Sailed a ship? – No, right? That’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 can't really implement them.”.
– Mostly, yes. Right!? Now this, is not cool.
Getting an idea is not really a big deal. How passionately do you Believe in your idea will determine the length & breadth of success you can make 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 someone may have had before. It is also likely that, the future generations also strike up with the same ones. Here starts Stage One of Entrepreneurship:
Check for Your Ideas Implementation:
Case 1: Your ideas already exists: Its OKAY. Don’t give up just here.
It really does not matter if your idea already exists. If you can do it better – you pursue it.
Case 2: Your idea doesn’t exist in market: That’s good.
First of all, Get the idea – the domain and concept registered.
In either case, Smile, Believe and begin to begin with the journey.
Don’t raise too much money:
Getting investors, VCs (Venture Capitalists) is not too hard a deal if your idea is worth.
If you cannot make it to angel investors, try to get your relatives or family to supports you financially, initially.
Now, let’s imagine your business goes in for 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, family and people around witness the 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:
Say you have an idea X. You started to develop it. You started to make profits.
Now, You 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 your 'X', launch and re-launch and perfect it with every precision and be the Number 1 you can be in that arena. 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.
You are the new player in market doing great business, attracting masses. You ought to think - 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.
In the initial stages, 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 less with adequate salary and excellent skills.
Merging & Acquisition:
Don’t go for a merger 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 again like you are doing it from the Start. - Begin Again.
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 soon:
You start a business X. You get no appreciation, no market value, no turnovers, no success stories.
Even if you wait, you lose 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 so easy so early.
Don’t fear to fail:
So you know, One thing which is bound in life? – Failure. Hurrah, You know the truth early.
Know, at some point, You are going to fail no matter what.
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 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.