10 lessons from 1 year of full-time entrepreneurship
Good Afternoon,
So I completed 1 year of full-time entrepreneurship yesterday
I took some time out to plot 10 takeaways from my journey.Trust it will add some value
1) No point jumping into the show just because you hate your job. The competitive landscape is fairly intense here also and will test your resolve
2) Designations, fancy offices and luxurious off-sites in the corporate world create a false illusion. Emotionally, the transition from a Senior Manager/AVP/CXO to a Vendor, can be quite a thing for many
3) The first answer you hear in the services business is “we already have one vendor”. You must have a concrete answer to ‘Why Me’. “Tumhare pass vendor hai . Mere paas better execution, brand hai, skills hai, lower quote hai, tumhare boss ki sifarish hai”
4) Everyday, you have to be that Salesman with Feet on the Ground — or ‘fingers on the keyboard ‘ warrior. I have often looked at a Bajaj motorcycle and wondered why we are still not their vendors. And in 15 days became one of their recruitment agencies. Or purchasing a chair from an e-commerce website, eventually picked up their ESOP Valuation work
5) Working from home might not be fancy — but burning cash to maintain an expensive office — just because “log kya kahenge” is also going to add to your woes. The one who wants to give you work will give it irrespective of where you work from
6) Trying “Blue Sky” always helps. Trying to service an over serviced market is suicidal. You will end up becoming a commodity. We have found customers who wanted their financial models for chicken farms in Nigeria paying more than ones who were over-serviced in more prosperous parts of the world
7) Always be prepared for a customer bidding Adieu because they found a cheaper alternative — you cannot end up client concentration landing you in a state of dependence on someone such that they can treat you as per employees — so try to hedge it and spread it across multiple clients
8) Decide whether you want to play Premium or Mass Market. Syncing with both is tough.
9) Let go of toxic customers. Some feel that their money is just too precious to be spent on services from a vendor. The stress just isnt worth it
10) Keep talking to other entrepreneurs. Its a lonely journey. Also keep talking to your ex-colleagues. You will feel motivated when they crib about the usual boss, promotion, colleagues :)
#business #entrepreneurship
https://www.linkedin.com/posts/anuragsingal_business-entrepreneurship-activity-7036327033437626368-2vhW?
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Regards,
Anurag
BetaFinPartners.com | CAJobPortal.com
Chartered Accountant | MBA — IIM Ahmedabad | IBBI Registered Valuer
