startup

Missed out startup essentials of the week? Here is a roundup

Last week was the roller coaster for startup and eCommerce industry. At one end we saw massive funds following in, whereas on the other hand government policy grab the eye balls of the readers.

Last week was the roller coaster for startup and eCommerce industry. At one end we saw massive funds following in, whereas on the other hand government policy grab the eye balls of the readers. Our Start Up Your Day recaps is here to keep you posted every week.

Government Policy

The Indian government has allowed 100% Foreign Direct Investment (FDI) in online retail consumer businesses that operate as marketplaces, The Department of Industrial Policy and Promotion said in a notice on March 29. Marketplace model means the companies act as a facilitator between buyers and sellers by providing a technology platform, and not really owning them entirely.

Funds Rolling In:

Picsdream, a marketplace for photography lovers has raised angel funding led by Raman Roy, CMD, Quatrro and Co-founder of Indian Angel Network. Other prominent investors include Ankit Nagori, Ex-CBO Flipkart and Harish Natarajan, Former CEO Bausch & Lomb India. Ankit and Harish have also joined the company’s Board of Directors.

A matchmaking app for South Asian expatriates, Dil Mil has raised $2.7 million (around Rs 18 crore) in pre-Series A funding from Nelstone Ventures, Transmedia Capital, Maiden Lane Ventures, CSC Upshot and a bunch of angel investors.

Gurgaon-based Process Nine Technologies Private Limited has raised an undisclosed amount in a pre-Series A round of funding. Startup offers online translation and transliteration from English to Indian languages via a cloud-based application programming interface (API).

They’re Acquiring

Flipkart, eCommerce giant has acquired Bangalore-based mobile payments company PhonePe. It is its third acquisition in the payments solution space.

It’s time:

Former vice president and head of the seller business at Flipkart, Manish Maheshwari has joined Mukesh Ambani-owned Network18 Media and Investments Ltd. Maheshwari has been appointed as the CEO of Web18, the mobile and Internet arm of Network18 group.

It’s Not a Joke

Indians no more wait for Tesla Motors’ compact four-door sedan Model 3 as Tesla said the car is open for pre-ordering from India too in a glitzy ceremony in California on Thursday.

This article was originally published in Entrepreneur.com

Image credit: http://knowstartup.com/

When is the best time to raise money for your startup?

Before you read this, you should be aware that I am an entrepreneur who has never raised money from VCs. Two of my three companies were bought while we were still closely held. In the third, we were unable to raise money and eventually got acquired before we could raise institutional money. Therefore, if you are looking for advice on how and when to raise money from VCs, I am less qualified than hundreds, perhaps thousands of entrepreneurs who have raised funds from VCs in India.

That said, there were times in my entrepreneurial career when I asked my mentors when is the best time to raise money. Some said that the best time is when you do not need it, and that made a lot of sense at the time. On the other hand, some said I should not raise money unless I needed it, and that made sense as well. However, some of the people who gave me the first advice were the same as the ones who gave me the second advice. And both times, they made sense. There are times I have said the former to an entrepreneur seeking my advice and the latter to another entrepreneur, or to the same one at a different time.

How can two exactly opposite things make sense? Welcome to the world of entrepreneurship. Here’s how!
We are currently in a time when actively raising money is going to be perceived as a sign of weakness. Liquidity is low, markets are volatile, there is a backlash of the hyper-funding of 2014-15, the pendulum is swinging the other way and the momentum is in the opposite direction. It is taking longer to raise money and you have to part with a larger portion of your company for the same money as the same time last year. Trends suggest it might get worse. If you know money is not as cheap anymore, why would you expose yourself to that environment unless you absolutely need the money? And if it is true that you do, investors would obviously have leverage over you and are likely to dictate terms. Therefore, do not raise money unless you really need it. If you need it, force yourself to come up with a plan in which you don’t. And if you still need it, be prepared to dilute.

