It would seem crazy to jump into entrepreneurship just when the entire startup world seems to be crumbling and words like “down round” are entering popular vocabulary. But that’s exactly what I did. After co-founding the venture capital fund AngelPrime (now Prime Venture Partners) five years ago, I quit it late last year to start my own venture.
Why did I? A part of it is my deep conviction on the idea that I’m working on, which I believe will change many lives in India. Having seen many, many bubbles and their bursts, it’s also my deep conviction that the best companies are formed during the downturns.
Here is the life cycle of a bubble:
Here is my advice to fellow entrepreneurs; this is the time to be very hard nosed. Forget about what everyone is telling you. This is yours and yours alone to figure out.
On the flip side, if you do think you have good unit economics and you have enough money to ride out the storm, congratulations on making it this far! This is the best time to build a great company. Yes, you’re not becoming a “unicorn” tomorrow. But without the froth, everything is going to get easier. You don’t need to pay the one crore in salary to get great people or spend crazy money in marketing that you never believed in but just had to. Your competition is going to thin out. You can put your head down and build a great company!