Notebook - Start Up a Start-Up!

• Practical, unique idea
• See opportunity where others don't
• 7Ms: Motivation, market, money, material, machinery, man-power, management
• An idea can change everybody's life, particularly yours!
• Attack a viable market
• Perceive yourself and act as a part of an organism that is your firm
• Network with other associates
• Vinod Khosla
  
• Frugality
• Just Do It
• Innovation: Add new value to a product or improve a process
• Technology is not everything
• Keep all the stake-holders' interests in mind
• Quickly adapt to stimuli
• See opportunity areas other than IT too : Food courts, food services to companies, textile, shopper's stop, CCD
  
• Let the organization be free from individualism
• Heterogeneous mixture of persons in terms of ability with homogeneous set of goals form a perfect team
• Harness experience
  
• Similar basic philosophy and ethics should guide a team
• Look for complementary capabilities in team-members
• The basic funda: Congruence of individual goals achieved while fulfilling a super-arching goal.
• Hire the skills your team lacks
• Stick to basic values of company e.g. no family person to be hired
• Business should be extendible, not a one-idea show but a platform for a series of new ideas
• Red-queen hypothesis
• Entry Barriers: Infrastructure, registration, bureaucracy
• Anti-corruption firms
• Adaptability
• Ethical or non-ethical tracks
• Credibility - Evidence of having done a lot of work
• Parameters: Better, faster, cheaper
• Quantify everything