Building a business is not rocket science provided you have a great idea, you can innovate your idea to create unique value for the customer, and you can act with integrity to pursue it as a mission.
Before you take your next step, you are advised to look at your traits, qualities, risk-taking ability and your ability to digest failure associated with it as an entrepreneur.
The content of this article has nothing to do with exclusivity to the tech startup, but knowing my own experiences of working and building on half a dozen companies, I feel the narrative may be more apt for tech entrepreneurs.
So, you want to be an entrepreneur? You are not alone. There are so many people in the world who at this very moment considering to start their entrepreneurial journey. Before you put your foot forward. may I request you to ask yourself, why do you want to be one? What makes you extra special that will distinguish you from the 90% of the businesses that fail within 18 months of starting up. You may evaluate your situation asking the following questions.
Do you think becoming an entrepreneur is the only shortest and surest way to become a millionaire?
There may be umpteen other ways to accomplish rags to riches status. Be rest assured entrepreneurship is certainly not the most lucrative one. In fact, as per research, gambling is less risky than the business. No customer is in the business of making you rich handing over their pile of cash. You’d have seen the bullock cart; it’s the bullock that moves the cart not another way around. For you to generate the income, impact, and success of your business, you must offer a unique value to the customer which solves their problem in a more meaningful way for your customer to take the wallet out and pay you for what you offer.
Do you see your business as an alternative channel for you to generate more income?
No serious stakeholder will find it worthy to support your Plan B. Side hustle may be good to earn additional income, but it certainly cannot be a full-time entrepreneurial opportunity. Generating revenue in startup business takes a lot of efforts, concentration and hard work.
Do you want to prove someone that you can do it?
You feel dissatisfied with your current social and economic situation. Everyone got a similar feeling of a streak of genius inside us which is highly untapped. You feel pursuing entrepreneurial opportunity will help you prove your worth. Entrepreneurship is a lot more challenging terrain and it makes tougher to get things done especially when you are in it to prove someone of your worthiness.
You find starting up the business is only way for you to do what you love and love what you do
Being an entrepreneur is much more than just doing things. Once you chose to pursue your talent or passion as an entrepreneur, you will need to do many more things like sales, marketing, finance, operations and other facets of everyday business management. It will take away your vital energies in a way that gradually you may feel you are caught in a day-to-day web.
You hate working for someone else
As an entrepreneur, you will certainly have more autonomy in terms of taking decisions, having your own schedule, your own boss, etc. But, you may also find it challenging to take right decisions and get defocused at times as there isn’t anyone monitoring you to be accountable.
You fantasize about one of those famous business owners
You can’t just get into entrepreneurship to become a famous CEO. You won’t get press chasing you for that interview on day one. It takes lots of hard work, guts, and decisions before you are offered a red carpet walk that you may be fantasizing seeing some famous CEOs.
You have a solid idea to change the world
Your everyday life revolves around the head, heart, and stomach. “A hungry man cannot offer prayer to God peacefully.” Indian Proverb. As a business owner, you will need to start solving the problem of the market segment before you can think of making a global impact with your solution. Evaluate your financial and social support to stay on the course before you take the decision.
By now, you may be asking, what is the right reason to start a business.
You have a dream – A dream of living an accomplished life, become a successful entrepreneur, leave your legacy through your work and to get there you want to build, launch and grow your business.
The truth is, the success in business is achieved by generating a massive value. To generate a massive value, you need to understand the customer’s problem better than anyone else, innovate to make your offer irresistible, and you’ll need to your marketing to communicate your value proposition to your customer to excite him to buy and pay for your offering.
For this to happen in a proven, systematic and fail-proof way, you will need to opt for the system, guided process and lots of organized work rather than your subconscious ruling your intuition.
Who can be an entrepreneur?
As per the book The Creator’s Code by Amy Wilkinson, anyone can be a successful entrepreneur provided they understand a cluster of distinct abilities required to survive and thrive in the business world. Amy’s book identifies that creators are not born with an innate ability to conceive and build successful enterprises. They work at it. The skills that make them successful can be learned, practices, and passed on. You can read the article to know more about the skills you need in order to succeed as an entrepreneur.
What do you need to get started?
Ideally, you just need an idea to get started. You need an idea that provides unique value to the customer that no other offers.
You need to apply a guided process that filters out the noises and help you discover the values that show you the signals that make your idea massively valuable.
You will need to apply your skills and abilities to build, launch and grow your business.
If you think you don’t have those skills and abilities, you can hire right people having skills and abilities to convert your idea into a market-ready solution and work with you to achieve your business goals.
In my view, you need to have a passion for building a company in order to succeed. You cannot borrow someone else’s passion. You have to decide to quit everything you are doing and commit 100% for creating something valuable, take financial risks, social, personal discomfort, and you need to set out yourself on the mission to build a profitable company.
Coming Next: Tech Startup Playbook: From where highly valuable tech startup ideas come from
Taking the clues from dozens of workshops that I have conducted across the country, I did a webinar on what mindset you need to be an entrepreneur, and the right and the wrong reason to become an entrepreneur. It shall help you decide – Why you? Why now?
1. What is the one reason which you think is important to you to become an entrepreneur?
2. Are you a born entrepreneur or made? What skills, attitudes, and personality you need to be a successful one?
3. Whether you have the necessary skills to build companies or you need to build your business?
4. To understand a sequential journey of company building, starting from Idea development, prototype, validation, MVP, product, launch, and growth. It is important to know the journey well.
5. How to get the focus on creating values, leveraging capital, capacity, customer, and expertise in a more innovative and new way in the marketplace?
6. Do you have what it takes to be a successful business having three key ingredients: something interesting to sell, someone interested to buy and someone interested to pay for it.
A must-read article from Paul Graham “Why to not start a startup“
I recommend you read the entire article to understand:
– How to get an idea, evolve it while launching it fast in the marketplace
– Your strategy for choosing cofounder, launch customers and understand customer behaviors early
– Measure your startup progress
– Don’t give up, don’t quit early and avoid demoralization
Read the Next Article: THE TECH STARTUP PLAYBOOK: THE SOURCE OF HIGHLY VALUABLE TECH STARTUP IDEAS