Students of the Institute of Management, Christ University, have got the good fortune to experience a constellation of entrepreneurs discussing the ups and downs of their venture so far and what kept them going even after an array of odds. A couple of college dropouts along with an IIT alumni, an MBA rank holder from Calcutta University; all of them had the extremely inspiring and courageous story that helped them thrive in the competition and gain an edge against the prevailing obstacles.
The discussion revealed that a degree from a prestigious university does not really add up to the fact that a venture will be successful. However what counts is the passion and zeal that the person puts forward for the idea. The value that the person brings in with the service or the product should be phenomenon. A lot of people get attracted to the idea of living a life of a CEO. Agreed to the idea that entrepreneurship is a lifestyle, a glamorous one no doubt, however one should not see the glitters and get carried away and step into the world without prior mindset for a longterm commitment, said the speakers.
A start up venture must know how to sell himself and should be open to the idea of being a multitasker. At any point of time they should be willing to learn new skill sets and the continuous learning will help grow the company further. These are incumbent skills of an entrepreneur basis on which investors bet and puts in the money for game. They suggested not to dilute more than 10% unless definite prediction of growth of the company based on the industry. They stressed on the idea on preventing duplication of ideas and protecting the same with intellectual property right and introduction of patents.
Necessary conditions to start up with a venture is to have a good money manager, a super sharp marketer and a CEO who is an excellent people’s manager. The fact that a best friend cannot be a great co-founder since the personal space should not come into play is business was stressed with personal examples.
To identify a solvable issue and work on the same is the key to a sustainable start up. They also mentioned that over a period the start up bubble for India is going to wean away. Compared to India the investment scenario is way much weaker in Chinese context. A lot of start ups meet failure since they run out of money and continuous bootstrapping is not there. One of them mentioned that she started with only 50k INR and the company grew bigger over the time given the fact that all the necessary matrixes and parameters were identified successfully.
Team work is utmost important. Commonality of vision among the members help the business retain its original value set and experiment with innovation. Member of the team should be complimenting each other with the idea and willing to work in a flat organization where everyone works in association. They coined the term “sweat equity” to promote the passionate vision of start up where everyone puts in the same effort to attain the unanimous goal.
Identifying the right mentor to correct own defects help the venture go a long way a constructive feedback always directs the growth tree. The real life discrepancy and possible alert areas should be highlighted with the mentoring help.