How To Take Control And Excel As A Startup Entrepreneur
How To Take Control And Excel As A Startup Entrepreneur

How To Take Control And Excel As A Startup Entrepreneur

We live in a world of ideas. Experts say our brain can think anywhere between 60-80k times everyday. That’s a lot of thoughts and no doubts lots of ideas. Just imagine for a second what if any one of those is a life changing or still better a world changing one.
 
But most people prefer to work on other’s ideas thinking it a much safer and a convenient option. But our concern is those who do take the initiative and attempt to give shape to their ideas. Yes, you guessed it right, we’re talking about entrepreneurs.
 
Let’s first take a look at the Business Dictionary’s definition of entrepreneur.

 

 

So roughly it’s the will to grab an opportunity and making decisions that separate entrepreneurs from other individuals. But the latter bit of the definition makes an interesting reading. It’s not necessarily the desire to make gains but rather to ascertain the success or possibility of a given idea that’s ought to concern entrepreneurs the most.
 
In the recent past, we’ve seen a sudden increase in the number of entrepreneurs. There are all sorts of reasons behind that and that’s a topic for another day. This article is about the journey that startup entrepreneurs have to traverse and what they can do to make it easier.

1. Solve Some Problem:

 

 

No idea could ever be big enough if it isn’t satisfying any purpose. You need to be solving some kind of problem. If you’re not solving anyone’s problem, no one will hear about you or take interest in your service. Simple as that.
 
But even if you will be solving a major problem, you bet your solution is a good one, better than the others. Every business has a certain kind of USP to lure customers in. The USP could be anything from cheaper prices, quality solutions, swift product completion or as something as simple as active customer support.

2. Makeup of Chieftains

 

Your co founders are obviously going to be the most crucial people to your business. There’s a lot of talk about how many are too many? Ideally, you want to have 2-4. Any more would just create trouble. There would be disputes, arguments and a number of times you’d find yourself in the middle of a situation where decisions making would be hampered by lack of agreement.
 
For the same reason, irrespective of the number, the co-founders should be able to get along with each other alright. If they know each other for a very long time or happen to be college-buddies, then even better. That way there’s lesser risk of disagreements and most obstacles can be easily tackled with a collective effort of all.

3. Hobby vs Profession

 

Start making money as opposed to funding money. Business can’t survive if it isn’t making money. A lot of people think they can turn their hobby into a self-styled profession, but not many of these ventures go on to be really successful.
 
Business is about earning more than what you’re spending. It’s pretty clear if you’re not making any revenues, your biz won’t be around for a very long time. You like to call it a biz, but in reality it’s more or less just a pastime.

4. Spend Wisely

 

 

Don’t rely too heavily on funding. What happens with a number of startups is they initially succeed in generating huge amount of funds. But once they have the funds, they end up spending most of it on irrelevant and unimportant things.
 
Think of things like fancy office apartment, and a portion may be to fulfill some personal wishes – That can prove to be a fatal mistake very early on in the startup’s run. Color’s failure is the best example in modern times.
 
You don’t want to be doing that. Look to spend your funds as judiciously as possible. Make the best of the resources you’ve got in your hands.

5. Know Where You’re Headed:

 

 

Since the very early days, you’ve got to be really certain about where you’re headed. Many startups end up pursuing an altogether different path from the one they embarked on initially.
 
It could be because of a change of interest or a realization of better gains in a different field. As long as the route somehow takes you back to your core business’ purpose, everything is fine. The reasons are that business should first be allowed to mature.
 
We haven’t heard of an entrepreneur that just wakes up one day and sets up a business. There’s a great deal of thought-process, planning, money and effort that goes into any startup.
 
The pre-planning is actually a huge time-investment for any entrepreneur. So take all the time you need before kicking things in motion. Diversion should only be considered in very exceptional cases.

6. Build Process and Systems

 

 

Process and systems are the frameworks within which everything happens. You wanna make sure that your framework is a sturdy and workable one.
 
A process that defines the flow of work and everyone’s responsibilities is a bare minimum. Your aim should be to continually improve it and go from strength to strength and make things more fluid and streamlined.

 

7. Success Doesn’t Come Guaranteed

 

Let’s get this straight, there’s no guarantee of success whatever your endeavor. Any entrepreneur can only do so much to make their business a success. But the harsh reality is about 95% of startups eventually fail.
 
Still, that stat hasn’t discouraged any budding entrepreneurs from pursuing their goals. Most successful entrepreneurs swear by how much focus is essential for any startup. So give in everything you’ve got, spend long hours understanding the market trends, identify some problems and devise genius solutions for them. That’s the only way to find yourself in the limelight.
 
If you think we’ve missed out any significant point, please let us know in the comment section below:

 

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