A ‘start-up’ is the ultimate expression of who the entrepreneur is and what he values and in India, start-ups have become a mainstream phenomenon.
India is ranked 77th for ease of doing business in the world but budding entrepreneurs often tend to make mistakes which they could have averted if they had proper guidance.
Here are 5 valuable lessons from entrepreneurs, for entrepreneurs
Take external money only if you want to grow super-fast in the short term and don’t mind risking long-term sustenance and free control.
Understand that the right people to hire are those who are dependent on the salary led to building a good on-field workforce.
Focus on the visual aspect of the product as it turns out to be an important selling point in most cases, even if it means hiring a professional to do it.
• Figure out channels that work
Put money in figuring market channels in the beginning as it helps in achieving the long-term objectives.
• Right incentives
Start-ups are often tight on money but freedom, responsibility, and equality are a kind of incentives that empower the team.
Insights from the book: No shortcuts