Running a Startup is quite a sexy thing to do, but building a business is boring.
Look at Google.
The amount of boring work that goes in running the money making business – adwords and adsense (two sides of the same coin)
- Purely Operational.
- Need to setup the logistics partnership (even though it’s outsourced, G has to manage vendors relationships).
- Work with publishers – go after high quality ones. Build relationships. Follow up with them.
- Run after advertisers – Chase them, please them. Whatever it is, just get them.
- Build a ‘F**king’ process and ensure that there is no crack in the system (avoid such stupid #fail)
- Support team to handle queries from advertisers/publishers.
How many startups stop at the technology innovation and go the next mile to build a business?
Infact, how much of technology is involved in building a successful business? 20%? 40%? 80%? [Take your pick.]
Building a Business is a lot more than ‘running a startup’.
Startups stop at ‘Product’, while Business starts with ‘Product’.
Some of the ‘boring’ business stuff that one needs to do (generically put):
- Figure out distribution partnerships/mechanism.
- Build channel relationships
- Figure out ‘value prop’ for different customer segments (and train sales/marketing team).
- Take care of customization, especially for large customer accounts.
- Make a mark at various trade shows/industry events.
- Pre-purchase/Post-purchase service
- Design a ‘Process’ (yes! you hate the ‘P’ word, right?)
You decide what you are building. But do not confuse one over the other.
[And we will be discussing more of these @UnPluggd Event]