Five Questions for a Startup Entrepreneur
Over the past two years, we have had
one of the most significant tectonic plate shifts in the evolution of the
startup ecosystem in India. We are seeing legions of young people, often right
out of college, experiment and innovate across business sectors, to bring in
new ideas which enhance efficiencies, open new gates of opportunities, level
the playing field and connect various geographic and demographic dots.
But, the success of any new business
idea lies in the answer to the question -What real-life problem is the business
idea solving? It is critical for startups to have a strong purpose, a
problem-solving proposition and a well thought implementation plan to achieve
their vision. Only then will they be able to create sustainable businesses
which grow the ecosystem with themselves.
Having met some really inspiring
entreprenuers from around the world, there are a few common denominators that
one does find. Here are some of these startup entreprenuer traits.
What is your purpose?
Nothing is more critical than asking
the question about why your company should exist and whether you feel deeply
passionate about that purpose.Having a purpose motivates and binds the team
together, making them push boundaries to stay true to this purpose. And the
most important guiding principle for finding your company's purpose is to
determine what it can meaningfully do for others. No amount of personal wealth
would make you persistently happy. Creating lifechanging experiences for others
surely will.
Can you attract a rockstar team?
Our hiring strategy is rather simple
-hire people s m a r t e r t h a n yo u r s e l f.Different people have unique
strengths and weaknesses, hence, it's critical to always have an eye out for
smart people when constructing a startup team. Diverse viewpoints around the
company challenge your thinking and help you to keep your ears to the ground.
Can you be unreasonable?
In order to build large enterprises,
one needs to dream big and aim high. Set `Big Hairy Audacious Goals' or BHAGs
(pronounced bee-hag) and orchestrate the business model to meet them. Raising
benchmarks for your team continuously is key. Unless your team thinks you are
crazy with the goals you are setting, you have not aimed high enough.
Do you have awesome work ethic?
There is no fixed job description
for an entrepreneur. Of course, as the company expands, the team grows bigger
but that doesn't imply that your role as an entrepreneur has changed. Remember
-it is your idea. If you want people around you to believe in your vision, you
will have to work harder to show them that the light at the end of the tunnel. You
get no pats on the back for working 18 hours a day , and you shouldn't be
expecting any either.
Are you open to change?
When working with a new idea, one is
bound to be faced with various business challenges and catastrophes. Startups
often run out of money . The team needs to have the intent of embracing
failures courageously and be richer with learnings to rise again like a phoenix
and start afresh. At Snapdeal, we had to change our business model six times
before getting to the business model we were happy with.
In the end, while the idea that an
entrepreneur is pursuing needs to be large and impactful, there are many other
personality traits at an early stage which have a far reaching impact on
long-term success, because the original idea often does change along the
journey .
(Kunal Bahl is the cofounder and CEO
of Snapdeal)
ET23JUN15
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