EXPLORE:
Being wrapped inside one's bubble. Go out and talk to interesting people, find mentors, know what is happening in the field that you are working on. You have to know where dangers for your startup lurk, and you never know where unanticipated opportunities for your startup will come from.
You’re not in business until somebody sues you. Just to signify that you have finally made it big and are now getting attention from "evil" corporations.
PS There is a decent chance you would become one such "Evil" corporation if you survive the present lawsuit and continue to grow.
BTW NONE OF THIS MAKES ANY SENSE UNLESS:
Continuing with exploration to find answers to questions in business model-
Can we save money and time and not opt for official Office space: Sure, you can work at home, but the question is... do you really want to? Would you be as efficient there? And even if you would be, a real world realization always helps. May be an office in the neighborhood of really hot, unattainable women just drives you to succeed even more! Say near a college or work with in an incubating firm with many peer start-ups.
Being wrapped inside one's bubble. Go out and talk to interesting people, find mentors, know what is happening in the field that you are working on. You have to know where dangers for your startup lurk, and you never know where unanticipated opportunities for your startup will come from.
FUNDING:
Angels (generally just forget VCs at the early stages): The only way you're going to get money is if you already know someone or if you have three months to play grab-ass and handshakes. The best thing to do otherwise is to get going - prepare demo versions, do trial runs, research and launch an alpha version. Yes all that without any external funding, making it more likely for you to get a decent evaluation, keep some control and to play a new game - being picky. Yes you being picky. Look for the expertise (marketing, sales, strategy, industry experience etc) the Angel/VC brings i.e. apart from just money.
PS: If it's that good of an idea, don't be afraid to put your own money on the table. If you haven't saved much, just hope your parents pretend that they understand what you are trying to do and write you a cheque and wish you well.
Selling to an investor - Always be ready with a 2 minute pitch, also known as elevator pitch akin to grabbing hold of a guy in an elevator and pitching your plan. Now of course you can’t convey all the intricacies in 2 minutes, but what you could do is convey the product/service and pain point together in a three-four brief sentences and the business model in a minute. Your goal is to excite him into giving you an appointment for a 30 minute discussion.
Selling to an investor - Always be ready with a 2 minute pitch, also known as elevator pitch akin to grabbing hold of a guy in an elevator and pitching your plan. Now of course you can’t convey all the intricacies in 2 minutes, but what you could do is convey the product/service and pain point together in a three-four brief sentences and the business model in a minute. Your goal is to excite him into giving you an appointment for a 30 minute discussion.
HUMILITY:
KISS and ego: When to call one an entrepreneur? A personal demarcation could be when you have (1) at least created something new (2) made money beyond the existing opportunity cost. Until then, one is start-upper (someone who has done or been in a startup, lately which has become a very cool word indeed only next to the mother ship: entrepreneurship).
You’re not in business until somebody sues you. Just to signify that you have finally made it big and are now getting attention from "evil" corporations.
PS There is a decent chance you would become one such "Evil" corporation if you survive the present lawsuit and continue to grow.
BTW NONE OF THIS MAKES ANY SENSE UNLESS:
Internalize the leanings/experiences of others: By testing them out on the field and realizing the value for you instead of saying “that makes sense” and forgetting about it a few minutes later.
Related posts:
Previous post in the seriesThoughts for a start-upper - People
Thoughts for a start-upper - Product
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