The journey of entrepreneurship starts with identification of problems which needs to be solved. Anil Kumar Gupta, a Business Empowerment Coach who has helped start-up ventures to succeed in their entrepreneurship journey said validation of a problem is the first and the most important activity in the entrepreneurship journey. Just spare a few minutes to know his views on start-ups.. …
Who is Anil Kumar Gupta?
Anil Kumar Gupta is an Electronics Instrumentation Engineer, Software Professional and Author and supports ventures from Envisioning to Empowerment by the approach of Inform, Instruct and Inspire by the methodology of sharing Insights, Intellect, Information and Ideas. He has offered his guidance to budding entrepreneurs so as to make their journey smooth.
Validation is must
As an entrepreneur, you must validate your assumptions at the earliest possible stage. There is no point in progressing further if the problem identified is not worth solving so problem validation is utmost important, “We cannot expect rain every time we are thirsty. The same is true for an entrepreneur, who has to follow certain practices in order to succeed unless he/she is very lucky. I have seen thousands of business ideas which were perceived as a great idea and a concept destined to revolutionise the way the world functions.”
“With this perception, passionate founders invest their time and energy into realising their vision, building and refining a polished, perfect product. But finally they end up only to find out that it solves a problem nobody cares about or the target customer is not willing to pay sufficient cost for value perceived by its target customers,” told Gupta to Chalgenius.
Anil Kumar Gupta
What is EVL?
The earliest validated learning (EVL) is a set of techniques for the validation of a problem. It will not only help entrepreneurs to fail early and gracefully in case it’s unavoidable, but also help in keeping motivation high for the rest of their journey. EVL techniques help in estimating the potential market, bringing team or stakeholders together and convincing investors.
First task as entrepreneur
“It is not to build the world’s greatest product or scale your business as fast as possible. Instead the first job is to prove or disprove your fundamental assumptions in the least expensive way possible. This will help you to know the target customer perception about the problem you are solving and willingness to pay, best and effective solution of problem as perceived by target customers and what can be your product roadmap or strategic road map,” he said.
Success and failure go hand in hand
Failures are bound to happen. But it is utmost important for an entrepreneur to analyze both his/her success and failure. “We often analyze our failures but seldom do any introspection after achieving success. Introspection is very important because it will tell why I succeeded or why I failed. This knowledge will guide me in my next step. We learn from both our success and our failure,” Gupta said. After conceiving an idea one needs to introspect to understand whether it is good or bad and only then it should be implemented.
Three necessities for success
A correct Vision, good Execution Skills and a competent Team finally lead to success. An absence of any one aspect or weakness in any aspect will weaken the final product, he signed off.
Anil Kumar Gupta is a highly accomplished startup/business coach with over a decade of experience. He ia also the mentor of change-Atal Innovation Mission-Niti Ayog
Views expressed by the author are personal
Keywords: startup, chalgenius, validation, business coach, entrepreneur, validation
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