Startup Tips for Entrepreneur from Entrepreneur
1. Identify your Vision and do something you Love
If you can identify the answer to two basic questions of starting up you will know your purpose and hence your vision. What need does your start-up take care of? Why should people come to you? If you can answer these two questions you are all ready to start.
But before starting you also need to find out your skill sets and do something you love. If your heart doesn’t support your vision the work may seem a bit more difficult. Branson founded Virgin when he was just twenty years old from a basement in London. He had no planning or strategy. His love for music was the main reason for him to set up a record store that later became a megastore in 1980 and expanded worldwide by 1990’s.
Therefore, identifying your love and passion is important before starting up.
Your love for a specific field is not enough as for example if you love sports you cannot just set up a start-up on manufacturing sports goods if you don’t have relevant skills in it. Therefore, you need to find your “niche” which will be a sub field which you are specialized in the field which you love. You just need to know your specialization and answer the two-basic question. You have to remember if you want to do everything for everyone you might mess it up. You just need to find a niche and do well in it. The others will just find you.
Your opponents and your competitors will always be there and they will criticize you to de-motivate you. But it is your decision of how you want to take them. Do not let the negative comment let your spirit down but learn from them. Take criticisms from your well- wishers and try to improve those aspects.
When the other camera film companies were shutting down Fujifilms did something that was unexpectable and surprising that helped their company sustain in the long run. 10 years ago, they started making cosmetics and applied the same formula that they used to keep away photos from fading to decrease skin aging. A very senior manager told in one of the interviews that they spent years pursuing beautiful skin in their film imaging business and now that same technologies and perspective was useful in cosmetics that were produced. Therefore, you need to challenge the easy path, detect with the future and adapt accordingly using your experience.
The only tip you should keep in mind while starting-up is not to give up. Failing and failing a lot of times is actually the best way to reach your goal. Use the experience you gathered from your fault so that you do not make the same mistake in future and just continue to do the hard work.
Don't Run after Investor, don’t spend time and money to reach investor, rather spend the same time and money for your product/service development, try to optimize your product, try to use your bandwidth most efficient and productive way.
Just think, what you used to do in schooldays to earn good marks or get prize in sports, did you ever plead to your teacher? No, right? Same here in startup, but now you have learn your own, from experience and by looking at surrounding, keep reading more and more.
Remember, Investor also trying to make money by investing, investment is their business, so when they feel it’s good to be a part of startup like yours, they will come to you, Yes, keep them updated about your progress.
Try to add value to someone's life, whatever way you can, even when you know you may not get anything in return.
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We wish you good luck for your Startup.