I know being entrepreneur, we are just lacking experience else we have passion, knowledge and enthusiasm for our product and our dream. So, here I will share my experience to help you to do well in your journey.
I have done a lot of mistakes and developed own rule to avoid those mistakes. I want you guys to know the hacks of those mistakes before making it ;)
Let's start with "3 Thumb-rule for Entrepreneurs".
1. Have a Co-founder
Yes, I know its your idea, your dream, your passion to make it reality but you need good co-founder to make it reality. Don't take this in other direction that I am criticising those start ups which are founded by single founder. No, thats not a case! I am saying that, If you have Co-founder (good one) then your chances of making your dream come true increases with 60%. Being single founder we can say that if you can't convince your friend or relative or someone from your network to be with you then how you will manage it for your audience or investors. When I have started Purchasekaro.com we were 3 co-founders for it and it made easy for us to manage things. Then I have added Freesky in our brands list, to manage freesky we have found new co-founder. And this makes our functioning so smooth and easy.Investor don't bet on single horse(Keep this in mind). They prefer 3 founding team member.
2. Less Fixed Cost, More Fixed Income
This sounds tricky right? In management studies we have always discussed that any start up (Business) require 1000 days to be on growth path. Now the question is how to sustain till 1000 days? In India 79% of start up can't survive till 1000 days (There are many factors behind it). 2nd thumb-rule is majorly applicable for those who don't have investor funding. An Entrepreneur have many fixed costs in their operations like Office rent, Salaries, Electricity bills, Many service subscriptions and many more. Try to make it's sum as low as possible. Like in 1st year of Purchasekaro we were having fixed cost of ₹ 35k, that sounds low right? Yes it was and we were not struggling to manage those in every month with growth. In 2nd year we were having fixed cost of ₹ 475K and trust me I haven't taken salary or single penny for 5 months (So you can understand how hard it was for us). On other hand focus on recurring sales/business/income. It will make things butter smooth.
3. Be the Player of Sales
Ahhh... thats most common advice you must have heard. Right? But it is like general rule. Now, what I am trying to say is whatever product you have, how bigger sales force you have just be player of sales on your own. It's your company and you are responsible for everything. Investors loves sales & Founder loves sales (for many reasons). So, at-least spend 15-20 hours a week for your company's sales with all other departments of your start up (Even you can invest more hours or as much as hour you want). I am doing 60% of companies sales on my own ;)
I hope you will keep these 3 points in your mind and you will take your entrepreneurial journey's decision according to it.
Keep coming here! You will have ocean of knowledge here & if you want my personal assistance you can contact me anytime.
Take care! Have a great day.