Firstly, building your own business from the ground up can be a hugely satisfying experience, it can teach you to be humble and cocky at the same time, both about yourself and your team’s ability. But, did we say 19 months for building a start-up. We decided to consider this teams experience as they can be just like us, budding entrepreneurs and have scrapped two ideas, partially built an application, started building and rebuilt another application and got funded and spent numerous sleepless nights.
It can be concluded that the most common three basic ingredients for any team or individual looking to build a start-up: 1. Idea, 2. People and 3. Money. According to the owner, these are the three most important elements, without which, no one can expect to gain success in this field. All of these are so inter dependent that if you do one of these things right, the others will eventually fall into place, provided you sustain the focus throughout the project.
Idea: Starting point for an entrepreneur. This is what makes us shun sleep, become super excited and want to wake up the entire world and tell them that “we have the solution”. But having the idea and solution to the problem is not enough to become an entrepreneur. It is more about execution, planning, perseverance and commitment.
Along with the idea which idea can be innovative, but you should ask yourself how big the idea can become? Can it create a series of ideas? What are the largest share of opportunity which can be harnessed by implementing this?
People: This should be the second biggest thought process aspect of any business venture. If you have a grand plan, then it would be virtually impossible to do this on your own, you would require the help of a group of people. So, after the inception of the idea and planning, your focus must be getting the right people on board, people who live your vision, share your passion and are ready to put in long hours, if needed for a start-up. One of the important consideration should be of friends who are excited by the energy you show, and the thought of your idea will want to jump in and start working for you and assure you that they will pitch in their free time. I would suggest you be cautious as this free time will never come.
Build a team around you using the budget in hand. If you are a non-techie who is working on a technology oriented idea, I suggest you find a technical co-founder.
Money: The third most important aspect for an entrepreneur should be money. Entrepreneurship is a full-time commitment, not a part-time hobby. So if you think you can work somewhere else and build a startup with your salary, think again. Evaluate your savings and other sources of income that you could get from your family and friends, plan how long can you survive without salary. This will give you an idea of the time and money in hand for your idea. If you are just starting up considering working out of home and forget about office space, visiting cards, etc. The internet bill of Rs 600 is way better than Rs 6000 seat in a sharing office. You can use free tools like Skype for team communication, Trello for project planning and tracking, Microsoft Bizspark for hosting. Try to spend most of the money on developing the idea. If you are looking for external funding, note that investors put money on an idea and people at this stage. But your idea must have the power to convince the investors that it has the potential to give them good returns.
Finally, the most important aspect of an entrepreneur that can override the above three aspects is passion. You need to put your heart and soul in the idea and must believe in the credibility of the plan. Work on improving your idea, visualize the bigger picture of what could be achieved, have patience, strategy during the implementation.