10 Things a Startup Entrepreneur Must Realize Before it is too Late
This is not your usual chitchat about what it takes to succeed, rather it is about the stark realities that all successful entrepreneurs have to come to terms with. The points are much stronger when they stare hard at you in real life. This is just to make you face your fears before they face you.
1. The future is far
This is not funny. The future is quite far. Do you know since when they’ve been talking about robots being mainstream? They always say it’s going to be in the future. That future is yet to come. So many ideas and projects that aim to create the “future” have not kicked off the ground. So if you have anything futuristic in your business model or plan, it’s very likely it’s going to take significantly longer than you think
2. Majority of the things that are insignificant today will be insignificant tomorrow
Many often think that because they are today’s underdogs, they will be tomorrow’s giants. The percentage of the things that go from insignificant to significant overnight (or even over a year) is very low. Of course, they get to be the loudest stories. But for one that made the transition, there are many who remained insignificant and even descended into obscurity. Focus on today; what you do must be significant today!
3. Someone somewhere will always come up with something better
This is quite a hard one to swallow. It’s easy to think in your mind that you’re the best and no one can ever challenge you. But the reality is that someone will invent, innovate in a way that at least you are not the only option on the table. What are you going to do on the day someone launches a better version of what you do? Think ahead
4. Investors will not believe in your vision, they will trust only in your capability
The investment always flows in the direction of the one who can deliver. When investors see capability, they can follow a dead vision. So you have to find a way to show capability early on
5. Revenue from advertising is overrated
This cannot be overemphasized. It is too important a point especially for tech entrepreneurs and internet businesses. The trend today is using advertising to generate revenue. This is not a sustainable model. And it is getting weaker and weaker. People don’t like being interrupted by advertisements. This is why you must create a healthy financial ecosystem around your business
6. Profit is the real progress
“Losses are okay as long as you’re making progress”. Don’t believe at that junk. If you are making real progress in the business, it has to show in the money. Progress without profit is only a delayed bankruptcy
7. Promises do not equal commitments
Don’t assume you have what is yet to be given to you. Promises are sometimes wishful thinking. If you are made a promise, keep it but don’t depend on it. The majority (if not all) of the promises will not be fulfilled one way or the other
8. There is always an option
Many are blinded my circumstances into thinking that certain issues have no options. There is never a time you will be without alternatives. All you need is to open your mind. There is always another angle to every issue. When you think you have no option, you have only been blinded
9. It’s never too late to get on the right track
Just because you have driven long and hard on the wrong road doesn’t mean it’s too late to get back on the right. It’s never too late to begin anything
10. Transparency is your most important friend
When everything else speaks against you, transparency would defend you. Playing games and hiding facts would work against you in the long run. Be open for all to see and you will be difficult to drag down
