It has been found that most of the Americans harbor the dream of entrepreneurship. The thought invariably starts with an idea and gets metamorphosed into a profitable business over years. It is obvious that everyone cannot be Steve Jobs or Mark Zuckerberg. Many people live with that unrealistic dream that they would develop a business and then sell it to Google, Facebook or any other technology giant. However, it is not a dream. It is more of a fairy tale that rarely comes true.
Profit generation is not a child’s play
The only way to make enormous money is if investors can believe that you are building a good market and attracting customers. In order to know where your business is headed, it is absolutely necessary to understand your business from the customer point of view. “What do customers think about my company” is the question that you should ask yourself, as an entrepreneur.
Success comes from being realistic
Consider the following aspects:
- Does your startup require funding? If yes, determine how your business is going to raise funds.
- For businesses receiving venture funding, a well-designed plan is required to make sure that the funds are directed to the right path. There are cases where startups fail and the reason is that they focus on increasing the value of the company instead of generating profits.
- Try working with the investors. The blunder that amateur startup founders make is that they are not honest to the investors. Investors have a lot of experience and they can help your business reach great heights if you let them put forward their opinions.
Get the knack about successful companies to understand success
It is not advisable to shift to a la Silicon Valley to learn entrepreneurship. However, you can make a move to a tech hub to know how things work over there. Approach some co-founders, investors and people who can help you. Do not get disheartened if they do not accept your offer. You should realize that you have to survive the competition with numerous other entrepreneurs who are already established brands for customers. Experiment your product on early adopters in the market and get their feedback. Honest reviews can help you a lot in correcting the errors.
It is understood that the world does not really need another social networking website at this point of time. Why not try something more innovative?
Be the TROUBLESHOOTER!
Make sure your product helps the people in solving their routine problems. Start a company with an aim to help people and it is sure to generate enormous profit in the time to come. Companies that make a difference in the society are likely to succeed and have more customers. Who knows, some technology giant would get impressed by you!
Take home message
Get inspired by the inspirational stories but do not get “misled”. It is easy to imagine that your recently launched company got sold to Mark Zuckerberg. Get real and understand that it is not really possible for every startup to achieve such a grand success. Develop a product that can make lives easier for people and watch your profit in the years to come.
Running a successful start-up is no cake walk (and those of us who are in this business, know it). There’s a fair amount of discipline, drive and dedication involved that propels individuals into action, gives them the confidence to find their way around hurdles, and catapults them towards victory. We are a team of Startup Enthusiast who are always around to help you succeed.