Life is too short to learn everything after making mistakes. And entrepreneurial life is even shorter, it doesn’t give second chances too often. There are a few things that you need to get done in the first go. Hence, some lessons should also be learned from others.
Look at the ones who have gone before you and watch their steps. You will easily get a checklist of do’s and don’ts for your business. Because once you step into the entrepreneurial world, you won’t get much time to amend every wrong.
I prepared mine before launching EduGorilla and it helped me many a time. It starts with the basic definition of entrepreneurship, one of the most honest and realistic descriptions you could ever come across. It goes as,
“Entrepreneurship is not a 9 to 5 where you get lunch breaks and week offs. There will be days when you have to work for like 18 hours and even clean the office space or fix chairs. There will be times when you will recruit people like a boss and there will be times when you yourself will work as an overburdened employee. “– Rohit Manglik
And the following lessons are the ones that I counted on my fingers every morning:
Deconstruct your ideas first. Assimilate them later.
Before you set to take off into the entrepreneurial sky with your ideas, pause for a moment and do yourself a favor. Sit in front of a mirror and give some honest answers to the following questions:
- What makes your idea special? What is the ‘never heard before’ element in it?
- Whom would your product cater to? And how would it benefit them?
- How many bucks will it need to fly and what if you don’t get the desired funds? Is there a cheaper version?
- Is there a plan B in case the initial idea fails? Or would you get back to your last job?
And beware. If any of the answers don’t satisfy you, they won’t satiate the audience either. In such a case, step back and bridge the gaps first.
Refinements in the early days will save you from repentance in the future – Rohit Manglik
Don’t go for bizarre ideas just to satisfy your quest for ‘Innovation’.
The idea of ‘innovation’ is so ingrained in the minds of entrepreneurs that they fail to realize a very important aspect. And that is, entrepreneurs are not necessarily innovators. Refining things and upgrading them is also a business. If you look closely, you will find that many successful entrepreneurs have just redefined or redesigned existing ideas. And they did that extremely well.
- The multi-billionaire American businessman Howard Schultz sold coffee, yeah Starbucks
- Warren Edward Buffett, another mammoth of the business world started with the trading of other’s stocks
- And Ted Turner? The man with a net worth of USD 2.2 billion only vended television broadcasting.
Innovation is not just about creating new designs. Adding new layers and hues to the prevailing ones is also a revolution – Rohit Manglik
Don’t follow the ‘Just for 99’ scheme. Go for value-based pricing.
Pricing of a product requires a lot of forethought, it is not an easy decision. In fact, all of the marketing and promotion strategies comes down to pricing. The value that you will assign to your product will determine the success of your startup in the long run. So, don’t blindly go for cheap promotional schemes.
You don’t need consumers who buy goods during ‘2 for 159’ and ‘3 for 199’ schemes and flock away when prices soar. Instead, connect with the ones who find value in your products and embrace them with the ‘price-tag’. And this calls for market research and a dummy run of your product. Study the market trends, collate the strategies of your rivals, and absorb the feedbacks of your prospective audience.
Such feedbacks are the invaluable ‘words of wisdom’ that an entrepreneur should consider while preparing an estimate for his commodity – Rohit Manglik
Hire the right soldiers for your Startup ‘Regiment’. An army that will stay.
Employees are the necessary precursors to the growth of any startup business. Almost all successful enterprises share a common characteristic and that is, their dependable workforce majorly comprises the early hires. But to build such a standing army, you need to become a smart recruiter; rather a ‘Superboss’ according to Sydney Finkelstein.
- Look for passionate and dedicated individuals who have a quest for learning new things and the hunger to explore more.
- Ungroomed freshers prove to be a better choice for a new enterprise than the old hands.
- The experienced ones are difficult to mold and carry their own rulebooks. They bring in greater disgust and lesser value.
Every startup needs a loyal and laborious workforce and not self-absorbed, strong-headed professionals – Rohit Manglik
Call upon for some Paparazzi. Create a buzz.
Whatever you do, wherever you go, build some momentum. Advertising and promotion are an integral part of successful pitching. So, write an effective advertisement plan. Whether it’s the media, customers, and investors, let everyone know about your plans and your story.
Throw some headlines. Let people know about your product and the glitters glued to it. Let them talk about it, evaluate it and try it. Build a good PR team, indulge in online promotions, go for social marketing. Create some thrill and avidity about your startup venture. Let the world know that a new entrepreneur is stepping into the business world.
Whether it is about raising investment or participating in major events, or insights into your business plans, every story helps in building up excitement about new business – Rohit Manglik
And the lessons add up to…
Nothing is easy in the first go and launching a startup is definitely not. It is akin to raising your first child, where you have no experience and all you can do is listen to the stories of others. While some of them would prove fruitful, many can backfire as well. So, be careful about what you hear and what you implement.
The journey has just started, there is a lot more waiting for you on the way. Embrace the challenges that come across and make memories as you move along.
Author: As an entrepreneur, Rohit Manglik believes that innovation, rather continuous innovation is the soul of any business. In a market full of ombre hues, paint yours with a tint of red and everybody will notice you. This ‘innovation’ is what drives him and his startup. Another thing that he wants the budding entrepreneurs to realize is that there are no weekends or time offs in a startup. There is just work, work, and work. So, before you step into the entrepreneurial sea, make sure you have enough motivation to get up from bed every morning and go to work. It is you, your motivation, and your dedication that will drive your employees and your enterprise.
Guest article written by: Rohit Manglik. As an entrepreneur, Rohit Manglik believes that innovation, rather continuous innovation is the soul of any business. In a market full of ombre hues, paint yours with a tint of red and everybody will notice you. This ‘innovation’ is what drives him and his startup. Another thing that he wants the budding entrepreneurs to realize is that there are no weekends or time offs in a startup. There is just work, work, and work. So, before you step into the entrepreneurial sea, make sure you have enough motivation to get up from bed every morning and go to work. It is you, your motivation, and your dedication that will drive your employees and your enterprise.