Analyzing downfall
Entrepreneurs laughed and dissected pitfalls, failures and bad experiences at Startups Funeral
January 21, 2013 / 15:52 IST
By Ashna Ambre
Few funerals have the ambience of a cosy cafe, happy faces and an interactive audience-this was the atmosphere at the latest edition of Startups Funeral held in Mumbai. The event is a platform for entrepreneurs to share their experiences on how they failed in running their ventures and how these failures helped them cope with complexities and adverse situations in the future.The importance of legal advice for startups was discussed at great length. Pranay Mangharam, Partner, MZD Consulting, explained that there are three categories of entrepreneurs when it comes to legal advice. “The first is of entrepreneurs who do not consider such advisory an essential supplement tool and think of it as added costs. The second is of those who research and are well-versed law and its clauses and so they decide to not take the entrepreneurial risk. The third category is of entrepreneurs who strike the perfect balance for taking such advice.”Mangharam pointed out that there is a basic requirement of preparing documents and legal paperwork during various stages in a business to ensure smooth functioning or settlements in compromising situations.As more and more unsuccessful business stories were narrated, a few basics were mentioned such that the audience would learn from the blunders committed and take assertive decisions. Gautam Sinha, Founder, myfirstcheque said the first emphasis should be on the power of idea-an idea may be good but whether it could be a potential business model must be critically assessed. Not all ideas can make money.“Every entrepreneur must start a business in which he has core knowledge, or at least have a co-founder with the desired expertise pertaining to the business” explained Sinha. In addition to the two, he also focussed on the importance of humility and the damage that arrogance could do.Hiring was another interesting topic taken up at the event. Danny Carrol, Founder, Alchemy Solutions advised entrepreneurs to employ people with an entrepreneurial bent of mind. “Fresh graduates with talent and the zeal to start something of their own would prove to be good resources in terms of the experience they would gain while working and the sense of ownership that they bring along. Setting in of complacency in an entrepreneur marks the beginning of the end,” added Carrol.
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