INSIGHTS FROM THE INDUSTRY

"As a budding entrepreneur, you have lots of choices in spending your time and precious little resources. I have learned that the 3 most areas to focus on for a budding entrepreneur are :

a) Product
b)People
c) Purchasing Power

These 3 Ps are the beginning of our road towards our 3 goals. I have also seen that winning entrepreneurs are good at these 3 tasks.

a) Product
The startup needs to create one or more products that solve some problems of the user. Without creating a good product which consumers want no startup can grow and become profitable.

b) People
To create the winning product or products you need to assemble a team that can execute well. Thus any successful startup requires good people inside it and successful startup founders are good recruiters and motivators.

c) Purchasing Power
Every startup needs money to purchase the time of its people and the essential resources required to create and provide products to customers. Some startups do not buy stuff using money from investors or founders but they purchase stuff using other mechanisms like ESOPs, crowdfunding and barter. Thus I term this purchasing power instead of money.

As a founder focus most of your time on these 3 focus areas. Time and focus are bigger constraints than money. I have seen that in action in Paytm. You can get money from outside but you always have limited time and focus. "