When markets were up, up and away in 2014-15, there was a lot of new money and liquidity floating around. Tech companies were getting listed, stocks were flying, and money from entrepreneurs and investors was flowing back into the ecosystem. Investments were chasing entrepreneurs. Money was chasing ideas. Lesser so now. It is more likely that investors over-allocated last year and are waiting to sell off some shares at the right price, than investors who are still chasing deals with a fear of missing out on the next big thing. If you are one of the rare startups that is on fire right now and you are being called upon by multiple investors competing to invest in you, it might be worth raising money at your own terms. Because if you do, it would be a bigger competitive advantage than the same time last year. Besides, today’s non-event of raising money quickly would mean you are over-achieving the target and saving time and effort of a planned event in the future. Therefore, raise money when you do not need it.

Hopefully, this context helps understand how two exactly opposite things can both make sense.

Most entrepreneurs reading this would fall into neither category above. Most startups will neither be desperate to raise money nor will they have a bidding war escalating in their parking lot. Then what should their fundraising strategy be? For what it’s worth, my answer is don’t raise money right now. Build your product, build your team, build your user base, build you revenue pipeline, build whatever it is that is most important to your startup right now.

Last year was about putting your mouth where the money was. This is the year of putting your money where your mouth is.

Author: Kashyap Deorah

Kashyap Deorah is the author of recently released book – The Golden Tap, the inside story of hyper-funded Indian startups. Kashyap is a serial entrepreneur who has spent the last 15 years in India and Silicon Valley. During this time he has started and sold three companies. He is an angel investor in over 20 companies in India and Silicon Valley. Deorah founded Chalo, a payments app which was acquired by OpenTable in 2013. Prior to that he founded Chaupaati, a phone commerce marketplace, sold to Future Group in 2010.

Virat Kohli motivational quotes that are true for entrepreneurs

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The 3 worst negotiation mistakes young entrepreneurs make, and how to avoid them

Here are the top three reasons you’re failing as a negotiator, and how to overcome them.

When you’re an entrepreneur, almost everything is a negotiation. You negotiate with everyone from clients to partners and even employees sometimes. Negotiation is a fundamental part of the entrepreneurial experience. Unfortunately, many entrepreneurs fall victim to mistakes that make them incredibly poor negotiators.

Fortunately, it’s never too late to identify these mistakes and change direction. Here are the top three reasons you’re failing as a negotiator, and how to overcome them.

You’re greedy

Nothing can derail a negotiation more quickly than greed. If one party pushes for too much or is too aggressive, the relationships between those involved grows sour, and the negotiation can go south. There’s no such thing as “not personal, strictly business.” All business is personal, and emotions run high. It’s only natural for people to overestimate the value of their product, position, or contribution in a negotiation. It takes a special skill to recognize greedy behavior and stop it before it gets out of control.

This style of negotiation can be difficult to master, because no matter how hard you try, emotions inevitably influence your actions. The temptation to squeeze a partner for a better deal, or emerge “victorious” in the negotiation can be strong, and it takes a solid sense of self-awareness and humility to resist.

You don’t understand the type of negotiation you’re conducting

There are two types of negotiations that leaders encounter on a frequent basis. The first is what described as the asset negotiation, which is generally a one-time event resulting in clear winners and losers. A good example of this type of negotiation is the sale of an asset like a piece of equipment. In this situation, the seller wants to maximize the price paid at all costs and doesn’t really care about the long-term implications of the deal. After all, once the deal is done you generally won’t have to work with the buyer again. The negotiators are incentivized to view the situation as a zero-sum game where someone wins and someone loses, which naturally leads to a more aggressive exchange.

The second type of negotiation – when both parties involved have to maintain a working relationship long after the negotiation ends — is more complex and thus, involves a more sophisticated approach. It’s important to remember that intangibles, such as trust, respect and admiration have tremendous value in business and must be factored into the negotiation strategy and defended at all costs.

You gamble with things you can’t afford to lose

When you play hardball with another party, you must always recognize that they can simply walk away. This can be tricky when it comes to strategic relationships, because there’s often significant cost and pain associated with a potential dissolution. However, there is a point in most negotiations where the pain of dissolution is preferable to an inequitable outcome. If a relationship is truly central to your success as an organization, you must temper your desire to play hardball or risk losing everything.

