Tips for Entrepreneurs

Our meet with Sameer Guglani of The Morpheus was a memorable one. One, for it was our first time meet with an Investor. Second, it was pleasantly casual. Third, our strategy evolved after that one meet. Fourth, that was some good Irish Kaffe.

He suggested we start a pilot model soon. And we soon realized that would be the best way to go about what we had at hand. Today, we are about a week or so away from launching it. And the concept itself has two new dimensions to it. Neo has realized stuff, dear Morpheus. :)

They send out mails to a group ‘Friends of Morpheus’. One of the recent ones struck a chord and it echoes what Sameer told us that morning at Barista. Worth a read, this is.

Snatches from the very article, below.

Tips for aspiring entrepreneurs:

1. Start by using your own money and if things go in the right direction, then invest money taken from friends and family.
2. Treat the friends and family money as convertible debt. If the venture takes off, give them equity. If not, treat it as debt and return it.
3. Raise around Rs.5 lakh-Rs.10 lakh from the above two sources. It’s not easy but possible.
4. Launch with the goal of becoming profitable before you run out of money.
5. Execute the plan with a lot of passion.

Sameer Guglani is the Co-Founder and General Partner of The Morpheus, India’s leading Business Accelerator. At 27, Guglani co-founded Madhouse Media, India’s first online/offline movie rentals company and successfully exited with acquisition by Seventymm in 2007. Since then, he’s been the company’s VP of Corporate Strategy.

©Entrepreneur September 2010

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