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Starting a Start-Up?

As a part of my work, I come across a lot of entrepreneurs who are looking to start a new venture. Most entrepreneurs that I come across are individuals who are looking to quit their jobs and take up the challenge of starting a business. This makes them look at a start-up as an income replacement machine.

They expect the venture to start paying their bills soon enough, which is quite a high standard set for the venture. This is where most lack perspective and do not look at starting up in the right manner.

Creating a start-up can be likened to having a child. Some are prodigal, some not so much; but almost all of them take a lot of time and attention. They might needs sometime to find their feet and start walking on their own and most certainly till such time you have to support it.

Almost everyone spends too much time putting together business plans and numbers. When you have a child, do you write out business plans? You plan; but not to the extent to putting down every number in black and white. Similarly with a start-up it is important not to plan excessively.

Do something you love doing – You will turn out to be quite good at it if not the best.

Do not plan too much – Thing rarely, if ever, follow the course of plans

Research before you start – Make sure that your idea offers a tangible solution to your target audience. Something better than what already exists.

Think positive – It makes a lot of difference

Back yourself for the lang haul – If the venture does not turn out to be prodigal son that you expected, it need not necessarily be a complete wash out either. Be prepared for the long innings, just in case.

 

16 replies on “Starting a Start-Up?”

Starting a start up is without a doubt a tricky thing. I have worked with some student entrepreneur groups and it is hard to convince them at times that what they are doing is worth it. But when you come across the students who love what they’re doing, all of the work doesn’t seem like a burden. Finding something you love is probably the most helpful part of starting a start up. Thanks for all of your tips!

Loving what you do is important. It is probably the greatest advantage of becoming an entrepreneur, you can do what you love! One needs to be passionate about what they do. Love will get you so far, passion will take you all the way! Thanks a lot for reading and writing back.

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