Amit Grover
36 Answers | 3 FollowersFollow
Answered on Feb 08, 2012
Amit - i believe i have a great idea and a execution plan in internet technologies. how can one go about pitching for funding without risking to divulge too much
Ans: Kapil - everyone believes the same abt his idea. However, you cant get money if you keep your idea 'secret'. Go ahead, share it but dont disclose your key algorithms, client phone nos., employee contracts etc. - try keeping some of these things protected.
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Answered on Feb 08, 2012
i hv just left a successful job and want to be an enterperuner ..I am getting very nervous...how to deal with myself?
Ans: Pankaj - spend 100 days to achieve small targets for your venture and keep looking at those metrics and your progress daily. All the best and welcome to the world of entrepreneurship.
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Answered on Feb 08, 2012
I have x amount to start my Business. Should I put x/2 in Office, Stock etc and x/2 for marketing. How important media marketing in today generation ?
Ans: Office, stocks etc. are fixed costs that should be kept to minimum possible. Marketing should take the most money, whether as advertising or as sales people.
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Answered on Feb 08, 2012
Answered on Feb 08, 2012
How to handle attrition in the early stages of development ?
Ans: Share employee stock options and keep communicating with your people. Also, success and growth of venture keeps all early stage people excited, so grow as fast as you can and all will be kept busy without thinking of new jobs elsewhere.
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Answered on Feb 08, 2012
Hello Amit, How are you? I am planning to start my own software concern in near future.I am getting a different picture if i talk to budding entrepreneurs and business guys. budding entreprenerus are saying go by the heart and create the product which i believe in. business guys are freaking me out by asking who wants the product and how much money it can make etc etc. Now whom to follow? and your suggestion to me before starting a new software co. Thanks in advance
Ans: Follow your heart - business is not done by MBA degree, but by people who love doing it.
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Answered on Feb 08, 2012
Answered on Feb 08, 2012
Answered on Feb 08, 2012
Answered on Feb 08, 2012
Answered on Feb 08, 2012
Answered on Feb 08, 2012
I know someone who has made lot of money in technology area if I bring in the right concept. What are all the risks of getting funds from such angel invenstors.. Just remembered what I read years back that angel in angel investor is just a cliche. :-)
Ans: Arun - your risk is losing your freedom, and some control, some % of your company when you bring in angel investors. If you are ok dealing with that situation, then go for it. else look for other options.
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Answered on Feb 08, 2012
Answered on Feb 08, 2012
Hi Amit, I have 15 years of international experience in software industrty, I have some funds as well. Do you think it can be viable option to start a software development company? Do you think it is still possible to make a successful start up in this area? How much funds does one require, minimum? thanks
Ans: Amit - if you have worked with customers and can handle project development and management, then you can do it. Create and sell - these r the key functions of an entrepreneur. Software is a large field and you can make a niche as a startup.
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Answered on Feb 08, 2012
i have a civil engineering consultancy firm though i have a mechanical engineering degree.Do you think it is my right choice even if it is running sucessfully till now?
Ans: Some people dont do engg out of choice, but because parents choice - mera beta engg banega. Go for what you like to do without feeling guilty of leaving your original degree.
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Answered on Feb 08, 2012
i Amit I'm into recruitment business for past 9 years, But my growth seems to have stagnated. Do you feel feel association or merger with other small recruitment consultancies is a way forward to grow
Ans: As its a service business, and probably dependent on you as a person, future growth is limited. I suggest merger option will be good. Else, you can get into training or sales business related to your current customers.
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Answered on Feb 08, 2012
In agriculture filed what are various options (like clod storeage, vegetable process) with an ivestment of 20-30lakhs??
Ans: there are various options as you have already highlighted. You can also look at contract farming, weather forecasting information tools, crop insurance selling, fertilizer business etc.
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Answered on Feb 08, 2012
Answered on Feb 08, 2012
What is the biggest advantage of VC versus other sources of funding such as a bank loan, own funds, etc
Ans: VCs take bigger risks compared to banks and they also bring in their expertise, network, contacts etc. which is valuable. Have you seen any bank manager visiting your factory after giving loan or attending board meetings or asking for progress reports of your business - but VCs do it.
