5 Ways the Stand Up India scheme could benefit aspiring women and SC/ST entrepreneurs

The Stand Up India scheme, launched on April 5, ensures that women and SC/ST entrepreneurs have a fair chance at setting up their own businesses.

In January 2016, Prime Minister Narendra Modi had launched the Start-Up India scheme, which gave new entrepreneurs a chance at making it big. Under the scheme, entrepreneurs could get loans from banks to kick start their businesses. Now, a new scheme, launching on April 5, will shift the focus to SC/ST and women entrepreneurs, to promote inclusivity.

The Stand Up India scheme provides loans to entrepreneurs of the Scheduled Caste and Scheduled Tribes, as well as women. The loans range from Rs 10 lakh to Rs 1 crore. According to the government, these are sectors of the population that are often underprivileged or under-served. Both these sectors are upcoming, and fast. The scheme helps them out by facilitating loans for non-farm sector entrepreneurship.

Loans for Women Entrepreneurs

Women entrepreneurs in India find it difficult to get funding for their startups. Global Entrepreneurship and Development Institute (GEDI) published a global ranking that looked at how female entrepreneurs fare in the world. India was placed in the last five among the 30 countries that were analysed. It stated that about 73% women entrepreneurs failed to get funding from Venture Capitalists (VC). A study based in Karnataka found that about 90% women had only their own funding to rely on, while 68% found it tougher to get bank loans. All that is set to change once the Stand Up India scheme comes into action.

Refinancing Options

The scheme helps not just those who are in the initial stages of their entrepreneurial plans, but also those who have already set up their company but still fall under the startup category. Under the scheme, the government has opened refinancing options through Small Industries Development Bank of India (SIDBI), at an initial amount of Rs 10,000 crore. Along with that, a corpus (principal amount) of Rs 5000 crore would be created, to ensure credit guarantee through the National Credit Guarantee Trustee Company. Along with the composite loan, they will also be provided with a debit card.



Support and Knowledge

A research done by YourStory in 2014 indicates that about 54% women have no idea what a startup should work like or how to work on problem solving. About 58% women need to be educated about entrepreneurial resources and techniques. However, provisions under the scheme also includes support for both women and SC/ST borrowers, all the way from pre-loan stage to operating stage. Besides familiarising them with bank guidelines and terminology, they will also know about registering online and how to use e-markets, and entrepreneurial practices. To bring together all the information related to the scheme, the government will be setting up a website for Stand Up India.

Substantial Reach for Maximum Benefit

While self-employed women working in the low-skill sector (such as manual labour or street vending) has increased to almost 1 crore between 2000 and 2010, the number of women in higher income entrepreneurship still remains low. To increase this number, the intention of the scheme is to get at least two entrepreneurial projects started in every bank branch in the country. The Stand Up India scheme is expected to benefit about 250,000 potential borrowers, according to its official statement.

Connect Centres Near Home

The number of SC/ST entrepreneurs is growing. For instance, according to The Hindu, there’s been an impressive rise in SC/ST entrepreneurs in Andhra Pradesh. The number of organisations set up by them went from 319 in 2004 to 2275 in 2012. To cater to the growing demand, Stand Up Connect Centres would be established at the offices of SIDBI and National Bank for Agriculture and Rural Development (NABARD). With country-wide presence of more than 15 regional offices and 84 branches accommodating more than 600 clusters, the reach of SIDBI is massive. The SIDBI would join hands with the Dalit Indian Chamber of Commerce and Industry (DICCI), among other institutions, to facilitate the loans.

This story was originally published in The Better India

Image credit: http://www.narendramodi.in/



How to start a startup?

Here is a step by step and actionable guide on how to start a startup.

Here is a step by step and actionable guide on how to start a startup.

Live in the future

Most of us live in the past or the present. It is easier to analyze what already succeeded and think of ways to replicate the success. It’s thinking by analogy. It is a valid way to think, except that this isn’t the way to create a big startup. With UberPool, the idea that at any given point in time there are at least two people going from about the same location to about the same destination is non-obvious. It is hard because you would have to gather and store mountains of data about where people actually go in a city. But Uber thought of it when they offered their first ride back in 2009. They were living in the future.

See what is missing in the world

You probably noticed that before Uber, taxi rides weren’t enjoyable. You probably noticed that before SpaceX people were less interested in space. But that is already the past. What is missing now? More importantly what is missing from your life now?

Write it down

When you write down your ideas you automatically focus your full attention on them. Few if any of us can write one thought and think another at the same time. Thus a pencil and paper make excellent concentration tools.

Make a prototype

If a picture says a thousand words, just imagine how a great prototype speaks volumes for your startup. Most of your thoughts, even the best ones, will never see the light of day sadly. You will forget them into oblivion even if you write them down. The only exceptions are those thoughts you prototype. It’s not fully-functioning (that will come later), but by creating a rough prototype of your vision you’ll have a much easier time explaining the concept to potential investors, clients, folks at meetups and anyone you encounter when evangelizing the potential of your startup.



Show the prototype to 100 people

You’ve been working on a cool idea for the past few months. You have made significant progress in building your first prototype. Now you will need to step out of your comfort zone and seek out people who will critique your prototype. Why 100? Because you need a breadth of perspective and hopefully a pattern to recognize from all the feedback. Don’t be afraid that one of them will steal your idea as chances for that are slim and the benefits that you can get from their input are priceless.

Iterate

Do you know that single biggest reason for the failure of a startup is building a product that no one wants? Although a few people will get it right on the first try, the odds are you will not. This is very easy to do if you are a customer of any product. You know that the product is working but needs a lot of improvement. You can take build a better version of the same product.

Find a co-founder

Entrepreneurship is tough – It’s a marathon and not a 100 meters sprint. More often than not you will need partners who will have to help you reach that 26 mile mark. While doing it alone is not easy, incompatible partners can be disastrous for the business. It is critical to choose your co-founders carefully.

Register your business. Split equity.

Finally, an easy step. Get a lawyer who will register your company. Give your co-founder as much equity as will make them work their hardest, while you keep as much as will make you give it your all.

Look for funding and build version one

Unless you have enough savings to build version one, go find an investor. While you are doing that build version one. You have to keep building because there is no guarantee about when or whether you find an investor. Don’t assume that you will just because other startups are getting funded. Assume the worst, and build your product.

Launch

By the time there is even an iota of usefulness in your product, launch it. Extra features, better interface, faster load time and other optimizations probably won’t save it, if the core features have no use.

Follow up with users

Are users coming back? Find out why they are not.



Launch again

Launch as many times as it takes. At some point, if at least a few dozen people are coming back on their own, you probably made something valuable.

Get to 1,000 users

This may not seem like a lot, but the first 1,000 users will show the weaknesses of what you have built. You probably will have to recruit them manually. How manually? Take their computer and open your website for them. Whatever it takes.

Grow

Paul Graham encourages startups to grow at least 5% a week. If you grow that much, within 4 years you will get to 25 million users. In other words, you will be one of the largest startups.

Success – whatever that is

You can IPO, sell your company to another or stay private by convincing investors that there is a bigger liquidity event coming. Even now, though, you may or may not have made the world better. WebVan IPO’ed, but quickly disappeared. Think about what kind of a dent in the universe you want to leave with your startup.

This post was written by Anna Vital and originally published at Funders And Founders.

Disclaimer: The statements, opinions and data contained in these publications are solely those of the individual authors and contributors and not of Ourownstartup.





[Infographics] How Sachin Bansal started: Life of Flipkart founder

The story of how the two men started with just two laptops and grew to its current size is inspirational. At the time of raising $1-billion last year, the Bansals’ combined stake of around 15 per cent in Flipkart was valued at Rs 6,000 crore (Rs 60 billion).

