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#5 Important Aspects Every Entrepreneur Should Consider Before Starting a Business

Youngsters today are more interested in starting their own business rather than working for MNCs
#5 Important Aspects Every Entrepreneur Should Consider Before Starting a Business
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You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

The Indian market has been booming since the emergence of Globalization. As the Government has stretched out its hands for helping the start-ups, the youngsters are becoming more inclined towards developing their own start-up. Youngsters today are more interested in starting their own business rather than working for MNCs.

Apparently, start-ups and the journey of the entrepreneurs are considered to be exciting. However, the real journey is tougher than taking up a private job or joining public service.

As the journey is tough and the possibility of attaining success are lesser compared to other occupations, every youngster should be careful right from the beginning itself.

Every youngster should draw a clear roadmap of future and should be ready for any kind of situation which they are likely to face sooner or later. To be secured and to ensure success, every entrepreneur should possess a few but very important skills. There are several skills which are considered as important and utilitarian. However, there are 5 top priorities which every entrepreneur should know.

Every entrepreneur should know at least one web development tool and one Programming language

Every entrepreneur needs a website for making the venture’s promotion successful. In today’s world, a website is considered as the face of the company.  If the websites are not user-friendly, the visitors will have a bad experience visiting them, which will result in making the venture’s promotion a disastrous. For example, to build an app or an eco-system it can be said that the entrepreneurs have to run after developers if they do not have the basic knowledge of developing them. The software developers may bargain and try to play the mind game with the entrepreneurs once they come to learn about their lack of basic knowledge on web development or programming. Besides, the entrepreneurs should know at least one programming language, which will help them in negotiating and dealing with the software developers.

While dealing with the web developers, I have realized that they always try to play the upper hand while negotiating with entrepreneurs. They have the tendency of grabbing the lion’s share of profit to be generated by the ventures on the plea that the entire project would only grow based on their coding skills.

My first developer asked for 25% of the company's share but did nothing significant in 2 years in contributing to the development of the company. Due to his irresponsible nature of engagement, the launch of my product got delayed for about 3 years. As a result, I have lost the money which I had invested in advance to develop the system.

And most of the experienced developers may always deny signing any agreement while developing and building websites or software for the entrepreneurs. They may be working for other companies and therefore they officially cannot work for others except their employers.

An entrepreneur should choose his partners carefully. They should be trustworthy, and equally responsible. The relationship between entrepreneurs and his other partners should be based upon the mutual understanding. They should have a vast knowledge of those fields in which they will work for the venture and should add value to it.

The journey of the entrepreneurs cannot be considered as smooth. It is always tough. It can be a lonely journey. For a successful one, every entrepreneur needs a good team. A team which holds the aspiration to achieve the desired results. They should also be able to minimize the gap between the desired results and the actual results. However, over ambition may bring conflicts amongst the team members which may destroy and ruin the entire dynamics of the team and can play to be the biggest obstacle in achieving success.

My second developer was very knowledgeable, enthusiastic coder. However, his greed for monetary benefits halted the entire project. He started alluring me to take up outsourcing projects to earn more money rather than being patient on his entrusted tasks. He diverted his attention towards clients’ projects and when I got a client for him, he flew away with the client.

My next surprising experience was with a guy who wished to join me as the marketing head and at a certain point of time; he asked for the 50% share of the profit and argued that the entire venture would be successful because of his marketing skills.

“Dealing with such people who made unrealistic demands at the initial stage of any start-up is quite challenging.”

Entrepreneurs should never initiate a business which is completely dependent on funder’s money

The involvement of fundraisers may compel the entrepreneurs in losing their control over the ventures or project they wish to develop. There are possibilities that fundraisers may impose their plans and ideas over the entrepreneur's, which may drive the venture in a different direction.

In recent times, we have seen several such examples in the market.

Every Entrepreneur should play with their own strength first

Every entrepreneur should know their own skills and expertise.  They can make up their ventures if they have the insights of the business model they are trying to make. It is always recommended to conduct enough market research before starting any ventures. Otherwise, it is quite easy to face setbacks and financial losses.

During the years 2000 to 2010 start-ups in the BPO industries were at their peak. Several entrepreneurs faced monetary losses due to the involvement of either middlemen or agents associated with outsourcing projects. Middlemen used to extort Entrepreneurs' by taking up fronts for projects and other different ways. Apart from all these factors, the start-up ventures started to take up fake projects, which ultimately led to their failure financially. That heavily affected the BPO industries in those days.

“In business, the entrepreneurs should deal with those domains for which they will not have to be dependent on others.”

Learn to say "No”

Every entrepreneur should be expert in communication skill.  They should learn to say "No" without offending anyone. That “No" may make a lot of sense in a start-up business.

 
Edition: July 2017

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