16 May, 2009

Entrepreneurship: Understanding Responsibility

Posted by: yaser In: Entrepreneurship|Startups

Every day I come across manay youngsters (context: people younger than me, mainly students), this post is mainly related to my interaction with them. Its is to share the frustration and poor guidance they come across and draw inspiration from. So guyz who mainly inspire them please read on.

  1. There is a common behavior that when we are someone influential we tend to enforce our opinion based on our observations and experiences. Most of the time we skip the little desclaimer at the end that these are our experiences and you might keep them in your mind but never rely on these only.
  2. We understand that you might have been dicthed, exploited and used by people but not everyone comes across same breed of people or have same kind of skill set when it comes to public dealing.
  3. Never ever make promises or claims you can’t fullfil. Assist the people you come across in a manner that they end up doing their job themselves rather then waiting for you to do something for them.
  4. Tell them straight ahead that Startups are tough, not everyone can do it but don’t try to become nostradamus and predict if they are the right kind of material.
  5. If someone asks you for a shortcut to success; tell them there isn’t any. There is no formula to success, its always a mix and match and the combinations are different for different people. However there are some basic rules to it which are, Passion -  Passion & Passion. All other qualities are derivatives of this single attribute.
  6. You might be a guru of what you do but don’t poke your nose in everyone’s business by giving your expert opinion on who is a success and who is not.
  7. Never ever direct them to make lengthy business plans and prepare feasibility and costing of millions. This halts their progress. Tell them to invent new ways of crossing the hurdles they face.
  8. There is no such things as VC funding an idea; don’t tell them to look for one.

 

 

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7 Responses to "Entrepreneurship: Understanding Responsibility"

1 | Valuable Internet Information » BhonpoO » Blog Archive » Entrepreneurship: Understanding …

May 16th, 2009 at 11:11 pm

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[...] Here is the original post:  BhonpoO » Blog Archive » Entrepreneurship: Understanding … [...]

2 | Entrepreneurship: Understanding Responsibility | Tea Break

May 17th, 2009 at 12:24 am

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[...] This cup of tea was served by: BhonpoO [...]

3 | Entrepreneurship: Understanding Responsibility | Tea Break

May 17th, 2009 at 12:24 am

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[...] This cup of tea was served by: BhonpoO [...]

4 | Finance Information Blog

May 17th, 2009 at 2:16 am

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[...] BhonpoO » Blog Archive » Entrepreneurship: Understanding … [...]

6 | Adil Saleem

May 17th, 2009 at 2:31 pm

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I couldnt agree more with the last point. The most common phrase I hear is, “I have an idea, I cant share it but I am looking for funding and as soon as I get it, I ll leave my job, then hire 3 guys to develop it”. The fact that there are about a gazillion people with this thinking should be enough to indicate that this never happens.

No one invests in business plans, so writing a business plan is ok as it forces you to evaluate your ideas and strategy but beyond that, its nothing much. As one of our mentors once said, “If you succeed, you ll have people coming to you with business plan, and if you fail, no one is going to care if you made 30 business plans”

Another mistake students do is to ask wrong people for advice. Suppose you want to start a startup, then you should meet startups, founders and entrepreneurs, not people who never left their cubical.

7 | To Blog or Not To Blog » An advice before you seek advice

May 18th, 2009 at 6:50 pm

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[...] was very intrigued by the post by Yaser on responsibilities of an advisor so I decided to highlight other side of the coin, the [...]

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