I am not sure on how to summarize. I do not want to get into lengthy essays, which no one has time to read nor give one-liners. I am compiling a resource kit of best practices, tool kits and I shall share that with you in a month’s time. You can call it as the ‘The Ready Reckoner’ kit.
So here is my summary of my 11 months of Entrepreneurship.
It is a personal choice. Most time, it is over glorified. If you are good at something and enjoying it, continue to get better at it. The beginning, middle and end (there might never be one) are really lonely journeys. Be prepared to be in it for the long haul.
The fundamentals of business do not change. Customers, Revenue and Profit and the metrics that matter. Rest everything will fall in place. Build it and they shall come is a dangerous way to start something. Remember, the sale is complete only when the money is in the bank.
Execution wins over deliberation and strategy. Rapid experimentation, validation and adaptation are extremely important. Prefer to chose progressive elaboration over perpetual deliberation. Having a bias for action is of great help.
Treat everyone’s money as yours. Extreme frugality helps you to overcome tough times. Cash at bank is the only parameter that shall keep you afloat. In the early stages it is preferable to bootstrap , focus on getting traction and go to investors for growth. Investors have a great respect for people, who have put their skin in the game.
Make a dent in the universe without getting fractured. Most success stories are about how someone risked everything to become great. While we should celebrate and endorse such stories, you need not setup yourself for that. It pays to be prudent when weighing risks and rewards. It is easy to be carried away, but strategic retreat , is a choice to consider, It would be devastating to your ego in the short run, but in the longer run , helps you to recoup yourself for the next bout.
Enlist people who will run the marathon with you. On your own , you can only do so much. Though capacity is a state of mind, there is a physical limit to what you can achieve and get done. Shared purpose is what will endure the relationships in tough time. Take time to get this right. This could make or break you. This seemingly simple thing is the most toughest aspect.
You are responsible for every damned thing, especially when things go wrong. Sounds simple, but extremely hard to digest and follow. But if you get this into your system, life really becomes simple and helps you recover fast.
There are no beginnings nor ends. The beginning is just the end of something and the end is just the beginning of something ! (My quote ok !)
Enjoy Maadi (Have Fun)