One lesson: Stated above. ibid!
When I was building my first startup, I knew nothing about finance, legalities, or business operations.
The best part? I had people around me who had done it before. Even if they weren’t experts in finance or legal matters, they knew how to sell.
Coming from a generalist background, I approached it with a mindset of learning everything I could. I dove into service agreements, employee contracts, and other crucial legal documents, and even drafted many of them alongside our legal team.
I gained my understanding of finance by actually running the business. Being in sales helped me stay on top of the numbers.
I also learned how to pitch, assist others, solve problems, and find solutions that fit the market.
So, study finance, legalities and sales
One marketing insight: Remind your users how your product is helping them
Before quick commerce apps, we ordered from Big Basket and got deliveries the next day. When 10-minute delivery launched, it felt like a game-changer. Now it's the norm, but products keep reminding us of the value they're providing.
Here’s a look how Blinkit does it:
Zomato highlights the perks of Gold membership
Third Wave Coffee offers points to redeem on your next purchase with every coffee you buy
In summary, products focus on:
Time: Gained 500 hours on x
Money: Saved 1000 rupees each month
Efficacy: 30 days to reach the x goal. 24 days done!
Impact (all the above)
That’s a wrap! Thanks for supporting this newsletter
How did this newsletter make you feel? Share your thoughts below:
PS: I'm active on X and LinkedIn too — it would be great to connect with you there!
PPS: If you believe my newsletter could add value to your readers, I'd be grateful if you'd recommend it. Here’s how you can do it:
Head to your Substack's Settings page and click Details in the left navigation bar. Next to "Recommend other Substacks," select "Start recommending."
Keep it up
Never a dull newsletter from your end. Thank you for sharing these insights Salil!