Thanks to several people for their contribution to this as I summarize my learnings from this session
- Business plan should be a priority
- Take time to get out of the weed – your role should be to lead and not to manage day to day
- Walk before you run
- Don’t chew more that you can bite
- Protect brand to the fullest
- Get the right people on your side and wrong folks off the bus asap
- Manage balance sheet / cash flow
- Every piece of money has a face to it (debt, angel capital, your own) so manage expectations
- Invent / reinvent / change – only constant is change
- Hire fuller package employees (all rounders) instead of experts
- Things will change and time will change market needs – so be flexible but stay focused
- Focus what will disrupt market should be your key idea (not just me to solution)
- What can I do better as compared to competitors
- Compare with kind of similar businesses and not just direct competitors
- Revolutions don’t work – evolution work (so focus on evolving a business model not revolutionizing it)
- Time it right for work now – don’t wait
- Start-up and scaling business are two different skills
- “You can either be a king or Rich but not both” – Western Executive course learning
- Get into something you love
- Motivate employees all the time
- Don’t let computer run your business
- Focus on relations
- Need to stay positive
- Expose your upside and cap your downside
- Steve Jobs – “Dont be stupid enough to get into business and smart enough to get out of it”
- Successful – you will have to open many doors – don’t be afraid to open doors
- Complement partners with skill set and hire smarter people
- Enjoy small successes
- It is ok to get into traditional businesses like coffee, resources, investment banking…
- Technology is changing the landscape so either use it to evolve your business or be let in the dark as others evolve
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Posted by Nauman Jaffar on Nov 18th, 2014
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