// New learnings //
- There's no IT solution which is dominant, cheap, and effective, to cover all of accounting, POS, inventory, and HR including operational workflows and performance management ( Hence my current interest is in developing this space. )
- It's possible to train non-English-speaking manual workers to learn English, and to master the artisanal and professional aspects of the hospitality business, both at the back and front of house, and in corporate administration.
- Biggest surprise : HVAC ! Wasn't something I thought I needed to know, but it's pervasive in built-environments, and determines both factory-flows and customer delight. Started out with someone else's renovations and machines, but manually ripped it out and put it back together again over five years.
// What I started with / meaning this is not enough //
- Adequate capitalisation is important for GTM, and needs to last until positive FCF makes ops independent.
- - You can focus on R&D, or commercialisation; under the latter, you can focus on internally- or externally-financed growth; each option involves distinct fin-ops and governance support from voting stakeholders.
- Marketing ( especially product, communication, and distribution ) locks in the top-line.
- - The long-tail of the market wants to spend money on things that make them sick. It's up to you to decide if you want to supply it.
- COGS locks in the bottom-line ( many people miscalculate and leave out labour and COS ).
- - It's not a product business - it's a services business, so the main supply-chain is for labour - talent management is key.
- Regulatory compliance is heavy as you deal with biological media, waste management, and brick and mortar facilities management, besides the usual corporate stuff.
