I wrote a column 10 days ago
about my completion of one year of Entrepreneurship. It received unprecedented
reach from my professional world. Over 2,500 people had viewed it, over 750 “Likes”
and more than 75 people took time to comment on the article. A few requested me
to keep writing and share more about Entrepreneurship and I am hence writing
this as a follow-up article.
I would like to highlight the seven
tenets of Entrepreneurship, as I have seen it in the past few years myself as
well as from the experiences of those around me. Of course, there could be more
but then these would summarise and may include other points as well within them.
All ideas are not monetisable
Most often, as to-be
Entrepreneurs or existing Entrepreneurs, we try to build a case on an issue which
we think could solve a problem. In some cases, it would solve even an unknown
problem that the customer never knew (Read: Apple/Steve Jobs/iDevices). But
before you build a Minimum Viable Product (MVP) or a Prototype, do check if the
product you are building would be profitable (at some stage), scaleable (across
geographeis, for example) and saleable (potential buyer for the business and
not just customers). If these three points have a green tick, then you are good
to
Funding an Idea vs. a Person
Most often, one would hear that
the Investor is not funding just the idea but the person as well. This is quite
true. Most investors look at how the Founder/Promoter approaches the idea or
concept and in general, their view of life. Only a few founders who go to build
massive companies focus on the larger essence of life which excludes monetary
and material pleasures. It doesn’t mean that the Founder takes a Public
Transport to work or operates in a dingy pigeon-hole work environment. It means
how frugal they are in their thought process about spending every penny that
has been invested into the venture by Investors.
Looking for an Angel Friend
Most Entrepreneurs, mostly first
gen like me, do not come with the backing of a family office or hereditary wealth.
They save up a bit and start off at some point in their life mostly depending
on someone else to fund their ideas. While friends and family would encourage
them to move ahead, you would also see them exercising caution, not to be
myopic in their view of business and life. Those who talk big stuff, usually
end up doing nothing for the Founders. Some avoid emails and calls, let alone
introductions to potential Investors. But that’s just fine. Don’t mix up
Funding and Friendship.
Age No Bar
There is no age for starting up.
If you think you are willing to give up your lifestyle (that doesn’t mean a compromise
though) and work a bit harder than you are working for someone else ((I mean
like, really hard), then give it a shot. Fix a timeline by when you will return
back (unfortunately or otherwise) to a day job if things don’t go your way.
There is no fixed time for this. It could be a year to five at the max. In five
years if you haven’t got it right, with just one idea or probably a handful,
then I guess it is time to move on.
Money, Money, Money
Save quite a bit before you
start-up. Things could go horribly wrong with your idea, product or service.
You may need money to demonstrate, scale-up and prove that what you have
founded works. In the meanwhile, you could have other compulsions – family,
health issues, insurance, vehicle repairs, etc. It is wise to keep aside your
minimum monthly requirements for atleast 36 months before you start your
venture to be on the safer side. That is if you are willing to sail that path
for so long.
Reboot – Plan B
If one idea doesn’t work over a
period of time (as an Entrepreneur, you would know what’s best), then have Plan
B, C, D and so on. Never get stuck with just one idea that you believe could
change the world dramatically. Have alternate ideas and plans. Remember, it is
you who has to click as an Entrepreneur and not just the idea. It’s a two-pronged
approach and you need to keep this in mind. Always.
Never Give Up
You will hear advises from all
over the world around you. Believe me, talk is cheap and free. At the maximum,
data charges for emails and messages and perhaps call charges. The Advisor
loses nothing to preach. However, they could be people like you who have
started up and failed and their wisdom is speaking. They could also be those
who started up and succeeded but probably know the difficulties. If you keep
the above six points in mind, then go ahead with what you believe in. Never
Give Up. But do remember, all ideas do not work for various reasons. So have
the grace to accept and move on.
Hope the above points have helped
you as a budding Entrepreneur or if you are already one. Cheers.