Sachin Bansal – The master mind behind the Flipkart idea, one of the first people to establish an e-commerce website in India, an IIT graduate and a business man who created something of a history in the great Indian internet shopping revolution.

At the time of raising $1-billion last year, the Bansals’ combined stake of around 15 per cent in Flipkart was valued at Rs 6,000 crore (Rs 60 billion).

The story of how the two men started with just two laptops and grew to its current size is inspirational.

They were not only able to ride India’s robust consumption story, but also earned the investors’ willingness to place their bets on their company.

Image credit: www.forbes.com



Indian e-commerce war: Flipkart’s Sachin Bansal & Snapdeal’s Kunal Bahl involved in Twitter spat

The ongoing e-commerce war spilled over to Twitter on Friday, when Sachin Bansal, co-founder of India’s largest online retailer Flipkart, made a direct jibe at competitors – Snapdeal and Paytm.

The ongoing e-commerce war spilled over to Twitter on Friday, when Sachin Bansal, co-founder of India’s largest online retailer Flipkart, made a direct jibe at competitors – Snapdeal and Paytm. Bansal tweeted, “Alibaba deciding to start operations directly shows how badly their India investments have done so far.” Recently, Chinese e-commerce giant Alibaba, which has stakes in Snapdeal and Paytm, expressed interest in entering India directly this year.

Snapdeal’s co-founder Kunal Bahl was quick to respond to his arch-rival’s tweet, saying, “Didn’t Morgan Stanley just flush $5 billion worth market cap in Flipkart down the…”, accompanied by a toilet emoticon. “Focus on your business, not commentary,” Bahl tweeted. His comment come on the back of Wall Street powerhouse Morgan Stanley recently marked down Flipkart shares by 27%, bringing down the country’s most valuable privately held tech firm’s its valuation to around $11 billion from $15.2 billion.



This is not the first time Bahl and Bansal have locked horns publicly. Last year, Bahl had said in an interview that he will top Flipkart’s gross merchandise value or GMV by the end of 2015. Flipkart responded immediately through another interview, indicating it will remain the number one player in the Indian e-commerce market.

Alibaba holds around 5% stake in Snapdeal and nearly 40% – directly and via its arm Ant Financial – in online payments major and e-tailer Paytm.

The Indian online retail market is seeing a hotly contested battle being fought among the domestic players like Flipkart, Snapdeal, Paytm and the Jeff Bezos-led Amazon. “This shows that none of the existing e-commerce players show leadership of the market. That’s what makes it such an easy decision for Alibaba to enter. Almost $7 billion of investment has gone and yet there’s no winner in sight. So it’s not just a reflection on Snapdeal and Paytm but the whole sector,” an investor in multiple consumer internet companies said.

Indian e-commerce companies have so far been burning millions of dollars in cash on discounting, logistics and marketing to get to a substantial scale. These subsidies have been financed by investors who have ploughed more than $3 billion and $1.5 billion in Flipkart and Snapdeal, respectively. But with the overall funding environment tightening globally and in India, from here on it won’t be easy for these players to rack up financing and consolidation in the market looks imminent.

This article was originally published in Times of India



How to start a startup without any money?

You’re excited to start a start-up. But there’s one logistical hurdle stopping you: You don’t have much money.

You’re excited to start a start-up. Maybe you have an idea, or you’re just fascinated with the idea of launching and growing your own enterprise. You’re willing to take some risks, like leaving your current job or going without personal revenue for a while. But there’s one logistical hurdle stopping you: You don’t have much money.

On the surface, this seems like a major problem, but a lack of personal capital shouldn’t stop you from pursuing your dreams. In fact, it’s entirely possible to start and grow a business with almost no personal financial investment whatsoever – if you know what you’re doing.

Why a business needs money?

First, let’s take a look at why a business needs money in the first place. There’s no uniform “startup” fee for building a business, so different businesses will have different needs. It’s important to first estimate how much you need before you start finding alternative methods to fund your company.

Consider the following uses:

Licenses and permits. Depending on your region, you may need special paperwork and registry to operate.

Supplies. Are you buying raw materials? Do you need computers and/or other devices?

Equipment. Do you need specialized machinery or software?

Office space. This is a huge expense, and you can’t neglect things like Internet and utilities costs.

Associations, subscriptions, memberships. What publications and affiliations will you subsribe to every month?

Operating expenses. Dig into the nooks and crannies here, and don’t forget about marketing.

Legal fees. Are you consulting a lawyer throughout your business-development process?

Employees and contractors. If you can’t do it alone, you’ll need people on your payroll.

With that said, you have two main paths of starting a business with less money: lowering your costs or increasing your available capital from outside sources. You have three options here:



Option one: Reduce your needs

Your first option is to change your business model to demand fewer needs as listed above. For example, if you were planning on starting a company of personal trainers, you could reduce your “employee” expenses by being the sole employee at the start. Unless you need office space, you can work from home. You can even do your homework to find cheaper sources of supplies, or cut out entire product lines that are too expensive to produce at the outset.

There are a few expenses that you won’t be able to avoid, however. Licensing and legal fees will set you back even if you cut back on everything else. According to the SBA, many microbusinesses get started on less than $3,000, and home-based franchises can be started for as little as $1,000.

Option two: Bootstrap

Your second option invokes the idea of a “warmup” period for your business. Instead of going straight into full-fledged business mode, you’ll start with just the basics. You might launch a blog and one niche service, reducing your scope, your audience and your profit, in order to get a head-start. If you can start as a self-employed individual, you’ll avoid some of the biggest initial costs (and enjoy a simpler tax situation, too).

Once you start realizing some revenue, you can invest in yourself, and build the business you imagined piece by piece, rather than all at once.

Option three: Outsource

Your third option is all about getting funding from outside sources. I’ve covered the world of startup funding in a number of different pieces, so I won’t get into much detail, but know there are dozens of potential ways to raise capital – even if you don’t have much yourself. Here are just a few potential sources for you:

Friends and family. Don’t rule out the possibility of getting help from friends and family, even if you have to piece the capital together from multiple sources.

Angel investors. Angel investors are wealthy individuals who back business ideas early in their generation. They typically invest in exchange for partial ownership of the company, which is a sacrifice worth considering.

Venture capitalists. Venture capitalists are like angel investors, but are typically partnerships or organizations and tend to scout businesses that are already in existence.

Crowdfunding. It’s popular for a reason: with a good idea and enough work, you can attract funding for anything.

Government grants and loans. The Small Business Administration (and a number of state and local government agencies) exist solely to help small businesses grow. Many offer loans and grants to help you get started.

Bank loans. You can always open a line of credit with the bank if your credit is in good standing.

With one or more of these three options, you should be able to reduce your personal financial investment to almost nothing. You may have to make some other sacrifices, such as starting small, accommodating partners or taking on debt, but if you believe in your business idea, none of these losses should stand in your way. Capital is a major hurdle to overcome, but make no mistake – it can be overcome.

This article was originally published in Entrepreneur.com
Image Credit: Benzinga.com



Should you quit your day job to launch your startup?

Cul-de-sac startup is an interesting new model that gives us new perspective on the way we think about entrepreneurship and inspires many more people, despite of their age, to begin working on their ideas without to feel that they have to quit their jobs.

Cul-de-sac startup is an interesting new model that gives us new perspective on the way we think about entrepreneurship and inspires many more people, despite of their age, to begin working on their ideas without to feel that they have to quit their jobs.

“Get there early, stay late and enjoy the ride.” -Peter Lynch

During his TEDxMileHigh Talk, Peter Lynch, who is serial cul-de-sac entrepreneur and founder and CEO of Digital Fridge, introduces to us the main principles of the cul-de-sac model, which are as follows: Get exhausted – do not keep your capacity back; Get sticks – execution is the key to success, you need to start executing with what you have right now; Get to know your neighbors – you have to build strong community; Create longevity; and don’t forget the reason why you are doing all of this.

