‘Chicken Soup’ – The Soul of a ‘Startup’…
Your startup is your dream project. However, to progress ahead, you need to be a little flexible and pro-active! Here’s why!
Let me ask you an open ended question…Who would be an ideal role model to you? Taking a wild guess, I would vouch for Steve Jobs, Elon Musk, Sachin/Binny Bansal, or perhaps Vishal Shekhar Sharma. All of them possess a common ‘quality’ - the unique idea for their product(s) and undying love for it.
Your obsession with your product is pretty much understandable. To quote Steve Jobs, “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.”
Your Product Idea Should be Innovative
Remember, merely just starting a business, isn’t called a startup. Solving an existing problem, or adopting better ideas to develop your product is one. To distinguish yourself from the common mass, it is very essential that your product is exclusive and innovative. Technological trends like Artificial Intelligence (AI), Machine Learning (ML), Augmented Reality (AR), and Virtual Reality (VR) are thriving each day, and you should make every effort to execute the latest technology.
Bootstrapping is Good initially, but for How Long?
While you start off, the love for your product/company is at its zenith, and you own cent percent of it. To hold the company’s value all by yourself is a matter of pride, and maybe that is why most of you (startups), wish to remain bootstrapped for a long tenure. Being a bootstrapped venture, you are free to decide for yourself, and owe no explanation to anyone, barring your co-founder (if you have one). The early years of your hustle could be bootstrapped, however, in the long run, it is advisable to choose a wise mentor.
How to Choose Your VC/Investor?
To you, your product comes without any flaws. You are so much in love with it, that you might subtly be ignoring its defects.
Your startup idea is the brainchild of yours, and possibly you kept no stone unturned to develop it. But when you delve deeper into the ocean, you realize there are plenty of other sharks in it. Your direction might be correct, but unknowingly you might be missing out on something important. Bill Gates says, “Your most unhappy customers are your greatest source of learning.” Similarly, it is important that you have a mentor/investor on board. Seeking funding might seem to be far-fetched, however if your product idea is unique, there is no stopping. But, while you choose an investor, it is very important to choose one, who has proper knowledge and expertise of your genre. For instance, if your product relates to agri-tech, try to seek assistance from VCs/investors who spent a long time in their, exploring agri-tech.
An ‘interference’ from experienced people could help you progress in the near future. This might open up multiple doors for you and your product idea. Remember, the broad idea here is to grow your business and for that you need to be self-critical.
DO NOT FALL IN LOVE WITH YOUR PRODUCT!