Mentoring for first time entrepreneurs
We provide detailed and ongoing mentoring to first time entrepreneurs to help them benefit from our experience and avoid common errors that most startups make. Our input includes, but is not limited to, following activities:
Company Structure & Legal Setup
We help entrepreneurs choose the right setup for their ventures:
- Legal setup of venture. What works best for the startup: Proprietorship, Private Company or Partnership? Including structure for co-founders
- Benefits/impact of taxes, accounting, etc. To be kept in mind when making investments or expenses.
- Structure deals between founders & investors in case of funding. Managing investor expectations
- Formal arrangements with vendors and clients
Product and Technology
We have an innate expertise in managing the software aspects of any startups business. We know how to build the right product and the importanct of having the right technology platforms. Some of our inputs include:
- Defining & detailing features for first phase of product, an MVP for market validation
- Defining and implementing back end processes, using software tools/reports as needed (including building in-house tools)
- Architecture of IT systems for scaling up, high availability, performance and cross platform integration.
- Ongoing tracking and improving usage of customer facing websites, products, etc.
- Features for customer retention, scalability, quality assessment, automation, monitoring, etc.
Too many entrepreneurs do not have the right strategy for their long term goals or daily operations. We look at all the aspects:
- Build operational framework and processes. Monitor operations based on key metrics.
- Working on market launch strategy and customer acquisition
- Pricing – pricing model, product packaging, offers, etc.
- Identify additional customer segments for expansion
- Weekly reviews for Sales, Marketing, Operations, Product/IT, etc.
- Building advantage over present or future competition
- Plan B for launch in case of unforeseen challenges
- Build team - hiring for key positions – Software Development, Operations, Sales, Co-Founders
- Avoiding common pitfalls in day to day operations or key decisions
- Brainstorming and handholding on short term and long term strategy, major expense areas, profitability, etc.
When you work with us, below are the bare minimum benefits we will help you achieve, probably in same sequence:
- Having the right product and audience mix, validation of idea that it WILL work.
- Correct pricing
- Getting paid customers within 6 months so that your stop burning money and start earning
- Positive unit economics (the more you sell, the closer you are to profitability)
- Profitability within 1 year if not earlier
- Minimum Revenue of 10 lacs within 2nd year of operations
Please note, we do not advise, assist or help on fund raising.
Criteria for startups we work with
We work with first time entrepreneurs who meet one or more of the below criteria:
- Have at least 5 years of experiences in Sales (or have a team member or employee with 5+ years of experience)
- Have been working full time on the venture for at least 3 months
- Have registered a private limited company with initial share capital of INR 2 lacs
- Are commitment to their idea in the long run (this will be a clause in our agreements with a strong penalty clause)