I see lot of young folks trying to gear up and build their own startup. There are two things driving this culture : Globalization and Technology.
“Opportunities never fail to cease and success stories seems to claim more than the actual reality”
While the entire world is moving towards Globalization and the playing field is being leveled, there are plethora opportunities sticking their neck out to be grabbed and transform ideas to actions. Amount of information available over the internet and the type of exposure this generation gets is omnipotent.
It’s easy to startup, but the question is how far can you stand up together?
You make up a team and start dreaming of riding a start up and tame the bull by its horns… sky is the limit on the first day. Interestingly, it’s not too late you realize that it needs lot of persistence and drive to make it successful.
Some thoughts to consider…
- Team building is important. When you pick a team or partners, it is important to understand how long they can walk along with you on the path where there are no signs of light at the end of the tunnel.
- If your team is completely technical, think twice. Not all problems can be solved by technology.
- If you say — we are not building this product for money — it’s time to close and it will not be late where you realize that you were wrong.
- Not all days can be exciting as initial days. Going gets tough, as you traverse through the journey. So, you gotta be tough as well, as you keep moving!
- You need to have guts to scrap the plan & idea without any emotions. If not, you cannot survive or progress further
- Two best friends cannot always be two good room mates. So, there is no guarantee that you will succeed just because you picked up your school buddy
“On the serious side, what matters is purpose and persistence!”
- Think about product, rather than project
- What problem will my product solve?
- How easily can I explain my product? (if you can’t explain your product to your old grand mother, it’s not ready to ship yet!)
- How does my product make money? (unless you are building the product for non-profit organizations/charity)
- Why would anyone want to buy my product?
- What’s the plan when I exhaust my relatives & friends support/money?
These are few basic things to start with….
Once you start answering the above questions, you will be on track to pose more questions to yourself… Happy questioning!