Turning 40 tomorrow. A queasy feeling. Time flies. This is the 7th year of running "my start up".(Well, I don't know if after 7 years it can be still classified as a start up).As NetElixir has grown, my blogging frequency has come down dramatically. In this post I have tried to offer my 2 cents on the top 3 questions I keep getting asked as an entrepreneur, almost wherever I go.Hopefully, it will be of help for all of you "budding entrepreneurs".
Q1. I want to start my own business. I do not have a family background. I do not have adequate finance available. What's your advice?
UB: Entrepreneurship may seem "glamorous" from outside. Its not actually so.. not even close. Entrepreneurship is about commitment, belief and relentless pursuit of ones dreams. It takes an immense toll on you both physically and emotionally. Its important to be objective about starting on your own. Sometime (actually, most of the times) its easier said than done. Keep emotions aside while deciding. Solid idea+ passion+persistence+unwavering focus+ integrity almost always succeeds.
One "litmus test" question - What "pain" are you solving? For who? At what cost? What is the current solution that you are trying to replace?
Q2. How important is a solid business plan in starting a business?
UB: A business plan (and I do not mean a 100 page thesis but a 2 page summary of problem you are trying to solve, the target customer, description of your product offering, how it will solve the problem, how will you make money solving the problem and how much money will you make and by when) is very useful as long as it provides a structure to your plans and goals. However, its important to remember that things change when the rubber meets the road. The final outcome may be quite different from what you had set out to build initially. So flexibility and adaptability become important as does having a keen sense of spotting opportunities as you progress in your entrepreneurial journey.
Q3. What is the most difficult part about running your own firm?
UB: For me the most difficult challenge is spending enough quality time with my family (so, work-life balance). The next would have to be losing great team members who had been a part of our company for a long time.
Thanks,
Udayan
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