A Sound Mind Lives in a Sound Body. And a Sound Purse lives with a Sound Mind. If you are eager to start-up something and become a Sound Entrepreneur, they say, think out of the box. You have a crazy new idea you think nobody else has, you have a bunch of friends who support you, you have a purse full of money to invest and you start thinking to materialize your idea. They call you a Start-up.
But like every other Start-up your odds of being successful are still odd. And like every other Start-up you can end up entangles in any one of these problems.
Problem #1: Overthinking.
What if this is not a new idea? What if someone else is doing the same thing? What if I won’t succeed at it? What if nobody buys it? What if….?
Thinking is good. Vision is better. Practicality is best. And excess of everything is bad.
Solution #1 This is my idea, I am the best at it.
It’s my idea, and I know where it’s germ is. If Sony thought the same about Samsung they would have stuck to “Walkman’s” only and never launched Mobile phones.
Problem #2: Mal-Strategizing.
Though it’s your idea and you are best at it. But without strategy even Motorola’s $5 Billion investment into satellite phones landed into Bankruptcy (filing for Chapter11 Bankruptcy)
Solution #2: Research and Analysis.
The research and analysis lies in the existence of your Idea. Talk, party, meet people and gather the information, explore the subconscious of people. See if your idea is actually new and viable. Or someone somewhere has already started it and making some dough of it. Viability and Market Research are key to success.
Problem #3: Procrastination.
Now that you have done you research and analysis and you think that it’s the right thing to do. So why procrastinate. Every moment is precious. If Eastman Kodak would not have stuck with its print processing instead of the new technology they wouldn’t have lost 75%of their market stake.
Solution #3: How and When of What
You are clear about your “what” Now take a pen and a notebook and plan for its “How and When”. Planning in ink and paper is better than daydreaming. If you are clear about “How” the answer to “When” is “NOW” Don’t let that “Someone” start it before you do.
Problem #4: Improper Equipment.
By improper equipment I mean hardware, software, marketing strategy and public relation. What you have to offer in addition to the “almost similar entrepreneurs” in your area. That’s why “Winamp” landed into recycle bin.
Solution #4: The extra edge.
If the stuff is same the packing matter and if the packing is same the stuff matters. Your idea is viable only if it gives the client something new which he does not knows. What I know, I won’t ask it form you or pay you for giving me what I already have. Nor would I like to throw away my Colour TV for a Colour TV, but an LCD will work.
Problem #5: Mismanagement.
If it didn’t matter, managers wouldn’t get that much of a salary. An action plan needs a team, a team needs a leader and this is where a manger comes in. And when it’s your idea, you are the manager. But still you need a team. You can’t be peon, cashier, and receptionist, PR or HR guy. You need to organise a set of people after you have developed the proper assets.
Solution #5: Incorporation and then Organisation.
Get noticed, Get success. Without advertisement the specific measurable outcomes of your high desired results will get dull and then duller. Incorporate a sense of being successful and you will be there. Organisation exists only if good organiser does. While hiring a team remember the Willing Donkey carries the heaviest load and there are a thousand people who will do the same job in less pay. And once you are done with the team remember a little praise is better than a bag of money. Appreciate and your work will be done easily.
Now that you are well equipped to star-up and give a final shape to your Idea/concept. Remember the 6th Funda.
The 6th Sense: A touch-up of optimism.
Optimism is the one quality more associated with success and happiness than
any other. –Brain Tracy.
Ups and downs make a person. Decision makes a Man. And Optimism make the Man go successful. Be optimistic, results will follow, if not soon but someday.
First published @ http://www.inc42.com