Sailed a ship? – No right? It’s cool. Entered a risk zone? – No right? That also cool.
Walked that path alone you always desired to? Not yet maybe. – Fine, cool.
Got ideas? Many. But you said “Oh.! I cant really implement them.”.
– Mostly, yes. Right?! Now this, is not cool.
See, Getting an Idea is not really a big deal. How lovingly do you Believe in your Idea will determine the length & breadth of success with that idea. Now, You are not Human Race I.
There have been lives before you and there are plenty to come. You, in your decade will come up with some great ideas which may be same as someone had before. It is also likely the future generations also strike up with the same ones. Here starts Stage One of Entrepreneurship:
Check for Your Ideas Implementation:
It already exists: Its OKAY. Don’t give up just here.
It doesn’t matter if it already exists IF it can be done better – If you can do it better.
It doesn’t exist: It’s good.
First of all, Get the idea – the domain and concept registered.
Don’t raise too much money:
Getting investors, VCs (Venture Capitalists) is not too hard a deal if your idea is worth.
If it is not too great an idea, Your relatives or family still supports you financially.
So you get a lot of money in initial stages itself.
But, let’s every time imagine your business will go in losses.
Now what? Because you already asked almost everyone for money and you haven’t paid them back, Nobody else believes in you yet again.
So, start small with less money.
Make small leaps. Make marginal profits. Let the investors witness steady growth in your business.
This will instill belief in them and they’ll be happy to invest largely now. – This is a great achievement.
Don’t begin to develop almost everything:
I had Idea X. I got it to VCs, they liked it. We started developing. We started making profits.
Now, I want to develop Xa, Xb, Xc, XY and almost everything to widen our business. – Don’t do this.
You are a new comer. Don’t do this at least for good 5 years.
If we get our hands in all of it, We tend to loose focus on Our Prime Product X and the quality
aspect also deteriorates in all other products.
Instead, Work on X and launch it with every detail and precision and be the Number 1 in that.
After this, you can hire for subsequent products too.
This earns a good brand name. You already have a lot of customer base for your subsequent products.
We are the new people in market doing great business, attracting masses. Let’s make a press presence.
– Bad Philosophy.
Give Time. Time to yourself, your idea and everyone in your firm to mature.
If you come in press too early, make big statements, You think a lot about your image they depict.
It swings your confidence, motives and complexes. It really does.
Avoid Press and stay focused on customers.
Don’t hire too many employees:
“Do more with less.” Get strict in whom you hire, from the start.
Doesn’t matter if you are starting with small capital, The Human Resources must be chosen judiciously.
Don’t pull in two people for a small salary. Employ one with adequate salary with excellent skills.
Merging & Acquisition:
Don’t merge too soon. Even if your business seems to sink and you think to merge with another to
remain in the game, then too avoid Merging.
Pull up your socks, pat yourself on the back for starting with your business and one more time,
Start like you are doing it from the Start.
Merging in early stages, makes the consumers loose faith in you. Moreover, because you are new to markets, the other party may, very strongly, bluff you.
So, remember, you started solo. Get yourself together and believe you can pull of this storm too, solo.
Don’t give up too early:
I start a business X. I get no appreciation, no market value, no turnovers, no success stories.
Even if you wait, you loose faith so much.
Even if you believe, you are afraid to take risk.
Even if you take risk, you get blown away by the first doom.
You go back to your routine and make other’s dream come true.
That’s tragic. Don’t, Do Not give up too early.
Don’t fear to fail:
So you know, One thing which is bound in life? – Failure. Hurrah, You know the truth early.
Be determined. Know, That you are going to fail no matter what.
And failing is no dagger in the spine. It happens to everyone. – It only sows the seed of success stronger and stronger every time.
For, a life without failure is worth no living at all, – which is a seeded failure by default.
These are few of the parameters to follow when starting to start a start-up.
Hope it helps. :)
P.S: Everyone reading this should take up Entrepreneurship. It’s lots of challenges and failures and glory and money. I mean It’s fun.