Decoding 'Execution' for a successful Startup
Winning needs more than just an idea or dedication...Sonal Agarwal Bali
Most Startups fail! Winning needs more than just an idea or dedication...Everyone knows the harsh fact that even the brightest & most unique ideas fail if not executed well. Well, that's the key; Execution. Oh, but by the way what is this "Execution" all about?
Here's a few action points which decodes this mysterious word - execution:
1. A Detailed Plan - Create an in-depth business plan, chalk out all the possibilities, risks, uncertainties. Pen down your objective, milestones, what you want to do, where you want to go. How your great idea looks in black & white.
2. Networking - Go on the move before you start the on-ground work. Explore all your connects, go to events, sessions which can help nurture your idea and re-confirm that it will rock. There are people, groups who help the aspiring entrepreneurs to achieve their goals, make best use of all these possibilities. Someone once said - be shameless if you want to be an entrepreneur.
3. Have a Mentor - Be willing to learn & unlearn from others. There is enough talent & experience available in this world. Identify and approach. There are many success stories, try to learn from them. Mentors guide the budding entrepreneurs as to what is right and wrong and also how to execute it the right way. They also put you through people from their own network hence enabling things faster and widening your network. This comes along well with the young aspirants & things move quickly.
4. Be Aware of your Competition – Study your competitors well. Keep an eye on the developments & be aware of each & every movement. If you are the first entry in the market with your start-up idea, take the “first mover’s advantage”. The Mantra is to “Be ahead of them”.
5. Do your Proof of Concept - Always do a POC in a small geography to evaluate if it works & works really really fine! The success factors, learning & failure during this stage will help improve & ideate better. The acceptability will be proved. The scalability will be proved. The traction will be proved. These are things everyone is interested into – the prospective employees, the investors, the media etc.
6. Jo Dikhta hai wo Bikta hai – Old theory but still works! Once your POC is done, go social. Make yourself visible to the mass. This does not mean that you have to really spend exorbitantly. Use all free media in the first place… facebook, twitter, linked-in. This is where your networking will also pay you back. You may have some PR, media connect in your list, approach them. Remember, I said in a previous statement – be shameless!
7. Hire Valuable (Human) Resources – Rest assured, you cannot run a business without right people. If you are a Founder, find a compatible Co-Founder who could compliment your attributes. Look through people who believe in your idea & are hungry to create a valuable company & not merely looking to create a career. Smart people with ready to learn quickly attributes. Net-Net, make a winning & a smart team. Last but not the least, Value them!
8. Bootstrap till you can – Don’t rush for funding! The right idea coupled with right people, right results, right visibility will create automatic interests amongst investors. Maximising bootstrapping increases the credibility, value of the start-up.
Don’t loose on an opportunity to build a start-up which creates value and solves a big problem. If you have an idea, just go for it!