To learn more check out the video below and don’t forget to leave your comment in the comment section.

Image credit: http://thenextweb.com



Entrepreneurs: Fight procrastination and do the stuff right now

For some of us, procrastination isn’t an occasional kind of thing. It locks us in a vise grip and comes to define the way we approach everything.

“Never leave that till tomorrow which you can do today,” said Benjamin Franklin.

Pretty good advice, especially considering it comes from a guy who was an absolute whiz at productivity (Franklin was somehow an author, printer, politician, postmaster, scientist, inventor, civic activist, statesman and diplomat).

Recognizing the wisdom in the aphorism, however, won’t stop most of us from putting off the “no-more-delaying-ever” regiment until tomorrow. (Which isn’t always so terrible: We’re not robots, after all, and leaving a project unfinished so we can hit the beach every once in a while keeps us human.)

But, for some of us, procrastination isn’t an occasional kind of thing. Instead, it locks us in a vise grip and comes to define the way we approach everything. If you’re like this, you know the exhausting ritual well: voluntarily delay a necessary task until the panic about meeting a deadline finally outweighs inaction. Not only can it send you into an unhealthy and crippling shame-spiral, it’s also one giant productivity killer.

Why are some of us more susceptible than others? Like most personality traits, a recent study published in Psychological Science finds, it has a lot to do with our genes.

Researchers at the University of Colorado at Boulder surveyed 181 pairs of identical twins and 166 pairs of fraternal twins about their work habits. Compared to fraternal twin pairs, identical twins reported stronger behavioral similarities regarding their ability to set and meet goals as well as their tendency to act impulsively. Based on this, the researchers concluded that procrastination is, at least in part, heritable and has a strong genetic overlap with impulsivity.

Impulsivity probably had an evolutionary advantage, Daniel Gustavson, the study’s lead author, says. For our ancestors – struggling to survive in a dangerous world, fast and decisive decision making was more important than long-term planning. Procrastination either evolved at the same time as impulsivity, or “evolved as a byproduct of it,” he says (when we’re impulsive, we become distracted from — and thereby put off — long-term goals). Unfortunately, circa now, where both goal management and the ability to delay gratification is rewarded, these two intertwined genetic traits hurt rather than harm.



But before you start blaming your penchant for leaving everything to the last minute on mom and dad, remember: most of our personality traits are, at least in part, heritable. The last thing the Gustavson wants is for people to read about his study and conclude: Welp, guess that means I’ll never change. “When people see big genetic influences on a trait, they often think they can’t do anything about it,” he says. “And that’s not true. Just because something is heritable doesn’t mean it can’t be changed.”

Tim Pychyl, a psychology professor at Carleton University in Ontario, Canada, and the author of ‘Solving the Procrastination Puzzle’, agrees.

The way he sees it, our limbic system (the ancient, reptilian part of our brain which just wants to feel good now) is in constant battle with the prefrontal cortex (a section that developed later in our evolution, responsible for executive functions and impulse control). Inevitably, the limbic system sometimes wins out. “It’s human nature to procrastinate,” he says. “You have to realize that you’ll screw up sometimes but you can change if you really want to.”

For all of us wrestling with genes that scream, “delay, delay, delay,” Pychyl shares a few strategies to help the prefrontal cortex emerge victorious.

Understand the true definition of procrastination.
This is super important. There are many forms of delay that are beneficial – life, of course, is a constant succession of tradeoffs. Often, you need to hold off on a project because something more pressing has come up. That’s not called procrastination, though. That’s called making an informed decision.
Procrastination on the other hand, says Pychyl, is never positive. “Anyone who thinks it has an upside is messing with the definition.”

Some of us may develop a warped, protective relationship with our tendency to procrastinate (see tip No. 2), but while there are many reasons why we do it, “none of them are healthy,” Pychyl says. “There’s no virtue in it.”

Stop making excuses.

This is closely related to Pychyl’s previous point. Procrastination is a voluntary delay of a beneficial intended act, and therefore causes uncomfortable dissonance, which we attempt to ease with a string of excuses.
The most common: I work better under pressure. “That’s nonsense!” Pychyl says.

“Everyone makes more mistakes under pressure – that’s been shown again and again. What you’re really saying is ‘the only thing that can motivate me to work is a huge amount of time pressure’…and there’s certain pathos in that.”

While procrastination can cause individuals to hyper focus, it’s simply because their backs are against the wall. The same amount of attention to detail – flow, as Pychyl calls it – is possible even when you aren’t under a time crunch. Learning how to voluntarily achieve a flow state requires time and effort but it’s the secret to productivity. Procrastinators, he says, need to realize that it is possible to concentrate without the motivation of deadline-induced panic. It just takes practice.

Minimize distractions and set strict deadlines.

If you have every distraction available at the push of a button, you’re more likely to check Facebook, check your emails, and suddenly three hours have gone by. Distractions, of course, decrease productivity for everyone, but for the chronic procrastinator, they’re real time-suckers. It’s better to eliminate as many of them as possible (be that blocking Facebook, deleting Solitaire off your desktop, whatever you have to do).

In addition, set a strict schedule for yourself. “Autonomy is good for non-procrastinators, put procrastinators need short, concrete deadlines,” Pychyl says. For managers dealing with procrastinating employees, Pychyl recommends having them articulate their goals in concrete terms. Specific details – rather than a vague “I’m working on X project – helps hold procrastinators accountable. Have them make implementation intentions rather than goal intentions” he recommends.

Don’t let your inner 6-year-old dictate your actions.

“I don’t know where we learn this, but somehow we internalize the notion that our motivational state has to match the task at hand,” says Pychyl. “We don’t feel like doing something, and we think that’s a reason!”
He calls this logic 6-year-old thinking. In reality, “For many of important tasks, if not most of them, getting started has nothing to do with how we feel.”

Still, we often dismiss the notion of getting started today with the perpetually hopeful “I’ll feel more like it tomorrow.” We almost never do, though, and so the task gets pushed off again. Why, then, do we persist in maintaining the delusion that a repellent task will be magically rendered less aversive in a mere 24 hours?

We tend to predict our future feelings based on present feelings, Pychyl explains. (Think about shopping for groceries on an empty stomach versus after you’ve just eaten a huge meal – most likely, your cart will be more crowded, even though rationally you know the week ahead requires the same amount of food). “When you decide to procrastinate, you relieve some stress which makes you feel good. So when you predict how you’re going to feel tomorrow, you base your prediction on your current mood.”

In addition, brain scans have shown that we tend to think about our future self as we would think about a stranger (known as temporal discounting), which explains why we often overestimate our ability/desire to accomplish an unappealing but necessary task three weeks from now.

The biggest myth that procrastinators need to dissolve if they want to break the delay cycle? “I’ll do it tomorrow,” says Pychyl. “Once you realize that this is an avoidant coping strategy, you’re on your way.”

Image Credit: incolors.club



Three predictors of startup success

You may think that you are absolutely prepared to launch your startup, but the truth is that you are not.

Entrepreneurship is a path of constant learning and many startup founders learn the hard way that their expectations have almost nothing to do with the reality. You may think that you are absolutely prepared to launch your startup, but the truth is that you are not. First time entrepreneurs may know a lot, but the true teacher of business is the experience.

During his TEDxLSE Talk, Tak Lo, who has angel invested, founded and mentored over 50 early stage startups, shared with the audience the top three predictors of startup success. Find out what are these three predictors from the video below and don’t hesitate to share your thoughts on the subject in the comment section.

Image credit: katielendel.com



5 Things to know before starting a business with friends

Starting a business with your friends is incredibly rewarding, but it comes with its own unique challenges.

Starting a business with your friends is incredibly rewarding, but it comes with its own unique challenges.

