B.W.R.A.F.

(Bruce Willis Ruins All Films? or Bangkok Women Really Are Fellas?)

I know, I know. I seem to relate everything “start-up” to scuba. But I can’t help wondering .. why do so many start-ups simply jump in off the deep end without even evaluating if they are ready?

Those of you who have dived before would be familar with this gig: you kit up, and then check both yourself and your dive buddy out. You make sure that the BCD (the “jacket”), your weights, your releases (the “buckles”), and your air supply are fine, before you give each other the final OK (thumb and fore-finger meeting to make an “O”) and roll off the boat. 

That’s what B.W.R.A.F means to a diver: BCD, Weights, Releases, Air and Final OK.

And if these aren’t fine, you know that you just might be in for a hard time underwater.

BCD not snug? Prepare yourself for an exhausting, exhausting swim. Weights too much or too little? You’ll bob up and down underwater. Releases not fine? God help you if you have a problem when you are down at about 30 meters (its happened to me, but that’s an episode I’d rather forget). Air supply from your regulator messed up? Crossing your fingers won’t help, champ. And if your buddy doesn’t give you the final OK? (S)he isn’t ready for the dive.

All told, B.W.R.A.F is a fantastic checklist to make sure that you enjoy a dive.

And in all humility, I’d like to propose a B.W.R.A.F for start-up founders too. These are Business need, Working capital, Resources available, Action plan and Founder team.

Business need. 

Frankly, I’m horrified to see the number of startups that seem to be building a product or a service without establishing a real need. Yet another e-commerce venture. Another food-delivery or grocery-delivery start-up. Another one selling ex-President Barack Obama’s pictures on rocks. Hey, puh-leeeeze. It can’t be so difficult to figure out if someone (anyone!) would actually buy what you plan to build before you start. Just ask.

Working capital. 

Remember that more often than not, you ain’t going to raise any money (from customers or investors) the day you start. You’ve got to dig into your own pockets to fund your start-up. Atleast till you’ve established some traction. So stop right there, and check if you have enough to get started, and build enough momentum to take off.

Resources available. 

Sometimes, more than money, you need other resources. That friend who can help you do some coding on the side, for free? Resource. That attic with free wi-fi your family has? Resource. That free $5000 credit from Google or AWS? Resource. You get what I’m talking about. What is it that you can get, for free, which could help you get your start-up off the ground?

Action plan.

So you’ve checked with prospective customers. And you’ve grabbed some resources, and dug into your wallet. Now what? What’s your plan to quickly and steadily ratchet up customers or users? Who will you call once you figure out that your start-up is now off the ground, and get them to pump in some cash? What’s your back-up plan if competition strikes? How do you build defensibility and differentiation? 

Founder team.

In early-stage start-ups, its sometimes a temptation to grab literally the first person who shows some interest in your idea and make that person a “co-founder”. Only to watch that person disappear to do their PhD in Australia while you sweat it out. Or, after you start, totally disagree with every move the other person suggests. Finding a co-founder goes way, way beyond that. You know it, right?

So there you are. My version of the B.W.R.A.F. for start-ups. So that you can enjoy your dive into your start-up journey. With deepest apologies to both Bruce Willis and Bangkok Women.