Another one of my friends left his job, a handsome salary and lots of perks to find a startup. It’s been a couple of months, but he seems to be happy with the progress he’s making. I just pray that his dream does not get shattered just like it happens with majority of startups.
Did you know that 90% of the startups fail?
That’s quite an interesting statistic, considering the fact everyday in business news we see a new startup receiving huge funding and making heyday. What the news however don’t tell is that for every successful startup there are nine that fail to reach beyond start.
If you are dreaming to begin your startup journey, then let me get you face to face with the harsh reality - You will not be able to create your startup’s success story, if you don’t make yourself aware of these facts. Here’s the reason why -
Graduating from one of the top business schools. Getting placed in a top consulting firm with a six figure starting package. Flying in economy class. Staying in five star hotels. After looking at all these perks, who would want you to leave your job.
So, when are you going to be the next Zuckerberg? When is your SpaceX going to fly Mr. Musk? You are making a new Google? Be prepared to face these questions wherever you go. If you don’t have an answer to these questions, then be prepared to face some pressure!
And, handling the pressure of questions being bombarded from you from all sides can break down people who thought they had the strongest of will power. Trust me - I know more than a couple of people who have been through it.
When someone talks about startup success stories, they simply think that those success stories were created overnight. In the initial stages, more often than not, it could be difficult for startup founders to even make ends meet.
If you don’t have plenty of wealth to sustain you for long, then you need to reconsider your dream of becoming a successful founder. It will take time to capture the eye of investors and grab their interest in your startup to receive funding. But, what will you do until then?
Do you have sufficient amount of cash to sustain the team and your dream, during that period?
Missing deadlines. Projects going haywire. People leaving. Last minute meetings. Product launches. PR gimmicks.
These are just a few of the terms that are going to become staple for you once you get going with your startup. If you left your job because of the 40-hours work schedule that you wanted to escape from, then welcome to the entrepreneurial world where you might have to spend forty more per week.
And amidst all this hullabaloo how can you even think of getting a peaceful night’s sleep?
(Not until the time you are able to fetch some multi-million funding or have at least a permanent flow of cash to run the errands and pay your team.)
Each person has a different meaning and value for success in their life. If you are planning to start a new venture thinking that your ex-colleague did it or someone in your friend circle did it, then you are definitely going to fail.
Just because Larry Page and Sergey Brin were able to create Google does not mean everyone has to follow the same path. What the most disappointing thing about today’s wave of startup enthusiasts is that they are in it for the wrong reason. And, they are talking about it to the wrong people as well.
Before looking for advice from someone about creating a startup success story, ask yourself this question - do you really want to do it? Don’t get into the startup culture because everyone else is doing it!
You’ve tasted the first bite of success. That’s great! The first page of your startup’s success story got accepted and is widely appreciated (i.e. you have managed to grow exponentially in the first year).
The question is what next? Can you replicate the same performance in the second year, the third year and so on? With due respect to the hard work and effort you put in during the first year of your startup, you still cannot just lay back and leave everything growing.
Too much growth in the first can also be a big threat to your startup if not handled properly. Why? Because rapid growth in business means growing challenges like keeping up your pace, maintaining the same quality in your products or services. Most importantly, it means getting more like minded people to be part of the team to keep growing (the biggest challenge of them all).
The biggest reason why you are going to fail in creating your startup’s success story is because even after knowing about all these points mentioned above, you decide to enter the battlefield without preparation.
I’ve talked about these points just to make sure that anyone reading this post, who is dying to create their own startup story, gets to know the challenges that the entrepreneurial journey brings along. So, one must enter well prepared. Or else, failure is just going to be around the corner.
Rather than taking these points in negative spirit, just hold your horses for a while and think about coping them, as well as overcoming them, during your entrepreneurial stint. And, if you are able to figure solution to these problems, you are well and truly going to be on the course of success with your startup in the years to come.
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