Just heard of Rodinhood and signed up!
I have been a first generation entrepreneur, fresh out of college at 21. It was a super 7yr roller coaster ride – many lows & a few great highs. Recognition from the likes of Business Week & abject failures.
Finally, in June 2011, I gave up and took up a job. Started keeping a blog to analyze my reasons for failure and create a framework to follow in the future. On it, I look back & connect the dots. I compare ventures, identify patters & understand the science. Yes- it is largely science & not the art of a few!
For instance, with regard to strategy my experience is that strategy is like the ring on your finger. It needs to be a perfect fit. You need to be clear about what finger you would wear it on. You need to be clearer about what finger it is not for.
What defines a ring is the hole. What defines your company’s strategy is what you are NOT going to be. First make a list of the most important customer needs you wish to address. Not more than three, I would say. Then, ask yourself – what are the trade offs I would make in order to excel at the things that the customer needs the most. These tradeoffs are what are going to be your USPs. They will guard you against competition. If you are a start-up, never ever do the mistake of assuming that you can do everything equally well.
At my ventures, I consistently did not do the above. I was too eager to do everything and be everything for everyone. Instead of doing a lot of less, I tried doing a lot of all. You can read more about stuff here: The First Crore
Would be delighted to have your thoughts on that – to debate and discuss. Look forward to inputs for the experienced and the enthusiasts, from the critics and fellows and from cynics and emphathizers.
And it goes without saying that, I am looking to contribute my part to the Rodinhoods, all events included.
Cheers!