of time. Real entrepreneurs do not. This was I think a very motivational answer which should be remembered by all entrepreneurs.
8. Come up with creative strategies for getting customers to pay - India is a particularly tough market for that. Customers don't pay. Skip percentages. Talk flat amounts. You cannot give up on getting payment for something that you have done. Appoint a person just to follow up. In the initial times, that person will have to be you.
9. Follow your gut feel. Take advise, but in the end, follow your gut feel. This matters, as no one knows your business best, other than you (and maybe your co-founder). People might have the best intentions for you and your business, but it finally *has* to be your call. Even if it displeases the people giving advise.
10. An entrepreneurs journey is awfully lonely. They are given a celebrity status, but it is a lonely journey. So, try to keep family and friends abreast of what you are doing. They are the ones who will finally understand you, and provide you financial and emotional help if needed.
11. You can work for 18-20 hours a day, 7 days a week, if you are truly inspired by the vision that you are taking forward.
12. Start as early as possible. Least liabilities can help tremendously. If starting out with family, children and liabilities, factor them in your decision to start in the first place.
13. If people around you think you are crazy, you are ahead of the curve. If they think the idea is great, then you are most likely with them on the curve, and your idea might not be tomorrow ready.
14. VCs either say yes, or anything other than no. they never say no. So, don't go by what they say!