Stop wasting time and build what you know
One word that could redefine the way an entrepreneur looks at his/her business. Strangely, context is often also easily lost in the arduous journey of every entrepreneur.
Context comes from various sources — your near and dear, from industry benchmarks, from competitive success stories, and critically, experience. It’s critical to be able to understand the value of each.
Your near and dear form the building block of your first steps. They live the entrepreneur life without even being an entrepreneur! From acts of celebration in happier times, to words of encouragement in times of need; from being a shoulder to cry on when the going gets tough, to remaining patient in delivering sound knowledge when your ego gets the better of you.
Secondly, industry benchmarks. Product progress benchmarking should ideally be the centrepiece of any product roadmap. It’s awesome having a long-term vision in what company you want to build, or what culture you want to inculcate — but they fall flat in the face of not knowing how to execute and follow up on delivering a consistently good product experience.If you felt I missed the word ‘fundraising’ in between ‘industry’ and ‘benchmarks’, there remains the possibility that you need to remind yourself about why you started up in the first place.
Thirdly, competitive success stories. India is a country that perhaps hasn’t seen as much consolidation in industries with multiple ‘leaders’. Tradition has perhaps dictated a passive aggressive outlook to someone who is a direct competitor — keep your friends close, your enemies closer, evidently. Getting acquired by your competitor isn’t as prevalent as it perhaps should be — one can hope the Pebble debacle on a global platform over the last few months shines a bright light on timing an exit. From a $740 million offer on the table in 2013, to being bailed out for $34 million just 3 years later — well that escalated quickly!
And lastly, experience. Experience is more than just grey hair. Learning from others’ mistakes and your own, whilst not making them again, ought to be the sum total of your experience.
At thinQbate, we strive to give you just that — context.