LESSONS FROM A SERIAL ENTREPRENEUR

LESSONS FROM A SERIAL ENTREPRENEUR

Success Requires a Clear Strategy, Hard Work and a Willingness to Change According to Market Needs

Startup mortality rate is over 95%. To make sure you are part of the other 5%, pay attention to small details

It is not enough to think big, have strong passion and an unstinting belief in yourself while embarking on the rewarding and satisfying journey of entrepreneurship. It also requires a clear strategy, hard work and willingness to adapt to changing market needs. Often, in their enthusiasm to ‘change the world’, budding entrepreneurs overlook basic things. Here are a few things most startups overlook. Make sure you don’t.
Have a Clear ‘Right to Win’
Startup infant mortality rate is over 95%. You don’t want to be among the casualties. And for that, you need all the aces or high-value cards. So be it the right co-founders, adequate capital, unfair access to supply chain or disproportionate advantage over others—make sure you have the secret sauce. This will ensure you are part of the 5% that make it alive.
Don’t Underestimate
Typically, passion takes over common sense. People like an idea so much they don’t do enough home work. Firsttime entrepreneurs underestimate the requirements by a factor of three. In other words, be aware that it will take at least three times the capital, time and hard work for a venture to succeed than what the initial estimate suggests.
Be Flexible
Most startups are so fixated on an idea they can’t see the changing market. You should be able to rejig a business model completely—right from infrastructure and capital requirements to the sales team—if the market requirements change. Lack of flexibility in early stages can be fatal.
Don’t Assume, Do it
Most startups don’t explore new areas and prefer going with something that has been replicated a hundred times over. Assuming that you can execute something better than others is a myth. Almost all entrepreneurs out there are passionate, hardworking and intelligent. At best, you can incrementally and marginally improve operational efficiency. But then you will make other mistakes. So, it’s better go for new, uncontested spaces or disruptive business models. You would then have a better chance of success.

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