There may be thousands of inspiring quotes for entrepreneurs, but one quote that aspiring entrepreneurs could relate with is of James Dyson’s. The British inventor once said: ‘Everyone has ideas. They may be too busy or lack the confidence or technical ability to carry them out. But I want to carry them out. It is a matter of getting up and doing it.’
Thanks to Flipkart, Ola, Housing (which brought lot of attention to the term ‘startup’ in India) that entrepreneurial ecosystem suddenly gained momentum everywhere. Then, Indian government’s ‘StartUp India, StandUp India’ initiative was simply an icing on the cake. With Rs 10,000 crore startup fund, the government recognised the game-changing potential of India as a global startup hub.
There’s no doubt that entrepreneurial bug has spread everywhere with majority wanting to tap into the new era of entrepreneurship and opportunity. But still, not everyone is able to start up. And, the reasons could be multiple from non-execution of ideas to lack of certain skills to even not having that one ‘great’ idea in the first place. We could find numerous write-ups on ‘Why one should start up’ or ‘Key to startup success’; but it is equally important to understand why many people are not able to start up.
Here are top reasons why you are not able to startup:
Starting up is all about taking risk. In-fact, entrepreneurship means risk. To start a business, one have to put his career, finances and even mental health at stake. It just doesn’t sound scary, but it’s actually scary to bet on something new by leaving a stable job/career behind. No matter how hard you are bitten by this entrepreneurial bug, if you get stuck in a dilemma of whether or not to take this risk, you anyway lose the case. In most of such cases, taking an entrepreneurial plunge remains just a dream.
Fear of failure
Failure could be a cool word in the startup world, but it’s still not cool in the practical world. Failure is unacceptable to the Indian society. There may be a bunch of entrepreneurs that will inspire you to startup, but the fact is that the another (failed) bunch keeps reminding you to just stay away from this game. Almost everyone who tracks the startup ecosystem have come to realisation that not all startups can be successful, and hence the fear of failure even before starting up is enough to smash your dream of becoming an entrepreneur.
Idea is key
One of the top reasons you are not taking the entrepreneurial plunge is because you are not convinced with your idea. Even though majority ideators are working on me-too ideas, but some aspiring entrepreneurs are still waiting for that one great idea that is worth spending their time and energy on. A great idea that can keep you awake at night is yet to come, hence you are not able to start up.
Execution is king
Every startup begins with an idea, but execution is king. Starting up is all about execution. Steve Jobs, once said, “To me, ideas are worth nothing unless executed. They are just a multiplier. Execution is worth millions.” No matter how great an idea is, if it is not executed properly it may as well be nothing. It’s shocking but true that most great ideas remain dormant because people lack the courage, skills, time and money to bring that idea to reality.
Given that most of our startup entrepreneurs come with IIT/IIM tags, it sometimes gives a sense of inferiority to those who don’t come from that creamy circle. Many entrepreneurs with IIT/IIM label are the ones who are able to raise funding (which has now become synonymous to startup success), all thanks to the long list of alumni from these top colleges who are already successful in the startup field. The very idea of not being part of that circle and not having such connections kills the startup idea at the first place.
Passion, Will, Motivation
Many people do have a good startup idea, but they lack passion, will, and motivation to startup. If you lack will and passion, there’s no way that you can startup; and when it comes to motivation you would need them a bucketful. From an employee to becoming a boss of own company is indeed a bold step as it involves major financial risks, working long hours, hiring the right talent among others. Thus, aspiring business leaders need a lot of motivation. For that, you need to be surrounded with right people (such as supportive family and friends) as well as keep motivating yourself (self motivation) as both are equally important factors in influencing entrepreneurship. If either of the two goes missing, starting up becomes a tough nut to crack.
Yes, this is the hard core truth. Forget idea, forget execution, forget motivation, everything fails if you are not financially stable. Most students coming out of top engineering colleges and business schools are choosing entrepreneurship, so this goes without saying that these entrepreneurs have access to capital in the form of family money, an inheritance, as well as connections. It may seem that entrepreneurs love to take risk, but it’s actually the access to money that allows them to take bold steps. So, if you are the one who is running the house with your monthly salary, then starting up would be much harder than climbing Everest.
If by any chance you succeed to cross all these stages, then finding a right business partner or a co-founder becomes critically important. Finding the perfect co-founder is the most critical decision at the beginning of your journey. Often times, an entrepreneur has a good business idea, but lack certain skills — either technology skills or business (management) skills. Thus, a right partner with complementary skills is key to building a business. More than skillsets, the co-founder should share the same passion and vision for the idea; and more importantly, the two minds should meet. Without a right co-founder, you are unlikely to start up.
All said, starting up is never going to be easy. Acclaimed author Matthew J. Kirby once very rightly said: “Sometimes, when we want something so badly, we fear failure more than we fear being without that thing.”
It’s very important for people who are passionate about starting up to read, think, and observe right. There are hundreds of places where aspiring entrepreneurs can get gyaan from, but there’s hardly anything that takes pain in solving entrepreneurs’ problems related to ideas, fund-raising, finding mentors, and building connections. moolya is one such digital platform that helps entrepreneurs avail all the required services for their startup under one roof. Among many other possibilities, moolya’s ecosystem and its offerings help in validating ideas; finding the right investors and mentors; and networking and connecting with the like-minded people. Stay tuned with us to know more about the world’s first digital startup ecosystem platform.