Kindle Notes & Highlights
Innovation disrupts the established way of things. Large, profitable organizations frown at disruptions. For innovative people, it is sometimes easier to start something ground-up.
up.
Comfort with postponed gratification is a critical requirement of entrepreneurship.
The time is now if your spouse and family approve of your decision to take the plunge and face uncertainty for the next ten years.
face
Th...
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often how long it takes to build a c...
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Freedom is not lack of answerability.
Freedom to an entrepreneur is the ability to choose a line of business and set goals consistent with stakeholder ambitions. Freedom is the ability to write and revise a business plan. Freedom is the ability to make a decision on a given product and service strategy.
Along with hard work, comes the ability to work unsupervised.
things—a great idea that leads to a family of ideas, and solid implementation.
me. When you build a team, you do not start by looking at compatibility and sameness. You look for complementary skills and diversity. MindTree’s gestation period was a long fourteen months. During that time, the start-up team was put together across two continents. All through the process, we were very clear in our minds as to who was going to bring what to the table, and who would do what after the company became operational. In any start-up team, there are a few things that the founding team must possess from day one, whatever may be the business idea. These include the ability
1. Proven competence, ability to pull one’s weight
DNA of MindTree would be imagination, action and joy.
I have always believed that differentiation is a six-horse chariot. Six equally strong horses. They need to pull it in the same direction, at the same time, with the same energy. These six horses are: domain, tools, methodology, quality, innovation and branding.
the colour of the money.
assets attract depreciation and
can never overstate the importance of five things in managing high-performance professionals: set up a performance management system that everyone understands, communicate with people with evangelical regularity, listen to the voice of your people through formal and
regular perception surveys that are conducted by an outside agency, focus on development of leadership and, finally, create a support network for your leaders.
One, he said, write down your idea in the form of a business plan. Two, always overestimate your costs and underestimate your revenues.
do not lock money in things like land and building. Whatever you can hire, do not buy.
do not rush into appointing another secretary or receptionist or such non-billable or non-customer facing people.
Do not hire full-time people in areas where you can ‘rent’ services. Do not employ cooks and drivers and ‘office boys’ and gardeners and security guards on company payroll—even if they happen to be your wife’s cousins, or your own.
Watch all outstanding receivables with a hawk’s
Write off capital investment using the most stringent accounting principle.
Peter Drucker says. He says, you cannot solve most problems. You can only stay ahead of them.
One, friendship and a business partnership are not the same thing. Sometimes,
is the value your friend (or relative) brings to the business?
second thing you should know is that irrespective of your emotional closeness, in building your business, differences will crop up.
technology overdependence, customer overdependence and geography overdependence.
