Steve Wozniak Apple co-founder once said: “All the best things I did at Apple came from (a) not having money, and (b) not having done it before, ever.” a lot of experts said the same thing regarding free flow or availability of money in a start up firm. Money is both a best friend and a worst foe. When you are a start-up keep in mind that you are different. Your style is different. So, do it in your own way. Read previous articles of the series here:
Some important considerations for start-up entrepreneurs:
Don't try to avoid mistakes: It will happen so don't waste your time by trying to avert it. It has been seen that start-ups often remain guarded regarding not making mistakes. Even they give up uncertain opportunities to avoid uncertain mistakes. However, avoiding mistakes is not any good idea. Rather doing mistake and learning from it is. Do mistakes worth doing, and learn from them.
Never rely on derivative income: If You are working in a software based firm then only focus on income from selling and providing software and nothing else. Never consider advertisement, consulting as a source of income. Even prohibit all other sources of income for time beign. Just focus on your main business and make it healthy.
Earn less work more: At the beginning if you start to earn more money it may happen that you become satisfied with what you are earning even if it is from your site business. This kind of income ultimately land you nowhere. Better is avoid earning more. To push yourself to the edge sometimes even stop earning some income that is not sustainable.
Focus long run: No business should be started for short run. So, never think about what will happen tomorrow rather think what will happen 5 years, 10 years and even 20 years from now and prepare for that.
Don't run for recognition: Over visibility is harmful. At certain stage and in certain industry things can be different but in general try to be resilient. Work. Prepare and boom.
Lover, Smart and expert: Recruit only three types of people firstly, who love your idea and work, who are damn smart to make a dent in the universe and who are expert. Focus on skill not skin. Zukerberg once said that, at some-point we even recruited Marketing and HR people from software engineering sector.
Over to you:
What do you think about starting a business?
What things you would consider most?