We went through a real business case based on Watch-Fit, Parisa's business. Though sometimes he pointed out her plan strictly, it was really practical and gave us a significant learning for start-up through this business case.
The key lessons I have learned is
● There are a large number of projects/business plans which do not need for funding from VCs and attractive for VCs. But, there are some projects actually work well, even if they are not attractive.
● Don’t get in a venture, where all partners get equally. It will not work
● Online Advertisement business is really tough to get funding because it is too competitive and most of them are not attractive models for VCs.
● Do not use the word of "Plat Form"
● For start-up entrepreneurs, they need to devote most of their time to their business. Keep in mind.
● If we copy some other business models, in that case, we need business managers who have enough experience to lead the team. For young entrepreneurs, innovative business models are required because of lack of management skills.
● Do not try too many things at the same time. Firstly, we should focus on our main/core business.
● If we have enough money for start-up, it would be better for us to start because it shows the commitment to our company.
● If we start B to C business, firstly we need to get potential customers as many as possible.
● If we start a niche business, it must be global one.
● Before starting business, firstly we need to test it.
● We have to get customers who have the same profile/preference because it would be easier.
It was really nice&exciting class. I was impressed so much and he was eligible for the last session of my MBA class. Great thanks Enrique & Rodolfo!!
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