There are lot of people very energetic, smart, who really take their best and hard decision to leave the job and start something own as a start up.
If you want to start a business or already in business then this is very important for you! #MustRead
Here is a scenario or you can say a story of start up and their challenges that they face.
Here are few understanding and behaviour of many people (start up owners) how they plan and think:
- I have my 6 months savings, and next 6 months are very safe but I have to ensure something after that so that we everything works well. I will work very hard and make it happen.
- Yes after all, I have to do something…there is no option! There is lot of responsibilities, challenges like need to pay loan EMIs and manage all family expense with happy expression.
- I don’t know when i am going to full fill my all the dreams. I want to give surprises to my family with big house, big cars, etc.
Note: Above you just read, it is a background and mind set of typical start up owners..
1st month: Nothing moving as per the PLAN.. let me focus more… I think hiring a SALES GUY would be great idea!
2nd month: they get shock when the see remaining savings and that is about to over by coming few months.
OMG!! I should take help from someone.. its business loan is always good option! So its ok!!
NOTE: there was no plan to have loan before 6 month and later. But its ok! This is how they satisfy their EGO being a Founder of a the startup.
3rd month: New funds comes in as loan from friend or bank.
Now slowly, things started moving forward.. salary going on time.. EMIs going on time…
But there a big surprise (full of challenges): and that is work load, commitment of many deliveries are lined up! which means need more people in the team sort it out.
Now they started hiring new people.. but unfortunately they were not getting right fit in the budget.
Note: this just first sign of getting out of control.. many order started getting cancelled due to over commitment and lack of delivery.
There were only 2 following options left:
1. Hiring right people paying market rates or what they expect.
2. Outsource the work. But this is not possible some time due to NDA, security, trust and deadline, issues.
In some of the case or scenario they manages things by extra leverage on business.
But eventually they get into C grade work culture and other problems like uncertainty of business and cash flow crisis etc..
Note: You might have noticed or seen that majority of start up fails in just 6 months to 12 months period. due to finance and team competency and trust.
There is another aspect of doing business which is most successful.
- Having right CoFounder (PARTNER)
- Being a Leader NOT owner: who always motivates people and delegate the work.
- Take ownership of bad or good everything etc..
Here is a cool stuff, I will share with you..
Read it carefully if you are business owner or planing to be a business owner.
In the above scenario of start up, I noticed 2 things which was missing to over come the challenges.
- Mind set of an entrepreneur for a start up
- A system which automates your start up processes and business.
That I will share with you in upcoming video soon! till then you can follow on social media and subscribe newsletter to get fresh and free tips, strategy on digital marketing.
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