MODERN ENTREPRENEUR
Entrepreneurship is a risky business.
But risks can be eliminated with proper
planning and by employing a well
measured approach. Here are a few
things that every entrepreneur must
know before taking the plunge.
1
A great team
A great team is a must for any
company to sustain itself. The team
should have like-minded people with
complimentary skill sets. The bottom
line is to aim to cover as many areas as
possible. A great team also comprises
people with deep knowledge and
expertise in their domains.
• What is your product or service? What
will differentiate your product and
services?
• Who are your customers? What do
they want?
• What is the size of the market for its
product/service? Is it global or local?
• Is the start-up scalable?
• What is the investment involved in
launching the product or providing the
service?
4
The Entrepreneur must clearly
assess himself as to what he brings
to the table. A complimentary team
of passionate individuals with the
commitment to work is what you should
be looking for. It is important to have a
cohesive team, especially when things
are not going well. Passion for work is
infectious, a negative person will never
move people.
Assess the competition
It is all too easy to say, ‘Our product
is unique, with so many features and
a great technical team, etc.’ The acid
test lies in careful analysis of the
competition. Analyse the competition
before you begin. What differentiates
your product/service? Is it feasible to
compete with the existing players?
Everybody has something to promote. It
is how creatively you can put your idea
in the market that decides how much
success it eventually gets. Be creative
and promote your products/services to
get maximum traction.
2
5
Know your business
Great entrepreneurs figure out the
most important things that drive their
business. They are as follows:
• Core values of the start-up.
• The purpose of the company.
• Envisioned future.
• A detailed description of the work
involved.
• Team and team member roles.
3
Assess your start-up
Ideas rule the world, but only when
they are executed properly. The product
or service you are dealing with must
have sustainability, and not a me-too
approach. Work out the details of
executing the plan.
A start-up must find its niche before
venturing into the hostile world of fierce
competition. Every start-up needs to
answer these questions:
Swallow your ego
An entrepreneur needs to ask for
help, he needs to promote himself,
he has to often do what is in the best
interest of the company.
The best entrepreneurs are driven by
the best ideas, not necessarily their
own. Egoistic people are unattractive in
nature, whereas entrepreneurs need to
be magnetic. Entrepreneurship and ego
do not go together. It does not matter
who gets the credit; what matters is
what is established.
6
Integrity
Integrity is the foundation on which
a company is built. If the foundation
is weak, the company cannot sustain
itself.
Integrity is consistency of actions and
words; it is how a brand is built. The
most influential brands are built with
integrity in their actions and that is how
the customers develop respect for the
companies.
7
Workforce diversity
It is good to have a diversified group
of people as opposed to having people
of the same culture or background.
People from different backgrounds,
cultures and nationalities add richness
to a team. Each individual brings
something different and adds value.
8
Quality of the board members
Board members can directly
influence the results of a company.
They are important because of their
inherent networks, experience, skills
and the mentorship they offer. For a
start-up, it is a must to have a great
board.
Great companies are built around
great mentors. This includes directors,
advisors, and people with technical
ability to drive things.
9
Test your idea
It requires more than a business
plan to validate your idea. Designing
and developing the product is easier;
selling is the tough one. Most
entrepreneurs with a technology
background often forget to ask the
most important question: Who cares?
Is there someone who is interested in
your idea? Is there a market for it? How
are you going to sell it? Talk to people
before you develop anything. Figure
out how many people are interested in
your idea. It is important to evaluate the
feasibility of an idea before taking it up.
Analyse the idea, the basic
requirements for it and the factors
needed to sustain the idea.
10
Check the source of
funding
No matter how much petrol is in the
tank, refuelling will be needed at some
point. Every entrepreneur must assess
October 2016
ModernBusiness
9