Don’t put all your eggs in one basket
When Pi found Richard Parker on the life boat, he got scared and threw all the supplies in the lifeboat to a makeshift raft and tied it to the life boat and decided to shift to the raft. At that moment, it looked like the wise thing to do, without taking into consideration greater dangers, still unknown to him. When the breaching whale appeared at night and upturned Pi’s raft throwing all his supplies to the water, Pi realized, living with Mr. Parker on the boat may be a better option. While starting up, resources are typically scarce and it’s important to guard them and stop leakages or losses. It’s good to have one secure base and address the market. Entering unknown and uncharted territories without adequate research and throwing resources at the market and not protecting your own backyard could be a deadly mistake, few startups can afford. Also, if you have limited resources and there are multiple products, fighting for the same resource, it’s better to spread your resources across groups to reduce dependency on 1 product to succeed, which is a low probability in a highly uncertain startup environment. In life, whether you’re investing for a secure and a better future, it’s good to spread your resources across various available options. For career improvements, consider skill enhancement and be aware of the job market realities and don’t just tie yourself to your current Company, to stay relevant in the long run.
Having a plan is essential, not optional
When Pi was thrown into the Sea on the lifeboat with limited stock of resources after his ship capsized, he had to make a plan to survive the uncertain and indeterminate period in the harsh seas. Fortunately, he found a handbook to help him plan for the time on the lifeboat. If you’re an entrepreneur, think of the handbook as your business plan. It’s important to keep it handy and work according to the plan and of course, keep referring to it, when you’re in doubt and monitor progress as you go along. Probably, the most important resource for an entrepreneur is money and in the beginning, when income is low and uncertain, an entrepreneur needs to make sure, the money (resources) lasts till revenues kick in or next round of funding (help) comes in the choppy waters of entrepreneurial journey. In life also, continuous planning for different stages of your life, and not only during the difficult days, when resources are low, will help you live a good life.