Well don’t jump to start a start-up for the heck of it. It’s not a joke, in fashion thing or just a time pass.Some of the crazy’ ideas for starting up.
- Bored out of current job
- My friend, colleague or classmate is starting a start-up
- Big money
- People say I talk & look like an entrepreneur. They say my ideas are revolutionary.
- Watched an inspirational movie / video, read an article etc.
- List is endless
Please understand why over 90% of startups fail?
- Start-up Idea is a misfit. It’s either ahead of time or no uniqueness or non saleable or non expandable etc. Example: Launching an autonomous car or for that matter a space travel startup in India would be much ahead of time today.
- No planning. Some people just come together and jump to starting up. When there’s no plan then you keep on making mistakes and every mistake means delay and cost. I am not saying people with plan don’t make mistakes. They do but are fewer and they are somehow ready for it.
- No resources: Often startups don’t get funded. If you are building a start-up where the funding is intensive then it becomes a cause of concern. Example: So many e-commerce startups mushroomed in India but where are they today?
- Co-founder issues: A lot of times co-founders can’t move forward together.
So who should become an entrepreneur?
In my opinion, anyone and everyone having following:-
- He who believes that his idea can make a huge impact and change the world. He is either working on gaps in the market or creating something which even customer had not thought of. I interviewed many successful entrepreneurs for my book, Entrepreneur to Market Creator, all of them were super believer that their ideas will be impactful and had reasons for it. Example: A lot of them were working in the industry for years and they started when they came up with solutions for existing problems.
- He who has hands on experience of the field and has tested the idea in the market before launching it. This is very important. I have seen a lot of professionals starting up in areas where they had no prior experience. I feel chances of success in known field are more than unknown.
- He who has Entrepreneur’s Persona: This is critical. Startup is defined by the entrepreneur. In initial days entrepreneurs face a lot of challenges like resources, talent acquisition, road blocks. It is the drive and persona of entrepreneur which sails the startup through.
- He who believes in Execution, Execution & Execution. Startup success is defined by execution. It’s dream versus making a reality. Dreams are important but you should have the will power & capabilities to make it a reality.
- He who is Persistent: I often say talent might fail but persistence won’t. It’s very important to stay put and wait for your chance.
- He who Embraces Failures: You can’t avoid Failing. He who Embraces Failures, Success Embraces him.
- Other thing in which I believe intensely: You don’t happen to things, things happen to you. You just need eyes to recognize them. If you are destined for entrepreneurship it will happen to you.
Wishing you all the best!
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