When you are starting a new business, you are always in two minds with starting a business with a partner or without one. There are advantages and disadvantages of partnership business. I have had startups/businesses which closed due to the stupidity of partners and my ever-reliable source of income, my only business which has survived all storms (and is going from strength to strength) has a business partner, who undoubtedly has outshined all my achievements in last few years. How did I find a business partner? Well! I went out on the road looking for a business partner holding a...Read More
“Know your numbers’ is a fundamental precept of a business ~ Bill gates” You have the idea. You have the passion. A solid technical know-how of how to make your product. You know you are just inches away from disrupting the market with your idea. You know the steps to start your own small business. Time to take the plunge? Wait! How well do you know your numbers? (Please do not call me a party spoiler. I know I asked a question before you could just hit “launch” button on your screen) Since I have already stopped your startup...Read More
The most difficult part of being a first-time entrepreneur who has just quit a job is to get out of the “employee” mold. Just a few days back, you were busy working in a specific role as per the KRA provided to you. Suddenly, you are in a role where there is no clear definition of what you have to do. Add to the above, the challenge of getting out of Employee vs Entrepreneur mindset. What it takes to be an Entrepreneur for an Employee is the transition of mindset. Obviously, the transition is easier said than done. In...Read More
What is the favorite startup hiring tip you received from your mentor? From what I heard, read, analyzed and learned, the favorite startup hiring tips shared by all “Entrepreneur – HR Managers” are: Share your vision of success Hire the best in business Don’t compromise on quality Groom the talent Hire multi-taskers Blah-2 I have been a part of multiple startups. (most of them failures. Now, how many times do I have to repeat it 🙂 . It has become such a mundane thing to write this again and again. The next time someone wants to join me? My...Read More
Almost every new entrepreneur I meet is confused about the type of business entity they should register their startups as. We rely on the advice of our CA and tax advocates to guide us through the process. There are times, the advice of the “learned” Advisors might be just opposite to what your business actually needs. My first venture was registered as a proprietorship firm. I still remember my CA advising me to start a proprietorship firm and then register a private limited or a LLC, once the business has picked off well. When I look back, I can say with confidence “It...Read More
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