Giving up control and raining money is the first act of humility from an entrepreneur. Not my words but wisdom coming from grownups - R Gopalakrishnan (Gopal) and Naru Narayanan.
Earlier today I spoke with both these distinguished leaders on Wisdom for Startups by Grownup based on their recent book by the same name. The show was live on my channel.
Top moments from the session:
1. Shinise and Corporate Ayurveda: the principles of a long healthy life are universal and it is the same for an organisation. Organisations can last long and should aim to do so.
2. Minohoda, is Japanese for - it is not enough to have a great idea. You must also have a good understanding of your limitations. Love your idea but evaluate objectively
3. Raising money vs Using your Money: Raising capital is accompanied by giving up control. The desire for control is human nature and we don’t frown upon it. There was a time when Tata Sons held under 2% of Tata Steel.
4. The act of raising money is the first act of humility that an entrepreneur can show. The maximum feedback one gets is from the person who puts in the money. Nothing is worse than an entrepreneur who cannot make that transition from being my idea, my company, to our idea, our company.
5. Companies are like human beings. Companies can be like children and one gets attached to them. There is emotion. The company and the entrepreneur forge a clear personality of their own.
6. Hiring people you know vs the best talent: When you hire people whom you know, don't forget that those people also know you.
7. A team means you have talent Density. Portability.
8. PIAC – Purpose, Identity, Adaptability, Conservative is the secret sauce for success as a startup.
9. Kahlil Gibran said this in his point, he said, be grateful for parenthood, but remember, you're merely a vehicle through which that being has come into the world.
For this and more check the video on YouTube (Link in comments). I will publish a Podcast version soon as well.