On Becoming A Better Founder: 7 Tips From 7 Entrepreneurs
1. Always operate with a sense of urgency
Don’t wait for regulation to change. You should always operate with a sense of urgency. That’s something I regret. Often we unnecessarily wait for things to happen whereas taking action can make a huge difference.
Running a startup is an everyday balancing act. Balancing process vs speed. Present vs future. Growth vs sustainability. These are the things a founder needs to be mindful of on a daily basis.
2. Pay attention to your finance
I would suggest to early-stage founders that: start with a proper financial plan. If you start with BDT 30 lakh working capital, you should have another 50 lakh as a buffer so that you could inject the cash in a critical moment. If you are in trading business, that’s okay. You buy something at one price and sell it at a margin and make a gain. But if you are in building a business and in entrepreneurship, you have to seriously work on both your financial plan and business plan. Many people understand business very well but make mistakes when it comes to financial planning. But in order to do well, you need them both.
3. Make your 10 years plan
It took us almost 4 years, from 2003-2007, to come out of that slump. To today’s young people, 4 years is like an eternity. But if you are into building anything of consequence know that it is going to take a long time. Success is rarely overnight. This is something I would like young people who are starting out today to be mindful of. It would never happen that you start something today and tomorrow you would build a huge business.
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