Alok recently appeared on NDTV Profit’s ‘We Mean Business’. The topic discussed was the ‘Best time to start up’ where he busted some myths…
A few highlights:
– Recession is the best time to start a biz
– Slowing economy doesn’t make a difference to an entrepreneur
– Only 2-3% ideas get converted into companies
Common mistakes:
i) Confusing idea with execution: The belief that the idea itself is the business – the journey is about the execution!
ii) Time period: It takes a good 10 years of perseverance to create a good company. iii) Most entrepreneurs think Startup = Raising Venture Capital. First build something then dream of venture capital
Funding: Startup interest in India is phenomenally high
Challenges in starting up in a slowdown (or otherwise):
DO NOT BURN YOUR MONEY! Earn your money before you spend it. (i think that’s awesome marwari advice!)
There was a bit of “Mentorship Capitalist role” talk as well. And how Alok would like to provide the 28-35 year old age segment of entrepreneurs with a Bodhi Tree :).
Alok doesn’t want to help startups. He wants to help YOU, START UP!!!
For the rest, watch the video!
Parting Rodinhood quote…
“If startups preserve humility as their core mantra, they’re not gonna go wrong…”
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Special thanks to Aman Jha for sharing this link!
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