You want co-founders who can push you, who can make you nervous — the sort of people whose intelligence and drive make you feel as though you’ve got to operate beyond your limits just so you aren’t playing catch-up. You also want them to know something you don’t. The right co-founders will have skills and expertise beyond the scope of what you know, which is what makes you a formidable team.

If you’re already friends with people like that, consider yourself lucky, but don’t think everything will be easy moving forward. Here are five lessons to know before starting a business with friends that should help you avoid some of the more obvious pitfalls:

1. Stay in your lane.

Define your roles, and do it early. When dealing with friends, taking a more collaborative approach toward everything feels natural. That may work to a point, but it’s better when everyone on the founding team can “own” a different portion of the business. Doing this right means understanding the strengths and weaknesses of the entire team, yourself included, and using that knowledge to clearly define everyone’s individual responsibilities. Once you’ve done that, don’t be shy about enforcing it. It’s OK to tell someone to back off of your work and to focus on their own.

2. Have the tough conversations early.

There can only be one CEO, one head of product, one head of sales, and so on. Once again, knowing your team’s strengths and weaknesses is key. What’s more, you can’t be afraid to have frank discussions about potentially touchy subjects like equity, salary, title, and job descriptions. The longer you put these off, the more challenging and uncomfortable they become.



3. Businesses are not democracies.

We’re taught as children to share and make compromises with our friends, and we’re also taught that democracy is the fairest form of government. News flash: a business isn’t a kindergarten classroom or a country, and fairness isn’t a priority for early-stage founders. “Benevolent dictator” is a much more accurate job description for you; when getting things off the ground, there isn’t time to run everything through a committee, and, frankly, some things just aren’t up for discussion. Take control and move the ball forward every single day. It’s safe and easy to put every little thing to a vote, but ultimately that’s a waste of time. You’ll get so bogged down in bureaucracy that your company will not accomplish anything.

4. New perspectives are crucial.

You probably have a lot in common with your friends. Similar backgrounds, personalities, and life experiences often make solid foundations for friendships, but can cause problems from a business standpoint. If you have a blind spot, chances are your good friends may share it, so make sure that your early hires are people who can give your business a shot of fresh ideas.

5. It pays to include everyone.

When starting a business with friends, your social life becomes a catalyst for innovation. A significant chunk of your idea sessions will end up taking place outside of the office, whether on the weekends, out at dinner, or at a local watering hole. This is a real asset to you and your team, but you need to be careful not to exclude newer team members who aren’t part of your longstanding circle — that’s just shooting yourself in the foot.

Here’s a sixth bonus lesson: Starting a business with your friends is worth it. Creating something from nothing and helping it grow is a fantastic experience, and it’s even better when you can do it alongside people you genuinely like. It isn’t always easy, and sometimes your strengths as friends can become your weaknesses as a business, but if you take that into consideration and plan intelligently you’ll be in a great position to succeed.

This article was originally published in Entrepreneur.com

Image Credit: www.yunicycle.com



11 Things to consider before turning entrepreneur

There no better and enticing idea than one that hints at the possibility of being your own boss! Entrepreneurship is a mindset and requires quite a bit of clarity before being embraced.

There no better and enticing idea than one that hints at the possibility of being your own boss! But it pays to run some checks unless you want the startup startling you!

Being an entrepreneur is not just about being a business owner, it’s about knowing life as you knew it… and turning it 180 degrees on its head! Entrepreneurship is a mindset and requires quite a bit of clarity before being embraced.

Come to think of it, unless one is prepared it can be quite scary:

1. You no longer are in the comfort zone of a definite salary figure.

2. Days-off can no longer be arbitrary. Along with valuable time loss, it sends wrong message to your employees or partners.

3. There is so much more responsibility when you become vital for keeping kitchen fires going in several other homes.

5. You will now have to make decisions, sometimes split second ones – this is the boogeyman of grown up world.



6. Money coming in needs to move in a cycle; nothing can be achieved unless you are comfortable with the idea.

7. With technology and global audience, the concept of work-hours and leisure may need to be reworked in the head.

8. Hiring, motivating, firing will be on your plate! Tough conversations are something you need to brace up for.

9. Make time for something you haven’t done before – you will need to make sure you are SEEN and HEARD. Welcome to the game of eyeball grabbing! All this doesn’t matter in a salaried life… Now life will depend on it.

10. Inspiring others is an art. Your motivation led to the startup. Don’t let your or your employees steam fizzle out.

11. New disciplines await you – laws, regulations, accounts, taxation … You will necessarily need to wrap your head around them!

Image credit : http://www.meetup.com/NewEnglandParkour



6 Critical steps to take before launching your startup

Here are six things you can do in the pre-launch phase to make sure your startup actually sees the light of day and winds up succeeding.

Entrepreneurs may come up with a winning startup idea overnight, but putting it into action takes much more time and plenty of mistakes. Each misstep can be a learning opportunity as long as it isn’t your nascent company’s downfall. Here are six things you can do in the pre-launch phase to make sure your startup actually sees the light of day and winds up succeeding.

1. Decide what’s useful, discard the rest

There are thousands of great startup ideas out there, but not every entrepreneur has the confidence to put them into action, and some of them get shot down by naysayers. There’s no startup founder who doesn’t encounter self-doubt or skeptics, but if you can overcome these obstacles, you’re on the right path.

Don’t waste time. Disregard nonconstructive criticism, and stay focused on your idea. One way to do that is to be meticulous about planning: Put together a strategic road map for your first steps, and outline all the possible situations where things might go wrong. You won’t anticipate all of them, but it’s an important exercise in those early days.

2. Know what works for your competitors

It goes without saying that you’ll need to thoroughly research the market sector you’re trying to enter. But don’t just look for your competitors’ blind spots—figure out what’s working for them, too. Once you do, you can begin thinking of ways to improve on what’s already working for customers in that space, even if the idea originally came from a competitor. Sometimes real disruption is just about doing things better, not dramatically differently.

3. Simplify your ideas

Make sure your ideas are clear—then make sure again. Muddled thoughts lead to muddled business plans, and that lack of clarity can be a huge stumbling block. There are already plenty of unknowns to navigate in the pre-launch period, so you’ll want to do everything you can to minimize them. Simplify your central business idea to its core components, then build upon it so that every feature serves that main mission.



4. Self-educate

Seek advice from other successful entrepreneurs. Through networking, I’ve built relationships with friends and mentors who’ve overcome some of the same startup challenges I’ve faced. Whenever I had a question, I had someone reliable to reach out to. You should also spend your pre-launch phase brushing up on the art of entrepreneurship itself. Even if you only gain a little insight and it still feels pretty abstract until you actually dive in, that’s still knowledge you didn’t have before.

5. Outsource work right away

Funding is usually minimal in the early stages of startups, so hiring full-time staffers is nearly impossible—it’s hard to get dedicated talent without offering a salary you can’t afford. Save that for later, and outsource the work as you take off. This is also a great way to find talent as your business grows.

6. Look past the money

Don’t focus on turning a fast profit, because chances are that you won’t. This actually goes hand in hand with the importance of clarifying your ideas: How can you possibly make sound decisions when all your energy is tied up in the financials? Of course, that doesn’t mean throwing those considerations to the wind. It just means that the stages before you launch should be devoted first and foremost to developing a sound business model and following it with a strategic plan for growth. Once you get those things right, the money will be there.

As entrepreneurs, we all make mistakes, but it’s those who learn from them that ultimately make it. You need to do that right from the get-go, otherwise your startup may not have a chance to launch at all.

This article was originally published in Fast Company

Image credit: www.steamfeed.com



10 things to know before you launch your startup

Here you can find 10 of the most important things that entrepreneurs must know before they launch their first startup.

