If you are a student – either in school or college – and if you are clear that you want to become an entrepreneur some day, below are some suggestions that you may find useful:
- Volunteer in the sponsorships committee at college events. The process of approaching people and companies for sponsorships will teach you a thing or two about selling and convincing people. It makes you comfortable with pitching.
- If you have the chance, intern in a role that requires you to sell. Anything. A sales role helps you understand how difficult it is to sell something, and helps you calibrate your assumptions when you start your own venture. A sales role also helps you become comfortable with failure and rejection. This will help you become more persistent and resilient in your own venture.
- Restrict your lifestyle to a very low cash requirement. Even if you do take up a job after college, try to restrict your lifestyle as that will give you much more flexibility to bootstrap and start something that you wish to pursue.
- Be observant. Even when you volunteer or intern or take up a job, observe how different aspects of a business are managed. Some of these things will teach you how to do things, and some will teach you how not to do certain things.
Overall, whether you want to start something of your own, or want to take up a job, be entrepreneurial in your approach. Being entrepreneurial means being driven by something that excites you, thinking through all aspects of executing that idea, being responsible and committed to making it a success. And overall taking ownership of that concept.
Wish you all the best. Go win. In whatever you choose to do.
This was my response to the above question on Quora
The only way to make money as an investor in startups is to have a portfolio of investments. If you invest only in one and hope that it works out well, well, the chance are rather slim.
Startups by design are experiments … a set of assumptions that are being tested in the market by someone who has the conviction about a concept. Sometimes the experiment works, often it does not. But that is the only way new ventures get created… by testing many ideas.
So, if you want to make money by being an investor in startups, think of investing (or better co-investing with other angel investors) in 15–20 startups over a 3–4 year period. Some of the companies you invest in will shut down. Some will struggle to keep afloat, but will amble along. Some will become good businesses for the entrepreneur, but will not give any return (exit) to investors. Only a very few of these investments will give multi-bagger returns making up for the losses incurred in those who did not do well in the market.
A good mentor-mentee relationship can be game-changing for a startup, and therefore it is important that both – mentor and mentee – understand how they can make the engagement meaningful, productive, rewarding and fulfilling.
A good mentor can make significant contribution in not just the success of a startup, but also in the personal and professional growth of an entrepreneur. And therefore, I advise entrepreneurs to not give the tag of a ‘mentor’ loosely to anyone whose advice you seek regularly.
Mentoring is way beyond business advice and expertise sharing, and hence entrepreneurs and experts should be very, very careful when initiating a mentor-mentee relationship.
Who is a good mentor for your venture? Continue reading “What makes a good mentor-mentee relationship”
Think carefully before you answer. Because, this question is not about distinguishing good entrepreneurs from the bad ones. It’s also not about who among them has a Midas touch and who doesn’t.
Continue reading “What Makes an Entrepreneur? A Look at Their 5 Die-Hard Traits!”
THE BEST WAYS TO GET YOUR BOOTSTRAP BRAND OFF THE GROUND
You are ready to get your brand off the ground. It’s an exciting time. There are going to be lots of challenges in order to get your voice out there. You are basically competing in two categories. You are competing with those who are already in your industry brand. You are also going up against the other messages that people are sending.
Continue reading “Guest Post – Digital Marketing Tips for Bootstrapped Startups”
I was part of the jury at Conquest 2015, the annual startup fest and B-Plan competition of BITS Pilani. Conquest is perhaps, one of the most meaningful Business Plan competitions in the country. The Conquest team makes efforts to provide mentoring support to shortlisted teams, so that their plans are refined by the time they get to the finals. The program is designed and executed entirely by students.
Continue reading “Some Tips For Startups Presenting In B-Plan Competitions”