This weekend, I had the opportunity to attend Ankur Warikoo’s insightful session, “Multi Million Dollar Moves,” organized by Supersourcing in Indore. It was a fantastic learning experience, especially during the Q&A round, where many valuable lessons on entrepreneurship were shared. Below are some of the core takeaways that I believe are essential for every entrepreneur.
1. Start Slow
Building a successful business takes time, and it’s crucial to set realistic expectations. Entrepreneurs often rush to deliver results, but Warikoo emphasized that starting slow allows you to focus on delivering what really matters. It’s not about quick wins but sustainable, long-term growth. Developing a strong foundation before scaling ensures that you’re prepared to handle the challenges that come with expansion.
2. Avoid Raising Funds Early
Many startups believe that raising funds early is a badge of success. However, Warikoo shared a different perspective: raising capital too soon could backfire. When you raise funds, you are essentially giving away a part of your company, which means you’re now working not just for yourself but also for investors. This can create external pressures that may conflict with your vision. Instead, prioritize self-reliance in the early stages.
3. Leverage Customer Money
A smart way to fund your business is through your customers. The more customers you acquire, the more revenue you generate to reinvest in your business. This approach allows you to stay in control of your company while growing organically. Essentially, your customers become your investors without taking away ownership.
4. Spend Money Wisely
It’s tempting to spend money on flashy office spaces or perks that don’t add value to your customers. Warikoo stressed that you should focus on things that improve your customer’s experience. If they can’t see or feel the impact, it’s not worth the expense. Always remember: the customer is king.
Key Considerations When Starting a Business
1. Market Size Matters
One of the first things to assess when starting a business is the market size. Getting into a niche with a large market potential provides more opportunities for growth. A larger market means there’s room to scale and innovate.
2. Build a Strong Team
Your team will be with you through the highs and lows of your journey. Warikoo highlighted the importance of building a resilient team that can stick with you during tough times. The quality of your team can make or break your company, so invest in people who share your vision and values.
3. Small Details Make a Big Difference
Success in business is often found in the details. Little things—whether it’s how you interact with customers, the quality of your product, or your internal processes—can make a big difference in how your company is perceived in the industry.
Remote Work Culture: Pros and Cons
Warikoo discussed the pros and cons of remote work culture. Remote work has its advantages, but it’s not a one-size-fits-all solution. You need to identify which tasks require physical collaboration and which can be done remotely. Certain activities, such as brainstorming and team-building, are often more effective when everyone is present in the same space. Meanwhile, individual tasks requiring focus can be done remotely.
It’s also important to remember that setting up an office comes with costs, so plan carefully about when and where to set up physical spaces.
Strategic Team Management
As a founder, you will need a team if you want to scale. There will be both good and bad experiences when managing people, and it’s crucial to learn from both. Your goal should be to surround yourself with the best talent, and this skill will develop over time.
Entrepreneurship often feels like a lonely journey, and while strategic thinking and planning are vital, balancing personal and professional life is just as important. As Warikoo mentioned, business, family, friends, and relationships are all part of your life. Prioritize wisely.
Consistency and Planning
Consistency is key to success. To maintain consistency, you need to:
- Plan your calendar efficiently.
- Keep doing the things that make you happy.
- Understand what is important and what is urgent, and make decisions based on this distinction.
Warikoo emphasized setting the right mindset: there are no easy paths in life. You have to face every situation head-on and learn from it.
The Founder’s Value System
Finally, Warikoo touched on a crucial point: a company’s value system reflects the values of its founder. He introduced the concept of ROP—Respect, Ownership, Performance. A company’s culture and success stem from these core values.
Book Recommendations
Warikoo also recommended two great books for entrepreneurs:
- Rethink – A guide on how to challenge existing paradigms and approach problems with a fresh perspective.
- The Hard Thing About Hard Things – A must-read for entrepreneurs about the realities of building and managing a startup.
This event was packed with actionable insights that will undoubtedly help in navigating the complex and rewarding journey of entrepreneurship. As I reflect on these lessons, I feel more prepared to take on the challenges ahead with clarity and determination.
Attending events like these helps TechVraksh stay ahead of the curve, refining our strategies while maintaining our focus on delivering the best solutions to our clients. By incorporating these insights, we’re better equipped to grow sustainably and continue serving our customers with excellence.
