We all want to give up our jobs, searching for dream role of starting up our own company, reading day to day about funds start ups are getting, yes its definitely motivational, as they say other side of grass is green the same applies for start-ups. Let’s look at some important problems faced by start ups in common so that you can also overcome these problems before starting your entrepreneurial journey.
Single founder: I would categorize 80% of start-ups have single founder, there is no team lets understand the problem by this aspect. Being single you have to do lot of things and there are only 24 hours in a day. You are not master of all hence lot of time is consumed in try and test and fail. Which ensures your entry to market too late. The other aspect is investors look for a team as they believe every member contributing will make things fast and grow which is right in every aspect. So before starting all alone build a team have people around you who are ready to support and have faith in your concept and are ready to face problems along with you.
Spending too much: The golden rule is try to avoid spending or taking offices with lavishness and thinking that having good ambience will bring in investor’s, it doesn’t happen that way, as you know lot of companies started in garage. Have as much as things on rent so that you can have it on recurring expenditure which ensures you can survive much longer time before burning out, get yourself a fair chance by avoiding blocking of amount. These days everything is available on rent or sharing make use of it which will ensure you burn less fuel that means you can travel long.
Don’t be to eager to raise funds: Don’t hurry up in raising funds and spend most of your productive time running back of investors for funds, the movie three idiots golden rule create yourself to best so that investors chase you. This is golden rule which founders of start ups need to remember, build company with available funds and spend most of your time in productive work which will scale your company. Investors will come on board if you get to success.
Getting hands dirty: The mindset of not doing things by yourself is also one such problem, remembers leaders command respect and not demand respect. You need to get into front understand how things work and then show your team the way. The way how M.S Dhoni has been doing. Leaders are not born, but they are made, so leading a team you should realize that you understand the ground realities and bring in success then team will follow you.