Giving life to startup and baby somewhat similar.
- Consistent efforts for long time(may be around 10-20 years).
- Selfless efforts(Like a mother or father) for the growth of startup.
- Co founder for sharing risks & responsibilities(like spouse)
- Experienced and supporting Advisors(like parents & elders)
Meeting co founder at Coffee Day
- How can I start ?
- Is my startup idea will succeed ?
- What about my career ?
- Is starting with few co founders is good ?
Preparing the run way
- Seed funding
- Prototypes & Validation – 10% of funds for running a demo
- prior experience with Companies, Consultants & Freelancers to make initial setup
- Attending webinars
Starting from Zero
- Administration – office, rent, salary
- Neglected Marketing & Sales – building a complete product vs monetising it
- Disproportionate distribution of resources/funds – Focussing on only area that founder knows well
- Getting Founder Expertise for org bias
- Not managing Accounting/Collecting payments on time
Actual Beginning – First Revenue
- GST, Auditing, Gross Profit, Net Profit, PnL
Biggest First Launch
- Target to make launch in a year gives a target to everyone in company to focus of building and making systems and process stable to serve higher demands
- may be 1 star review or major issue happened to customer
First Month with Profit
- Wow moment
First Quarter with Profit
- Reliability, Security
- Monitor outstanding payables/receivables to check, profit is there in reports, but in reality
- Is manpower growth proportional to company growth. Then how to scale?
First core team member exit
- Growth of employee to core team member and the exit
Building Next Generation
- Yes, countdown start from day one.
- Career plan for existing employees