Tidbits to first time Entrepreneurs from a first time Entrepreneuer.

My observations and realisations about starting and staying the business. Not in cronological order.

Jan 10, 2024

First published on Aug 14, 2023

The idea may not generate money.
People does not straight away pay for the product. It takes a lot of mental struggle for them to pay for something. It is our job to convince them to buy through our marketing.
For higher margins, we need to build for rich people and make it a luxury.
Luxury creates a benchmark for people to achieve.
People likes to show off no matter what they say. Not many like to keep a low profile.
Great product with a great community will keep the business sustainable and profitable.
It is all about people.
Build for people. Not all people are same. We should know whom we are building for.
The market size determines the upper limit a business can cater.
The core business should be lean and agile.
We should not add items to substitute the core business. It should be an another business.
One business, one work.
Multiple verticals at the start will not work.
Every business is dependent on something, starting with Nature.
The more dependencies a business has, it becomes more sensitive to changes.
There are only two ways to become profitable.
- High volume, lower margins.
- Low volume, higher margins.
Every business has its own dynamics. We should understand the dynamics sooner.
- The dependency list is the first dynamic to figure out.
People we are dealing with does effect our business.
Based on the people’s education background, we need to take care of marketing message.
Sometimes it becomes too late to fix a business.
Sometimes it is good to terminate the business and restart something.
Without a community, it is hard to build a business.
- Community is people.
- Business is for the people.
High margins should be added from the beginning. When there is a competition, we can add more add-ons instead of cutting down the margin and become more appealing.
Services does not make us rich.
Every hour we spend is costly. Spend wisely.

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