We often see a new educational institution coming up with newer courses on entrepreneurship, but are they really successful? The thing is, we need to go to schools and colleges to learn how to learn new things. To learn how to solve problems that we haven’t encountered before.
Despite the growing number of people wanting to become an entrepreneur and even greater number of articles being published every day addressing this concern, there still remain doubts regarding the efficient way of building a startup. Achal Ghai (A venture capitalist) gave us some important tips on which steps one should follow to build a startup:
- Take Help From An Expert: When it is about building a startup, there are many things that you will get to know easily, and there are some which take the hard way. But you can take precautions by learning things from your peers those who have “been there & done that!”. You must take help from them at the time you have actually started working on it.
- Research Current Success Stories: There is no better library in today’s world than the internet. When you are planning to create a startup, you need to know which type of startups performed well in the previous years and which ones have done below expectations. These things are some basic knowledge that you will be needing to satisfactorily convince the investors that the startup you are planning to establish will perform well. Know the success stories of the recent startups and follow the founders on the social media sites.
- Find A Mentor Who Is Like A Friend: A friend is someone who listens to you what you want to say, and a mentor is someone who would tell you the things that are right for you. You need a mix of both. You need to find a mentor in a friend that has some experience. This will benefit you immensely because there won’t be any communication gap between you two and we know one thing, communication gap and lack of coordination can cause huge losses to any company.
- Don’t Skip Learning New Things: There are many industry-specific seminars that are held in every big city. Do not skip that if the seminar is regarding your industry. Being an owner of a startup needs to be constantly updated with the newer technologies that have come in the market and the ones that are on the way. You might find some new opportunities for collaborations too if you attend such seminars. Always be open to new business opportunities and collaborations.
- Volunteer for organizations that relate to your interest: There is no better opportunity than the one in which you can enhance your skills that are needed to run an organization of your interest. This will boost your confidence and you will feel self-motivated after serving such organization. You will also come to know about the various problems that employees face that might reduce the efficiency of the employee and consequently, that of the organization.
- Start A Small Business: This may sound weird, but starting a small scale business will be a cheap way to enter the market. This will test your entrepreneurial skill on a small scale and will teach you all the real-life problems that you may face if you start big. This will also help you build the investment money you need for a big startup and help you build contacts in the industry.
Finally, it is important to know how dedicated you could be. You must self-examine your self-motivation and dedication since building a startup would need your 24 hours a day!