Monday, July 22, 2019

Lessons From a Founder Who Fought For Green Card/PR Before Selling Business For $3+ Billion, Plus Many Success Tips - Sponsored By GreatestFounders.com


As many founders know, you have to take inspiration from many sources and from different people (Citizens or To be citizens). And as venture capitalist or angle or accelerator institutions, you are always hoping to attract founders / entrepreneurs that’s going to blow your socks off personally, in business and contribute to the human race.

Hello founders and venture capitalist, as a founder of a growing founder’s community (Founders Under 40™ Group) evolving it’s offerings and platforms and value proposition via greatestfounders.com, in some ways can relate to many founders around the world trying to achieve their dreams in the face of all the odds.

I hope the the 10, 000+ awesome founders would appreciate the effort, content and also come assist us as we continue to add value. For more info about joining / supporting please visit https://www.foundersunder40.com or https://www.greatestfounders.com  or email: support[at]foundersunder40.com for membership and service info.

It’s a little challenging to support you, other founders and venture capitalist without your contributions.


SO GET INVOLVE & SUPPORT. WE NEED ADVISORS, TECH EXPERTS, FINANCE EXPERTS, EVENTS EXPERTS, GOV EXPERTS, CITY/NATION EXPERTS, COMMUNITY EXPERTS, EDUCATION EXPERTS, PARTNERSHIP EXPERTS, ETC…

email and introduce yourself: info[at]foundersunder40.com




So here’s the take away from founder entrepreneur Jyoti Bansal and from other Founders (content below are just shared from article, may have been modified and combined with other sources. It’s been powered by BJ Mannyst + Founders Under 40™ Group. We are not affiliated, compensated,  and / or endorsing Jyoti or his company or other founders ):

ENJOY!

*** Also pickup this awesome eBook that will help founders achieve meaning in their life and much more.    https://mblog.bjmannyst.com/2017/11/how-founders-can-have-meaningful-achievers-life.html



Jyoti Bansal  of Unusual Ventures
  • since his challenges he has created well over 1,000 jobs in the US,
  • sold his first startup, AppDynamics, for $3.7 billion to Cisco
  • Despite having been turned down by investors at least 20 times
  • when trying to fund raise for his first venture, Jyoti refused to quit.


  • The first lesson was that you've got to build a product that people want to buy. It's not about the technology. No one cares about the technology if it doesn't solve a real business problem.

  • He realized that as a startup you have to keep evolving and transforming to the next set of problems, to the next evolution in the business and the market that's happening. If you don’t do that you’re toast.

  • Yet, even there, he learned that if your go to market and your sales scaling doesn't work it doesn't matter how good your product is.

  • Evolving from new startup founder to a true CEO, managing hundreds of employees and maybe even moving up to chairman and hiring another CEO requires a lot of personal growth in a very short period of time. It can be a very different job than most entrepreneurs envision.



 

TIPS FOR FOUNDER(S) SUCCESS:


Come Up With a Great Purpose & Vision.

You have to sell the vision that will excite people. Otherwise,
people are not going to work, and startups are hard and challenging.
If the vision is not exciting or you can't tell the vision right, it won't
work.

Create Alignment.

The job of the CEO is to create alignment
between sales, marketing, product, customer support, investors, and
the board of directors. You want to make sure that everyone is
marching towards the same direction and the same goals. In a
startup, you never have enough resources, the pressures are high,
so alignment is the job of the leader.

Create Execution Mindset.

The job of the leader is to set the tone for execution in a startup.
Make the company and your business execution-oriented.

Find & Fill The Gaps.

As a startup CEO, your job is to fill the gaps. There will be gaps
that you will have to own as the CEO. You don't want to fill the gap for too long, but when there is a gap, your job is to fill the gap.

The Team.

Hiring should be based not just on employee skills but on their ambition, grit, comfort with uncertainty, low ego, and ability to learn. “It is said that A players are confident enough to identify and hire A players, while B players hire C players,” the authors joke.


The Great Mindset.

Becoming successful in business is more about your mentality, psychology and determination than it is about finding little tips, tricks, hacks and exploitation in the marketplace.


 

Dreaming Big.