When it comes to negotiation, entrepreneurs are often their own worst enemies. Ego-driven mistakes take their toll and make the process more painful than it has to be. Remember that successful negotiations require three things. First, there is simply no room for greedy behavior in successful negotiations. Second, both parties must recognize the nature of the the negotiation itself—if you have to work together going forward, the negotiation cannot be a zero-sum game. And finally, maintaining perspective on what you are and aren’t willing to part with in the negotiation is invaluable. All too often people get too comfortable in a relationship and overplay their hand in negotiations. When this happens, they run the risk of losing everything, and that is the worst outcome of all.

This article was originally published in Forbes

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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.

“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.

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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.

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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.

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

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7 ways to build a successful startup revenue model

A well thought out and credible revenue model connects the dots for potential investors.

Developing a revenue model for your business is perhaps the best step way to get and keep your startup financially healthy. A well thought out and credible revenue model connects the dots for potential investors.

How do you go about creating a solid revenue model? First, you need to figure out what revenues you can expect to generate. Even if you’re still at the pre-revenue stage, you should build a financial model that includes your revenue estimates. Financial forecasting can be done in one of two ways: projecting your numbers from the top-down or building your projections from the bottom-up.

Top-down forecasting definitely won’t generate realistic figures, but is still important to show investors when you are raising money. Top down forecasting starts with estimating total market size and then gauging the size of your target niche within that market. From there, you estimate the share you will capture at a ballpark figure for your revenue potential.

The better approach is to do a bottom-up projection. To do this, first decide which indicators will have the greatest impact on your revenue over the next year or so. Next, figure out how much you need to spend to reach your revenue and development targets and what your key revenue drivers are. This will give you a sense of how fast you can scale incorporating levels of staffing and upcoming milestones.

Here are the seven key considerations for creating an effective model:

1. Find the right fit for startup and expertise.

You may have a strong technology model with business-savvy engineers on staff. You may also know what research and development stage you are in and where you are heading. Use that knowledge to determine which revenue model works best for you.

Your revenue projections might need to be linear or exponential depending on your type of business. You might need to build to scale to prove your revenue model or first create a smaller model to reduce capital risk and then scale. The best model is the one that supports your development efforts.

2. Create a framework for expressing value

What differentiates your products and services from the competition? Your revenue model should communicate your unique value proposition. For instance, offering a distinctive service that people will sign up for is a unique a selling point.

3. Build a revenue model that helps you find the right investors.

You can strengthen your pitch by making development choices that show investors that you are worth investing in. Be strategic: focus your attention on finding investors who are a good cultural fit and will be in it for the long haul. Pick investors who have the patience to wait in order to realize long-term returns.

4. Limit projections to a reasonable timeframe.

Investors will ask you when they can expect their investment to start paying off. They will want to know what your short and long-term milestones are. They will also want to know when you expect to become cash flow positive.

It’s tempting to project revenues many years out, but much like the weather: go too far out and your predictions become unreliable. Keep your projections to a 12 to 24 month timeframe.

5. Your revenue model is not static.

Over time, your model is likely to change even if your general approach remains the same. And the choice of model is up to you. As a service-based company, for instance, you could offer subscriptions or on a one to one basis. Don’t paint yourself into a corner by sticking to just one setup. If the model no longer reflects your business realities, adjust it and update your forecast accordingly.

6. Determine the critical variables that drive your business.

The variables that matter most for your company will change along with the stage of your business. But regardless of stage, look for the variables that most impact your revenue. Make sure that you define discrete variables so you can address them individually. Assess the inputs and research baseline values for each variable so you can track performance over time. A great way to isolate variables and view how each affect revenue is to chart them out on a sensitivity graph. This will show how changes affect them and resulting impact on your revenue.

7. Mitigate for variables.

Risk management starts with identifying and understanding your key risk factors so you can address them. Don’t try to sweep things under the rug — investors will discover your secrets anyway. Mitigating for variables increases transparency, builds confidence, and enhances understanding — both for you and for your investors.

There are lots of options when it comes to revenue models. But not choosing isn’t one of them. It’s a precondition for startup success.

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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!

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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

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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.

