Monday, January 27, 2014

What it is like coaching entrepreneurs?


Since 2010, One Million by One Million (1M/1M) is a "global virtual incubator that aims to nurture a million entrepreneurs to reach a million dollars each in annual revenue and beyond, thereby creating a trillion dollars in global GDP and ten million jobs."

1M/1M is a brainchild of Sramana Mitra.. The global  self-styled "incubator" charges $1,000 per year for membership and organizes many roundtables.

I extracted these ten takeaway Mitra shares with her readers about her experience in working with entrepreneurs
  1. Tell, in a palatable way, http://bit.ly/1crvRDa not what they want to hear. This is an art.
  2. Entrepreneurs learn not only from pitching, but also from listening at the round tables.
  3. We promote bootstrapped, lean, capital efficient startups, with emphasis on the business model and monetization We don't speculate.
  4. No silver bullets. . We do well with those entrepreneurs who are willing to put in the work, and are realistic about what the outcomes can be.
  5. Confidentiality is not an excuse not to analyze thoroughly the business outcome. Strategy and execution are really what drive success.
  6. Some projects are not fundable, yet. Some never. But we have ideas  how to bootstrap  for a while or forever.
  7. Translating a poorly understood discipline  into a widely  understood discipline.
  8. Capital eco-systems are variable from geo to geo We teach entrepreneurs how not to work for investors, but for themselves.
  9. We fight to reduce infant entrepreneurial mortality, as much as possible.
  10. Entrepreneurs' ecosystem - mentors, advisors, incubators, media, all promise things they can't deliver. On the other hand entrepreneurs join my program with expectations that cannot be met. Intellectual honesty matters.
I wonder if anybody knows "what entrepreneurs need to hear" which is "different from what they want to hear".
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