Start-Ups : Launching an Idea

                       

Subroto Bagchi in his book “The High Performance Entrepreneurs” has put it beautifully that starting up a business is like giving birth to a child and raising it. Hence before giving in to your fantasy of owning a business you should be absolutely clear in your mind that your ready for such a brobdingnagian responsibility. It is imperative for an entrepreneur to have certain characteristics which would not only help him in rough situations but would also guide him in establishing his enterprise. These are:

1) Confidence : An entrepreneur  should be absolutely confident of not just his competence but also be certain of his idea. He should be filled with enthusiasm & not let negative comments  or critics bog him down.

2) Diligent & Highly Driven: It is important that an entrepreneur is diligent & highly driven. This is because leaders should always lead by an example & as the leader does similarly he is followed. It is important to understand that your colleagues & subordinates not only are influenced by your words but are also psychologically influenced by your actions & mannerisms. For instance Ashok Soota chairman of MindTree works for 70 hours in a week & Azim Premji founder of Wipro works for approximately 75 hours in a week.

3) Flexible : An entrepreneur should be highly  flexible as in today’s world the tastess & preferences of the consumer change in the blink of an eye. Many a times the government comes up with policies & regulations which are not organization friendly. For instance ITC started as a cigarette manufacturing firm however as soon as the anti smoking campaign started against cigarettes & tobacco both of which are cancer causing agents & hazardous to health in other ways too , the government was forced to impose taxes on them. Nevertheless ITC didn’t panic they were visionary & had foreseen it hence they had started to diversify themselves in FMCG sector, hotel industry, Stationary etc & now ITC is one of the largest conglomerates in India. It is a profound truth a stitch in time saves nine.

4) Keep aside your ego:  When you start your business keep your ego aside. Forget about your last designation, work experience, industry etc because it’s all in the past. Remember it is now that is important & now you’re a man with an idea; an entrepreneur in the making. You need to understand that eventually you need to cut down on your lavish lifestyle like club memberships, stays at high end hotels, fly by business class, personal secretary, holiday homes etc. In the initial stage it is important you have clear cut idea of the resources at hand. Consequently prepare a cash flow statement  to know about your incomes & expenditures. Hence it is important to abridge your expenses & reinvest in your business because comes before you.

5) Respect Money: An entrepreneur should be absolutely in love with money & with that I mean have a healthy respect  for it. Our Vedas & Upanishads have stated that Lakshmi comes to those who desires & respects it. When you are in love with the idea of generating wealth , then ideas would come rolling down to you. However if you feel money is not your foremost motivator then remember Goddess Lakshmi is  listening to you. Moreover with your business there are many others whose life is connected. Hence it is all the more important  to work towards generating wealth as many's future depends on you.

6) Opportunistic: The entrepreneur should sense the right opportunity & pounce on it. For instance Mark Zukerberg knew that there is a strong urge in people to be LIKED & appreciated. He realized that the present generation in today’s fast paced world would interact at a physical level less. Hence he came up with FACEBOOK. Today facebook has revolutionized  our world, it has changed the way we interact not just with our family & friends but also with strangers. It has become a platform for the companies to showcase their product line, conduct market surveys, come up with promotional strategies etc. It has become the modern day’s market place. Mark Zukerberg had studied psychology & he used his people’s skill to come up with a masterpiece like FACEBOOK. It is also requisite that the entrepreneur is a multitasker & knows the tricks of the trade.

7) Select your team sagely: Choosing your team wisely is one of the prerequisites of a successful venture. It is cardinal that all team members are on board about the idea. In a start up there are certain innate qualities that the team should possess like the power to bring business, to produce & to deliver, to understand the business nuances & the ability to bring in investors. Apart from this the founding team should be transparent in their dealings with not only their team members, subordinates but also its customers. Moreover the founding members should learn to take dissonance in their stride & not take it personally. It is primal that they learn to discern between their life inside the board room against a life outside it. Furthermore a team is built on faith & trust as these are very essential for a conducive environment. Finally it is important to keep your humor intact no matter what the situation is , as it not only lifts your spirits but also keeps the work culture healthy. A very wise man has said “ Humor heals”.

