New Start Up & Six Qualities of Start Up Entrepreneurs - Reallife Xperience

Recently I become a part of team www.kredence.com . Though was always a part of Team Ketan Raiyani formally or informally. 

About Ketan, and his entrepreneurial dream, I must say (1) passion, (2) dream & (3) risk taking ability coupled with (4) fund raising capacity are the few of the  foremost qualities one (Start up entrepreneurs)  must have.  Dream of achieving something unthinkable, unbelieveable. Many people get (final) kick when someone challenges  them, Ketan is one of them. ("U cant do" so i will do). I have also seen that as an entrepreneurs one must be able to (5) take timely judgement when to withdraw when someting is not working.

With him , I was a co founder of taxsmile.com & other ventures thereafter . Many a times we had contarion views on some matters & also had unpleasant arguments. However test of the true entrepreneur is his (6) ability to  keep people around him who can challenge his thinking (Not only YES men).  All these arguments always lead us to objectivity in the situation and refinement of thoughts.  Many may not be aware that start up goes back to drawing board N number of times before their endeavour touches the market.

One suggestion: Go for something outstanding and unprecedented in the world. Be known for SOMETHING or ANYTHING even if that means lower profit.Make FANS not only customers.

Its a game of high passion and  patience !!!

Who R Your ADVISORS??? Everyone needs not One but MANY.

I have three personal advisors:

1) Technology for Me - My Son ( Age: Late Teen )

2) My Fashion and Entertainment - My Daughter ( Age: Early Teen )

3) My Diet and Fitness - My Wife ( Well,  Fitness Guru )

I am thinking that what (all the 3 areas) I used to handle once upon a time, I was having latest updates on the subjects is NOW not within my domain!!!

This applies to everyone in life be it individual or entrepreneurs. Tom Peter in his one of the books (Circle of Innovation)  a decade back had written that if yr IT dept has no one in the age of Teen , yr are soon going to be obsolete.

As a successful entrepreneur ( With I know Everything Bug/EGO )  if One is not investing in the start up business started by people in their teens and twenties & if one is  not surrounded by various critical domain experts, hie/her business OBITUARY is in the making.

To make 2011 Happier, take decisions which U have never taken out of fear /EGO or any such emotions or U thought U dont need to.

Wake Up to the new realities of 21st Century.  Decade No. 2.

Ideas @ IIT Mumbai Eureka 2010

Wow!! Young Indian r bubbling with Gr8 Ideas. Exciting FUTURE. 

What I learned ; 

1) About site www.foursquare.com

2) How Japanese Magnetic Rail Works?

3) Robotics & School Syllabus

What I Shared:

1) Dont rush for VC Money. Act Frugal and manage with money from known circle.Reasons: Entrepreneurs get flexibiity and dont sale cheap.
2) Take idea to next level. Atleast some prototype or some market traction.
3)  Have some road map to follow, it should be as detailed as possible.
4) Have team with complementary skills and allocate area of accountability.
5) Have simple business model of present problem area. Initial complexity may prove non starter.

Ideas are in plenty , Making it happen is the real challenge. 

All the best to all entrepreneurs and people with gr8 ideas for Making it Happen.