5 important tips to be a successful startup entrepreneur
29th, March 2019 - Startup Event
Phrases like "Survival of the fittest" and "A smooth sea never makes good sailors” are synonymous to the startup cosmos. Every business, be it a well-established organisation or a startup, has to face waves of difficulties. Ranging from fierce competition to financial difficulties or even capturing the market, these challenges are eternal.
There are about 150 million startups in the world and every year 50 million new startups pop up around the globe. But, with over 90% of these startups failing to survive, it’s pretty evident how brutally competitive running your own startup has become. Although these numbers and data were stacked up against us, we were ready to take it in our stride and reach our full potential.
We all know what a startup is and the usual challenges one faces. It is rightly said that one needs to dive deep to hunt a shark. Before you dive in, here are some things to keep in mind:
Don’t be a problem, be the solution: The "Big idea" for your startup should be a necessity that the market demands. For example, the idea we adopted for Design Pitch Deck was to create a platform that would pander to the needs of a niche market by creating aesthetically designed pitch decks for startups or corporates. Thereby, creating a solution for a problem that was existing in the market.
Be mentally prepared: It is essential to be mentally prepared for the various challenges you are bound to face. While the initial days may not be as fruitful as expected, it is the endurance you possess as an entrepreneur that will enable your business to reach its full potential. When we established our company back in 2016, we faced the setback of ‘Demonetization’ in the country. A number of big retainer clients took a step back and curtailed their budgets, but during this exact time we launched another company Design Pitch Deck to create a new stream of revenue for us, which in time grew to become one of Asia’s top 3 biggest companies in the said space.
Get out of the employee mindset: "Don't watch the clock, optimise your time and move forward.” These are the words our co-founder Moulik lives by, which generally summarises the mindset every entrepreneur must possess. Having a conventional mindset of an employee with a 9 to 5 job, is never going to work in your favour. But stepping out of your comfort zone and implementing a “let’s get this done” attitude will always help in achieving your goals.
Failure is definitely a key to success: Failure is inevitability in the startup world. As an entrepreneur, there will be days or even months where you experience a slump in fortunes. But it is the process of overcoming failure that empowers the evolution of your business. It’s like learning to ride a bicycle. You may never find the right balance when you start off. But once you hit your stride, there’s nothing that can stop you. Just like Henry Ford once said, “Failure is simply the opportunity to begin again, but this time more intelligently.”
Build road-map with the right guidance:
Before venturing into your startup journey, the best advice we can give is to create a cohesive road-map for your business. It's important to have a plan in terms of direction and execution for your business. Having a well thought out business plan helps you set long and short term goals, making it easier to achieve them
It acts as a blue-print for your business. As soon as you have everything laid out, it is wise to have a mentor overlook it. At a very initial stage, it's important to get the right mentor. A mentor might not only help with their knowledge and experience, but also help in professional socialization and personal support. Our mentor, Mr. Sanjay Chaudhary has constantly guided and encouraged us to push ourselves to achieve something more than the ordinary. Under his guidance, we’ve been able to expand our business in Mumbai, Delhi and London. We have our long term goals in sight, and are on track to meet them.
Devising an optimal solution to overcome the problems and shortcomings of your business is a skill that must be mastered by every entrepreneur. The path to success may not be straightforward, but with constant effort, your competence to keep up with the latest market trends and competition will help you conquer your business aspirations.
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Mr. Harnish Shah
Mr. Harnish Shah- Co-Founder , 3 Minds Digital