Jul 20th, 2007 by Mahesh M Piddshetti
FoundRead as an Inpiring article about How an Idea can be executed without
1 Money/VC
2 Experience
3 No Business Plan, etc.
Excerpts:
- We had next to no experience in developing a startup. (or some but not enough.)
- We had no working product to confirm we have a market and a clear proposition.
- We didn’t have the right team yet since we were just fresh.
We came to these 5 Conclusions (Some may not apply to your business, but they were for ours):
No Business Plan: Don’t start by writing a business plan, a short executive summary and a presentation is what people will look at or read.
Registration: We went to register our company and went to a lawyer from day one, they usually charge less when you’re just 2 guys in a garage developing a prototype.
Start from Day one: And we don’t mean start prototyping your product because this should be CLEAR that developing your product is a must. But when we registered our company, we defined Octabox as a separate entity than Lionite (Our design firm), since we started to take gigs in consulting and designing medium and large scale web application.
Bootstrap your life: your startup is at this stage that everything that happen in your life will be reflected in your startup, if you live an expensive life and can’t afford to put some money and time in your startup instead, my best advice for you would be to check if this is right for you.
Hire people : I told my partner that sometimes it’s better to hire someone with 0 experience and little knowledge and that the true things that matters are: trust, ability to learn, ethics. This will not only let you learn to how to handle human resources before getting investments but also let you grow the people you need and want. People will less experience and knowledge sometime tends to be more loyal to your business and enthusiastic.