- Do not give away too much equity. If you do that you will find it hampters your style and decision making. You will be forced to work on ideas/openions which are not necessarily aligned to yours. Try and manage within your sources. In India, you still can rely on your network of friends and relatives for funds to help you start.
- Be sure to do a lot of homework. Ask yourself whether you really understand what you want to do. Just chasing a dream or an idea is not enough.
- Learn to think ahead. Make sure this is what you want to do. If you have doubts, think about what other options you have in life.
- The risk you take must be an educated and calculated risk. You must also figure out what are the aspects of running a business that you don’t enjoy.
- Being a specialist and putting total focus on your idea alone will not work. When you are setting up your dream project you should also be aware of the market, the competition and understand mundane things like accounts.
- Scaling up is very challenging. When you want to expand, you must understand that that each state in the country has a different set of laws, documentation requirements and logistical difficulties. People and cultures are also different.
- To offer your customer consistent quality, efficiency and service is very difficult. The best way to handle it is to up the infrastructure in place before you scale up. Be ready with your model as you cannot be in two places at the same time.
- Introspect all the time. Constantly look at what you are doing wrong. Internal focus is more necessary than focusing on competition.
(Source: The CII Entrepreneur’s Handbook)