Starting it Up - a new initiative!!
Last week one of my team member wanted to know what it takes to be an enterpreneur in today's world. Obviously he was looking for inputs from everyone around him. Speaking like an expert (sometimes I do that) I gave him a piece or two of my gyan. A graduation from an IIT or PG from a IIM (or ISB for that matter)would be a sure way of getting money out of the venture capitalist pocket. At times I wonder if that is the only way to get the finance out to fund your company unless you have it inherited?
Sounds interesting when you can ready to put in all the passion at work, ready for the challenge to face but a prestigious degree stopping you to open up. Is this really a case? Something to think over. The answer to this might be not to start a company but to sustain it over long years you would need a lot of financing. Eventually it would boil down to looking for a VC or an angel investor who can shell out his money.
Putting on a hat of a VC, I researched on what would he look for in a budding enterpreneur. A compelling idea that has a future market, large market segment ready for such a product, competitive advantage this product has over its competitors (if at all there are any competitors) a great team who is passionate to take up the challenges, use of technology etc. to name a few. Let me assume we have all this but not a degree from a prestigious institute, would we be funded? Hmmm.....nice thought to ponder over.
I did suggest him to look for niche ideas which no one has ventured ever and not follow the crowd. Yes there are a few which we discussed like opening a restaurant for a segmented market like diabetic patients alone. Yeah food business is very profitable .... I keep hearing it has a margin of 50-60% at least.
The future is unpredictable for you company, let alone survival in the market. Your idea or product might not have a market after 5 years. A disruptive technology might overthrow you in a year unless you adapt to it. But that is the risk which I assume we are bound to take with no mitigation in place. Can we think of reducing the risk by taking help of startup mentors? There are a few startup gurus who are ready to help for a price. Nasscom is mentoring startups thru their initiative 10,000startups.com. I heard in the Silicon Valley (am refering to California one) there are no such thing as failures when it comes to startups but only learning. A cultural shift which India might need to adopt to.
Bottom line is the fire in your belly to take this uphill task of going thru all the unseen challenges ahead is what defines an enterprenuer. Yes last but not the least your idea or the product (read it as service included) should add value to the customer. Isn't that is what an enterprenuer does after all - adding value to customer's experience.
Sounds interesting when you can ready to put in all the passion at work, ready for the challenge to face but a prestigious degree stopping you to open up. Is this really a case? Something to think over. The answer to this might be not to start a company but to sustain it over long years you would need a lot of financing. Eventually it would boil down to looking for a VC or an angel investor who can shell out his money.
Putting on a hat of a VC, I researched on what would he look for in a budding enterpreneur. A compelling idea that has a future market, large market segment ready for such a product, competitive advantage this product has over its competitors (if at all there are any competitors) a great team who is passionate to take up the challenges, use of technology etc. to name a few. Let me assume we have all this but not a degree from a prestigious institute, would we be funded? Hmmm.....nice thought to ponder over.
I did suggest him to look for niche ideas which no one has ventured ever and not follow the crowd. Yes there are a few which we discussed like opening a restaurant for a segmented market like diabetic patients alone. Yeah food business is very profitable .... I keep hearing it has a margin of 50-60% at least.
The future is unpredictable for you company, let alone survival in the market. Your idea or product might not have a market after 5 years. A disruptive technology might overthrow you in a year unless you adapt to it. But that is the risk which I assume we are bound to take with no mitigation in place. Can we think of reducing the risk by taking help of startup mentors? There are a few startup gurus who are ready to help for a price. Nasscom is mentoring startups thru their initiative 10,000startups.com. I heard in the Silicon Valley (am refering to California one) there are no such thing as failures when it comes to startups but only learning. A cultural shift which India might need to adopt to.
Bottom line is the fire in your belly to take this uphill task of going thru all the unseen challenges ahead is what defines an enterprenuer. Yes last but not the least your idea or the product (read it as service included) should add value to the customer. Isn't that is what an enterprenuer does after all - adding value to customer's experience.
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