Advice to Young Entrepreneurs by Deep Karla (makemytrip.com)

Choose field very carefully – there must be a ‘huge’ (large is not good enough) market and potential. If you don’t have persona expertise in this field, get a team of domain experts locked-in, preferably as partners or co-founders. 

Plan your funding very carefully – ideally raise as little cash as possible in the pre-revenue stage as you end up diluting too much equity. Try raising the first round from angle investors as it is most time-efficient and typically you will get the best terms. However, for later rounds, never risk starving your company of cash; this has killed many good companies! 

It’s all about people – hire the best folks in the business. Don’t hesitate to hire people better than yourself in that specific area. Colleagues who challenge and make you feel uncomfortable are your best friends and the ‘yes men’ are your worst enemies! 

Make friends at work and promote an honest and open working atmosphere. Ensure everyone has fun at work. People tend to give their best when they are enjoying their work. 

Don’t focus too much on exits (especially not too early in the game). Concentrate on building a solid business, the rest will take care of itself! 

The MBA is a wonderful degree. You can either use it as a noose, or you can use it as insurance. Always tend to use it as insurance 

My motto for my team is borrowed from Jeff Bezos – work hard, have fun, create history. But two out of three is not an option! 

When it comes to investors, and when it comes to your own people, loyalty is important but competence matters more.