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?