Tips for a new entrepreneur
While many people advise that a new entrepreneur should have partners and family to support in business etc…in real life an entrepreneurship is a single person game. Here are the top 7 suggestions.
1.
- Never plan to have more than 1 or 2 friends in the start up phase
- Have clearly thought out and mutually agreed salary structure / equity or profit sharing
- Make them invest – either sweat or cash is better
- Let them know very clearly Cash/Sweat equity is at “Risk†– may lose it all
- Husband and wife working together has to be managed extra carefully. Who is the Boss 🙂
- And do not bring in partners just because you are comfortable. It is better to have “smarter†people around you than “yes-menâ€.
- And I am also of the opinion that if you want to build a start up, don’t plan to do it out of your home / apt. Atleast work from a Starbucks (in USA) or Coffeeday (in India). This gives you the discipline to get out of the home!!!
And..finally work hard and pray for success🙂
