Had this wonderfully motivating talk by B.V Jadgeesh today. Some main points from his talk.
1) Don't be afraid of failures and don't give up on them they are the ones that gives you most experience. (similar to the book, Discover your destiny by Robin Sharma). The extra thing he said in answer to a question later was that even VCs in the Silicon Valley realize the fact that if you have failed once in your idea you are most probably gonna hit it high/better next time. The same VC who has lost money on investement on you previous firm will be ready to fund you again in most cases with more assurity than the first time. Amazing isn't it?
2) Differentiality, He emphasized the point that differentiality from the current technology or implementation or perfomance is a must to make ppl buy your product/service. Only cost effectiveness or selling your product for cheaper prices compared to others won't make it sell good. Examples of Apples' innovation in Ipod usability, Googles' in Searching faster and better.
3) Listen to customers. He cited the example Novel on how a arrongant crew of company leaders can lead to company's demise. Citing that he emphasized that regular improvement is a must and you can't sit and relax on your current potential and market share.
4) Emphasis on Self confidence. The fact that his initial company was started by just two Indians with a total money 50000$ and no US education and how that company soared to great hights in 1996-2000 period coming to a market cap of 27 Billion $.
5) How new companies can easily dominate the market share and take it away from the old players citing example of Chinese Router company and Cisco's compentence in Chinese market.
6) Look out for what is needed in the market and not just what you want to deliver, Strike a good Idea and funding will be easy process. Execution of the plan is the next important thing and that is followed by Marketing, all things are very important and their importance cannot be possibily ranked, important is to understand that you need all the three to succeed.
He shared how he felt when he was leaving his well setled job of 6 digit salary in Novel in 1993 end and took the pain of being underpaid for next 12 months, just because he new that was worth it. Also that Part-time ventures will mostly never succeed, you need to be ready to take risk if you want to be an entrepreneur and the motivation could be the higher rewards that might come through.
If I missed some point please point out.