Entrepreneurship? Read This Before Going For It!
It’s been a decade that I haven’t wrote about Entrepreneurship as I was the entrepreneur, still trying my level best to do something big. But there is a big issue when you live in the country where you have 1.5 billion people market but around 10%-20% people actually uses internet. Also in that lowest number only around 50% looks at your product or service and only around 1% of them uses it, if only it’s cheap in price.
I’ve been entrepreneur from past 3 years and I learned a lot lessons from my failed ventures. YEP! VENTURES. I tried so many ideas to make it big. I also lost a big opportunity of funding and I lost partners too. Today I’m working with a company who is helping me to build their dream [If you know what I mean].
There are few lessons I’ve learned from my past experiences which might help you to make yourself a flawless Entrepreneur. I hope it will help you,
1. Starting A Startup is not a Joke!
Seriously, most people I meet now a days talking to start a startup like they can get millions of dollars as soon as they start the startup. Recently I’ve been talking to one of my friend who is on the way to start a startup!
Guys, you might think your idea is great and it will work out in a snap. It’s not your fault, I went through it. I felt the same. But unfortunately it didn’t workout for me. It’s not that it won’t work for your. But sometimes it’s not a compulsion that your idea will work out even if it’s better than anybody else. There will be a lot issues and critical situation that you have to go through before you make it to the top. So, starting a Startup as soon as you got an Idea is a bad thing as well as unprofessional too!
2. Validate Your Idea
Just like I told you, it’s not a compulsion that your idea will work at first attempt. It will suck your sweat and blood. If you have an idea [now a days everyone does] just Google about it. Do some research about it.
If you think your idea is amazing and it’s not available on Google search then you might do deeper search. Ask your friends about it. Ask your teachers, colleagues [optional], girlfriend [if you have one since you are an Entrepreneur]. Just make sure there is no other idea like your one. Because if it is available and if it’s bigger than you think then you should consider the option of thinking new one. So, before taking your first step, validate your idea. Because once you started and after a month or so you find out that someone else is doing much better than you then you might get into depression if you have limited source of money.
3. Don’t go for Funding on first day
This is a very terrible idea to do. My most of the friends have done it [Including me too!]. This is the worst step you will ever do in your entire life. First build a product with full functionality and gather some audience and then only think about funding.
From my point of view if you wanna be next big thing then you should consider taking the longest rout. I know it sounds painful but it works and worked with many old established businessmen. Your business might take time to take a grip but once it does, you will keep getting profits for the rest of your life. Now think about TATA, don’t think about other fast growing companies. Think how our grandparents used to use an old maxim in which they told us that,’ The more faster you go up, at double speed you come down’. So, don’t play with time and money, you will end up with nothing in hand.
4. Work – Work -Work! Don’t assume or don’t take it granted!
I read a book on how to get successful in life, not in business – in life. So far what I’ve learned from that book is when it comes down to take a hard step which is doing actual work, most of the people surrender and complain.
Sometimes most Entrepreneurs assume or take granted some of the situations which are so dangerous for growing their business. If you think that you have qualified yourself in above categories then now it’s time for you to qualify in this situation. Go out in the ‘Actual’ market where ‘People’ are handling things not computers or smartphones. Talk to them about your idea, survey the market for your idea, how many of them going make profit because of using your ideal product or service. How many are actually techno-savvy and how many of them are using their smartphone just for receive and pickup the call. Find your own market. Don’t sit at home or at office, move your butt and get going. Don’t assume that so many people will use your app. If you do that and take market for granted then it’s a possibility that your billion dollar company dream might get shattered.
5. Learn doing difference between Technology and People
Now a days everything is automation. Every startup thinks that making automation at every module they can ease consumer’s life but in fact they are not.
Always remember, if your idea is depended on modern technology then you should learn to do differentiate between Human and Technology. Because it’s the ‘People’ who are going to use your ideal product or services. It’s gonna be a Human on the other side of the table. Make it Human-friendly which other normal human can easily understand. Don’t make it fully automated. To like something human needs an interaction with that thing.
If you wanna be next big thing then you should probably consider above points which I mentioned. Those are real experience of my own, it might help you. Keep in mind, you are not the only one person who is going to solve the issue, there are many…