Published: 21st November 2022
Coach Calling: The definitive three-point advice young entrepreneurs need to start up
When you are starting a start-up, it is not just about the money, it is also about passion, morals, ethics and so on
Entrepreneurship! A dream that most people have, especially in today's world, wherein, start-ups have sprung up left, right and centre, with most of them becoming successful too, so successful that many of them have earned the Unicorn status (companies that reach a one billion dollar valuation). Many young entrepreneurs have become an inspiration for our youth by showing that age isn't a factor, but there are some serious aspects to consider before you decide to become your OWN BOSS!
No money, no honey... What are you after? Money or honey?
There are two main types of entrepreneurs, in my opinion. One, the ONE who runs behind HONEY (I mean those who DREAM of living a lavish life, cars, houses, women and so on) and two, the one who is focused on making MONEY (profit-oriented only). Both these classes of entrepreneurs are short lived and will eventually face challenges which, in most cases, leads to the END! There is a third type, the one who is passionate, moral, ethical and focuses on bringing in change (for the better) through his or her start-up and considers money, honey (referring to the same metaphor as above), fame and fortune as a by product of their missio. THAT'S THE WAY TO GO! I cannot put it anymore simpler than this.
It's not just about the money, honey!
Recently four IIT start-ups bagged 50 lakh each as funding to start their journey and also, there have been numerous news articles about different start-ups bagging crores of rupees as funding. Yes! Funding plays a major role in the success of any start-up as its the main factor that'll propel the company to join the ranks of Fortune 500 companies, but your FORTUNE plays an equally pivotal role here. I don't mean fortune literally, as in luck alone, but I use it as a metaphor to emphasise on the IDEA that is behind the start-up which will either disrupt, enhance, revolutionise or advance the present area that you're focused on.
But is everything as hunky dory as it seems? Absolutely not! So here's the first tip... Do not get carried away and focus on HOW MUCH YOU CAN GET (as funding)! Rather, focus on HOW MUCH YOU CAN GIVE...to your investors, stakeholders and of course, to the society and the greater good. The most successful start-ups that have achieved phenomenonal growth are those who have kept their stakeholders happy. When you focus on the GIVING part and pour your heart and soul into making the best product or service, you'll receive in abundance. The reason I start with this tip is to ensure that your ethics, morals and principles are set in stone right from the drawing board.
Stand your ground
Be very clear about how you want to run your company. Always remember that it's your BRAINCHILD, you need to nurture it the way you want to. The reason I stress upon this is because of my personal experience with many entrepreneurs who allowed the investors/venture capitalists/ stakeholders to direct or steer the company, just because they invested in it, which eventually led to the company being shut down. Always remember that it's your car and you need to drive it. Just because someone is paying for the fuel doesn't mean you can let the petrol bunk/gas station attendant drive it.
The final advice that I have is to ensure that you seek the RIGHT ADVICE at the RIGHT TIME from the RIGHT PEOPLE. Whatever happens do not allow your egotism to refrain you from seeking guidance and mentoring. It can be disastrous, trust me.
How do I know all this? Well, I've failed in my entrepreneural journey, quite a few times, and still haven't given up hope. But definitely am happy that I'm able to guide others and ensure that they don't make the same mistakes which I've committed as well as seen others commit. Hope I've done justice and wish all the future entrepreneurs the very best in their future endeavours.
With lots of love and genuine prayers for everyone to succeed,
Adarsh Benakappa Basavaraj