Are you thinking of launching your own start-up and have rosy dreams of earning lot of wealth instantly? Then this article is a must read for you. Spare a few minutes to keep certain points in mind while launching your start-up. ..
With the constant development of technology and technical assets, the opportunity to find and solve many vivid types of problems using technology in the forms of apps, websites, customized user and industry centric software has increased.
This increase in opportunity and success stories of many new startups across the globe and that too from common people belonging from non – business and non – wealthy backgrounds and first time entrepreneurs have showed an inspirational way to many minds to do something of their own and start-up.
When to launch a start-up?
Now the question that comes in mind is that who can start up a new venture and when is the best time to do so.
l have spend almost 9 years in startup Industry, having founded 3 startups, having raised two rounds of funding and seeing multiple failures in life, I can definitely add on my experience to help the budding first-time founders and give some suggestions that might help them in this tough journey on which they have to apparently walk alone.
So, question is who can start a start-up ( that will have good chances of success ) –
Bullet points for budding entrepreneurs
1. Those who are good speakers and story tellers and who can convince others.
2. Those who are confident enough of the idea on which they are going to work.
3. Those who have people in their family and friend who can keep helping them financially even with maybe Rs 100 at times if required. Yes that’s really an important part.
4. Those who can give their life’s 24 hrs in building the company ( you should even dream about your company and product )
5. Those who are ready to sacrifice all the small things, happiness of life which generally being an employee they would have enjoyed – like outing, weekend party, dating, supporting family etc that you make plans of when as an employee your salary comes on a specific date of every month.
6. Technical knowledge is NOT NECESSARY but if you have its always good.
7. Those who have lived their life on jugaad, have made lots and lots of acquaintances within all the age groups, are of a very cheap mentality but only in terms of saving money and always have mentality of enjoying others meal and yet they are loved and invited by all, those who have no shame in begging for even Rs 10 from family and friend in the past are the best basic characteristics of a good startup founder.
8. If and only if you have a financially supportive family and parents who can support you in a few lakhs and are always ready to lend you money and that too without any condition of returning back the money – Then this condition becomes like an icing on the cake BUT this never means that having no family support or having weak financial background people cannot startup, no not at all.
9. Lastly, that one idea that you will be working on – have good knowledge about it or try to solve any real life problem if you can and lastly you have to have 1000% confidence on your idea and startup because then only you can convince others to join or help you in this lonely journey.
Motive should not be instant wealth
And the last lesson – Never Start your startup journey with a motive of becoming rich and never think of building something to impress only or any investor. Trust me, this will screw up your life.
Well I hope this will give you a boost and self analyzing guide and will share in my next blog about if decided to do a startup then what’s next.
Author “Saransh Kumar” is an IIMK alumni, have startup industry experience of 9 yrs and author of the novel “A Love Life So Painful”, political and election strategist at BJP and working with the IT cell of Bihar state currently.
Views expressed by the author are personal.
Keywords: startups, chalgenius, entrepreneurs, budding entrepreneurs, Bihar, BJP
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