Those who are running successful businesses. Any lessons for new comers?
Businesses not startup. And you should've sold your product to customers not VCs. Saw a recent post of a guy who did same raised $5M and his startup failed but I am sure he took out 10L pm salary. Anyways I won't criticise him for burning someone's money because people who funded him have IQ and EQ equivalent to peanuts.
I am starting out alone cuz I couldn't find a co-founder for myself. Realised this is the best route, still didn't have a technical co-founder since all tech guys are busy looking for a job or PG. And remaining of my batchmates are "idea" guys. Who I consider equal to product managers. They're like basil leaves on poha. It doesn't add anything to it's taste nor the looks.
I am right now on a solo route. Any tips or tricks is welcome even psychological. Actually psychological is more helpful since I am in the industry where doing a job is considered as a "hobby" now imagine making your own product. Even tips on taxes and personal finance is welcome from men and women here.
P.s the industry is gaming industry and I make mobile games. So only comment if you have something to add cuz I am already done with "find a job" ones from everyone in my life. Btw I made some games and 1 of them is doing good and making me decent money.
Been with my family business MSME for over 10 years now will tell you what I have learnt.
- You need good like minded team.
- The team has to be dedicated.
- The team must be in a position to take decisions in the absence of the founder or partners which should benefit the firm.
- As a founder partner etc. It is very important to keep your team motivated.
- You have to be extremely patient because there will be mistakes and those mistakes can cause you losses but you as will have to take responsibility and not get mad with your team cause it's your responsibility to check what your team is up too.
- Focus on one business and slowly expand.
- These days loans are available take how much you can manage so you can go home and sleep well.
- Do business with whoever you wish to and keep all transcationd clear and transparent case problems start when there is no money or during a bad phase.
- Avoid any legal problems it takes away a lot of time and money.
- Do whatever you have to don't let your employees join any union.
I hope this is of help to anyone starting a new business.
Very good list^
@LooseGoose please share your lessons and tips so everyone who's starting out can learn. Btw me and this guy discussed it on other thread. He asked me to dm for lessons but I thought rather than DMs it would be better if everyone learns from expert so that they can also learn it.
I actually started my career in gaming too, but i wanted to make narrative games while the industry went towards Ludo and gambling instead, so i switched to marketing early on.
If you've already made a game that's earning you money, you're ahead of 90% of people on this platform who only dream of doing even a side hustle.
Do more of what's working for you and double down on it. Make a few games and SaaS tools, update them once in a while and let passive income flow.