I have heard so many people rave n rant about why startups succeed and why they fail, that it no longer seems to make a difference.
Before an entrepreneur thinks he/she is one, he/she needs to realize he/she is a businessman first. So the glory attached to being part of a startup needs to be given lesser credit than it demands.
If the reasons for businesses to succeed and fail were so easy to put into black n white, believe you me, it would be nothing short of a cake walk to run and grow any business. The parameters of business are ever changing and demand much more than what is apparent.
This is why the founder of any business has to have what I call the 'Effect control mechanism'. Its something like a 'correction' in the markets, or the Gyro in an aircraft that the autopilot uses to stay level in flight.
Higher the sensitivity, faster the feedback and quicker the correction. This caters to quicker control and steering.
Funding, management, talent, etc are all important parts of growing a business. But till the foundation of a business is not sound, it will not be able to take on the weight of a larger business objective in the future.
This is why some businesses take time to take off and some seem to fly off the handle from the start. Cash reserves, large revenues or fresh funding do not indicate a good business. Customers, their need for you and your product/service and the value you bring to a stranger are critical for the foundation of any business.
End of the day, a business makes sense if it solves a customer's problem, satisfies the people who are part of it, and makes money for everyone to have small to large luxuries that justify the risk levels accepted by each member of the team.
Before an entrepreneur thinks he/she is one, he/she needs to realize he/she is a businessman first. So the glory attached to being part of a startup needs to be given lesser credit than it demands.
If the reasons for businesses to succeed and fail were so easy to put into black n white, believe you me, it would be nothing short of a cake walk to run and grow any business. The parameters of business are ever changing and demand much more than what is apparent.
This is why the founder of any business has to have what I call the 'Effect control mechanism'. Its something like a 'correction' in the markets, or the Gyro in an aircraft that the autopilot uses to stay level in flight.
Higher the sensitivity, faster the feedback and quicker the correction. This caters to quicker control and steering.
Funding, management, talent, etc are all important parts of growing a business. But till the foundation of a business is not sound, it will not be able to take on the weight of a larger business objective in the future.
This is why some businesses take time to take off and some seem to fly off the handle from the start. Cash reserves, large revenues or fresh funding do not indicate a good business. Customers, their need for you and your product/service and the value you bring to a stranger are critical for the foundation of any business.
End of the day, a business makes sense if it solves a customer's problem, satisfies the people who are part of it, and makes money for everyone to have small to large luxuries that justify the risk levels accepted by each member of the team.
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