So you want to be an entrepreneur. Don't know where to
start? When to start? Not quite sure about the challenges...well here are a few
questions to start with...although not quite in an order of importance but
worth considering.
1.
When is the right
time to start?
There is no better time to
start than now. All you need is a strong desire and belief to start. Neither
is it too late to start. Don't believe. Check this out.
2.
Do you bootstrap?
Well
if you don't, then learn. In general parlance, bootstrapping usually
refers to a self-starting process that is supposed to proceed without external
input. Many of today's largest companies started with bootstrapping including
the likes of Apple, Dell, Zoho - Bootstrapping had a major role to play in
their success. Hence it is important to learn to live and survive with bare
minimum for the initial months and years. Whatever you earn you invest back not
much goes into your pocket.
3.
Can you think about
family - rather the extended family?
Family
includes not just your immediate family but also the families of employees you
are going to employ. As an entrepreneur its the biggest responsibility you
undertake. You are not just creating job opportunities but creating
livelihoods. The employees are going to depend on you in the same manner you
are going to depend on them. Are you willing to commit?
4.
Where's the money,
honey?
Though it's
true, not to think about money initially and focus on creating meaning and
value, there will come a time when just bootstrapping will not be enough. The
revenue has to start ticking at some point. If your venture is not able to
sustain and grow itself, be prepared for the worst. A lot of startups
unfortunately had to down their shutters for failing to see sufficient revenue generation.
It's all about survival of the most adaptable and fittest.
5.
Should I share my
idea? What if anyone steals it???
Definitely. You should share your
idea. First for the simple reason when your idea passes into the experienced
hands it gets tested and validated. Secondly you need to know that the world is
big enough a place for someone somewhere to think on the lines you do although
there maybe variations in taking the idea to its logical conclusion. Thirdly,
if it does get stolen, celebrate for your idea has found takers and its
worth every bit. Time for you to gear up and move forward.
6.
Are you willing to
shoulder responsibility and shoot the trouble out?
Overhead costs, infrastructure
issues, employees not turning up for work, bills paid/ unpaid, dues payable and
receivable, productivity and many such things which are bound to consummate the
employer unlike the employee. Atleast, in the initial phases when things
are being fleshed out and systems and processes being put in place. Taking care
of all these whilst focusing on the startup is daunting task. How willing and
able are you to manage and sail the ship through?
There are many more questions to answer. The list is indicative. No need to say if you have ticked the "Yes" block in your mind for all the questions...it's high time to get started. If not it's time to reconsider your decision.
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