10 hard lessons learned too late from entrepreneurship
Entrepreneurship is great.
Its intoxicating and overwhelming at the same time.
I had been an entrepreneur for 3 years and then I quit !
Not because I wanted to but because I chose to.
Before I return to the field wiser, Here are the top 10 things I think i learnt too late :
- Don’t team up with people who don’t resonate at your frequency just for the sake of saving time and effort
- Don’t carry co founders as baggage because of emotions — call a spade a spade and get rid of whoever isn’t aligned with the vision
- Hire smart people and then get out of their way and let them perform
- Know when to quit and fold your cards — let your balance sheet guide you, understand sunk cost factor
- Raise money when you don’t need it — if you raise it when you need it, it will never get used for the core purpose
- Plan for 6 months ahead, not for the next month — see around for what’s changing in the world
- Never stare long at abyss because it will stare back at you — stare at possibilities around you
- Know when to pivot and let go of what you created for something which is needed by the customers
- Distribution is an important part of sales - look at how a dying show called “le casa de papel” became a super hit show called “money heist” the day Netflix listed it with a regular banner
- Never run out of cash, never.
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