Building Profitable Business

So how do you build a profitable business?

You start with ‘that’ great technology idea, but what changes do you need to make in the due course of time?

Is it okay to give up the ‘CEO’ role and hire a business guy to run your business?

Here are some interesting tips from Dogster & Catster founders:

  • If being a business person is not your goal find a business partner immediately.
  • Spend at least 50% of your time selling.
  • Fail fast.
  • Hire slow and fire fast.
  • Don’t lie to yourself (stop those rosy forecasts!)
  • Consult anyone you know that has run a earnings-based business (get some cash flow/long term strategies etc)
  • Spend your money when it’s in the bank, not when the deal is agreed  to!
  • Prove your revenue models before investing in them.
  • Be frugal about everything (learn some money saving tips here)

Interesting points – makes me wonder if Google would have been the same story if not for Larry/Sergey bringing in Eric Schmidt (goes to point # 1)?

What’s your take?

Total
0
Shares
Leave a Reply

Sign Up to Newsletter

Daily.

You May Also Like

VC = Venture, Vapor, Vulture & Vampire Capital [Perspective]

As my marker approached the circle once again, I was nervous. This was the classic ‘doing too many things’ syndrome. My marker touched the white board and just as another line began to appear, Jim Armstrong, hollered at me in a rather stern voice and said ‘Alok – don’t tell me you have more offerings to explain to us’? I calmly said ‘Yes Jim, we have these new lines rolling out as we speak and…’ Before I could complete my sentence, Jim suddenly sat upright on his chair, broke into a big smile and exclaimed loudly – ‘That’s audacious Alok – and we love you for your audacity’!!