Entrepreneurship is a path of constant learning and many startup founders learn the hard way that their expectations have almost nothing to do with the reality.You may think that you are absolutely prepared to launch your startup, but the truth is that you are not. First time entrepreneurs may know a lot, but the true teacher of business is the experience. Here you can find 10 of the most important things that entrepreneurs must know before they launch their first startup.

Execution is everything. No matter how great your idea is if you don’t have clear vision of the way it will be executed, you are most likely to fail at building successful startup.

Build your audience before your product. To create something great you need to know that there are people who need this product. Know your audience and create for them.

Finding good employees is hard… Venture capitalists invest not only in ideas, but in teams as well. In order to create strong company you need to hire skilled people and finding professionals is really, really hard.



…so don’t be afraid to hire people who are better than you. Don’t compromise with your hiring because you are afraid that somebody else will take your place as a leader. You should be happy if you can find better people for your team and try to keep them as long as you can.

Raising money is not easy and don’t happen overnight. You will hear “No!” more than you can actually imagine.

Details are really important and you will learn to pay the right amount of attention to them. You will learn to look at the big picture but never to forget the small parts of it.

Your understanding of success will change… many times. So will your perception of failure. Success comes after many failures and you need to be prepared for both of them. Failure is hard, but success is not easy either.

Stress will be unbearable. You expect that, but nobody is ever ready when it comes to working under so much pressure.

And your personal life may suffer. The clear line between your personal and professional life will get so blurry. Your time will be never enough and there will be always something that needs to be done.

You will think about quitting many times, but you will never actually do it. Natural born entrepreneurs never stop following their passion, no matter what happens and how rocky the way gets.

Image credit: pollockcommercial.com





7 Startup culture characteristics that make them so desirable

These are 7 reasons why startup companies are becoming popular and preferred places to work at.

There are so many startup companies that have made it big and made a difference in the world. Quickly becoming a trend, startups offer the most creative, unique and desirable work culture. These are 7 reasons why startup companies are becoming popular and preferred places to work at:

1. Try Your Hands at Everything

Multitask, you know!

That’s practically the way, a start up works. A start up company lets you take your game to the next level. The freedom to try out everything at work, where else do you find that adventure while getting paid for doing so? That’s some survival guide, that came along! Eh?

2. Right to Express Yourself

Speak up! That’s the bliss here at a start up!

Moreover, a startup is one of the best places you can let out your creativity without anyone’s restrictions imposed on you. Within a startup, you can just let yourself and your creativity free, and this is probably the best part about working in a startup.

3. Transparency

In a larger and established company, a lot of things will be kept hidden. Whereas within a startup, almost everything is known to everyone. Such an environment not only suggests an open and honest atmosphere to work in, but will also boost work performance. Everyone likes to know what’s happening!



4. Brainstorming sessions

Startups don’t favour scheduled meetings and conferences. If something needs to be discussed, it is done so impromptu. The motto is to do discuss less and do more. Startups are all for the doers!

5. Getting Noticed

You work and get the credit too!

There might even be a party to celebrate your achievement! Such attention is not common in a typical corporate workplace. Do a good job, get noticed and make it big!

6. No hierarchy

A flat hierarchy is one of the best things that can happen to you!

In such a climate, you might often find yourself working beside the CEO. This kind of order allows people the freedom to do their own thing and share their opinions too. Here, you are your own boss!

7. Relaxed Environment

Working in a startup is great if you don’t want your every action or word being judged. No dress codes, the freedom to be yourself and no fixed schedules are some of the perks of working at a start up.

With Start-up India along with Stand-up India winning the spotlight, start up companies are mushrooming more than ever. Cut through the corporate clutter and be part of the breakthrough! It’s time!

Image credit: breakroom.nora.com





10 Great ways to generate business ideas

You know it’s time to venture out on your own, but what to do? Find the business of your dreams with these ideas.

Great business ideas are all around you. Just open yourself to the possibilities, and you’re bound to find a winner. To start your search for that drop-dead idea that’s going to set the world on fire, start with the following sources. These can be the first steps in your search for the business of your dreams.

1. Start with family

Tapping family for great business ideas may not seem like an obvious first step. Sure, you’ll hit them up for cash once you’ve developed your idea, but what can your aging father or cousin contribute this early in the process? Plenty. Donald Trump certainly wasn’t bashful about learning the real estate business from his dad, Fred, who ran a thriving real estate development company, says Ries. Trump had the good sense to get some priceless training before going off to become one of the country’s foremost builders and real estate developers. “If his father hadn’t provided the foundation and training [he needed] to create a profitable business, Trump wouldn’t be where he is today,” Ries explains. “Unfortunately, many people insist on [creating a business] themselves without any help from their family. That’s foolish.”

2. Get a little help from your friends

Ries says you are severely limiting yourself if you rely solely on your own ideas–especially when your creative juices run dry. This is reason enough to listen to ideas others may have. If you have 15 or 20 friends, chances are a couple of them have some incredible business ideas.

If it weren’t for Steve Jobs’ good friend Steve Wozniak, there would be no Apple Computer today, Ries points out. “Jobs didn’t know anything about computers,” he says. “Wozniak, on the other hand, was the computer genius who developed the first Apple.” Jobs had an eye for great business ideas and saw the marketing potential for developing a new type of computer. The important lesson is to keep your antenna up at all times so you can retrieve good ideas when you stumble across them. Ries insists you can make more money recognizing someone else’s idea than creating one yourself.

3. Look at all the things that bug you

It may not sound profound, but this is fertile ground for great business ideas. How upset Kemmons Wilson was in the 1950s when a motel owner wanted to charge him an additional price for each of his five children. He was so ticked off, he launched Memphis, Tennessee-based Holiday Inn, today one of the world’s largest hotel chains.

If King C. Gillette hadn’t been fed up with the tedious process of sharpening his straight-edge razor, he wouldn’t have founded the massive disposable razor industry. When he took his idea for a portable razor with a blade that could be used several times to a research university for assistance, engineers questioned his sanity. Gillette followed his instincts and the rest is history.

4. Tap your interests

Thousands of clever people have taken up hobbies and turned them into a successful business. Tim and Nina Zagat, who launched the Zagat Surveys, a publishing empire that sells restaurant guides for many major U.S. and European cities, are great examples. In the early 1970s, the Zagats were high-priced corporate attorneys whose passion was dining out. For fun, they created a newsletter in which they asked their friends to rank popular restaurants in several categories. Each year, the newsletter encompassed more restaurants. Eventually it became such an expensive and time-consuming undertaking that the couple began charging money for it to allay their expenses. That was the meager beginning of the famed Zagat Survey, which is sold in bookstores worldwide.

When you’re doing something you love, it’s never considered work.



5. Travel

Traveling opens your eyes to a plethora of potential business ideas. Leopoldo Fernandez Pujals’ discovery of Domino’s Pizza on a trip to the United States from his native Spain. Pujals was so impressed with the fast-food operation, he went back to Spain and launched his own version, called TelePizza, in 1986. His company now registers $260 million in sales, and employs 13,000 people in eight countries.

6. Keep your eyes open

When you see something that piques your interest, ask yourself, What is it about this situation that’s special? The process of zeroing in on the idea often spawns important niche markets. “Blockbuster Video’s niche is renting videos, and Bulbs Unlimited’s niche is selling light bulbs”.

7. Examine old mousetraps-then build a better one

If a product doesn’t meet your own high standards, create a better one. That’s what put Ben & Jerry’s on the map. Ice cream fanatics Ben Cohen and Jerry Greenfield felt popular ice creams weren’t rich and tasty enough for their cultivated palates, so they created their own super-premium line of ice cream, which is a bestseller nationwide. Just think: If these ice cream gurus weren’t such picky eaters, there would be no Cherry Garcia, Chubby Hubby or Phish Food to enjoy.

