Starting up > Entrepreneurship dilemma

Mere paas ideas hai, aur Khud ka startup shuru karna hai– Lekin ???

This post is to help those who have “lekin” in their mind, but has “passion” to build an amazing business in their heart. The Entrepreneurship dilemma is the very first of many many more obstacles to overcome for a successful entrepreneur. I personally went through those Lekins and the frustrations for few years before starting my journey as an entrepreneur in 2017 and we are on our way to build India’s most loved biryani brand. Sharing the learnings from my journey, which might help passionate people with innovative business ideas to move from the fence to the ground.

?Comfort to discomfort > I had the corporate job which one would be envious of. A well-Paid job, seat on the board and a large business to run. While the responsibility was big, end of the day the life was very comfortable. Travel around the world, fancy homes to buy and more cash in the bank than you ever dreamt of etc. you know what I mean, its pretty cool : ). Now, to let go all of it and start something from the scratch is not cool, right? That would make any one very uncomfortable. This was the first obstacle for me, and I kept thinking about it for 3 years. One fine day, my wife told me that if you don’t, then you might regret all your life for not living your dream and its worth giving it a try. The rest is history and if you are in similar situation then give it a try, its more than worth it.

?Me too > Lot of people want to start something because of what they see and hear about startups…that’s just a temptation. Don’t jump onto the band wagon without thinking it through enough. Building something from the scratch is nothing like what you would have experienced in the past. So, it’s not like a gym membership which you take beginning of every year and stop it after 2 weeks. Entrepreneurship is a marathon and requires your 100% commitment for the next 10/20 years.

?Idea to execution > Start something only if,

a) You have a business idea/ solution which doesn’t exist or is more efficient than what is in the market today.

b) Large TAM (total addressable market) of at least a $ 1bn for the business you want to startup.

c) If the revenue drops to 75% and cost increases to 125% of your plan, then see if the business is still viable and attractive enough.

?If the answer to all 3 are yes, then you must take your idea forward. But wait, this is only 20% and 80% of it is in execution, execution and excellence in execution of your idea on the ground. Great and disciplined execution of your idea is the secret recipe for success (yes, 1 out of 10 startups succeed – and you might be that one).

?Bittersweet pain > Life of an entrepreneur is very challenging compared to the corporate life. Hardships are many and they keep growing as you grow the business. From getting your first customer to getting your first team member. From not having enough money to pay for expenses to not able to raise enough money. From 5 days a week Job to all days of the year Job. From celebrating festivals / holidays with family & friends to sacrificing them in the initial years and most importantly everything starts with you and ends with you making you feel lonely at the top. That’s the bittersweet pain of entrepreneurship. But its ok.

?Valuation v/s value creation > Focus on building a customer centric, people centric and sustainable business for the long term. Do not get carried away by what you hear or read about valuations of others in the market. Instead, focus on the value creation for all stake holders of your business - most importantly your customer. Remember – Growth is vanity, Profit is sanity and Cash is reality. So, build your business frugally and treat investors’ money more dearly than your money.

?4P’s you need >

1.???? Product – Unique idea / Solution is the entry card to startup.

2.???? People – You can’t do it alone. You need a great team who believes in you and your idea.

3.???? Passion – Is like the oxygen and you would need it more with time.

4.???? Perseverance – Challenges are many and they get bigger with scale. It’s a marathon, have patience and stay at it.?

?In the end, it’s all worth it > Every successful entrepreneur we admire today were once there where you are today. There is always a beginning and there is so much opportunity today to create and build large businesses. So, building something that you are passionate about is fun, super exciting and more importantly gives a purpose. You have nothing to lose, and taking a plunge in to entrepreneurship will only make you stronger and better than today. In the end, it’s all more than worth it. Have no dilemma, live your passion and get to the ground now.

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