On Tue, Mar 1, 2011 at 11:55 PM, Chandrashekar Babu <[email protected]> wrote:
+10 to every point you have mentioned here. I can personally relate to nearly everything you have mentioned. Here are my additions to the OP. I started a Linux/FOSS development company in 2003. I ran it for 10 months and was fortunate enough to get a client to buy us over. It was my first start up, had under 3 years of work experience and the had just returned back to India after several years. Don't expect your first startup to be a success. It will be a lot of effort, and every mistake will teach you to build a better organization the next time you attempt it. Being an entrepreneur is successful in the long run, initially you will have to pass through difficult times and learn from every mistake. > The same family/peers will realize the true value of the decision > that you made (of course, much later when you stand tall on the > success ladder). +1. As a leader, you need to take the bold initiatives and provide time for others to understand/follow your ways. It's very important to be patient with others who may initially lack your vision. > 3. Lack of ideas/business acumen. +100. In hind sight, this is what I lacked the most. All the passion, good will and motivation do not pay the bills each month. Money is the only language a company speaks. Whatever noble means you use to make it is okay, but it *must* translate into revenue in the end. A business plan will definitely help. Don't underestimate MBA grads. I've had colleagues who were exceptionally brilliant IIT/IIM products, they were critical to the growth of the organization. Try to get someone with marketing/sales experience on your team. > 4. Lack of passion. > At-least during the inception of a company, > they dedicate almost all their time in building their business > (be it technology, team building, client contacts, etc). I know > at-least 5 entrepreneurs personally who sleep for less than 4 hours > a day on average. During those 10 months I ran my company, I rarely slept before 2am and was back at work by 8am. I almost always worked 7 days a week. > IMO, you must prioritize on client's needs and come up with a > viable solution without having to lecture the client with > "benefits of FOSS". +1. Solving customer problems, and providing solutions is far more important to your business than patronizing FOSS or any other ideology. > Let me tell you this: getting your first project/business deal > can be the toughest. If you get through this and come up with > great results and make your client happy, you will get more > projects eventually. After the first 4 to 5 successful projects > and client's testimonials, you will be judged by your work > and accomplishment. +1 Initially you'll have to project your own capabilities. After a few wins, you can start projecting your company instead of individual accomplishments. Some points I want to add: 1. It takes a variety of skills to run a successful business -- technical, sales/marketing, financial, and customer relationship management are the most fundamental. It's a good idea to partner with like minded individuals who can fulfill these roles. A single person doing justice to all these roles is not possible. 2. You need good mentors who can guide you along the way. Advice from this list is not good enough. Close interaction with mentors is essential if you are inexperienced with startups. 3. Understand the strengths and weaknesses of every member in your team. Play to your strength and never to your weakness. Eg. if you are a great programmer but a lousy negotiator, then do not attempt to negotiate with clients. Let someone apt at negotiating play that role. The company I run today is very different from the one I started earlier. We work 5 day weeks, have extremely satisfied customers, generate 100 x the revenue and do it with half the number of staff. For me the road here was long and difficult. It is still difficult in many ways and we have to face daily challenges. But there's no other way I would have wanted it. Best of luck! - Raja _______________________________________________ ILUGC Mailing List: http://www.ae.iitm.ac.in/mailman/listinfo/ilugc
