Being involved with two start-ups and working through the nitty-gritty of daily operations to ensure that both ventures can survive another day makes me wonder if there is any light to end of tunnel, where I can reap the benefits of the problems we are solving and the pain of building solutions from scratch. This start-up life is a very vicious circle for any entrepreneur. We usually fall in to this out of sheer love of what we are doing and the gap we’ve identified in the market. However, taking an idea to a successful conclusion is altogether a different kettle of fish, and if we believe the stats over 95% of start-ups failed to see their fifth birthday!
In between the madness of taking these start-ups to the next stage, I scribble some notes whenever time permits, and that helped me to write my earlier blog post on highlighting critical factors to develop a product. For this one too, I have jotted down some additional factors or reconfirmed old factors that have become quite prominent and inspiring in my current start-ups’ journeys.
Luckily in this very social-media-oriented world, I can easily find and embed some references to reconsolidate my thoughts, which I have attached to each point to summarise my findings.
1 . Focus, Focus, and Focus
It may be an old cliché but the internet has made this world very small and resources have become readily available and inexpensive, which means that distractions are easy to come by, especially things are not going their way. For example, after the success of Eventbrite, we (i.e. tikbuzz.co.uk) could have been lured into becoming ticket suppliers rather than remaining a price comparison engine for the entertainment ticketing industry. But we stayed focussed to make sure that we develop a product that can help fans to find the best deals among the many already existing suppliers. Result: we are now one of the top three price comparison sites in the UK.
Entrepreneurs: Stay focused and be tenacious. Pay attention to people who know what they're talking about. Stay fixed on your goals!
— Donald J. Trump (@realDonaldTrump) May 19, 2014
2. Create convenience for users
From Google to Facebook to Microsoft, mission statements categorically say that we want to make world better place and that basically means making things accessible and simple to use, and this is very true for start-ups too i.e. whenever, you envisage a product or service, always make sure that it will create convenience for your target audience. Like they say, build what you like to use, not what you’d like to leverage for a fat bank balance.
— Michael Sippey (@sippey) May 19, 2014
3. Learn to say no
Start-up life is all about long hours and doing things which you don’t do in a 9 to 5 corporate job. You might have to do all the jobs from receptionist to CEO, so there might be some distractions that you try to avoid in order to save some quality time for business development. For example, Dharmesh and Naval don’t take any business phone calls, communicating only by email, which means they can save lots of time on exchanging pleasantries or topics that they need to confirm via email anyway.
@dharmesh I'm the same way. Hate phone calls with a passion. Never set up my VM. Just email / txt me 🙂
— Naval Ravikant (@naval) May 20, 2014
4. It’s never too late
I know, early successes from Bill Gates, Steve Jobs and then Mark Zackenberg, all in their twenties or early thirties, have given an impression that youth is the predominant factor for successful entrepreneurship, but if we look at the following Infographic, there are many examples where success came later in life, so don’t give up until, you achieve your goal.
— Entrepreneur (@EntMagazine) May 18, 2014
5. Set Short Terms Goals & The Journey is J Curve
Having a vision is very important, as this confirms where you want to take your company. However, when it comes to execution, the focus must be on achieving short term goals. Richard Branson summarized this really very well in his LinkedIn post!
"I never looked 40 years ahead. It was one step at a time, building block upon block" – Richard Branson http://t.co/frK42beQqs
— Jeff Weiner (@jeffweiner) May 20, 2014
Plus, Life is a roller coaster when you run a start-up; one day you reach the ecstasy of ultimate success and the next day you might get so depressed that you feel the world has come to an end. I have found a quote from my LinkedIn contact that summarises this journey. Have a read and be prepared to smile in the end when you reach to your ultimate aim of setting up a start-up. Good luck!