startup-glossary

01 Sep 7 Essentials before starting a business!

Startup is not only about the algorithm you wrote that night while listening to rockor the billion dollar idea you just happen to stumble upon during that crazy night with friends.There’s more to a successful startup than the end game.You have just started to scratch the surface. There are few key things you need to understand before you commit yourself for the startup.

  1. Change is constant

Entrepreneur’s life goes through huge turmoil and the road to success is bumpy. You have the entire business plan ready. You have calculated the numbers right and there is no chance anything can go wrong. But there is always something you cannot predict. Only constant thingin a startup is change. “Progress is impossible without change and those who cannot change their mind cannot change anything”- George Bernard Shaw. Be prepared at times you might have to change the course of action or the entire business idea itself (Pivot).

  1. Nothing is impossible

“Start by doing what’s necessary; then do what’s possible; and suddenly you are doing the impossible”- Francis of Assisi. Entrepreneurs think differently than the normal people do. They have courage to invent, to travel the unexplored path, to discover the impossible and to conquer the problems and succeed.

  1. Clarity of thought

“They think that intelligence is about noticing things that are relevant; in a complex world, intelligence consists in ignoring things that are irrelevant”-Nassim Nicholas Taleb. Define quantifiable goals. Have clarity of what problem statement you are targeting and then plan right to achieve the solution for those problem statements.

Usually, entrepreneurs’ make the common mistake to provide the solution they think is feasible to solve the customer’s problem. What they should instead focus on is what and how customers want their problem to be solved.

  1. 360 degree perspective

Be thorough in your research. Answer the “5 W’s & 1H” for your startup.

What         – What product or serviceto build?

Why           – Why am I building this particular product or service? Need?

Who          – Who is my target market?

Where       – Where will I sell this?

When        – When will I launch? Timelines?

How           – How will I build the product or service

  1. Think big but start small

Most entrepreneurs wait for that perfect moment when they can do everything big and right from the very first step. There is no such moment. If you want to live your dreams, you have to start now. Do not worry about the circumstances or conditions around you. Get ready for the new beginning.

Every great organization starts from a single employee, every great author start with a single paragraph, every great athlete start from winning his school competitions and every great singer start from being a bathroom singer.

  1. It’s not about WHAT, its bout HOW

Entrepreneurs are worried what if my billion dollar idea gets stolen? What if I discuss this idea with the investors and it gets copied? Am I secure? The reality of the matter is, unless you have a scientific discovery, an invention or world changing mathematical algorithm; you would most likely have a competitor in the exact business you plan to be in.

It usually matters how you implement “Your Big Plan”. What people would you include in your dream team. The way forward. So right now your idea is like clay and you need to shape the destiny of that clay. Don’t be afraid, discuss your idea with friends, colleagues and mentors. Do experiments and don’t be worried about the outcomes. It will give you lot of new perspectives you never imagined before. Most successful startups are a result of accidental mistakes.

  1. You cannot do it alone

Facebook, Twitter, Google; none of these companies were build solely by one person. You have to remember you also need people to work with who will bring new strengths to the table compensating for your weaknesses. No resource is more powerful in an organization than a high performance team. What smart individuals cannot achieve on their own can be achieved by collective efforts of a team.

Startups do not have a definitive form or structured path that you can follow and lead to the ultimate goal. Along the way entrepreneurs learn array of lessons. Having the right mindset should be your primary goal, as the right attitude will make you achieve the road to glory.

No Comments

Post A Comment