What You Need to Know Before You Start Up
Entrepreneur's New Year’s Guide
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Are you planning to start up? Best pieces of advice for you from the people who have seen it all along with their best wishes.
Starting off as a founder can be a rollercoaster ride, you’ll see many ups and downs but one thing is certain that you are going to enjoy the whole ride. This ride may not be successful always, you may win or fail but no matter what happens, you’ll learn a lot.
To boost the chances of winning and understanding what is the ride all about, Entrepreneur India consulted a few entrepreneurs, who have already been through all the ups and downs and have their own established ventures.
The first person that we’ve talked to is Vaibhav Kakkar, Co-Founder of NotifyFox and RankWatch Inc.
According to Kakkar, “There are a lot of things that I feel are important but I am mentioning the three things which stand above everything else.”
Take Action First
We see a lot of people around us who claim that they are going to start something soon. Yes, it does take time to plan and start but you’re an entrepreneur until you start. Move out of your dilemma and provide people with something that they are in need of. “People spend a lot of time in procrastination and planning and don’t take action. Get up and start something”, says Kakkar.
Have a Mentor
Whether it is primary school or college or your entrepreneurial journey, you’ll always need someone who eligible enough to guide you during the tough times. Without a mentor, you may get lost in the paths or take wrong decisions but having one will refrain you from making a lot of mistakes. “A lot of people take a deep dive into entrepreneurship without having a mentor, they don’t realize how troublesome and lonely the journey can be at times and having the right mentor can make all the difference sometimes, someone who has already been there, ” says Kakkar.
Whatever field you choose, whatever business you start, you’ll never be able to succeed if you don’t put all your focus on it. It’s your focus only that will allow you to start something and take it to the last level. “Till the time you don’t eat, drink and sleep your idea/ startup, you are not really all in. Sometimes the best ideas happen to you in the shower or even while you are dreaming, ” says Kakkar.
The second expert that we talked to was Akshay Kingar, Co-Founder and CEO of Appsfly. According to him “Idea isn’t the first step but rather it’s the problem identification. Identify a difficulty/ experience a gap where technology isn’t used to it’s best potential. Not every problem is a business, ”
Don’t do it just of value your “EGO”
A plenty of people start their entrepreneurial journey just to be their own boss and shout it loud that they aren’t meant to follow other’s orders. But is this the reason why people should start-up? No, definitely not, start something when you feel like your idea can help the people around you and in the process you earn more than what you spend. “Business doesn’t run to satisfy your ego, you also won't get anyone to work with you! Start a company to solve needs/ problems and to elevate people’s lives,” believes Kingar.
Share your Idea
Before you start, you need to know what people think about your idea. Having a second opinion or even more than that can tell you the strengths and flaws of your idea. “Hiding your idea and thinking people will copy is pointless. The best-executed idea wins, not the best idea,” says Kingar.
The last professional that we talked to was Sumeet Kapur, the Co-founder and ex-CFO of Nearbuy.
Word of Mouth
Even in the ages of digital marketing, word of mouth works the best of any business. When you sell something to someone, give him/ her a reason to tell others about your products in a positive way. “If your one customer is not telling about your business/ solution to another friend (who might need it too), you either improve it to the extent that the ‘word of mouth’ starts happening or just shut it down and pursue something else,” says Kapur.
Profit is the Value System
A business isn’t a business unless you earn more than you spend. Having a business that is not earning the expected amount after the initial phase is going to take your company nowhere. “If you are not ‘earning profits’ beyond an initial investment phase, then read the definition of the word ‘Entrepreneur’ on Wikipedia before calling yourself one. A ‘not for profit’ organization is not a business,” says Kapur.