The outcome will be fantastic, but what if I fail?

Most of us have path breaking ideas. The real challenge, however, is to convert these ideas into actions. The major issue that governs the constant procrastination and glitch is the fact that we don’t quite believe in ourselves or the idea. “The outcome will be fantastic, but what if I fail?”

The journey of a start-up begins right from belief to execution. The point of ‘I Think I Can’ to ‘I Know I Can’. How do we tread this journey? There are roadblocks ahead, that’s a given. But we have the path itself figured out. That’s more important.

ENVISION your Idea

In order to make the idea happen, we need to constantly envision the idea becoming a success. That is possible only when right thoughts are sowed into the mind. The thoughts that will lead to possibilities and avenues. The thoughts that will give momentum to your plan.

Say GREAT Self Affirmations

Start your day with great and positive affirmations. Say that you CAN and WILL do it. Say your name and say the affirmation later. Take these affirmations seriously. Personalise them. Apply them to YOU as a whole. Carry forward the power of these affirmations that will boost the rest of your day. Great results happen eventually.

Do Not CONTAIN Yourself

Stop living in the shadows. Period. Stop yourself from looking tiny. Do not let others put you down or belittle you. Stop inhibiting your creative mind. Emerge out of your constraints and break a leg. Ask for success by delivering the best. There is no way you are going to fail, with a larger than life mind and attitude in place.

Say YES to Risks

Time has now come for you to start looking at the bigger picture. Do not refrain from taking risks where matters. Returns are simply not possible if there is no element of risk involved. Stop living in comfort. Start feeling really uncomfortable. Enjoy the roller coaster ride.

Define Your PLAN

What’s the real plan, ask yourself. Ask all the important questions surrounding your idea. Start applying practical possibilities and outcomes to the idea. Work your plan like there is no other option left. Define the end goals with a crystal clear clarity.

Read SUCCESSFUL People

Read up about people who have made it happen. People who overcame all the odds to rise and shine. Reading about the success of others gives you a morale boost as well as a plethora of new ideas. Do not underestimate the power of a success story.

Stay INSPIRED During Tough Times

Make it a point to stay self-motivated all times. There would be days of low tide when you see nothing moving. Say to yourself that this too shall pass. Instead of worrying about it, start working on way forward action points. See the solutions pouring in.

Your Business is Calling You, NOW

Now is the time to not waste. Now is the time to work hard. Now is the time to organize smart. Believe in NOW. There is no later. Stop procrastination from entering your life. There is no gain derived from that.

When you think you can is the very day you know you can. The ride is going to be rough. Learn to embrace and enjoy the same, while taking back great learning.

As always, let me know your thoughts on the topic. I’d love to hear your ideas and views in the comments below.

(Disclaimer: This article is not edited by the Bloger's team. It has been brought directly from the Syndicate feed. Source: bizztor.com)

How to make your startup failure-proof

With the government announcing a host of policies and benefits for startups, India has officially entered into the entrepreneurship era. But there is a lot of confusion at the ground level that budding entrepreneurs face. Issues could range from ‘what is the right mentorship’ to ‘how to get funds’. Keeping in mind these challenges, NASSCOM started its ‘10,000 Startups’ programme, where it has vowed to scale up the ecosystem in India.

Under this programme, NASSCOM aims to enable incubation, funding and support for 10,000 technology startups in India over the next 10 years. The efforts are going in the right direction, but there is a lot that still needs to be done.

Most of the startups in India seem to die even before they take off. What are the possible reasons?

Startups in India die mainly because they fail to raise enough funds during the initial stage. To overcome this issue, companies should ensure that their products are meeting a specific need of the market and are innovative enough to create a ripple in the system. To minimise initial loss of capital, entrepreneurs should pilot their projects effectively, gathering as many insights as possible.

One should remain flexible, never be stuck on one idea or one path and always be open to trying different things to iterating and experimenting.

Sometimes, there is a lack of support from existing founders and internal issues within the team, which ultimately result in seizing of operations.