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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 Truths that sustain successful entrepreneurs

We have found that no matter what your goals are, the industry you are in or what you are looking to achieve, there are a few pieces of solid that always apply that help entrepreneurs succeed. Here are the 10 that we find most important.s

As an entrepreneur, you will run into a number of challenges along your journey. You will likely also run into advice from virtually every resource imaginable. We have found that no matter what your goals are, the industry you are in or what you are looking to achieve, there are a few pieces of solid that always apply that help entrepreneurs succeed. Here are the 10 that we find most important:

1. You can achieve what you thought was impossible

Along your journey, chances are you will have plenty of people telling you what you can’t do. In fact, you may be one of the people telling yourself that something is impossible. Aim big, you are capable of achieving anything, even what you thought was impossible, no matter what anyone says. Always trust this. Always believe in yourself and never give up. My years of experience have proven to me we are all capable of achieving more than we think.

2. There will be failures

We all fail, and chances are you will fail a lot before you find any measure of success. The key to finding the success you seek is not giving up when these failures come around. Pick yourself back up and keep working. It will pay off in the end.

3. Growth takes time

You aren’t going to double the size of your company overnight. In fact, you aren’t going to notice big growth at your company in a few weeks or a few months. Real, sustainable growth takes time and it happens slowly.

4. Freedom is the best reward for your work

There are many people who make a million dollars a year, but are slaves to a job or a boss they don’t respect. The best earnings from your work as an entrepreneur is the freedom to do what you want and get the most out of life.

5. It’s OK to lose

There will be times when you lose money and you will want to give up on your efforts. You may be in the entrepreneurship game to make money, but it doesn’t mean you won’t lose it as well. You can lose. In fact, you can lose a lot, just don’t lose everything and give up.

6. Successful entrepreneurs control their emotions

Being self-employed is tough, its overwhelming and its hard. Never lose control of your emotions. Keep them in check so a cooler head can always prevail.

7. Never be afraid to be wrong

You will be wrong at some point or another in your journey. No one is ever right 100 percent of the time. Don’t be afraid to be wrong, and take some risks. They may pay off in the end, or they may not, but either way it is OK.

8. Your success depends on you

The level of success you achieve depends entirely on your individual commitment. If you are not reaching the success you think you deserve, chances are you are not committed enough to your goals.

9. Never stop trying to improve

You must never stop learning and improving. Even when you think you have achieved a desirable level of success, there is always room to work more, achieve more and improve more.

10. Financial freedom can help you get the life you deserve

Financial freedom is a powerful thing, but it is important to remember it shouldn’t only be your end goal. No matter where you are from or what you are working for, people all over the globe, want one thing: to love and be loved. Love and happiness are the most important things in the world, and financial freedom can help you get there. Works towards financial freedom not so you can buy things but so you can have the time, energy and resources needed to find love and happiness and to spend quality time with those who matter most.

This article was originally published in Entrepreneur.com

Image credit: www.finanscapes.com

Are you an entrepreneur, technician or manager?

Wondering how to be an entrepreneur? This video uncovered just what it means to be an entrepreneur and how to start a business if it turns out you’re not one. Now we’re breaking it down for you Epipheo-style!

You are amazing at your job. And so one day you had an epiphany: Why am I working for some dude who I don’t even like that much when I could start my own business? Congratulations–you’re ready to be an entrepreneur!

Hold it right there muchacho – starting a business doesn’t actually make you an entrepreneur. And like many so-called entrepreneurs, you’ll soon find yourself working 15-hour days. You’ll be hiring the wrong people and getting frustrated trying to manage them. And you won’t know how to fix the systems that make a great business grow. Suddenly you’ll realize you didn’t create a business – you just created yourself a new job, and this new job kinda sucks.

Are you an entrepreneur, technician or manager? Let us know in the comments!

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

10 Motivation strategies for entrepreneurs

We asked around 75 entrepreneurs how they get their motivation back. Here are some of the most popular techniques.

Motivation is elusive. Some days we’re pounding the keyboard, brainstorming ideas, and jabbering on the phone well past dinner; others, we look at the clock only to discover that lunch is still two hours and four minutes away. Especially during the holiday season, it’s hard to stay motivated.

We asked around 75 entrepreneurs how they get their motivation back. Here are some of the most popular techniques.

1. Take a Break

Taking a break is an obvious fix, but effective. It clears your mind and can even increase your creativity: exposing yourself to new ideas can help you be more creative in your own field. And, of course, some people claim to have their best ideas in the shower, or when they’re not actively thinking about work.

