Entrepreneurship is exciting. It's revolutionary. It's disruptive. It's engaging. It's fun.
Along with all these things, entrepreneurship is becoming something that it shouldn't: a fad.
This is why you need to find your "why." You need to ask yourself, "Why do I want to be an entrepreneur? Why do I want to build a startup?”
Maybe you want to bring about a social change
Maybe you have a passion for a particular domain
Maybe you want to solve a common problem
Maybe you want to become a billion-dollar company
Maybe you want to do what your "Startup Founder friend" is doing
Your "why" defines your interest and intention with entrepreneurship. It also defines whether you will succeed or not.
You must have a clear vision of why you want to build a startup and become an entrepreneur, and you must have something that keeps pushing you towards making it a success. If you don't, you will easily lose your momentary enthusiasm. And at that point, it may have already cost you too much - financially, professionally and personally.
You need to research for two things: your idea itself, and a way to realise that idea.
First: Research on the idea itself.
What problem does your idea solve? Is it a significant, large scale problem? Is there a need for your solution? What’s already available in the market? Is someone else doing something that you're planning to do? (Hint: there always is.) How different is your idea from theirs? What do you offer that's unique? How can you improve upon your idea? How can you improve upon your idea? Are you disrupting the domain of your choice?
Second: Research on a way to realise that idea
The most important key to successful realising your idea is finding the right people to work with. You know your idea best, you know what your idea needs to be turned into a scalable startup. So, research on what kind of people can help you meet all those needs. Consider what skills are needed in your team, and to what extent. Meet your potential teammates. How can they help you build your startup? What skills and experience do they have? What are their strengths and weaknesses? Do they understand your vision for your startup? Are they confident and excited about working on your idea? Based on your research, build a team that understands your aims and has a certain synergy with you. Remember, you will be working together for years!
Now that you have a "why" and have done your research to build a team, it's time to set a deadline for building your minimum viable product. Even if you are in the service industry, you still need to show how the service-model will work with a small number of users.
Okay, first things first - what is a minimum viable product (or MVP)?
An MVP is the most basic, minimalistic version of your product. It allows you to create your product with minimal time & money investment, and build it up from there as you grow.
An MVP has two main benefits: it helps you get feedback, and it helps you achieve funding.
You can bring together a small group of users to try your MVP. This helps you get feedback from users, and hence helps you strategically improve your product. It also helps you introspect, ideate further, and possibly even pivot your idea towards something better.
An MVP is also beneficial when you go for funding rounds. If you approach investors with only an idea, certain things can go wrong:
On the other hand, if you approach investors with a working model of what you want to scale, then you can easily demonstrate your idea and also share the user’s experience and feedback.
Take a look at some inspiring interviews of entrepreneurs. With each interview, we take you through the journey of the entrepreneur, from the inception of the idea into their heads to their hustle behind getting their start-ups to thrive. We know that starting up doesn’t always end positively. Praveen talks to these business minds about their failures and mistakes which can help you avoid yours. Read on and get inspired!