The FinTech City London conference took place in London this January. It was a meeting place for European investors and entrepreneurs in the field of technical solutions for the finance industry. Successful entrepreneur Iqbal Gandham, founder of India's largest web hosting provider Net4India, was one of the speakers. Currently, he is the marketing director of the Nutmeg company based in London, one of the pioneers of online solutions for investment management.
The Startups server then published an article with a summary of Gandham's recommendations for aspiring entrepreneurs. Specifically, the recommendations included five tips on what to do and another five tips on what not to do. The tips are relevant not only for the IT sector for finance. They can be a useful inspiration for you no matter what field you want to start your business in.
1. Do not only follow expert advice
No expert can be absolutely sure that your business will succeed. Once you admit this fact, you will have an easier start.
2. Plan for days, not years
Five-year business plans do not work. Your company must break through in three years, and therefore your plan should be divided into three years, one year, months, weeks and days. You need to know what you will do tomorrow.
3. Speak the language of your people
If your team does not understand you, it is a problem. Communicate with your people about your ideas and listen carefully to their feedback.
4. Stick to the basics
Do not worry with what software you should use to share documents or hold teleconferences. Get a whiteboard, markers, notebook, and mobile phone. Many great companies started solely with this equipment.
5. Do not create new customer profiles
In every industry there are research agencies which continuously monitor customer segments. Take advantage of the knowledge that is already available, do not create it again.
6. Do not spend months creating your company's website
It makes no sense to waste time thinking what pictures to use or what language to write in. If you know your customers, just find the sites they normally visit and get inspired by them.
7. Spend more time on marketing
Search for ways to reach your audience. Hold focus groups.
8. Do not rely only on digital advertising
Top places in search engines will not save you. You may not even manage to get to the top.
9. Believe in good old-fashioned marketing
Advertise in print media, radio or vehicles, and classic PR. These are all proven methods to gain confidence.
10. Do not think too much
Follow the 80/20 rule and your instinctive judgement.
-Kk-