Wannapreneurs- who always say “have to do something”
Okay!! You are reading this article that means either you or one of your close friend falls in the category of Wannapreneurs- who always say “have to do something”. Some basic symptoms of this category are- continuously talking about the startups, their valuations, new ideas (at the extent of sometimes coming up with new idea every week). These are highly passionate group of individuals who wants to prove the world that they are capable of far more than what they have achieved till date.
BUT (and a bold one), to prove capabilities they have to walk the talk. Some of them do it and move to the next level while some of them only keep discussing their ideas.
Now how to help yourself or your HTDS friend who is getting more restless with each passing day and another startup raising funds?
It’s definitely not black and white and in this one article I cannot answer everything. Rather, I would help in structuring your thoughts so that you can make the next step in a more logical manner.
So here we go!! Now, tell me first do ,you have an idea on which you can bet your life? Have you done extensive research on your idea? By extensive research I mean you should have covered at least the following points.
- Is your idea solving a potential problem that is frequently encountered by users?
- Survey of your prospective customers (either B2B or B2C), with sufficient number of respondents.
- Discussion with some industry experts or professionals in which you are going to operate.
- Technical and financial feasibility of your idea (Do not start a business only to raise funds but start it to make money for yourself)
- Analysis of your competition, and how is your competitor is doing in terms of revenue and funding etc.
If you have done the above research then seriously man you are not the one who just only talks. Keep it up! you have moved one step closer to your goal and now you are in a condition to take your idea in a great depth with potential investors and co-founders.
“I have done my research and my idea is damn cool and it can make me millionaire in few months!!” Hello…hello my dear friend, I believe you have started your party really early as we are not done here. Okay, you believe in your idea but can you implement it along with your job? (For more details on this please read Launching a startup with job . If your answer is NO! and yours is an operational business and needs dedicated efforts then you got stuck again. Now its time to do some personal introspection and pen down your necessary liabilities which you cannot avoid in a short term like kids tuition fees, car loan, living expenses and to make it worst any home loan etc. If you have a well earning partner than HURRAY!! Half of your worries are already taken care of, but again it depends on your personal liabilities and lifestyle. If you are the sole earner in your family then think about your finances before starting up, as every business needs to be bootstrapped in the start and there is breakeven time before which you will start making profits. Don’t count much on funding, as there is no clear timeline of funding and no guarantee whatsoever. Not all startups are successful in receiving investment and most of them die due to lack of funds, so focus on your business model and making it profitable in a short span of time.
“I am OK with my finances and I can leave my job. JUST BRING IT ON!!” My friend things are really going well for you but in my advise you should also do some more introspection as in about your motivation and reason to start a venture. My questions are:
- Do you only want to start a venture because you are bored from your daily work life and want to do something more exciting ,or
- You think you are not born for some mundane sales and desk job and want to become the CEO of a successful company, or
- You just want to become a millionaire in a shortest span of time.
Most of the entrepreneurs start their business for any or all of the above few reasons. My point is that you should know both sides of the coin and the truth is that successful stories look very inspiring and motivating but only few people know about the persistence, hard work and sacrifices that have gone into the startup. Let me make this more clear by putting some facts below
Working for a startup is like working 24×7 with countless number of sleep-deprived nights. You will encounter so many problems and potential challenges in your day-to-day life that you will simply forget about your personal life and responsibilities. You will have to sacrifice your social and personal life as your working hours will never seem to end and you will crave for those old job days and long weekend vacations.
There are never enough resources in any startup and you will have to work on all the functions like sales, marketing, technology, finance, operation to the extent of taking print outs and delivering your product at customer’s door. So you got my point if you only want to start your venture because you hate some desk or sales job and only want to strategize things like a CEO than please think twice or thrice before you start your venture.
Definitely your own venture can make you a millionaire and a very sought after person who has proven himself. This is the main motivation for the entrepreneurs to strive day and night to achieve their goals. As already stated earlier in this article that every business has a break even time when it actually starts making profits also getting investment is something on which you can rely all the time.To know how to get investment easily read what investors look for in a business before investing. Hence, my point is that you should keep working on your venture if not immediate short-term financial benefits. You will receive the return of your hard work but it might take some time may and you should not feel dejected by this fact.
So, here we are at the end of our roller coaster ride and if you still believe that you can make a difference in the growing startup world then only sky is the limit for you. What are you waiting for? JUST GO AHEAD!! And follow your dreams.
This article is not written to intimidate you or discourage you from starting a new venture, but I just want to make sure that you are aware about the basic risks and challenges of the startup world.
You should discuss the above-mentioned points with all your stakeholders like your family, friends, co-founders before taking the final step. These stakeholders will be the one who will stand in your low and high and will celebrate every mile of success you travel.