The recent hype around entrepreneurship in emerging markets is making people think about taking the leap of faith in their idea and founding their own business. But, looking at the history of great entrepreneurs, it’s fair to say that its not an easy equation to solve. Even, if you have the right cards in your hand, one wrong move and you are lost. So what are the commons an entrepreneur faces while starting their own venture? Let’s find out what you need to consider and what you don’t when you are an entrepreneur in the making.
You are not the only one with the “Particular Idea”
Okay, let’s accept this no successful entrepreneur can ever say this to anyone. This is silly to assume that on a planet of more than 6 billion people, you are the only person who could have come with that particular idea. An idea is worth zero, if no one is willing to listen to you. So, if you have an idea, talk to someone. Attend a meet up and discuss it with your friends. Take some feedbacks and stop being obnoxious. Because, there are 99% people out there who want to help you.
The Fuss about “Co-founder Mystery”
Finding the perfect co-founder is the toughest and not less than finding the perfect life partner. Doing it alone can be a serious loss to your personal and professional life, because most probably you will end up juggling many things that most important things for your startup – product, marketing and sales, might make you stop yourself and sit back for a while if they are not your strong point. And, also co-founder who will leave you midway will cause more than headache to you and your business prospects. So, take a while and think wholly and solely.
“Too many ideas” at a time
Most entrepreneurs worry about the bells and whistles, instead of building a hardly-functional product. You are not ready for startup if you don’t start working on your ideas and making it real. Every mistake you do, come with a lesson and feedback, thus, if you are not ready to commit mistakes then you will be drowning in the sea of unknowns. The feedback you will get from your Beta version will ensure that your assumptions are wrong and you need to work more on that part. Because there is a huge chance that at the end of the day, the product you have worked for 9 months was not worthy at all.
You have to “sell it to make it” through
The term is popularly known as ignoring sales and marketing. In the first 4-5 months, building the right product should always be the priority. But after that, selling and marketing should be left, right and center of your product and business strategy. No one will care about your product or idea, however revolutionary or disruptive you might believe it is, unless you go to them and make them care. Because everything you sell is just good storytelling and nothing else.
Remember, “Money is the Submission factor”
No one will come to fund your idea unless you show significant traction and don’t underestimate the true potential of cash flow. Many people think that cash will be the least of their problems when starting out, but for almost all product companies, cash flow is the king. Nothing is better than bootstrapping and making your business work. But, if you can start making fast, it’ll take care of many other problems.
The Last but not the least, “Team Building”
A vital part of every startup is building the right team. One must look for the right skills, tenacity, personality, and a thirst for excellence in learning rather than any specific degree or experience paper. Hiring should always be deliberate than forced and the minute someone start being detrimental, it’s time for you to have a serious talk or in some cases, let them go.
Although, these things sound strong, these are not only factors to consider when you are an entrepreneur in the making. But knowing it and sticking to it, is almost equal to crossing the half way of entrepreneurship journey already.