Anyone wise and who wished me well always said “Get the Basics Right”.... Looking back, no one really ever told me why? I mostly figured this out on my own - and many times the hard way.
So why are the basics so important?
Because the basics never change – Whether it is the basics of math (arithmetic, algebra, geometry, trigonometry, calculus, integration), basics of science (physics, chemistry, biology), basics of history, basics of geography, basics of economics
(microeconomics, macroeconomics), basics of personal finance, basics of wealth creation, basics of human emotions, basics of investing, basics of architecture, basics of management, basics of leadership, basics of relationships, basics of cooking, basics of
medicine, basics of mechanics, basics of genetics, basics of marketing, basics of learning, basics of communication, basics of design, basics of health, basics of weight loss, basics of service management, basics of process management, basics of time management,
basics of politics, basics of....just about anything. You can undergo several transformations in your lifetime, but if your basics are well founded and grounded, then you are insured for life.
Because the complexities are built on the basics – If you truly understand the basics, you can build and appreciate the complexities around you. And if you don't have your basics right, you will never really be able to appreciate the complexity
if anything around you. And this is true for any topic under the sun – from complex mathematical algorithms to complicated macroeconomic principles to the laws of nature to advanced medical research to complex legal issues to pricing to strategy to technology
to process to people and human behavior...
Because if your basics are strong, you can face anything that life throws at you (good, bad and ugly) – If you are clear about the basics and can apply them for anything in life, then you can navigate through all that comes your way and
feel equipped to handle any circumstance. That’s really important for anyone as we sail through life as you never know what life unfolds in front of you....
So what are the basics which all fintech startups should absolutely get right if they are to have a fair chance at survival / success?
1) Know who exactly your target "customer" is
2) Know exactly what problem you are trying to solve / what need you are trying to satisfy for your target customer
3) Know exactly how you will acquire / on-board a customer to use your solution
4) Know exactly how you will make money - 1 year, 3 year, 5 years, 10 year from now
5) Know exactly where you will draw the boundaries and say NO - to people, process, policy, procedure, etc.
6) Know exactly when you will say "enough is enough", write-off your losses and exit
7) Know exactly the law, rules, regulations for the business / model / geography you are operating in
8) Know exactly who your competition is
9) Know exactly what your final goal / destination is, and how to get there
Simply because if these basics are intact.. even when the going is tough.. you'll be able to keep going
What basics do you think all fintech startups should invest in? Leave a comment to let me know
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