8) DNA, Vision & Mission of the Company: Every human’s singularity lies in their DNA. Likewise every organization also has its own DNA which holds the organization together. DNA is the core structure of the organization. For instance the DNA of MindTree is ‘Imagination, Action & Joy’. Next is the mission statement depicting what the organization aspires to be. It inspires & aids the organization to reach it’s goals just like the compass helps a traveler.

The vision of an organization flows out from the mission statement. It is like a tributary. It is the most concrete however also undergoes regular reappraisal & change. A vision of an organization is time bound & measurable & helps in treading the right path. If the mission statement is the destination then the vision is the road map.

9) Drafting a business plan: Business plan is a well drafted document consisting of DNA, mission & vision statements. It should be a well structured document laying accent on the financial aspects of the business. It provides a multidimensional view of the sources of income, investments, expenses, profits & losses. A business plan prepares the organization to take appropriate decisions in unexpected & unwelcoming events. If you have a strong business plan then not only do you come across as sensible & trustworthy but also decisive & a good contriver.

10) Getting & Retaining good employees: We have already discussed how important is the founding team. However it is important to remember that no matter how brilliant an idea you have or the right investor but the venture would not reach it’s crowning glory it deserves if it doesn't have a strong team to back it up. It is indispensable to have good people in the organization & retain them too. Why do you think people with talents & good opportunities outside decide to stick with a start up if they don’t feel that they are valued? Hence it is imperative that the top management regularly communicates with its employees & constantly informs them of issues, opportunities, risks or concerns. Make them feel a part of the organization by regularly taking their feedback & if feasible incorporating their ideas in the organization. Apart from this deserving employees can be trained & prepared for probable higher posts in the organization. It is important to hire people who share the same zeal, passion & exuberance for the organization as the founding members. The relationship between the organization & employees should be bidirectional as not only the employees should give his heart & soul to the organization but the organization should also try to evolve the employee & explore his/her hidden potential.

11) Organization & Customers - A healthy & transparent relationship:  It is consequential that the customers have utmost respect for its organization. This is very important for a start up as eventually start ups really have to depend a lot on the word of mouth promotion. It is crucial that the company keeps its customers satisfied & retains them. There should be no hidden agendas, statements & policies on the part of the organization. It is primal to consider customers as organization’s extended family. Make them feel worthy by providing them with swift & effective services, taking regular feedback from them regarding organization’s performance, providing them with strong product line or service, lending a patient ear to their troubles & then solving them within time etc & in the longer run this is how you earn loyal customers.

12) Building & Establishing your brand: Let me clear a major misconception about branding, it is not advertising. Advertising is a subset of branding. Branding is about communicating the organization’s values. Establishing a brand starts when we come up with the DNA, mission & vision statements. Building a brand is a well thought process. A strong brand has the propensity to hold on to its customers who in turn become loyal to the brand. Organizations like Apple, Amazon, Tata etc are brands with which people associate innovation, strong supply chain management, swift & effective services, features etc. Long when people are gone they live in the minds & hearts of the people because of the magnificent brands they built. Brands depict the inner voice or soul of the organization. Remember to build a strong brand as a brand is like an organization’s reputation, hence guard it with your own life.

Finally I would like to end by conveying to all young, budding & bright entrepreneurs if you have an idea & are confident about your abilities then by all means go ahead. Remain focused & positive & have faith in your abilities because the more you feel confident about your idea, then more people sharing your passion & zeal would get attracted to you. Moreover remember to respect those who help you in your initial struggle & always remain humble towards them. Then my dear friends the world is your oyster & it waits for you with open arms so go spill your magic & perform wonders. 

PS: References from the book " The High Performance Entrepreneurs" by Subroto Bagchi.