In recent scenario the credential of any countries` economy is being measured based on the wealthiest people of that country. Quite frequently we come across the news of Warren Buffet, Bill Gates, Ratan Tata, Kumar Mangalam Birla, Mukesh Ambani, Sunil Mittal, Narayan Murthi, Azeem Premji and lot other big industrialist about their change of rank in the wealthiest category of the world or the country. The other middle class people or below that category consisting more than 80% of population are simply ignored. It is not that the people in the lower category are not having any skills. If we analyse we will come to know that some of the people are having enough potential to be listed in the category of above industrialists. You would be thinking that if the people are having potential then what the factors that are stopping their growth. We shall discuss the same further in this article.
The God Almighty has given different quality, skills in
different people. Some of the people have been bestowed with lot of wealth and
some are having excellent skills and creativity. It is universal truth that to
achieve success healthy cooperation among the people is required. There are
certain pessimistic factors that stopped the people from coming forward and
knock the door of success.
- Mindset of keeping the hard earned money in safe mode like deposit with Banks, Insurance Companies or government securities bearing fixed rate of returns.
Actually most of the people who are in possession
of considerable amount of fund do not know the hidden facts of the system of
banking and insurance companies. Nowhere in the globe can people get guaranteed
securities disregard of government undertaking. We have seen lot of bankruptcy
cases in recent past. Actually almost all the currency across the globe is
backed by USD and analysts have proved that United States economy is heading
towards bankruptcy. I wonder why people are over caring for security of the
money when the most important LIFE itself
is not secured.
The basic element for growth of wealth in any
economy is that it should be kept on circulating in the different right hands rather
than piling up in one hand. Hence hard earned money of the person or group of
the person should be deployed in such a manner that mitigates the disparity of
income in the society which can be achieved in contributing for starting up the
business or expansion of the existing business.
- Hesitation in executing ideas on the guise that it may be stolen by others.
Some people are of so conservative mindset that they
feel very much unsecured in executing the ideas. They think that their ideas
are of high importance and if he will try to execute it some other people may
come to know and may be implemented by them. Actually any business idea is the
monopoly of oneself but delay in implementation of the same may end up
worthless. Further one has to remember universal truth that knowledge increases
if shared with others.
Salvador Dali- the father of Surrealism slept on a
couch with a spoon in his mouth. He would start dreaming up crazy ideas and as
he would drift into his sleep, the spoon would slip out of his mouth, fall on the
floor and wake him up. He would immediately get up, rush to his canvas to paint
what he had just dreamt. The million $ Dalis that exist today are paintings,
not mere dreams.
An idea is worth nothing. Quickly Execute it to
make it valuable.
- Hesitation in meeting with Investors!
Some cream talent in the society often found
wondering here and there and wasting their valuable times and energy. They
hesitate in approaching to investor on the pretext of the right time and mood
of the investors.
No Investor is waiting with bated breath biting her
fingernails for you to call! It’s quite the opposite scene actually. In a
booming Economy (like India), investors are deluged with lots of high quality
and established business investment options, so you have to fight hard to get
into visitor’s area to begin with!
Capital Chases Entrepreneurs, not the other way
around. Invest all your energies in building a GREAT business. Everyone will be
ringing your doorbell.
- No money to start up.
Most new business ideas today really need very
little capital. If you are thinking of starting an Internet enabled business,
the cloud takes away all the pain of investments. Domains cost less than 20
US$, and the rest of it is almost free. Sites like Word Press and their plugins
can get you a fully loaded website up and running in a few thousand rupees
spent.
Sure, if you have a more Capital Intensive business
idea, then think really hard. Start Ups don’t survive on Love and Fresh Air.
They need real hard cash. If you are on the Poverty Line, don’t attempt to
start up. There will be better times to be more adventurous.
Be ready to sacrifice a good couple of years’
earnings into starting up and not looking like someone who lost all her baggage
after a 24 hour flight. Once you have the cushion of 2 years’ savings, a lot
more confidence will seep into your decision-making and improve your risk
taking capabilities. Also Budget your Burn to say last for a year or whatever
be your test horizon. That discipline will go a long way even after you get
funded.
- Let me Grow First. Revenues can come Later.
Unless you have a massive, massive overnight hit
like a Twitter or Facebook, tread the ‘growth first, revenue last’ road with
caution.
You may be suffering from a deep-seated insecurity
to generate revenues and conveniently shoving that fear under the carpet by
postponing revenue generation. It’s like hiding a body in the deep freezer and
hoping that it will never be found.
Generating revenues is a real PAIN. And it’s best
confronted in parallel to building your business. In fact, so many extra
features of your service or enterprise may never be needed if you listen to the
fat men with the cheques books early on. Also, as investors, partners, and
potential acquirers start noticing your business, they look your
Generating Revenue Experience (GRE) scores. If you didn’t apply for the exam,
you wont get in.
Get that begging bowl out. Try and test (if you
want to maintain Facebook like early start up Virginity) what people will pay
for – but make sure that you know where the light switches are when the
darkness arrives.
- Ignorance of Technology and Business Strategy!
If you are not aware of latest market strategy and
developed technology then learn!!
The demons of the mind that say that you don’t know
how ‘business’ works need to be exterminated on day zero of starting up. Look
all around you – the greatest geeks in the world – Steve Jobs, Bill Gates, The
Google Twins, Marc Z – all have understood the science of business better than
anybody else.
Today the technology and self -serve platforms have
become so easy to understand and implement, they are like those do it yourself
Lego Puzzles. All you need is the patience to sit down and assemble the rocket
you are trying to build step by step. Read the instructions carefully and you
will be set.
No entrepreneur can be in-complete. This is
actually also the first step in becoming an entrepreneur – understanding a
domain that you otherwise had no clue of.
Note – I am not suggesting mastering all domains,
but rather just understanding them.
- Hiring Cost of professionals and consultants! Myth 6 – Professionals whom I want are too expensive to hire.
Some entrepreneurs think that professional that
they want to hire are too expensive. Actually this issue can be killed if
professionals are approached positively with burning desire and they have been
explained the real worth of invention of entrepreneur.
So many of the ‘been there, done that’ types are so
bored and stuck en-cashing salary cheques every month. They are waiting for
folks like you to go up to them and redeem them!
Professionals with big compensation packages may
not quit their job in a hurry for your Love Songs, but they can certainly begin
associating with you. Start meeting them and burrow into their experiences.
Shed a few shares and get them on your board. You may even realize that you
never needed them full time!
- Conclusions
In a start up land, while your dreams may have
taken you to heaven in a first class seat, when you actually implement the idea
and hit execution, you may land up in rubble, deep under the ground.
Do not deny the ‘badness’ of the idea or the common
sensical fact that ‘this was a bet that should not have been played’.
Enterprises are built on hypothesis. If even a couple of assumptions or facts
(which are crucial to business) don’t turn out the way as per your
expectations, ditch the business, kill all engines, sit back and revise the
learnings earned.
Get out, as soon as you see smoke. Don’t put on a
mask and enter the fire pretending to be a fire fighter. You will not come out
alive and your soul will be too charred to boot up again
All the above obstacles that we
have discussed so far is due terror barrier.
It is resulted when unconscious mind that is stronger than the conscious mind
do not accept the new business ideas which is loaded with obvious risk, hence
on the pretext of above it through in the safe zone by not proceeding towards
start up. One also needs to learn the technique of killing the terror barrier
to be one of the great entrepreneurs.
Wish you All The Best! 
