#3 Golden Rules for Entrepreneurs Starting Out Today
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When launching a startup, an entrepreneur goes through a number of ifs and buts of the situation. While some of the questions may require external help from investors or mentors, there are some basic rules that every entrepreneur should adhere while starting out on this journey.
In a session titled “How to launch a fast growing company” conducted by Franchise India in Hyderabad, industry experts shared their views on some of the basic rule book ideas on what entrepreneurs should tackle issues while starting out.
In a panel chaired by Abhishek Srivastava - Director at Endiya Partners, Mahendra Sureka – Director and CEO MACJ, Vijay Bawra – Regional Head- Telangana Region & NASSCOM 10,000 Startups, Prajwal LV and moderated by Srini Chandupatla – Serial Entrepreneur, Co-founder Mahendra Digital Systems, the panellists explored some of the basic tactics that need to be mastered by entrepreneurs.
These are some of the basic tricks that entrepreneurs should master –
#1 – Investors that add value
Entrepreneurs should make sure that when they get investors onboard they add more than just the money. Startups often tend to get carried away by the cheque sizes and don’t look out for additional value. They should make sure that they add investors wisely, so that they bring technical expertise on board.
Capital today has become more of a commodity today, entrepreneurs should seek more value addition from incoming capital; the panelists said.
#2 – Crack the jargon
Entrepreneurs should not sit back and assume that basic fundamentals of taxation, policies, funding and operations will be taught to them externally. They should do their due diligence on commonly used terminology in the industry so that they can make the best use of advice imparted at conferences and startup talks.
#3 – Show progress at bootstrapping stage
Investors today want to look at a critical amount of progress at bootstrapped stage and then take the negotiation forward. How entrepreneurs perform and where they can take it with the first set of money assigned to them.