In fact, the Pomodoro technique for productivity and time management revolves around breaks, which punctuate 25-minute intervals of focused work. The idea is that your thinking is elevated by short rests. Working nonstop, however, can bog down the brain:

“When I’m not feeling motivated I just stop working. Personally I can’t get anything done well if I’m feeling ‘out of it,’ says Well.io founder and CEO Arin Sarkissian. “I’ll go hang out with friends, play a game, meet up with other founders, etc. Anything but work – sometimes you just need a break.”

One common way to spend that break is exercising. “I go for a run, but everybody has their own tricks. I have a friend that used to do underground fight clubs. He is one of the most talented designers I know, and a complete wacko,” says BJ Fleming, a content specialist at Grubwithus.

You can also take a walk, watch a movie, or plan a mini-vacation. BestBuzz founder and CEO Carrie Layne rents a pontoon boat and reads a book in the middle of a lake, or heads to the casino for some poker. “You most likely work seven days a week, so don’t feel guilty about running off on a Tuesday afternoon,” she says.

And Fundable founder Wil Schroter turns to good old video games:

“I come home, tell my wife how I’m feeling, sit down at my computer, and play video games for three to four days straight without a break. My wife just puts food next to my left hand and leaves me alone until I reset. Is that weird? Yes. But boy it works every time.”

2. Think about Your Customers

One big difference between online businesses and brick-and-mortar stores is the customer interaction, and it affects motivation. While small business owners might see smiles and happy faces all day, entrepreneurs are (more often than not) staring at their computer screens.

But customers and users are so critical to a startup – they are the ones who benefit from what you create, and they keep you in business. So, many entrepreneurs turn their thoughts to their customers to get back their motivation. “When I lack motivation, I go straight to my store locator on my website! I remind myself of how many great companies believe in us and it fuels me to move forward and continue to grow the business!” says Christy Cook, the founder of TeachMy.

If you want something more tangible, take a look at customer reviews and feedback – or create a short survey to gather some. Anita Malik, CEO of BrideRush, even keeps a “kudos board” on the wall that includes reviews from brides and vendors. “It energizes our small team on slow or frustrating days,” she says.

3. Think about Your Team

If you forget why you’re doing this, your co-founders and employees might help remind you. Like your customers, they’re also benefitting from your work: they get exciting jobs and the chance to create something new.

As Julia Hartz, president and cofounder of Eventbrite, says, seeing the enthusiasm of your team can give you a boost. “It’s hard to lose motivation when I go into the office every day and see 200 Britelings. I spend a lot of time focused on supporting our Eventbrite culture, and that serves as a constant source of motivation for me.”

Remember, these are people who have chosen to follow you and your dreams – and if you don’t stay motivated and give it your all, you will be letting them down.

Also read: 65 of the best Time-Management tips that will work for you

“As a leader, motivation is essential because having it or lacking it is infectious,” says Christian Gurney, the CEO of Torsion Mobile. “I think of the team and how I am responsible to them to make each day worthwhile and rewarding.”

4. Get Social

Talking to other entrepreneurs can be reassuring when you’re feeling down. In particular, it helps you realize that the ups and downs of startup life are perfectly normal. “I typically grab a meal or cup of coffee with other entrepreneurs,” says Jacqueline Jensen, cofounder and COO of Ticket Cake. “It’s refreshing to hear I’m not alone in the mountain-and-valley terrain entrepreneurs tackle each day. After some time with the community, I usually discover I’m ready to dive back in.”

For Brent Coker of Webreep, this is one good reason to mentor young entrepreneurs – their bright attitude is infectious and untempered by the harsh realities of failure. “Intense passion is contagious – unfortunately it gets diminished as you get older,” he says.

5. Get organized

If motivation is the drive to accomplish something, obviously we can’t feel motivated to do things we think are impossible. So when work starts to feel impossible, you can lose your motivation. To get it back, get organized and convince yourself that you can do it.

“I make a list. Sounds simplistic, but it works every time,” says Malik of BrideRush. “I usually get unmotivated when I feel overwhelmed, which is nearly daily when running a startup! The simple ritual of making a list in order of priority gets my brain moving again. I feel like I’m on top of it all rather than drowning in the details.”

