We recently had a chance to attend Jio GenNext seminar, conducted by Mr. Amey Mashelkar. In the seminar, we got to learn how start-ups are helped by corporates to grow. A few important things that were discussed that were a great learning have been listed below:
1. It is advisable that in the early phase, one should not go for a large scale start-up. It is very important to check the idea first, and the way forward for this can be by taking your start-up as a project in the initial days and then checking the scalability of the idea. Taking a start-up as a project refers to the fact that start-ups should be checked with small customers and response of the customers should be noted down. This gives two advantages, you do not feel the stress of proving your revenue returns to others and this way will be more verified to go forward.
2. Every entrepreneur needs to remember that if he is asking for funds from any person or venture except his/her parents, they expect the return to be three times of the funding given. This may lead to an increased stress of repeatedly proving the worth of the start- up. Therefore, funding should be majorly approached when we have actually seen the growth in the business.
3. When in the initial days of developing the start-up ideas, it is not the presentation skills or the start-up idea that matters to venture capitalists. All they look in an entrepreneur is the passion for the idea i.e. is the entrepreneur of the caliber that he will not give up on his plans.
4. Shark tank is something that people need to watch especially entrepreneurs.