VC’s tips to Entrepreneurs – Your success is based on making your customer successful

Great tips for Entrepreneurs from two great names – K B Chandrashekhar (founder/CEO, Jamcracker) and Eugene Kleiner (founder of KPCB)

KB Chandrashekhar

Do’s:

  • Take Risks – Be willing to fail and apply learnings
  • Your passion for the concept is what brings everyone together
  • Communicate openly – both good and bad news
  • Stay focused on the core theme but adapt to market and technology changes
  • Your success is based on making your customer successful

Don’t:

  • Win one battle at a time – do not open too many fronts on market segments, technology
  • Do not overspend till you know the concept works and you are ready to scale the business
  • Do not create bureaucracy – start up is about small teams working together
  • Do not neglect face time with employees, customers and partners
  • Do not neglect family; make sure they are partners in this journey

[source]

Eugene Kleiner:

  • Make sure the dog wants to eat the dog food. No matter how ground-breaking a new technology, how large a potential market, make certain customers actually want it.
  • Build one business at a time. Most business plans are overly ambitious. Concentrate on being successful in one endeavor first.
  • The time to take the tarts is when they’re being passed. If an environment is right for funding, go for it.
  • The problem with most companies is they don’t know what business they’re in.
  • Even turkeys can fly in a high wind. In times of strong economies, even bad companies can look good.
  • It’s easier to get a piece of an existing market than to create a new one.
  • It’s difficult to see the picture when you’re inside the frame.
  • After learning some of the tricks of the trade, some people think they know the trade.
  • Venture capitalists will stop at nothing to copy success.
  • Invest in people, not just products.

[source]

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