So you have been dreaming about starting your own business, right? And you have been pulling your hair over it?
I understand you!
Don’t worry because you are not alone in this. Most of us only dream about entrepreneurship. The good dreams during the day mostly amount to nothing as we would not actually take the dreadful decision anyway.
Those of us who dare to sail the oceans of entrepreneurship should know in advance that over 90% will drown and further 5-7% would get crippled for the rest of their career. I mean the business would stay afloat but there would be no significant growth. Adding just a dozen employees in ten years is not growth.
Hang on tight, I am not finished yet 🙂
So what we got here is roughly 1-3 % people who are going to survive and build profitable companies with a solid growth.
Would you still like to continue reading this article? 🙂
If you insist, then please read further.
Entrepreneurship is the goddess of failure. Here the bright ideas can prove fatal to you. Think about it. Your best ideas would mostly earn you a never-ending misery because it is really hard to build a business around it. A failure stares at you every day.
In this article, I would share some accumulated, albeit basic, wisdom to help you understand the situation better.
Keep in mind please, I am a not a wise saint or a high priest. I just would like to share whatever I have experienced.
Like myself, you must have cleared that messy table a dozen times by now to keep a warm cup of hot tea next to a sheet of paper with a pen. And then you think, think… and predict what and how to do it….and often you are about to go crazy.
Let me share some questions that one needs to ask while creating a start-up and I hope that would bring some organization to the confused thinking that does not let go of you.
First of all, when the entrepreneur (our beloved hero in this story 🙂 is creating a startup he /she is or should be haunted by the most basic questions:
Who is my customer? (What is my target market/segment?)
What does my business do for my customer? (my solution, not wishful thinking Plz)
Why does my business exist? (purpose, what is pinching me really!)
What is my business strategy? ( How can I solve the problem better and differently? Or I am another Tommie)
Dude, these questions look fairly simple and easy on the surface but I assure you that they have the potential to drive you mad.
These questions would help you prepare for a more organized investigation into your new Business or start-up.
Objectives and Strategies.
What is the new business objective and strategy? This is the first question that you need to answer to lay down a solid operational foundation. For the entrepreneur who is already running a business, the question is equally important as a revision of your goals is frequently required.
Some necessary digression to look into the environment of a business start-up!
Today, entrepreneurs are constantly challenged by a fast-changing business environment which can render your entire business model obsolete. This can happen either when your fellow entrepreneur outsells you or your customer say a goodbye to you.
No room to breathe; no shoulder to cry on, bro!
Besides this, a technology shift can also throw your business out of the market next month. Sometimes, these underground techies would appear from nowhere like the aliens in the War of the Worlds-snotty little kids bingeing on laptops in their mom’s basement. Therefore, the rationale for long-term planning seems increasingly unconvincing or probably outdated already. This is particularly true in the digital space.
Now, What’s my Beef about the start-up process at the early stage?
Actually, if sound input from marketing i.e the customer’s perspective is missing at this stage of conceptualization, then your business would suffer from the classic ‘marketing myopia’. Sorry for getting a little professorial here 🙂
So what I am saying is that a responsible entrepreneur would take great care to understand his/her customer and the supply side of the start-up from the perspective of larger societal interest. It is super important because we do want to kill the planet earth which is already in trouble.
A Quick look at Business Objectives Vs Vision/Mission
The vision of the entrepreneur becomes the source or a guide to the objectives of a new start-up. The more ambitious the dream, the more difficult would be the objectives and goals.
For your own convenience, I would say use objectives or goals as same. Please forget about its different meanings that are debated by professors in their boring classrooms.
To ensure objectives reflects the right focus and value in light of your business’ vision and mission. The balanced scorecard tool can be used here.
Objectives can be created for 1-3 years time period depending on the firm.
Thanks for your patience 🙂
So let’s get to the meat quickly:
Please keep in mind that none of this discussion is a substitute for the hands-on learning you get as a result of uniquely unpleasant problems at your start-up.
However, let us get to the problem of direction here by asking 3 basic questions about your new Business or Startup Strategy:
The answer to the following questions is your small business strategy:
Who should you compete? ( this means you prefer collaborations or no collaboration)
Which area to compete in? ( your product or service scope)
And how would you like to compete? (your team)
I will get back to add more to this section, for now, this is enough. (I regularly revise and updates these articles)
Fast Forward & this is the last annoying digression
My first startup was in my early twenties and it was doing great but it was in a remote small town. When my co-founder left roughly in about a year time I was also done with my studies, I had the stupid urge to go to a big city and look for a posh career in the advertising industry that is where everything went wrong.
I need not rub this against your nose here. Anyway, the point is if you have got something going in a small town or you think of something there that can succeed, then stay there and do it.
It is better to raise a start-up in a small town and bring to a big city.
Don’t sell your small start-up! Never.
It would be a shame if you go after selling your small business with empty hands to a big city and look for a job.
To be updated & edited …