What an idea is?
The idea is nothing but a vibration of thoughts. Ideas pass every now and then. Most of our thoughts are useless, having no benefit to anyone. This is because we are into an environment where there is more negativity i.e negative thoughts, negative affirmations. To get productive ideas, one should distance oneself from the negative ones.
How do I convert an IDEA into a STARTUP?
When you have an idea, make sure to research and study both positives and negatives of it. Make a pragmatic plan before starting a venture. Focus on building a core team that is able to bring a specialized skill set on the table. You should focus on building a team whose mission is aligned to the same as that of yours.
Focus on PSP i.e Problem Solving Product. Your idea should be as such it focuses on solving a problem of the market.
Few Tips for New Entrepreneurs
Focus on the technology. There should be a website or a mobile application depending upon the nature of the startup. There should be a proper functioning website at least which is able to bring clarity to the consumer about the service. Instead of marketing your brand in traditional way, one should adopt digital marketing where you can reach/target a larger audience.
You should learn how to manage the capital. You should never be a capital deficit.
Write your short term and long term goals on the paper. Fix particular dates for the accomplishment of a particular goal. Work to achieve your goals on a daily basis.
Once you are stable in a targeted place, you should start expanding. You should be a fast mover at that time. Also, you should focus on sustainability.
One should focus on branding and should run the venture more as a community than a company.
There is a common question of whether I should leave my job or study to undergo my venture/passion.
There is no need to quit your job or studies to undergo your venture. Because there might be two possibilities- first is that a venture may work, second is it could be a disaster. So, if you are planning to leave your job to start a venture then you might be in trouble. Instead of leaving the job you should start your venture very small as a side hustle.
Starting small would not only help in analyzing consumer nature and market demand but also help you to understand whether you are able to provide an appropriate solution.
And once you start getting stable then you can quit your work to give full dedication to the venture.
Ideas that come to your mind can be implemented and taken to a successful venture. All matters are the proper execution. There should be more execution than planning. You should stick to your idea if you have clarity in it. Be optimistic.
The reason why most of the startups fail?
These days startup is a buzz word. And everyone is entering into entrepreneurship just to get a fat bank balance. People nowadays are into get-rich schemes. They enter into entrepreneurship/ start a startup just to earn money. They are not focusing on learning before earning. And this is the major reason why most of the startups are failing.
There is saying: “Too many people are focused too much on money and not on their greatest wealth, which is their education. If people are prepared to be flexible, keep an open mind and learn, they will grow richer and richer through the changes. If they think money will solve the problems I am afraid those people will have a rough ride. Money without financial intelligence is money soon gone.”
Few Tips to a successful venture
- Try to build leadership in your team.
- Don’t try to do everything by yourself. “Be a jack of all but a master of one skill”. Entrepreneurs nowadays believe they can do everything by themselves, which turns out the venture to be a disaster.
- Entrepreneurs should try to offer equity options to the employees in the starting phase of the venture. Because at this time the company is a capital deficit. This will keep the employees motivated even though if the salary is not paid on time.
- During the early stage of the venture, the key people of the venture should try that the company is never a cash deficit. Whenever money is infused in the business, a part of it should be saved. It will help the company sustain during the recession.
- Entrepreneurs should know what things are working for them. If things are not working they should move forward instead of sticking to the plan. Sometimes sticking to a plan is the cause of suffering.