Here we go, with the second in the series. The response for
the first article from many was – “been there, done that”. Hence, I hope
this one reaches you before you rush to the venue and commit the next couple of
favorite mistakes – of Entrepreneurs.
Without further ado -
Partnership – sharing
and caring, is it?
So you have this friend who absolutely believes in your
idea, and is ready to walk the mile with you. You become so overwhelmed, you get
down on your knees and you say – “take my arm and a leg, and team it with 50%
of my company, be my partner”. Friends, gratitude is a good attitude but keep
it outside the business.
Partnership in business is not always a good idea. If you really need someone to be a part of
your project, make the person your first employee. And if the contribution of
your friend is really prominent then make sure that the 50-50 rule does not get
played.
Even if it’s with your best friend, equal onus is not really
practical. There would come a point, where your decisions would be poles apart.
We have all been victims of very long meeting, which result in more arguments
than agreements- and the decision is waited on forever. Hence, it’s best to clearly name the decision
maker and own the position.
Next time you think of
partnership, think of Harry Potter and Voldemort , having similar wands with
similar powers – draws a pretty picture, isn’t it ?
Can’t afford to
choose customers
Being choosy about the customers is the one idea that does
not hit many entrepreneurs. The idea is to get a customer – “just, any
customer”. But that sometimes might prove fatal.
I know a friend who did the posters, banners and other
customized merchandise for a politician. It was a huge order to be delivered in
a short span, and hence he worked day and night on it. As things turned out –
the customer lost the election and my friend never got paid. On his first round
of collection, my friend was told that the cost of his life was lesser than his
bills. My humble friend read the message right and is now working day and night
in a call center to cover his loans.
Lesson – stay away from bad customers and secondly, don’t
have an only customer. Your customers help you enhance your product and services.
And in the long run, they are the people who co-create your brand.
Ideally a good customer is someone who pays your bills on
time and gives you a progressive feedback.
Good customers also
get you a presence in the market. And
bad customers leave you with debts and a call center job.
Remember, it’s better safe than sorry. See you soon!