Decoding wannapreneurs’s Top doubts against starting a new company (Part 2)



By Anjli Jain on Jan 6

This 2017 we need more entrepreneurs. More starters from both type — the good one and the bad one. Entrepreneurship is like an iceberg. Above the surface we see those who have already started. However the majority, the wannapreneurs are still nascent and full of doubts.

We ought to strive to develop their potential because all said and done, the next Facebook might just lie below the surface

Is my company going to get funded?

Try to put yourself into investor’s shoes. When they consider a company for investment, what they consider is this — Is the problem you are addressing, a large, urgent and valuable problem?” If so, the business will be “very valuable.”

If you have 1 of 3, it’s not worth the time. And if you have 2 of 3 you can build solid business — but not at venture scale. “For venture scale, you need all 3 of 3.”

Even if you do raise funding, the first place to go shouldn’t be investors — it should always be customers. You can never go wrong going to customers and getting pre-orders from Day One.

Few people bought but then it faded away. Should I still go ahead and leave my job?

If you have sold few units, it still means something. Sit down and actually talk to people. In the early days, you’re getting rejected all the time. If you’re only selling through channels at scale, you don’t really get a chance to learn why people aren’t buying. But if you sit down with someone and ask them in person, then you get real feedback.

How to find my life’s task?

A great question to ask, because in many cases your life’s task becomes your business. Here is a small framework for you:

- Observe what you loved in childhood.
- Know the kind of intelligence (scientific? language-related? kinetic?) that excites you.
- Know what you hate.
- Notice what subjects you’re drawn to.

How to find cofounders?

Plenty has been written on the topic already. It is not an easy feat to persuade others to join your madness especially if you don’t have a track record of turning past madness into multi-billion dollar company.

What generally helps is:

— Aggressive networking

Marc Cuban started his early career selling everything computer themed he could laid his hands on. Arriving in San Francisco in his youth, brimming with ambition, he assigned himself a goal to meet minimum 5 people every day. That’s what he did. And every time he met someone he asked for more connections and more introduction. His efforts compounded as you can see.

— Monopoly on any skill

If you are really good at something people will rush for the chance to work with you. This is especially true for developers. They are a special breed of people and they can only work with you if you have tons of cash to pay them — or if you are a legendary developer they would kill for the chance to work with you.

If you are really good at something people will flock to you. Find your expertise and master it.

What if I fail? It will be a difficult to get a job again, especially in India

Ask yourself why would it be so difficult to get a job even after a break of few months? The answer may sound cold but will nevertheless give you a refreshing perspective.

Because you are not indispensable!

Great people can take a break any time for personal pursuits and resume their careers at will.

Their master over a particular skill which in return enables them to act bold and entrepreneurial while still working for someone else. Great programmers, writers and designers are always in demand. They is always space for them under the sun. They are indispensable and they have positioned themselves as such.

This may be a good rule of thumb — if you are too concerned whether you will be able to get a job after you fail it means that you probably don’t have what it takes to start a company. At least not yet.

There’s a good aspect to it. More companies even in India open up embracing failure and welcome candidates who have tried to start, reached certain milestones but still failed. That is because they know that entrepreneurship is a multifaceted occupation where one develops plethora of skills and networks that could be of benefit for the employer. In other words your startup even a failed one serves as your resume.

We are accepting applications for our new batch of startups. Apply here