Interesting question...right. Well going by personal experience of venturing into becoming a first generation entrepreneur and starting my dream venture I learnt a lot of things. That it doesn't really matter if you are passionate and committed to your idea of making your venture successful...the success of it depends to a large extent on external factors that are beyond your control.
So many hurdles are placed in your path that overcoming them one by one at times feels good but at the same time frustrating. The first time you interact with anyone with an idea that you hold very close to your heart you get to hear - 'Oh...That is nice to hear but there are so many similar companies doing the same thing, how are you different from them'. Pertinent question - but even after telling how you are different from the clutter, it is still difficult to convince a person of your idea. And believe me, when you hear these repeated comments on how it will be impossible for you to survive in a competitive world, no matter how confident or committed you are to making your business venture a successful one, you think - is it worth the effort?
And yet like a Phoenix, you rise again with renewed energy and enthusiasm of proving everybody wrong. Nobody trusts startups if they are not from the coveted and prized IT sector but if you don't encourage entrepreneurs from other sectors who have big dreams and maybe business plans ready to explain that their ideas are workable and viable and rewarding, how will these budding entrepreneurs who have the will to make it happen, succeed.
Understandable, that 9 out of 10 entrepreneurial ventures fail but what about that one that survives against all odds. Doesn't it convey the indomitable spirit of that entrepreneur who has been able to make his dream come true to some extent fighting against all odds. And the nine that failed for whatever reason be it the business idea not being successful or finances not being available to run the business or the initial euphoria dying down...maybe one or two of them would have still made it if they got the right guidance and the motivation when they really needed it the most.
The most obvious challenge that startups face is inadequate finances to scale up the business when scaling up is crucial to get the returns from it. Most of the startups come into being with the entrepreneurs own funds being invested in them. If you get your marketing mix right, you may start earning a reasonable amount on the investments that you have personally made which are again ploughed back into the business. And this cycle goes on to a point where perhaps the entrepreneur's funds are not enough to scale it up. Here they start looking for external help from banks, angel investments and private equity. But do these entities really help....is it easy to get across to them....is it easy to sell your idea which is now a running business to them. No, personal experience has told me that this is just not enough. Yes, these entities are taking a risk by investing their money and they are fully entitled to safeguard their interests before they invest in a startup but they can actually disqualify or qualify a business by giving a chance to the entrepreneur to present his/her idea to them - in this case a running business.
They can be a mentor to the entrepreneur and could provide guidance on how to grow further and if they see a potential - why not fund that idea. But this will come only when they agree to interact with the individual, by my personal experience most of them just write us off for some reason. Atleast, give us a patient hearing...listen to us...and then disqualify us if you see no merit. Please do not discourage us.
Inspite of all this, there a few stubborn entrepreneurs like myself who refuse to give up on their dreams...who possess the determination to succeed come what may and who grow stronger with every rejection they face and are ready to take on challenges and will not let anything break their resolve. We will toil on and someday if we are capable enough to support somebody's dream of making it big...we will do so with all our heart and soul because we know the courage it takes to stand up and realise your dream and find someone who can help you realise it.
The opinions expressed here are solely mine based on my personal experience of managing and running a startup. There may be different opinions regarding the subject.
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