It has become quite a trend these days to launch, or work for, a start-up. Most of these start-up people believe they are working on the next million dollar idea, the next unicorn. If this was true, the failure rate for startups in India would not be as high as 90%!
There are a few things that distinguish a start-up from a good and sustainable business venture. As a market survey is necessary before launching a product or service, there are a few questions that every aspiring entrepreneur must ask himself before jumping on the start-up bandwagon. Here we compile a list of some of them for you.
- Will the idea I have be a disrupter?
Disruption is thought to be great in the entrepreneurial world. If you have a start-up idea that nobody else is working on and solves a problem that has remained unsolved so far. In certain situations, it may make sense to go ahead with the idea despite there being competitors. At other times, it may not. Perform a complete SWOT analysis before starting up.
- Am I prepared for the changes that come with it?
Working in or on a start-up calls for a lot of adjustments – emotionally, mentally and financially. When you are a founder, you play more roles than just the boss. Everything from cleaning floors to financial planning will require your inputs. You will have to manage the entire team, settle disputes and ensure all teammates are happy. Plus, you need to be sure that you are financially prepared to take on the job.
- Do I have all the resources needed?
There are some ingredients of success for a start-up including a good idea, a capable team, a visionary leader and sufficient flow of funds. You need to ensure you have at least a few of them before taking the dive.
- Are my intentions right?
Often, people are just following the herd when they are talking about start-ups. This is not the right reason for launching a company. Passion and drive are what will help you go through the most difficult of times during your entrepreneurial journey.
- Will I be able to face a failure?
Like stated above, there is a high likelihood that a start-up will fail. One has to be very strong mentally to come out of the other side of this failure. Make sure you have an alternative plan for this scenario.
Considering the answers to all these questions may help you determine whether a start-up is a right direction for your career. In case you still can’t decide for yourself, our mentors at Lemon School of Entrepreneurship can help you reach the right conclusion.
