Start-up Entrepreneurship is about being practical and aware of what works and what does not. The spark in someone with an idea alone is not enough to go an Entrepreneurial way. It is about expanding that idea, checking if a similar one is already in the market, which market segment will be receptive to that idea and also soliciting views of experts to know if that idea will be alive for a span of 3-5 years down the road. On-line education, Share rides, Home food delivery and vacation homes etc are great examples of ideas that have stayed on with amazing success.
Entrepreneurs innovate afresh or create incremental values to existing products or services. While doing so, they need to be careful that their offerings or ideas don’t suffer premature death due to their inefficient commercial methods or lack of funds to sustain those ideas in operation after a successful test marketing. If promoters are not good enough in this area it is no shame to invite an expert to provide a helping hand. Most of the ideas die an early death because of changing market preferences, lack of good marketing techniques or a competition rejigs similar idea to a mass scale at a rapid pace.
An entrepreneurial mind needs to be always on the vigil of what adaptations are needed to keep the idea alive with a working product or service, closely following the market trends in different segments and knowing the early reviews on the performance of the product.
Focus has to be a key trait for the start-up entrepreneurs and spending too much time on day to day activities retard their business growth. They need to live and sleep with their ideas or creative sparks till they hit the growth graph. The most important thing an entrepreneur needs to do is to protect his creation with IP rights, ensuring it does not infringe on an already existing IP. The decision to commit more funds should happen only after this is done.
There are living legends that created huge business empires and their stories are not inspirations alone but a guide to be successful entrepreneurs.
Innovate, Create or Adapt!
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THE PULSE by Sivakumar Gopal 