Gaps to fill in while setting up a start-up
have interacted with 5,000 startups, professionals and students, of all ages and if there is one thing that makes a difference between a successful and an average company, it’s the never-say-die attitude of the entrepreneur. So what are the blanks people usually need to fill while beginning a start-up?
1. Money: If I had money, I would have grown much faster, but investors do not support my idea — this has been the most frequent complaint I have come across. Money does not make a business successful, but it definitely plays a very important part. So if you feel the need for money, then reach out to investors, make a good business plan and polish your pitch.
Reach out to people who believe your idea and are willing to back you even with a small amount. Do not forget that the most important source of cash is your customer —make them happy
2. Team: I recently met an excited young man, who was a little disturbed as his venture was going nowhere. I asked him why and this is what he told me, “If only I could clone myself — I need someone as energetic and passionate as myself.” Go out, network, meet people, take part in exhibitions, attend business plan competitions, share your vision with friends and ask for acquaintances, post your requirements on Linkedin, or tie up with someone who can do a part of your job, but keep moving. For them, I advise them to start working on these areas and learn the art of selling.
3. Office, infrastructure and miscellaneous items: I call these the ‘hygiene factors’— they just add to the comfort level of an entrepreneur in their ventures but do not add any real value to customers. Neither does their absence lead to any real issues. Remember, some of the best companies were started in a garage — Apple, HP and Microsoft.
So keep an eye on the big picture without undue complaints about what you do not have.
It is the pride of creating a solution that the world will use happily that makes a successful entrepreneur so get down and start-up.