Can you dream big? Are you ambitious? Do you think big?

Perseverance.

Startups are hard, and you will run into
challenges and obstacles invariably. What are yougoing to do
when you run into challenges? Are you just going to fold? Are you
going to work to find a way to overcome that challenge?
Can you learn? Entrepreneurship is all about rapid learning. You
have to learn so many things so fast. Do you have that mindset to
learn?

Big Market or A Niche that Can Grow.

Make sure your market is large. If you're going after a very small
market, it will become very, very hard to build a good business.

 

Be In Top Three and Stay There.

Make sure that your product is the top three  in the market.
Because beyond that, it becomes very hard to really win in any
market.

Recruit & Build Great Sales & Marketing Executions.

Make sure you have world-class sales and marketing. In most
markets, it's not just the product. You can't just be a number one or
two product in the market. You have to really create world-class
sales and marketing with that.

Love & Take Care of Your Customers.

Make sure to take care of your customers. Really, really, really
take care of your customers.

Be Transparent, Fair, Open, Caring, Supportive.

Make sure to create a culture that is open and transparent so
smart people can thrive in your company.





“If you don’t educate yourself, you’ll never get out of the starting block because you’ll spend all your money making foolish decisions.” @ Daymond John





Do You Have A Competitive Edge.

Does your company have a product or service with a competitive edge or unique selling point (USP)?

Recruit Talent With Experience But Not At Expense of New Thinking/Adaptability.

Do you and/or your management team have relevant industry sector experience? Do you have
a clear team leader and a team with complementary areas of expertise, such as management,
marketing, finance, etc?


Start Today.

The only true way to learn is by doing and you can’t afford to sit around waiting for funding, hoping someone else will come along to help you execute on your idea or complain that you don’t have the time. Making excuses won’t help you start a business and it sure as hell won’t help you create the lifestyle you want for yourself.

Keep Building Quality Relationships.

Never stop building meaningful relationships with customers and other people in your industry. Choosing to instead view competitors as potential partners and collaborators can positively impact your business in a big way.





"You have to really believe in your product to deal with the naysayers and persevere." @ariannahuff



Are You Ready & Willing To Sell A Piece of Your Company.

Are you willing to sell some of your company’s shares to a investors?

Have You Made Sure You Have Good Cash Flow System.

  • • Ensure that you have good cash flow forecasting systems in place
  • • Give customers incentives to encourage prompt payment
  • • Adhere to rigorous credit control procedures
  • • Plan payments to suppliers
  • • Maximize sales revenues
  • • Carefully control overheads
  • • Consider sub-contracting to reduce initial capital requirements (if appropriate)
  • • Assess inventory levels (if appropriate)
  • • Check quality control

Your Understanding of The Worlds of Business Financing Is Great.

Sources of funds:
  • • Your own and your co-founderss’ funds
  • • Friends or business associates funds
  • • The clearing banks – overdrafts, short or medium-term loans
  • • Factoring and invoice discounting
  • • Leasing, hire purchase
  • • Venture debt
  • • Investment banks – medium to long-term larger loans
  • • Public sector grants, loans, regional assistance and advice
  • • Business angel finance
  • • Corporate venturing
  • • Private equity



"Don't give up, don't take anything personally, and don't take no for an answer." @sophiaamoruso




Know Indicators of Business Waste & Inefficiencies.


  • Flashy and expensive material goods that are just status symbols owned by the business
  • Company unnecessary expense
  • Company extreme display of wealth
  • Office and building seems a tad bit excessive for financial situation
  • Offices and workforce are not properly being utilized or work duplicates
  • Out of control and numerous software or service subscription plans
  • Bad resource management, monitoring, control and discipline
  • No fiscal checks and balances



"Don't let perfectionism cripple you. Launch as soon as possible and adapt." @lewishowes




***Original Article about Jyoti Bansal :This Entrepreneur Waited 7 Years For His Green Card Before Selling His Business For $3.7 Billion by Alejandro Cremades
*** Also pickup this awesome eBook that will help founders achieve meaning in their life and much more.    https://mblog.bjmannyst.com/2017/11/how-founders-can-have-meaningful-achievers-life.html

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