Step towards Entrepreneurship

Think before you do it

Many times I hear from aspiring entrepreneurs is for an assessment of their latest idea. I believe that success is more a function of the person than the idea or the plan, so the best idea is one that is a best fit for you.

There are multiple questions running through the mind always. What skills do you need to do to run your own company or start up? What idea I need to work upon? Whether its a real problem which needs solution right now? Whether its a right time or not? Is the market is bigger as much I think? All these answers you need to find yourself and mentoring is one of the most important thing to move fast. I always believe in Try & Fail fast so you get the time to innovate the new things.

Below are the questions & things you need to keep in mind before you take the plunge:

1. You need to understand what entrepreneurship really means.
2. Are you ready to take the plunge right now?
3. You need to have right idea in place.
4. Do you have people to have the Right team? As it matters the most.
5. Idea is only 1%, Execution is 99%
6. You need to come out of fear of failure. Take failures as learnings for future.
7. Are you ready to come out of your comfort zone?
8. Do you have a right mentor or advisor with you, whom you can trust at anytime.

Now if you have the answers of the above questions or you are prepared as on your own to take this plunge then go below and read the things otherwise don’t.

Now below are the Steps to choose right start-up or business idea:

RIght Idea for You?

1. Focus on your passion, skills and experience: Go with what you already know or don’t mind learning fast if you don’t know it. You don’t need to be an expert right away, but leveraging skills and experience you’ve gained can increase your chances of success. Ask yourself whether you’re passionate about running this. Without this, it may be hard to stick it out through tough times which would come along the way.
2. Pick something with a big market pain: Sometimes market size isn’t always a great indicator of potential for success. The better question is how happy are you making your customers? If you make a few customers exceptionally happy, that might be far better than making a lot of customers marginally happy. That means that the market for your product may be small, but if you’re creating thousands of dollars of value for those users by solving a major problem for them, they’ll seek you out. User acquisition and marketing problems just go away.
3. Evaluate business, lifestyle fit: If balancing work and family life is important to you, then avoid businesses that could require working 60 hours a week. If you hate being stuck in an office, then look for businesses that can be operated remotely. Matching the business idea to your lifestyle can prevent burnout.
4. Test your idea: Before jumping in, make sure you’ve done your due diligence. Ask yourself: Is there enough demand for the product or service in your market? Can you afford the startup costs? How will you stand out from competitors? Run it among your friends and family groups?
5. Don’t fear to pivot anytime, if you feel so.
6. Discuss with your mentor about the same. Choosing a right mentor plays a very important role for your business. But at the end “Suno Sabki, Karo apne Mann ki” (Listen to everyone, but in the end do whatever you feels right).

No matter what business idea you decide to pursue, it’s smart to write a business plan that details your goals and how you plan to achieve them. A business plan forces you to examine the validity of your business idea, giving you a better shot at success.

At last after choosing the right idea for you, Build a strong team because a good idea isn’t enough. The idea counts most, yet a quality idea must still have a great team of people behind it to give it wings. Get a board of advisors. Get a team of professional accountants, coaches, lawyers and bankers. A great team will greatly improve the chances for success of any business.

Last thing to understand before starting: Start with the end in mind. Look for an idea you can take national or, even better, global at some stage. It might be fun and a challenge to establish yourself locally right now, but eventually you’ll want to build something much bigger.

All the very best!!

A video of Jack Ma’s Top 10 Rules For Success: