Kunal Shah (CEO, Freecharge) is one of the most active Indian entrepreneurs on social media. He keeps sharing his learnings & observations on Facebook. Today, we are curating a list of Top 10 Best Advices given by Kunal Shah which are opt for upcoming entrepreneur. If you are an aspiring entrepreneur, you must follow these advices.
Top 10 Startup Posts from Kunal Shah
Service marketplaces only work when the last mile service providers offer above average quality. Consistently.
Otherwise it is just like giving microphone to a bad singer.
Time is the worst currency to waste for start-ups. Venture Capital acts as a catalyst for something to fail or succeed really fast. However, I see many companies incorrectly thinking of capital as first step to begin their journeys.
I find a particular trait of newbie entrepreneurs very disturbing. They spend disproportionate amount of time attending start-up conferences, reading startup articles, following all entrepreneurs on social media, reading startup books etc.
The only thing that will give you success is knowing your users/ customers really really well.
Allocate only 10% of your time for all the other bullshit gyaan. Get rid of your coaching classes DNA.
Start-ups that raise a lot of of capital too early are sometimes at a disadvantage. They learn to throw money at problems (hiring, customer acquisition, product fit etc) instead of solving it through insights and innovation.
Money rarely solves a problem, at best hides it for some time.
Often I wonder about Indian Startup coaching classes/ accelerators/ labs/ program/ camps.
A. How often a company with very large valuation/ revenue come out of it?
B. Attendees have higher success/ survival rate v/s those who don’t attend?
C. If A and B are negative, What is missing?
Saying can’t startup without funding is same as saying can’t run 5 KM without Nike Shoes.
It’s a shame that funding is glorified to the point it’s become synonymous to success.
Energy Spent Ratio
a) Small Teams:
Internal Battles: 0%, External Battles:100%
b) Large Teams:
Internal Battles: 50%, External Battles: 50%
Almost every funded company hits rock bottom in their journey. Some bounce back and many crack open and explode.
Common material found in remains of explosion : Ego.
I strongly believe all students should have a startup during college. Doesn’t matter if successful or how big or small. Worst case scenario it will make them 10x better employee than someone with no exposure to how a business works.
Also anyone who believes you need funds to startup is wrong.
Only a few free-falls have a smooth landing but all free-falls are worth it.
Are you inspired already? You can follow Kunal Shah on Facebook for his words of wisdom. Comment your views below & stay tuned to BuddyBits for more stories from India & around the world.