Failure can be a Stepping Stone: It is crucial to understand that failure is part of the startup process and the challenges during the journey would be multiple. But the question is–are you game? You learn from your mistakes and know what works every time you fail–learning is monumental. And this learning can help you in your next career move. You can take a job where your valuable experience and knowledge is needed. Failing is not the end of the world–pivot and explore new opportunities.
Is your Idea Really Good?: Nowadays, having an unnoticeable idea is almost impossible. But a business idea should solve a genuine problem. Most of the founders I meet focus more on product development than the core problem. Is your idea able to solve the challenges of the target audience? Is your proposed product or solution unique and easily accessible? If yes to both questions, then you have a good idea. Otherwise, step back, dive deep into the underserved opportunity, and develop a problem-solving solution. But remember, an idea is still worth a dime if you do not follow it up with the execution.
It is not About the Money: If you are starting up, because you see the pot of gold at the end of the rainbow – I would advise you to hold your horses. The reason you should be running a startup is because you clearly see a gap/problem and you believe you have a valuable solution for which people will be ready to pay. Once you are sure of the value add – the pot of gold will be closer than you can imagine!
Simple Exercise of Market Sizing (Bottom-up): Market sizing is an essential metric many entrepreneurs don’t consider deeply enough. It asks a lot of questions that are critical to the growth/success – but it is essential this is done bottom-up. How many customers can you get into the sales funnel, how many will convert and hence what can be your revenues in year 3? It is all about making informed decisions before starting a business. A calculated risk is better than a blind one!
Not an Overnight Journey: In an earlier article , I had talked about the delayed IPOs for startups. So, fasten your seat belts for a long haul wherein you are making difficult choices on a daily basis – Are you ready to bid adieu to movie plans, Sunday brunches, full nights of sleep, or make difficult choices in your startup journey?