As a part of my work, I come across a lot of entrepreneurs who are looking to start a new venture. Most entrepreneurs that I come across are individuals who are looking to quit their jobs and take up the challenge of starting a business. This makes them look at a start-up as an income replacement machine.
They expect the venture to start paying their bills soon enough, which is quite a high standard set for the venture. This is where most lack perspective and do not look at starting up in the right manner.
Creating a start-up can be likened to having a child. Some are prodigal, some not so much; but almost all of them take a lot of time and attention. They might needs sometime to find their feet and start walking on their own and most certainly till such time you have to support it.
Almost everyone spends too much time putting together business plans and numbers. When you have a child, do you write out business plans? You plan; but not to the extent to putting down every number in black and white. Similarly with a start-up it is important not to plan excessively.
Do something you love doing – You will turn out to be quite good at it if not the best.
Do not plan too much – Thing rarely, if ever, follow the course of plans
Research before you start – Make sure that your idea offers a tangible solution to your target audience. Something better than what already exists.
Think positive – It makes a lot of difference
Back yourself for the lang haul – If the venture does not turn out to be prodigal son that you expected, it need not necessarily be a complete wash out either. Be prepared for the long innings, just in case.