Entrepreneurship Archives

After interacting with so many entrepreneurs and mentors, attending and conducting many high powered entrepreneurial events, I can say that we have by far the best mentors available, who can instill the best startup culture. Let us take a "Sneak Peak at Virtual Incubation" today……

Sneak Peak at Virtual Startup Incubation

Starting a new company requires a substantial commitment and sacrifice of time and resources on the part of the founder(s). The reality is that the vast majority of new ventures fail, even when the product or services at the foundation of the company appears to have significant commercial potential. The quality of many other significant factors behind a startup enables the success of the enterprise. The most important factor to the success of any new enterprise is the experience and capability of the management team and their execution intelligence.

But the key differentiator in success and failure of most of the startups is “The Mentor”. The successful startups probably find their mentors or the other way round, in rare cases. But still, apart from metros, it is extremely difficult to gain access to right mentor. Being part of this ecosystem for last four years, I have realized that even the organizations, engaged in fostering entrepreneurship, is finding it difficult to outline a mentoring framework to benefit the startups. Some sessions do happen in larger entrepreneurial conferences but, no continuity is ensured. Angel Networks and VCs also help in the mentoring process during such events, but the truth is, they really add great value only after funding the particular startup.

I have taken up this new responsibility to develop ecosystem to facilitate startups, immaterial of any particular geography through “Virtual Startup Incubation”.

At VST, we will walk you through startup process, step by step, for a smooth transition from startup to a matured enterprise.

The sneak Peak:

Idea Validation: It is extremely essential to verify the idea on commercial scale before starting up. This is been done by experienced entrepreneurs who have been there and done it.
Business Planning Process: Without business plan you cannot surge ahead as it will act as a guide in conducting business for next 3 to 5 years.
Funding: At startup level the funds are needed despite bootstrapping. Equity based funding from Angels and VCs, also called as series A, is the right option.
Company Formation: A legal entity is required, incorporated as per the requirement and offerings, keeping future operations in mind. Experts provide advice in documentation and related hurdles.
Product Prototype: If it’s a product based startup, a prototype or also called as working model is required which is subjected to consumer and expert opinion. If its service industry then may be a pilot project could be tried.
Product or Service Launch: The consumer behavior through market survey can pave way for the launch.
Traction & Revenue: How to create a real market pull or the traction to generate revenue, the ultimate aim of any business. Revenue and profit is what companies are created for.
Exit: Today you have to decide on exit options at time of starting a company. There are certain options; one has to choose the right one.

Mentors and experts can travel with you on your startup journey to ensure that you sustain and grow to achieve your cherished dream of being your own boss and feel pride of creating something new. The Virtual Startup Incubation will open communications channel with world class mentors.

The platform for “Virtual Startup Incubation” is in the final stages of development and will be rolled out on 15^th of August 2014. Please send me your business idea in brief (200 Words) and contact details at . On validation, you will receive a detail plan template and a discussion time with our mentor to initiate Virtual Startup Incubation.

Please do send me your suggestions and comments on virtual startup incubation and keep asking questions.

Entrepreneurs always inspire people by virtue of their creations, innovations and richness. Never before we have witnessed so many millionaire or billionaires been created is such a haste by us. But that’s the pace now and we all love this speed and expect us to remain part of it. Entrepreneurs are amazing people who never stop exploring opportunities to build an empire. I closely observed few great entrepreneurs during last few years and realized they altogether have a different mindset. This made me put some of my experiences with them as 10 Mantras for startup business success. There are certain common factors which I think everyone who intend to start or aspiring become an entrepreneur should consider it as a checklist.

Identify a pain point in society: Each demography has its own problem if you can find it; you have a readymade market. Phanindra Sama and his friends found bus ticket booking is difficult task and unorganized. They created redbus and created a grand modern day success story in 6 years.
Don’t afraid to approach mentors: You tend to be sentimental and feel your idea to be the best, but it’s not true get it validated from some experienced entrepreneurs and leaders. They are open and they will give you their insights and probably put you on right track.
You cannot thrive with limited money: In today’s fast paced world you should monetize fast or else someone will follow. Invest your money but create a business plan and approach angels or VCs. Be after them and keep on updating, believe me they want to invest. But business plan should be impeccable with passionate pitch.
Scale up fast: In the replicative world be sure more would follow you. With first mover advantage have pace to surge ahead.
Enhance and create your own market: Be analytical and track your competition but don’t be afraid, keep on innovating new delivery models and create your own niche.
Create a good team: It is impossible to succeed without dedicated team around you. Even on your board have few knowledgeable experts and don’t afraid to share company with them. Have transparent atmosphere and delegate work with proper accountability.
Have small deadlines and celebrate achievements: Always have a small target and on achievement give credit to the team and celebrate with them. This will create sense of belongingness and enhance bonding. People want to enjoy the work and desire appreciation rather than just money.
Keep on adding: An entrepreneur cannot become complacent, add new products or services and break barriers by innovating.
Always open for suggestions and criticism: It is believed that true entrepreneurs excel when they learn to take criticism positively and give it a thought. Similarly they respect all good suggestions and possess and treat it as a good advice.
Be humble: All established entrepreneurs are humble and believe that they have some responsibility to give it back to the world.

There are many such characteristics which make an entrepreneur a role model and major stakeholder in economic development of any country.

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