Kalra in a webinar on conversation with co-authors of a book, ‘Funding Your Start-Up: And Other Nightmares’ also said that agility and resilience are important attributes for an entrepreneur.
“If you want to build a startup, an entrepreneur must first be very clear about the problem one is trying to solve and can he provide the potential customers a solution which can solve it”, Kalra said.
He also emphasised that one has to make sure that his product is best in the market, that’s why research and development are important, he added.
Kalra also said that many of the good businesses have not seen the light of the day, because someone gave too early.
Most entrepreneurs are optimistic and so they get carried away and underestimate the time it will take to get the product right. It takes a long time, and it is important to take the feedback and keep chiselling the product. People don’t budget enough time, he added.
“… the life of a startup is not very different from the life of a sportsperson. The sportspersons keep on toiling and toiling and suddenly something happens that propels them. For startups also, they also have to keep hanging there, keep working and seize the opportunity,” Kalra said.
The kind of resilience that is needed is the stamina of a marathon runner who still reserves enough in the tank to sprint when required, he added.