Same as Always the Mind Just Keeps Sending You Back Again
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These are indeed exciting times. Thousands of Indians are throwing away the security of a job and starting upwardly. If you are planning to commencement upwardly, here are some things I have learnt every bit an entrepreneur of over 15 years, which you may find helpful.Offset bank check if you lot are cutting out to be an entrepreneur. It is not plenty for an entrepreneur to be smart, intelligent, hardworking, thick-skinned, multi-tasking, people'southward person etc. A first generation entrepreneur must be "brupid" — a combination of bravery and stupidity to offset upwardly.
Shutterstock.com In addition, an entrepreneur must possess uncompromisingly high standards of personal integrity.
1. Most entrepreneurs are obsessed with the big idea. Bluntly ideas are worthless; a dime a dozen. Instead focus on a client trouble you are trying to solve. This problem-solution should ascertain your startup. If y'all are planning a unlike solution to an existing trouble, ensure your solution is better, faster, cheaper than the existing ones (your competition). You should try and tick at to the lowest degree two of the boxes. If yous tin can tick all three, which means your solution is better and faster and cheaper than competition, you have a potential winner on your easily.
So talk to equally many customers (B2C or B2B) equally you can and find out if plenty of them will be willing to pay for your solution. This will determine if you can build a scalable concern model.
2. In that location is no specific rule on the minimum number of co-founders but anything across four may become cumbersome. You can fifty-fifty be a sole founder if it works for you. All co-founders must have some mutual backgrounds: friends, higher mates, hostel mates, school classmates, colleagues, customers, partners etc.
The experience of having spent fourth dimension together earlier volition help when the startup faces tough times. It is also of import that the co-founders bring different strengths and skills to the tabular array. There'south really no betoken if all four co-founders tin write smashing code but no 1 has any sales, marketing or operations experience.
three. Build a business program next. Make this as detailed and comprehensive equally possible with sharp strategies, detailed SWOTs and clear numbers. I advise a 'ii Ten 2 X two' theory to make your plan robust. Later your program is gear up, try this: carve up your sales past two, divide your gross margins by 2 and multiply your costs by 2. This is your real plan considering it allows for things to go incorrect. Call back, in a start-up, shit happens.
four. Never ever forget that the purpose of your business organization is to make money and not heighten money. Too many entrepreneurs in India believe that the just metric for success of a startup is the number of funding rounds information technology raises.
Nothing can be further from the truth. If you have raised lots of funding and withal need more capital to fund your losses, information technology just shows that your business is badly managed. Remember, a business has no business beingness called a business organisation if it does not make money.
5.Pundits will tell you to fail fast and pivot. Do not believe this. Y'all should think hard, evaluate all options, asses the risks and challenges and then start a venture. Once you practice this, persevere with your mind, trunk, heart and soul and requite your startup the time and respect it deserves. Too many entrepreneurs offset a venture and afterwards vi months decide to practise something else. This is neither pivoting nor failing fast. Information technology only shows poor thinking and planning.
6. Keep a tight control on costs and expenses. Follow this simple rule: till you achieve break fifty-fifty, spend money only on stuff that your customer will encounter or experience. Besides many entrepreneurs heighten funds from investors and promptly spend it on ownership fancy personal cars and renting expensive office spaces which is a bad practice.
seven.Build systems and processes from day one and do non postpone this activity for afterwards. Without robust systems and processes, your business will never scale well.
eight. Success is a matter of luck, inquire any failure. The most important ingredient for your start-up to succeed is adept fortune. Unfortunately, you cannot plan or ready for this. You will find out if y'all are lucky or not merely afterwards starting upwardly.
9. So, go ahead and start up. Over 95% of all beginning-ups will fail but 100% of entrepreneurs will succeed. Starting upwardly is success in itself.
Source: https://www.entrepreneur.com/article/298981
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