[Editorial Notes : Continuing with the ealier piece on What Indian VCs Can Learn From Silicon Valley VCs, Sourceeasy cofounder Pranay shares some of his perpective on what Indian entrepreneurs can learn from their Silicon valley counterparts.]
Since I’ve moved to USA to build Sourceasy, I’ve had significant learnings about what matters and what doesn’t matter while building a startup, while raising funds from Investors, what is reality and what is perception, especially being part of a larger cohort like 500 Startups.
Here’s a few things I’ve learnt:
Silicon Valley Entrepreneurs
- Founders are really confident in their abilities.
- Employees are just as scared about failing / shutting down.
- No matter how glossy people make failure look, and publicly celebrate it, its just as scarring in real life. Just a miniscule number of founders find catharsis. Most find jobs.
- Real talent gets chased, sometimes embarassingly so.
- Debt, liability, outstandings are just as real here. bankruptcy filings are helpful.
- Founders are busy but are quite helpful even to relative strangers.
- Successful startup founders are social, outgoing and extremely networked. they also work really hard to keep up with work.
- A lot of time is spent doing admin, paperwork, and accounts. thats a CEO’s job because your team is building product / operations.
- They do what is right for their startup. the best founders have astonishing clarity about what they want. in hires. in investors. in customers.
- Startup CEOs think networking, social engagement is a chore. Not a part of life. As CEO, your key job responsibility is creating opportunities, finding great people to connect with, to hire. None of this is possible without networking, being outgoing, and building a network.
- Most founders are really shy about using twitter, linkedin, other social networks.
- They are not forthcoming about sharing resources, relationships, introductions and referrals. most are interested in asking for help, not offering it.
- Most indian founders want validation, not feedback. very few who are able to clearly articulate their value prop and then understand why their business isnt venture fundable.
- They think its easier to raise funds in the Valley. It is, only if you are ticking the right boxes.
- It is far more expensive to execute on a business plan in US than in India. Especially when your revenue model is a few months away.
- Most VCs are not your enemy. in fact most of them wouldnt even remember you a month later.
What are your thoughts?
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