8. Take it to the streets

There’s no better place to lock into up-and-coming trends than city streets. Street culture spawned punk, hip-hop, grunge and a number of other fads that rapidly evolved into multimillion-dollar businesses. Great ideas can often be found by just browsing happening inner-city neighborhoods in virtually any big city.

9. Sleep on it

Many people ignore their dreams, and some don’t remember them at all. But sometimes it pays to listen to those inner messages, no matter how strange or unintelligible they are. You never know, you might just find the germ of a great idea. The tough part is crawling out of bed in the dead of night to jot down those great ideas before they’re forgotten.

10. Check out the Net

Finally, Web surfing is a fun way to log on to potential business ideas. “Virtually every search engine has a ‘What’s New’ or ‘What’s Hot’ section, where it lists new trends, news tidbits and hot new Web sites. “Make it a point to check out various sites daily. It may trigger an idea or concept you never thought of.”

This article was originally published in Entrepreneur.com

Image credit: under30ceo.com





5 Signs that entrepreneurship is not your cup of tea

Here are 5 signs that entrepreneurship is not your cup of tea.

Do you want to become an entrepreneur? Entrepreneurship is like that drug which is wanted by everyone but only few have what it really takes to get it. If you’re thinking of becoming an entrepreneur, STOP!

Before you dive into water, you must check the temperature. Before you actually become an entrepreneur, you must know if it is right for you. While you would have read many articles that try to inspire you, this article will present the real picture in front of you. Here are 5 signs that entrepreneurship is not your cup of tea.

1. You look upon others for ideas

If that brilliant startup idea has come from what your friend is doing, there are high chances that the idea will fail when it would be implemented by you. Unless you have a way to make that idea better or in other words to make it unique, you must decide to stay away from it.

2. You don’t like to help people

Entrepreneurship isn’t about starting a business, it is about solving a problem. And you would want to solve a problem only if you like to help people. If you’re a person who just wants a business to buy a big penthouse like Bruce Wayne in Batman or anything expensive, entrepreneurship isn’t for you. Most likely, you’re going to fail. So, don’t try until you develop the feeling of wanting to help others.



3. You aren’t passionate

Maybe you have the most brilliant idea in the world which you know would work but if that idea doesn’t make you excited, restless and nervous, you’re not going to make a fortune with that idea. You must be passionate about what you plan to do. If you’re not, you would never be successful.

4. You are proud of yourself

Starting up a business takes more than an idea. Right attitude is super important. An entrepreneur needs to play different roles and needs to make sure that he/she plays each role perfectly. If you’re too proud to sweep the floor to make space for your first meeting, entrepreneurship isn’t your cup of tea.

5. You can’t handle a team

A business idea would never work unless the people working on it are under a good leadership. A good leader and obviously a good manager is what you need to bring out from yourself to make your idea work. If you think you lack with leadership and management skills, go work on some job and get the experience. Don’t think of entrepreneurship unless you have those skills.

Entrepreneurship is sort of buzzword these days. Everyone wants to be entrepreneur but seldom know what entrepreneurship really means and what it takes to be an entrepreneur. So, do you have what it takes to be an entrepreneur?



You may also like:

12 Ways To Avoid Startup Mistakes 

The 15 Characteristics of Effective Entrepreneurs

8 Things Entrepreneurial People Do Differently

This article was originally published in Startup Champ

Image Credit: startupconnect.co.in

10 Ways to become a millionaire in 20s

Here are some steps to follow in order to start your journey towards becoming a millionaire.

Imagine if you could become a millionaire. How great would it be to have the money you need to live the lifestyle you have always wanted? Now imagine if you could do this in your 20s?

Even if you think it sounds like a stretch, it is possible to become a millionaire at a young age. It didn’t require years of school or training, just hard work and the right approach. Also please note that these rules can be followed at any age. When followed properly, they can help you become a millionaire sooner than you ever imagined. Here are some steps to follow in order to start your journey towards becoming a millionaire.

1. Focus on profiting from boring niches

So many people today think that if they want to become a millionaire, then they need to do so by following boring, widely accepted niches. It will take ages for you to become a millionaire through traditional occupations like becoming a lawyer, doctor or banker (in fact, these occupations usually have earnings limits that are very difficult to break through). Push past these pre-conceived notions of what it takes in order to become a millionaire. You don’t need to spend years in school to be a millionaire.

2. College and graduate school are irrelevant

If your number one goal is to become a millionaire, not to hold a specific type of job, then college and graduate school are pretty much irrelevant. They cost money, they can put you in debt and if you want to be a millionaire, you can learn everything you need to know online about most things without the big tuition costs.



3. Sacrifice your social life to study

It can be really hard to want to sacrifice your social life, especially when you are in your early twenties. However, if you want to truly become a millionaire, you need to be willing to sacrifice your social life in order to focus on your career. Spend this time studying, perfecting your talent or working on your skills, product or developing your company. The more you can focus on working on your talents instead of being out socializing, the better your time will be spent on becoming a millionaire.

4. Accept defeats and mistakes along the way

No matter where you are looking to go with your career, chances are you are going to face a number of defeats and setbacks. These mistakes are completely normal. What is important is how you handle them. My first millionaire student Tim Grittani actually lost a lot trading stocks for the first few months until he got the hang of it. Mistakes are normal. How you handle them is what sets you apart.

5. Aim higher than one million

Money shouldn’t be your endgame. Rather, you should focus on making the best product or service possible, and the money will come as a result from that. Your goals should always be growing and you should never feel like you are done working towards your goals. If you want to make $1 million, the second you reach that goal, you should be looking to your next one.

Also read: Why Following Your Own Dreams Is Not Selfishness

6. Don’t scam people

The key to making millions is patience and honesty. You need to be forthright when it comes to working with others, or you will never make as much money as you want to. Criminal or unethical money never lasts and it will never give you the type of professional reputation that you can use to create millions.



7. Take advantage of hot sectors

When certain sectors are really hot, you need to get in early to make your money. Take advantage of these hot sectors to start making your millions. Right now one of these hot sectors is social media, specifically Instagram, Snapchat and Periscope. These hot sectors can lead you to the millions you want to make.

8. You don’t need to focus on next generation technology

Many aspiring millionaires — especially young aspiring millionaires — think that they need to focus on next-generation technology in order to make their fortunes — this isn’t the case. Even merging something old and boring with a fresh take is what led to the creation of eBay.

9. It doesn’t matter where you live

One of the great things about the Internet is that it allows for sales, commerce and profits to come from anywhere. You can run your business anywhere that you have an Internet connection; you don’t need to physically live in a big market to make money. This is a great opportunity to live somewhere you actually want to live while still making a great deal of money.

10. Your business doesn’t need to profit for you to succeed

So many people are only focused on creating a business that has profits. Businesses don’t need to have profits — they just need growth, users and some edge. Many businesses are acquired just for their attributes other than profit margins (just look at how many Internet startups get sold). Focus on user growth rather than raw profits. No one pays for a good idea that’s lacking in users.



Also read: 12 Ways To Avoid Startup Mistakes

This article was originally published in Entrepreneur.com

Image credit: pfmag.com

How to start a business in India successfully

Are you interested in doing business in India? Do you want to start a business in India? If yes, there you have it; the steps you would need to follow if you want to start a business in India.

India is the next big business flash point after China. Why? The reason is because of rapidly growing economy and a massive population; which is second only to China. Are you interested in doing business in India? Do you want to start a business in India? If yes, there you have it; the steps you would need to follow if you want to start a business in India.

Choose an Industry: If you want to start your business in India, the first thing that is expected of you to do is to choose an industry where you would want to build a business in. There are several highly thriving industries in India and it is expected that you decide on the industry to build your business based on your area of strength. For example, the I.T. industry is one of the thriving industries in India and there are countless numbers of business opportunities available in the industry.

