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Rajnish SharmaTop Contributor
Content Creator || Android App Developer
Asked a question 3 years ago

What are the best advises for a young entrepreneur?

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Rajnish SharmaTop Contributor
Content Creator || Android App Developer

This could be an important one for you because if your company is new and you are a young entrepreneur then you must be thinking about what to do and what not to. Because one small move can be a mine forever. So think twice before investing your time and money in any idea. Some can be curse to you. Some may give you good returns and some be sink. 

I might miss something or my points may differ from yours, so feel free to argue with me in the comment section. Every situation is different and need to be seen from different prospective. 

First thing you need to ask yourself if you are really ready for a startup?

If yes then you should go ahead. Speaking of which you should keep in mind the following points if you have a new startup.

  • It's an emotional roller coaster so be ready and enjoy it do not give up. You will lose a lot of hair but hey, bald is in fashion.
  • Make the 20% of product features that are responsible for 80% of your value first. With your own god damn money.
  • The remaining 80% of features of your products, add them later organically one by one.
  • Talk to people and ask their opinions on stuff you know nothing.
  • When you need investors don't ask for money for your salary, it’s a waste of money. Ask for features and growing distribution network.
  • Keep innovating and don't bother with cat fights with your copycats. It's a waste of time.
  • Investors want to see a team that knows its job. Not your buddies.
  • Make your business unique, no one wants to invest in another clone.
  • Do not take loans. This can be an important point for you because if your idea goes down you will be in debt and frustration, but nothing else.
  • Make your business unique, no one wants to invest in another clone.
  • Don’t waste time giving talks, rather spend time working more on your company.
  • Make great friends and relationships with smart people and people in the ecosystem / don’t be phony.
  • Have good mentors by your side, give them adviser equity too or ask them to invest a little.
  • Never give up, never ever - trust me - your frustration of things not working is better than your frustration of a job that you don’t like.

Always remember Business is a great game if you stick to playing within the Rules. The most important point with which I would end this is Don't give up.