What does it take to build a (successful) business?

In this episode, ⁠Krish Palaniappan⁠ discusses the essential elements of entrepreneurship, drawing from personal experiences at Snowpal. He emphasizes the importance of patience, identifying real problems to solve, building a supportive network, and the need for self-motivation. The conversation also touches on the long-term commitment required in business, the significance of having expertise in your chosen field, and the critical nature of sales skills. Krish warns against the pitfalls of building products just because one can, urging entrepreneurs to focus on meaningful solutions.

Takeaways

• Patience is crucial in building a business.
• Identify a real problem that needs solving.
• A strong support system is essential for success.
• Expect to invest more time for less immediate pay.
• Money should not be the primary motivator.
• Self-motivation is key to overcoming challenges.
• Entrepreneurship may not be for everyone.
• Your business should align with your expertise.
• Be prepared for a long-term commitment.
• Sales skills are vital for entrepreneurial success.

Chapters

00:00 Introduction to Entrepreneurship

03:09 The Importance of Patience in Business

05:56 Identifying Real Problems to Solve

08:50 Building a Support System

12:14 Expectations of Time and Pay

15:09 Motivation Beyond Money

16:59 Self-Motivation and Resilience

19:10 Understanding Entrepreneurship is Not for Everyone

21:46 Expertise in Your Business Domain

24:09 Long-Term Commitment to Your Venture

25:48 Sales Skills and Experience

29:02 Avoiding the Trap of Building for the Sake of It