Conduct Your Feasibility Studies: Once you are able to make up your mind on the industry to build your business, the next step that you are expected to take is to conduct feasibility studies. India is a unique country when it comes to setting up businesses; a business that can thrive in one region will likely fail big time in another region. So, you are expected to conduct your own feasibility studies in the region you intend starting your own business.



Write Your Business Plan: Irrespective of what part of the world you intend starting your business, the norm is that you are expected to write a workable business plan before launching the business. Consequently, if you are starting a business in India, you are also required to write a business plan. The truth is that without a good business plan in place, you are likely going to struggle to build a business from the scratch in India. The competition amongst entrepreneur is much in India; every business owner would want to outsmart their competitors. That is the reason why you need to draft a workable business plan that has unique business strategies.

Register Your Business: As it is required in most countries of the world, you cannot legally operate a business in India without registering the business with the government. If you run a business that is not registered, there is a limit to the height the business can grow to. The ministry of corporate affairs is in charge of registering business in India, so you are expected to visit their office to make enquiry of the requirements needed if you want to register a new business in India. Basically there are four categories of company registration in India you will be required to choose from any of them when you want to register a new business in India. The categories are: Indian Company, Part 1 Company, Section 8 Company and Foreign Company. The various application forms are available for free download in the official website of the Ministry of Corporate Affairs, India.

Join Professional Networks: One of the means you would need to survive as startup in India is to join professional networks. Any business built in isolation will struggle to survive in India that is the reason why people look for professional organizations and enroll as a member. The benefits you stand to gain when you join a professional network in your industry are unlimited. Thus, ensure that you look for relevant professional organizations to join once you start your business in India.

Create a Professional Website for Your Business: The average Indians are internet savvy, so if you intend starting a business in India, you must ensure that you open a professional website for the business. When you have a professional website for your business, it makes it easier for people searching online for businesses to locate your businesses. It is also important to create a platform where people can purchase your goods online. E – Commerce is in vogue in India and if you must do pretty well with your business in India, you must create room for people to purchase your goods online and get it delivered to them.



Also read: 10 Things Entrepreneurs Must Avoid While Starting Their Ventures In India

Image credit: www.youtube.com

Why following your own dreams is not selfishness

When people try to curb your dream, can you still forge ahead even though you’re called self-centered? Yes, you can and here’s why.

Do you ever dream of giving up your job and doing something worthwhile with your life? Ever think of travelling around the world, either for a few months every year, or for an extended period? Dropping out of the rat race and buying a house high up in the mountains, where you raise chickens and grow potatoes for a living?

Starting your own company, which will make use of new innovation to revolutionize the way business is conducted? Filing for divorce, so that you can put the past behind you and spend what is left of your life in the pursuit of real happiness?

So many people claim they want the best for us. Our parents, siblings, spouses. But try suggesting a bold new venture that might challenge your family’s way of looking at the world, and suddenly you’re being told to reign in your passions, to be more responsible, to listen to reason. So what if you quash your dreams ? So what if your idea could reap large profits after a few years of uncertainty? Stay on the trodden path, we are told. Don’t deviate from what society has established is the ‘correct’ way of doing things. Don’t only think about yourself, don’t be SELFISH.

I’m not going to name all the go-getters who burned the midnight oil so that they could find evidence to support what they knew to be true, even though the collective rationality of society told them that their ideas were baseless. From Edison to Steve Jobs, our lives have been enriched by visionaries who dared to follow their dreams and hold on tightly to their passions even in the face of tremendous odds; what if your dream has the same potential?

Also read: 10 Reasons why Entrepreneurship is awesome

And when people try to curb your dream, can you still forge ahead even though you’re called self-centered? Yes, you can and here’s why:

1. Because ‘selfish’ is a misnomer

It’s not selfishness to trust your own ideas and risk your future on an enduring belief. Maybe what they’re actually calling you is ‘non-conformist’. After all, if you’re a good human being, shouldn’t you stake your happiness on a secure job, a guaranteed salary, and the approval of every great-grand aunt? What, you want to do what your heart tells you?

If you examine their real reasons for wanting to stop you, you might be surprised to find that there is a great deal of selfishness involved–on their part. It’s not always your good they’re looking out for. Often, the family of a dreamer worries about how they will maintain their lifestyle or their place in society if you dare to be different. This isn’t you being selfish, it’s them!

2. Because in the final analysis, only you are responsible for what you make of your life

Make a success of your life and people around you will applaud. Fail miserably and people will criticize, whether you were following their advice of not. If I donate a portion of my earnings to the poor because it makes me feel good about myself, am I not selfish? In fact, selfishness goes hand-in-hand with self-preservation: today, it’s not the survival of the fittest but of the most open-minded. You have two options—to do as the crowd does and struggle for a slice of life, or to bake your own pie and live on your own terms.

Also read: 8 Things Entrepreneurial People Do Differently



3. Because the people who advocate mediocrity are ‘Average Joes’ who haven’t made anything of their own lives

They want you to do things the way they have done them. Who are you to dare to be different, who told you that you can go against your parents and think for yourself? Your elders know best; true knowledge can only be acquired by experience. One sure-fire way to counter these arguments is to find out whether they ever lived out a dream, no matter how mundane. If they have never trusted themselves, how will they ever let you trust yourself?

4. Because your dream promises self-actualization, and possibly, immortality

Your orthodox idea is your baby, your own jealously-guarded secret, an inner voice telling you truths that you cannot ignore. The more unique and unbelievable the dream is, the slimmer are the chances of you finding supporters. But if you believe strongly in your opinions, you have to be willing to defend them and fight for them. It’s not going to be smooth sailing; you’re not going to be voted president. The dream itself has to be rewarding enough to be inherently motivating, even if others consider you crazy.

Dependents consider their own comfort more important than allowing you to follow some far-fetched passion on a path as yet untrodden. From childhood, we are taught that our decisions impact others, so we are encouraged to make decisions based on the common good. And if nothing else, there is always guilt: what if something happens to your loved ones? Well, ask them whether they believe in God or karma…shouldn’t there be some quid-pro-quo that rewards good and punishes evil?



Also read: The 15 Characteristics of Effective Entrepreneurs

This article was originally published in MensXP.com

Image Credit:www.inc.com

12 Ways to avoid startup mistakes

Mistakes and entrepreneurship go together. But thankfully, some mistakes can be prevented. Here are some smart ways to avoid stupid mistakes.

If you want to spark a lively discussion among a group of entrepreneurs, all you need to do is make a simple request:

“Tell me about your mistakes.”

Every single entrepreneur has made mistakes, is making mistakes, and will make mistakes.

Mistakes and entrepreneurship go together. But thankfully, some mistakes can be prevented. Here are some smart ways to avoid stupid mistakes.

Get a mentor who’s done it before.

Your most valuable asset isn’t your killer idea or innovative software. Your most valuable asset is a mentor or group of mentors who can tell you what to do or what not to do.

Mentors have a been-there-done-that perspective on startup life that will keep you from making hundreds of mistakes.

Also read: 20 Must watch movies for all Aspiring Entrepreneurs

When possible, use systems, not people, to get tasks done.

Systems are easier to manage than people. It’s easy to make quick-and-foolish hiring decisions. Instead of hiring a person to do a simple task, use SaaS or a tool that can accomplish the same thing.

Raise money with caution.

Many entrepreneurs think that the only way to get a business off the ground is to raise money through traditional startup funding.

Raising money is a full-time job. It takes thick skin and hardheaded persistence. Don’t let this discourage you, but take time to consider whether or not you need funding. If you do need funding, then determine the ideal time to seek funding.

It’s a mistake to rush into funding without counting the cost.

Create a rock-solid business plan.

