Starting and pursuing an entrepreneurial career is not easy but can be the most satisfying experience. India is a country where there are lot of individuals willing to start something on their OWN, but lands up doing something otherwise and giving up their dream. Here are some challenges, where these dropout happens and the test of toughness occurs and how you can overcome these challenges with your GRIT to own a successfully running startup.
Lack of ‘Business’ Ideas –
Definitely startups need to solve a real life need for the community they are addressing. There is no such classification as of big or a small idea. Least one need to do is, find a person, understand his problems, try to innovate ways to solve the problem and BILL him for it. Here’s the start of your business, now find someone else like him. Monetization is the aspect of business which you will have to think of in any case. There are numerous examples of the businesses that went famous but failed to survive because of the lack of monetization. To run a business you need money, if monetization is possible before you run out of your money pool, then the CHANCES are your idea can be a breakthrough.
India is a country which had more than 400 years of foreign role. The DNA of the people in India must have evolved to survive in such a situation. Even the best way to run a country like India in a democratic fashion is to make people feel INSECURE. Our society is a product of such an evolution. Average risk taking capability is very low. Trust is very low. It can be very difficult to operate or break-in such a system with your business idea right from scratch. All one need is a complete inertness from the unwanted reactions coming out from the society, relatives, neighbours, teachers, friends, employees and more. Just feel your gut. Remember, you can never make everyone who knows you to feel good about you. Also this is not what you should think about, unless they are your potential clients. People will speak negative, either you worry about that or focus on problem solving capabilities your BUSINESS is building upon. Get a mentor who listens to your idea, can give feedback, still you be open for criticism.
Family friction –
Remember your parent are the earlier version of the insecure society we are talking about. The average risk taking ability in their generation will be lesser than yours. You have grown up in a more open environment and a secured state by them. So its you who will take the family to the break even and still have to face the friction of doing that. In a normal situation, your parents will not be there for the later part of your life, so if you will take your career decision based on their choices, you will be left with nothing but to regret in the later stage. As an individual, it doesn’t matter at all whether you sleep on a road, go to jail, don’t eat food, but what matters is what your VISION and MISSION is for yourself and are you on that path to achieve it, or even trying to explore or experiment it. Your family can influence you to work in Infosys, do MBA, get married, change job, but in all that distractions stop getting influenced and think about what YOU want to do.
Lack of Risk taking attitude –
Failure can be your biggest SUCCESS. Failure only makes the taste of the success sweeter, so it is upto you how sweet you can make your success. Try to fail. The best part is you will learn far more FASTER and BETTER than the people who are giving up and do a JOB. Life is surely short and time is irreversible. You can be caught up in a unique problem state of job, family, loan, love, college etc, but all is in the STATE of MIND. Think who you are? why you are here? and where you will finally go? and what will happen beyond that?. You have a role to play in your life, and best way to play that role is to solve PROBLEMS of others and EARN money to solve it better. All you need to do is to trust this and get going. You can never be a failure because you think like above. Just do it.
Lack of Funds –
Money is irrelevant, it’s just a medium for exchange. Lets say if you have zero amount, just remember the resource you have is TIME. Thats what is the potential required. How you use your time will decide how much money you can make to reuse it. All you need to learn is how to SELL or invest your time as a commodity and funds is what will follow. Good news is that it is 2013, and there are lot of good guys in the market that can value your time well and can help you with their money. Understand they are investing in you, because they think you can grow their money faster with YOUR time. They may not be as smart as you can be in your business, as otherwise they could do it themselves or whatever. So you don’t really have lack of resources, you have the Gold mine of your time, rest is how RESOURCEFUL you are to convert it in various other things that are required for a successful business.
Weak management –
Now you have time, money, idea, team, office space and more. Still what you will require is MANAGING your time and work, managing team, mentoring people, handling relationships, operations and various other aspects. But in all this WORK you are doing what you are passionate about, your VISION. There are even certain people who chose jobs over startups for the convenience and comfort. They may also be the people not happy with what they are doing in their 10 – 6 job which means they are wasting their time. You are the one who is having FUN in your work, it is your passion. But the level of multitasking that comes with responsibility and ownership can be tough nut to crack. What you should do is to think SIMPLE in your daily life. Just bring out a 1-2 line VISION of your company and everything you or your company members are doing should be INLINE of that vision. Try to focus on EXECUTION of tasks one at a time. Remember whatever happens you cannot do TWO things at a time. Our brain is made for single tasking. So completing one task at a time is what you need to focus on most. Then you can focus on at least completing 3 MAIN tasks EACH day in whatsoever condition. Delegate your tasks to your people and trust them. Give them the ownership and understand their efficiency.
Your company will operate in the average efficiency of your team. But getting things done is more important and all is a process with constant improvisation. With each task getting done your company is moving forward. Just stay motivated and motivate your team.
Need Luck to be a successful entrepreneur?
Intelligence, GRIT and TOIL will take care of luck. – (‘quote‘ from Sarath Naru, Ventureast)