As we start the new season of Dollar Gujarati, I took some time this morning to reflect on our conversations with these brilliant and accomplished folks in season one.
These are my two-sentence takeaway from each guest. This in no way summarizes the breadth of the conversation we had, so I highly encourage anyone interested to check out the full episode.
Sam Pitroda: Be agile and keeping an open mind to new experiences. “When in Rome” attitude. File patents! Keep pushing and building.
Nupur Mehta: Look for inefficiencies in administrative processes and leverage tech. Importance of early testing.
Sunil Nayak: Do what it takes to build a better future for yourself and accept the consequences of your decisions. Accept reality and adapt to it.
Dayal Meshri: How to take a risky decision (like starting your own company)- Think of the worst-case scenario, make sure your family is on board with the worst case, and then take that risk.
Viral Acharya: Introspect. Become self-aware. If you do what you like, you end up doing it well, and if you do well, there will be demand for you. It doesn’t matter what you do. Single-minded focus is important to nurture the discipline required to be successful in your respective field.
Keval Desai: How VCs think. Three-step filtering process: TAM, founder, why now?
Sunil Nayak #2: Learn how to use leverage/credit/loans the right way. Hack this financial system to expand your business without needing a lot of capital.
Shruti Gandhi: Have an investment thesis. VC is not if you want to earn a high income; it’s about patience and delayed gratification.
Dipak Shah: How traditional brick and mortar can be a good investment if done right. Metrics to look for when buying a “mom and pop” store: Location, average age, street corner, average income, and more.
Dr. Sudhir Parikh: Don’t start from scratch. Buying already existing businesses with a built-in customer base. Keep repeating it. Delegation is important for scalability. Diversify into other businesses.
Vijay Goradia: Do business because you like doing it, not for money. Observe. Learn. Adapt. Find people with complementary skillset to partner with.