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Answered on Feb 08, 2012
Hi Amit. I have got a showroom for Ladies Salwars in a Mall. We are desgning and manufacturing the exclusive salwars. I would like to take my business further by offering franchises. How to start franchise?
Ans: You can offer franchise ads in newspaper or other channels. You can also take part in franchise exhibitions. Franchising is like giving a part of yourself to others - do it with care. And initially, you should give it to only trusted partners who you believe will take care of your brand as much as you do. I also suggest you meet up with 5 businessmen who have franchised their business to understand their points of view and legal issues etc.
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Answered on Feb 08, 2012
Answered on Feb 08, 2012
Hi Amit, I want to start a social responsible business, but not an NGO as i also want to make profit from it. so how the funding can be arrange as most of the social concerns are not taken care by government.
Ans: you can start a for-profit social enterprise. There is no rule that profitable businesses cant do social work.
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Answered on Feb 08, 2012
Hello sir i have a small business of sending students overs seas for higher studies any tips how i can be helped in doing this
Ans: Abrar - build a channel of partners who can give you regular flow of interested students like leading colleges, training institutes etc. and u can share commissions with them.
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Answered on Feb 08, 2012
After graduating I have joined my fathers business.I have ideas but the problem is shortage of funds. Should I think about starting something new or concentrate on consoliadating my existing business?
Ans: Ashish - i suggest you consolidate first before starting something new. Generate some surplus from your own business, and then also look at outside funds like angel or venture capital, or bank loans for a new venture or expansion.
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Answered on Feb 08, 2012
Sir, currently Iam working in a manufacturing unit(vendors of TATA MOTORS) i want to open my own export house.can you please suggest me the place and product?
Ans: Ari - its not possible for me to suggest what you should do. Please look within and around you for possibilities. And do some work in the procurement or sales and marketing to get more idea abt what sells in the market and make key customer contacts.
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Answered on Feb 08, 2012
Answered on Feb 08, 2012
Answered on Feb 08, 2012
Answered on Feb 08, 2012
I am a Mech Engr with experience in services(repair/maintenace). can I start a business without any much investments? If yes, what are the legal things, I should get through?
Ans: Busipa - degree is not a necessity for starting an enterprise. You can start legally as a proprietor if you are alone by opening a current account in any bank. Keep the focus on getting customers, keeping them and satisfying them. Investments are any way negligible for a small service business for repair etc.
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Answered on Feb 08, 2012
Sir, Whats your advice for people who would like to be social entrepreneur? Hows the trend in social sector
Ans: there are rich people like bill gates, azim premji and warren buffett who are looking for innovative models in social sector. In India, there are various sectors where social impact can be made including financial inclusion, healthcare, energy, housing etc.
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Answered on Feb 08, 2012
Early funding is always a problem - funds don't come in until you prove yourself, and you can't prove yourself till you have funding. In a situation like this, functions like marketing (high cost), and hiring ppl are a challenge. How do you break this circle?
Ans: Ak - you are absolutely right abt the early stage funding issues in India. However, there are some sources like incubators, angel investors, CGTMSE loans, and business plan competitions that provide initial investments. Traditionally, this was done by friends, family and father-in-law!
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Answered on Feb 08, 2012
Answered on Feb 08, 2012
Answered on Feb 08, 2012
what cares to be taken to star a franchisee
Ans: Deep - franchisee success depends on the support from the franchisor and entrepreneurial capability of franchisee. I will suggest you to do a background check on the franchisor and talk to people who have taken the franchise earlier - many relationships go sour as sales people promise the moon and deliver nothing later after u have paid franchise fees.
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Answered on Feb 08, 2012
Answered on Feb 08, 2012
sir, what is the best place to start a restaurant? what is the initial investment i will have to make? what about manpower requirement? we have a land of 2 acres
Ans: Best place to start a restaurant is where the footfall of your customers is very high. There are various choices u have - a veg vs non-veg, multi-cuisine, oriental or quick service restaurant. Investment also can range from a small size of a thousands to crores for a high-end restaurant. I will suggest you to meet 5 real restaurant owners to know more practical issues. Manpower will also depend on the type of restaurant - chefs, waiters, billing manager, sales/mktg/business development person, procurement head etc. This is after starting. Before starting, u may need architect, designers, contractors, legal consultants etc.
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