Your startup will quickly descend into mass chaos unless you have a strong business plan. Your business plan will be like a map, keeping you on course, and protecting your startup from disaster. Give your business plan the time and attention it deserves.

Also read: Five critical questions your Business Plan should answer



Get legal help.

One of the most damaging things that can happen to your startup is to get embroiled in legal battles. I learned the hard way that lawsuits — even if you’re completely innocent — are time-consuming, expensive, and draining.

As early as possible, find expert legal counsel, and pay whatever fees are necessary to keep your business, assets, ideas, and organization in full legal compliance.

Stay away from negativity.

Entrepreneurs must stay away from negative influences. What kind of negative influences? You’ll discover haters who want you to fail and will criticize you. You may even have family members who discourage your ambition and try to slow you down.

You can’t cut everyone out of your life, but you can choose to ignore these negative forces. Sometimes, all it takes is a polite request:  “I am pursuing something that is important to me, and I ask you not to make disparaging comments about it. Thank you.”

Test the market, but don’t overtest.

Testing the market is always a good idea. Don’t spend too much time and money on testing your business idea, though. As long as things look safe, take the plunge, launch the business, create the product. Basically, take action.

I’ve watched would-be startups spend tens of thousands of dollars on market research and product viability. Then, in the middle of yet another round of market research, some other startup rushes out a similar product. The slow-and-steady company failed to create fast enough and was beat out of the market by the startup that hustled.

Don’t skimp on the right tools.

You’ll be surprised at the number of things you need to buy when starting a business. I’m not just talking about staplers and sticky notes. I’m talking about systems, servers, email automation, marketing SaaS, subscriptions, software, and other tools.

These can get very expensive. Is this money wasted? Not at all. Purchasing the right analytics or SEO tools, for example, can not only save you thousands of dollars, but can make you thousands of dollars, too.

Don’t buy an office until you’re ready.

Offices are overrated. You probably don’t even need one. With a computer and WiFi, most startups and their teams are in business.

An office space usually requires a lease, a contract, furniture, decorations, etc. You run the risk of spending more time and effort on your office space than is necessary.

Rethink your “need” for an office, and you can save yourself some serious headaches.

Don’t hire expensive people.

If someone is really expensive to hire, it doesn’t mean that they are good. It means that they are expensive. That’s it.

Why would someone be so expensive to hire? One common reason is that they are hedging their bets against the failure of the startup. If they think that the startup might fail, then they will negotiate.



Pivot.

To “pivot” is to make a massive business change in a short amount of time.

How massive? Shifting your market. Changing your product. Reinventing your approach.

Nearly every startup has to pivot if they wish to succeed. Be on the lookout for those critical pivot moments.

Fail fast.

Let’s just face it. Your startup might fail.

And that’s okay. It’s better to fail quickly than for your dream to die a slow and painful death. Fail fast, fail forward, and just get past it.

The best thing that you can do for your entrepreneurial success is to get the failure over with and move on to the next big thing.

Also read: How to Stay Motivated After a Startup Failure

Conclusion

No matter what, you’re going to make mistakes. You can get all the mentoring in the world, read all the articles on Forbes, and study as many startups as you want, but you’re never going to avoid mistakes.

Mistakes are often the best teachers. Instead of trying to avoid mistakes all the time, be eager for risk and ready to learn.

One mistake made is one hundred mistakes prevented, so go ahead and make a few.

What mistakes have you made in your startup?

Also read: 10 Reasons why Entrepreneurship is awesome





Bootstrap Mentality: Key ingredient for startup success

Bootstrap mentality keeps the organization focused on being frugal, innovative and agile. Here are some suggestions on how to maintain a bootstrap mentality while running your organization.

Bootstrap was term coined from the computer lingo ‘booting’ which means starting a computer or starting a chain of processes which eventually starts up the operating system. In the startup world, bootstrapping essentially means funding your own venture and not being too dependent on external sources.

Let’s face it, to have a bootstrapped startup you need grit and total faith and conviction in your product, something a lot of new startup’s find it difficult to conjure. While most startups believe that only funding guarantees success, we beg to differ. Bootstrap mentality is critical for a startup to succeed, irrespective of whether it has raised funds or not. Bootstrap mentality keeps the organization focused on being frugal, innovative and agile. Here are some suggestions on how to maintain a bootstrap mentality while running your organization:

Hiring: Hiring is the key element in any startup and every success story is as good as its team. They say that to make an effective presentation, ask the question ‘Why?’ / ‘So What’ to each slide and if you get a convincing answer, then you are doing good. Ask the same question while hiring someone and if the answer is in lieu with your vision and larger good of the company in a prudent manner, then that’s a good hire. Going on a hiring spree on receiving funding will ensure that you burn before you earn. Last but not the least, if you come across a ‘proven team’, then that’s just a rabbit out of a hat and you can believe us blindly. Proven teams are highly overrated and irrespective of who says what, they may not be right fit for a bootstrapped company. A young team which proves itself is where you should bet your money.

Spend Wisely: Put need first, want later – Most startups on receiving funding go berserk with huge spends on office infrastructure, hiring, system upgrades, software’s and all kinds of fancy things. Some even spend on creating apps and elaborate marketing campaigns. This is the sure shot way of burn out before you start making any money. So, question all expenses and never incur it unless you have found out a way to balance it with the money you make. Remember that it is better to be a successful business than to be a popular sink-ship.

Another pro-tip – Keep everything short – small up-front capital requirement, short sales cycles, short payment terms and recurring revenue cycles.



Barters and Associations: Barters from age-old days have been pivotal to successful business deals and if you could compensate a cost with barter, then nothing beat sit. It is a win-win situation where there is no physical money spent and a mutually benefiting association is formed. These could actually extend your customer base if you use it wisely. Use it abundantly and wherever possible.

Experiment: To be a bootstrapped company, put on your lab clothes, lab goggles, burn gloves and experiment. Don’t be afraid to think out of the box, try different things, get out of the herd mentality. You would burn your fingers, but a few tests and trials and you would shine. Similarly, to the way, we at Vista Rooms went ahead and created our mobile app on Instagram, no need to worry about downloads, or upgrades or coding. We could do it because we experimented, so keep experimenting to see what works for you.

Stretch Your Team: The optimal number of hands between a bootstrapped company and the customer is Zero. They say that God invented e-commerce to sell directly and reap greater margins, use it well. Stretch your team to don different hats be it marketing, operations or sales. The marketing guy can always look at operations when required, or the sales team could help in marketing initiatives. The lesser the number of people between you and the customer the better. This would ensure your team size is optimal.



Product first, sales later: Most startups do the reverse of this. The focus on sales and upscaling is so high that the product never gets a chance for betterment, till the time it becomes an absolute necessity. By then a competitor would have gained ground and whatever product enhancements you do may not save you. Focus on bettering the product and delighting the customer and rest assured your marketing budgets could reduce down. Genuine customers would always go for better products, no matter the cost. More marketing will not always bring you customers, there has to be a constant focus on understanding customer needs and action on feedback.

Funding is never guaranteed: Successful startup ventures follow this as a quote from the Bible. They would focus on being able to sustain without any funding and manage their overheads in a manner that they are able to manage with little or no funding. They have made up their minds that they will not need funding and work towards that goal. Most bootstrapped companies would worry on expanding business or bettering their product, instead of running behind wooing investors.

Red Pill or Blue Pill: Taking a leaflet from Apple’s ex-chief evangelist Guy Kawasaki’s blog, the Red pill or the Blue Pill dilemma sources from Neo’s quandary in the movie The Matrix, where he is given a choice to either accept reality or be in deep dream space. Bootstrappers take the red pill everyday with pride and go deep into the rabbit hole to see how deep it goes.

We encourage you to have a bootstrap mentality, irrespective of whether you have raised a large amount of funding or not. Make your team focused on being frugal and innovative and take the red pill daily.