Recently gave a test for knowing my entrepreneur quotient on a website http://guykawasaki.com/, what I ended up learning about few lessons about entrepreneurship is being presented in this small article. Hope you will like it and will be benefited by the same.
1. Similarities in Founders: Following two major similarities should be there in the founding team members
a. Vision for the future of the company
b. Level of Commitment to the company
2. Panel Discussions: The following things are recommended if you want to rock as a panelist in a discussion
a. While responding to the questions of the moderator, look at the audience and not the moderator
b. Provide plain, simple and short answers
c. Try to entertain the audience and not just inform them
d. Fake the interest in other panelists (even if you are not interested), you are not the only one who is going to speak throughout the panel discussion.
3. Writing a Business Plan: It is no longer necessary to write a business plan in order to get a venture capital investment
4. Board Qualities: Your board should at least consist of people with different qualities such as
a. Geek : A person who is an expert or enthusiast or a person obsessed with a hobby or intellectual pursuit
b. Customer: Someone who can look at the products/services from customer/client’s perspective and give feedback for further improvements
c. Dad: A person who can tell or direct fiercely about the overall direction of the venture and keep everyone focused
d. Jerry Maguire: A person who finds meaning in work and directs the efforts of the team to create valuable product/services for the customers (Reference to a movie called Jerry Maguire – http://www.imdb.com/title/tt0116695/ )
5. Pitching your Ideas in Speeches: When it comes to pitching, don’t think that giving more is good, an effective pitch contains only enough information to keep people interested.
6. Optimal number of slides in a presentation should be around 10. (each slide with around 3 points in small sentences or combination of words and font size of 24-32 and titles of the slide in 36-44)
7. What to tell about competition: When potential investor asks about competition, explain what you can do that they can’t and you can’t do that they can.
8. Marketing on Social Media: Optimal Mixture of content and promotion on social media is 95% great content and 5% promotion.
9. What is not a business defense: The following does not ensure that your company will become sustainable
a. Non-Compete Agreements
b. Intellectual property lawyers
c. Patents
d. Non-Disclosure Agreements
Compiled by CA Rajesh Pabari, Partner at DreamOptimus Consulting LLP (dreamoptimus.com). For any further communication regarding the article, am an email away rajesh@dreamoptimus.com or can reach me on WhatsApp, +919022780919
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