Here are some traps I saw other entrepreneurs fall into.
(Of course, some of these I fell into myself multiple times !)
Watch out when you hear these lines.
# 10. “Let’s add Social Networking features and use AJAX. It’s the hottest trend around. Will help with valuations”
# 9. “He has 30 years experience in the Industry and can open doors for you with Whos-Who. Rest is easy for you. He wants to be on a retainer and not on sales commission”
# 8. “When Infosys and Wipro started there was no competition. They had all the time to grow. Now time is money. It’s a VC funded world.”
#7. “I don’t care about making money. Just love the challenge as it is”
#6. “We are friends first and business partners next”
#5. “They are old school, brick&mortar … won’t get it right on the web”
#4. “I am unable to sell because there is no marketing investment here. We need customers who call us, not other way around”
#3. “Just build the traffic, you can sell it Google or Microsoft – when they take India more seriously”
#2. “Just getting 0.5% of people in India as our customers … just 0.5% … means we will blow our revenue plan out of the water”
#1. A VC saying “I want you to raise more money sufficient for the next round as well now … so you can focus on building the business and not waste any time fund raising”
What do you think … did you hear these any time before?
What else would you add in your top 10 list?
Views expressed are solely personal opinions of the author; and do not represent the views organizations/institutions he is associated in any form. The author has no responsibility for actions taken based on ideas expressed here.
(Sridhar Turaga’s Blog: An Indian Entrepreuner)