Taking a plunge to establish a startup is big decision . Probably as big as getting married or having a baby . More closer to having a baby because you need to plan for every thing like name , funds to support the effort, contingency , future planning , impact on family and especially why to do it?
First and foremost consideration when you think of your own venture is to question the motive of doing it. The why Question. In this three part series we will explore or I will rant on why, what and how of setting up a venture . Let us call this the 3 stages . This exercise is applicable to any type of business line – production, service, showroom, apparel, blog, restaurant , movie production ..basically any thing.
Successfully addressing the why stage is most crucial . It will make or break your venture. Be reminded that even with most creative ideas and path breaking technologies , 99% of startup’s fail. There are many reasons for the failure like funding shortage, improper timing, high costs etc or sheer bad luck.
However, most of the failures can be attributed to WHY ?
Any one who is starting up needs to answer to themselves the following :
- Why do I need to do this?
- Why would someone use my service or product? What is different ?
- Is there a need for such service or product , or will I be able to Create a market? Think of Steve jobs launching an iphone with a touch screen rendering incumbents laggards overnight
- why will users / consumers not continue to use what they are using ? Even if my offering is different, is it easy to use, affordable ? If expensive , will it appeal to my intended buyers?
- what difference will my offering make to users’ life ? Give them the strength of The Hulk Or simply make their life a little less difficult?
these are some basic questions but most important is all is : why should you do it ? One needs to examine their motives with a clear and brutally honest outlook. Ones motive could be many:
- You think you have a unique idea
- You want to make ton of money or need a pile to pay off a debt
- You love what you do
- You want to put your hobby or talent to a better use
- You got bored with life’s routine and needed some adventure
OR you think that you can change lives of many for good.
Whatever yous reasons may be , You need to have a ton of resolve to go for your own venture . more often than not , things will be difficult. Markets will behave differently than you thought, competition will always be ahead of you, employees will leave and many situations you never envisaged will emerge to challenge you every day.
If you effort is half hearted or confidence is not 1000%, you should not start at all .
Making money is not a bad motive but creating value followed by creating wealth Over money is best motive of all.
Creating Wealth and Not Money
Money is a tool. A manifestation of value you create , skills you bring to the table, fee you charge for talent, price you pay for living.
Money is one form and a part of your wealth.
Creating wealth is about pooling your knowledge, Resolve, connections, resources and ambition to build an enterprise that creates money even when you are actively applying your self .. like when your sleeping !!.
An enterprise is bigger than you , sturdier than you and if rules are set right weather the storms that may come .
one of the good books on this topic is Zero to One by Peter Thiel
let us discuss More in upcoming posts on how and what stages of planning ..