6. Do something new

A lack of motivation can also come from a feeling of boredom, and shaking up your routine may be just the ticket.

“Entrepreneurism is a drug,” says Craig Negoescu, CEO of NAKA Media. “When things get routine, or safe, or tedious, you begin to slip. So you need to challenge yourself, get out of your comfort zone, and do something new with your business. To paraphrase a most interesting man, ‘Stay risky, my friends.’ The adrenaline of a new challenge will wake you up, energize you, give you a victory or a failure to learn from. And it’s cheaper than coffee!”

Also read: 20 Must watch movies for all Aspiring Entrepreneurs

7. Take responsibility

Many people are drawn to entrepreneurship because of the independence. When motivation wanes, remembering that everything is on your shoulders – your actions will determine the success or failure of your startup – can be a motivator. Deadlines and penalities can motivate, after all, even though they are negative incentives.

“The greatest thing that keeps me motivated and focused as an entrepreneur is that no one is paying the bills for me. Being the one in my company that is responsible for sales, it’s up to me to keep the company growing,” says Brian Bosscher of Condo Control Central.

To light the fire even quicker, take a look at a few of your metrics. “The typical motivation is looking at your fixed cost compared to revenue coming in. That’s the quickest slap in the face for motivation,” says Joel Gross, founder and CEO of Coalition Technologies.

Adds Rohan Hall, founder and CEO of Cool Mojito, “I look at my bank account.”

8. Count your blessings

“On my desk, I keep a picture of the old, drab cubicle I used to report to every day at my corporate job. Whenever I’m feeling unmotivated, I look at that picture and then look around me and see the vibrant and fun workspace I’ve created. It brings a smile to my face every time!” says Dale Burgham, owner of Revo Exotic Wood Guitar Straps.

According to Gallup, only 30 percent of Americans were engaged by their work during the first half of 2012. That means 70 percent of people spent their days bored, unchallenged, uninspired, watching the clock until 5 pm strikes. If you’re an entrepreneur, you’re probably not in that category – so consider yourself lucky.

“When I start to feel unmotivated I think back to my last ‘normal’ job and how much I hated it,” says Tech Cocktail contributor Danny Boice, cofounder and CTO of Speek. “It was a 9-5 corporate hell working for a large bureaucracy where posturing and politics mattered more than actual results. It was absolutely brutal and I really don’t think I could ever go back to a role like that. That’s not living.

“I make it a point to feel gratitude about the fact that I can do what I absolutely love with my life and there are very few people that can say that. It sounds trite but I really do force myself to stop and smell the roses. I know when I look back on this very point in my life it will be right up there with the birth of my kids in terms of happiness.”

9. Rediscover your inspiration

This is really the root. To get motivated, you need to remember why you were ever motivated in the first place: why you’re doing what you’re doing. Maybe you want to change the world, maybe add a little fun, maybe make people happy for 5 minutes per day – whatever.

“I try to go back to the beginning of my project. There was a reason why I started: passion, motivation, determination. I go back to the starting days of my business and rekindle my motivation in my company,” says 19-year-old Jeet Banerjee.

But inspiration can come from other places, too: quotes, the life stories of Steve Jobs or Thomas Jefferson, the Eminem song “Lose Yourself” (as one entrepreneur said), or a movie like Jiro Dreams of Sushi. Or, of course, your family:

“When I feel unmotivated, I close my eyes and think about (a) how hard my immigrant family worked to enable me to pursue my dreams,” says Sparkology founder Alex Furmansky.

10. Suck it up

If all else fails, a few entrepreneurs said, just suck it up. That basically means: tell yourself that being unmotivated isn’t an option. You chose this career, you choose this startup, and you’re the only one who can keep it going.

“Get tough. It’s important to remember that every minute of every day counts and you own your attitude and effort. There is always a solution to the problem. Staying motivated requires tremendous perseverance and creativity, but that’s what separates those who make it and those who don’t,” says David Rush, co-founder and CEO of Evzdrop.

You may also like: Why Following Your Own Dreams Is Not Selfishness

This article was originally published in Tech Co

Image credit: www.youtube.com

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