Coming up with a truly great idea is half the battle. The bad news is that the other half of the battle can be a lot of work and isn't always a clear path. Implementing the idea that you get is the next and the most crucial part of your entrepreneurial journey.
Big companies struggle with innovation. They invest a lot of money for getting new ideas and launching new devices. So, why don’t we work on our own ideas rather than giving our precious (think of your idea as the one ring to rule them all) to them by working under them. They do not bother about small start-ups, but begin to notice them, once the start-up becomes big enough to compete.
Always remember – their losses are huge but we, on the other hand, don’t have anything to lose. We can learn from our mistakes, many a time. Taking small risks is an art for an entrepreneur, but taking huge risks may be a suicide.
A new start-up may bring many twists and turns, such as, competition from other companies, running out of money after some time, absence of co-operation from friends, etc. But the thing worth remembering is that,” Rome was not built in a day”. When you are small, you need to be focussed and rely on your instincts. You are supposed to use every penny very carefully. You should have faith in your idea and work hard and harder to make it a success. You should be able to cope up with the problem when the problem presents itself. An entrepreneur is one who quits a 9 hour job to work 18 hours a day.
The major obstacle that needs to be conquered is to get people to agree on the idea and start working towards it positively. Groups clap themselves on the back for being so creative and then move on. Months later, everyone is surprised that there was no progress on the great ideas that emerged. One reason why it is crucial to work to get agreement on the problem to be solved is that if there is subtle disagreement in the group, it undermines the process of implementing the ideas later.
“Ideas are cheap.” It is only after substantial investment of time, energy and resources, that those ideas create change.
If you do not give up, you are still in the race, because every chance you get is not the last but the second last.
Next time we will look at some of the biggest start up stories…………………
By Rohit Gupta