START AFRESH

New beginnings are often disguised as painful endings.

-       Lao Tzu

 I am sure you have faced one [or most of] these situations during last few months / years of your venture, if you are start-up founder:

-       You were sure, you were on the right track, but realised too late that your approach was wrong.

-       You were sure, enthusiasm and hard-work would bring the results, but something completely out-of-control frustrated you.

-       You almost achieved a critical milestone and you ran out of funds.

-       You were proud of achieving something out-of-the-world, only to realise that there is already someone [or in fact, many of them] who already achieved it much faster or at a much younger age.

-       You thought nothing can stop you, but…

I have seen several start-up founders, who are resolute, who are persistent, but they failed [sorry, their venture failed].

Somewhere during the journey, they started feeling, it’s not worth the efforts and started slowing down.

They never give up, but they never succeed!

They thought, setting S.M.A.R.T. goals [yes, that combination of positive words starting with the initials] is critical to succeed. Yes, it is indeed, only if the nice words ‘SMART’ stand the test of time. For instance, ‘R’ was Realistic or Relevant when you started the venture, but is this R realistic or relevant enough after a year or two from where you started? Situations change, environments change, technologies change, markets change… everything out of your control can change to make your R irrelevant or unrealistic.

I have been investing in start-ups for almost four years now. I have always invested in the ‘Person’, not necessarily the ‘Idea’.

I have a theory. If the founder is well-qualified, has relevant professional experience, has vision, is a fast runner and is ‘hungry’, he / she will succeed. It’s not important if the business idea will succeed or not.

Let me explain. If the founder has all the requisites of a good entrepreneur, he will do everything necessary to make his idea work. And if his / her idea doesn’t work, he / she will twist the idea. If this twisted idea still doesn’t work, he / she will start something related to the same industry / market, but which is completely different from the original idea… And if this idea works, he / she will immediately find sub-sectors or by-products coming from the same business idea and make them work as well to generate more revenue.  

So… if you think you are a good entrepreneur, and still facing one of the situations explained in the beginning of this paper, my advice would be to introspect. May be ‘giving up’ is a good option. May be getting out of the highway and taking a side-lane is a better option. May be ‘waiting and holding back’ is the best option… May be starting something completely different afresh is the only option.

SIX abstract suggestions for you. Check if any [or all] of them are relevant for you. And do implement. I have seen start-up founders trying a combination of these and becoming immensely successful.

1. BE SELFISH 

Keep the self-interest at the centre [without hurting others]. Don’t try to go out of your way and please everyone. I am sure when the venture fails, employees, customers, everybody will try to bring you down, intentionally or unintentionally. Be selfish while considering interest of others. There can always be a win-win even in a disaster. Most important thing is: You need to survive...

Else who will implement those remaining suggestions below?

2. TWEAK IT

May be failure of your business idea is a good chance to tweak your business model. May be your idea is valid in a different market which you didn’t have access to earlier. May be the new technology will make some other product more valuable. Be creative.

3. LIST DOWN YOUR IDOL’S FAILURES

Now this tweaked idea may also fail. It is ok. Try another one. Go through the list of your successful business idol. List down his / her past failures…

You will feel better. ??

4. BE PERSISTENT, NOT ADAMANT

Remember, your R may have become irrelevant or unrealistic now. Be persistent, not adamant. Maybe you need new combination of words in SMART. 

5. FIT IN = GIVE IN

I have always seen founders on the verge of failure [of their venture] blame it on their idea to be ‘ahead of time’ and start trying to fit in with the given environment. You started your venture just because you wanted to disrupt the environment. Trying new things or starting afresh doesn’t mean giving in to the environment…

 ‘Fitting In’ is a politically correct way of ‘Giving In’.

6. IMPERFECTION IS OK 

Your idea must be great. Your efforts should leave no stone unturned. But that doesn’t mean, everything you do must be perfect. Perfection must be worth your efforts. Worth your time. I have frequently observed, ‘Perfection’ is often an obstacle in ‘Delegation’. You cannot scale up unless you delegate.

‘Good’ should be ‘good enough’ for you, unless it frustrates your employees or your customers. 

Be Selfish. Be imperfect.

Don't be adamant. Don't give in.

START AFRESH!

Every new beginning comes from some other beginning’s end.

-       Seneca the Younger