The advent of e-commerce and crowd funding had indeed triggered the entrepreneur in many. The thirst to do things differently, become financially effluent, and rise up in the ladder of the society or even to benefit the masses, reasons many be any. The feeling of building one’s own business from scratch and being the boss is a very powerful and addictive feeling. However, even to start dreaming of being the boss of one’s own business there are many enterprising qualities required in an individual. To name the most important ones, the individual is required to be a leader in every sense, proactive to beat the competition, have a clear vision that is bifurcated into meaningful short term and long term goals, very high as well as sophisticated team building attributes as not many things can be achieved singlehandedly.
Can we give the exact formula for a successful start-up? Of course not! As many of us know none of the businesses are straight lines or results of lab conducted experiments. But out of the experience and observation of more than two decades of start-up history there are certain parameters that can be prescribed. There are golden periods in everyone’s life and the best part is not even reaping it, it is identifying if an opportunity is worth. Every opportunity might look equally tempting to put in your heart and soul. However, a practical and distanced approach needs to be undertaken to understand if it would serve right for the goals that you have set out in short as well as in log run.
A common mistake that leads to the downfall of many start-ups is not evaluating the status as compared to the pre-determined goal at intervals. An introspection of status quo with expectation is a very powerful tool to decide when to jump off the train before it crashes. “Rome was not built in a day” as the saying assures, patience is a virtue, convert it into your attitude if you are a start-up founder! On an average the break – even of any successful start-up is seen to occur between the second and the third year of operations and having a sumptuous kitty to support your lean period is like having air to breathe. Gestation period is required for any effort to start yielding results and holding up the baton during these times is the most emotionally draining thing in a start – up. Hence, a mental make – up suitable to handle this stress is required. “Every vision is the child of untamed excitement”, hence journalising these thoughts would aid immensely in filling the gaps raised by practicality to make the picture saleable. Finally, never wait to brag yourself until your name hits the newsstands. Sharing a start – up story brings in valuable inputs from many for free. Brain storming is a good check to know from the perspective of others as to what you might have missed.
Finding a Vision and making it your Reality is no doubt an organized and time-consuming process but not an impossible one!