For a start, a credible and compelling incubation programme definitely helps startups understand whether or not their idea can be transformed into a successful venture. In line with this, we introduced NASSCOM Warehouses. We incubate startups from a diverse range of verticals. Our space helps entrepreneurs learn, work and accelerate their companies.

How conducive is the environment in the country for entrepreneurs?

India currently has massive funding and access to technological resources making it one of the best moments for the development of the largest startup ecosystem. This is truly the best time to become an entrepreneur in India. We have a very encouraging government who along with industry players like NASSCOM are aiming to expand the entrepreneurial culture in the country. This is the first time that any government had drafted special policies and initiatives to upgrade the startup ecosystem in India.

Getting early-stage funding is a tedious process. How do you simplify it and what are the places startups can go wrong?

Early-stage funding is no longer a tedious process. With Department of Industrial Policy and Promotion launching an exclusive portal for startups, the process will now be more structured and comparatively easier for the entrepreneurs. The portal will bring all the entities of the startup ecosystem together and enable an easy exchange of information among them. These entities include venture capital funds, incubators, seed funds, accelerators, angel investment funds, and the whole government machinery. In this way, the tedious and complicated process for new companies to get the business started will be eliminated.

What are the sources for early stage funding?

Insufficient funding is one of the key reasons why new businesses fail today. Therefore, it is very crucial to have enough funding for a startup to mature. Many-a-times entrepreneurs underestimate the amount of money they require not just to get starting but also to keep running the business. Early-stage funding can not necessarily be a huge amount; sometimes these early investments can be quite small but can support the company to maturity.

Bootstrapping, seeking angel investment or applying to incubators could help raise early stage funding.

What are the attributes should one look for while selecting mentors?

Selecting the right mentor for your startup depends on what you want to get from the mentoring relationship. It’s extremely important that the mentors you look for have been successful in a particular area. The mentor should understand your product well enough so as to provide the right growth strategy.

How have incubators and accelerators fared in India, with the startup ecosystem gaining momentum?

Multiple indicators point to the fact that this ecosystem is not only undergoing rapid evolution but also becoming increasingly attractive. In the last one year, we have seen an increase in startup incubators and accelerators aiming to build a sustainable ecosystem for budding entrepreneurs. These platforms continue to emerge not only in metro cities but also in smaller towns thereby encouraging entrepreneurs to come forward with innovative ideas and products.

What are the major advantages to startups in India vis-à-vis those of the Silicon Valley and what are the major disadvantages that Indian startups face?

Startup ecosystem in the Silicon Valley has evolved over the last 25 years, and the entrepreneurs and investors are equally mature. Having said that, we can’t also deny the quick leap that Indian startup ecosystem has taken in the last 2-3 years, which is commendable. Of course there would be some obvious differences in the entrepreneurial cultures of both the countries, but we are glad that gradually we are trying to match up to the West.

What are the kind of startups that are attracting maximum funding, from within India and from the West?

Consumer-focused startups attracted maximum investments in 2015 with e-commerce leading the space. Substantial interest was also generated by the logistics and hyper-local startups. Internet of Things (IoT) is another segment which is slowly attracting investor attention.

How does Nasscom provide backing to the Indian startup ecosystem?

The significant percentage of startups are focused on Indian and overseas markets. Hence there is a need for support on market access and also training in areas where they need supplementation. To nurture and empower the passionate entrepreneurs in India, the ‘10,000 Startups’ programme has introduced a series of initiatives in partnership with Google, Microsoft, IBM and Amazon Web Services.

• Startup Warehouse to create a micro-ecosystem where startups and entrepreneurs can work together, share their learnings and best practices

• Readying women for entrepreneurship: The ‘10,000 Startups’ programme has partnered with Black Box Connect to build a conducive landscape for women entrepreneurs in India

• InnoTrek is another initiative that is giving the brightest tech startups a chance to go to Silicon Valley, get access to global VCs and connect with some of the biggest tech giants of the world

• Konnect Sessions –Funding, Acceleration, Mentoring and Enterprise is an impact measurement framework

•  To accelerate digital transformation at the startup level, we have also launched Techstartup.in, an online platform that serves as a centralised hub for India’s tech ecosystem city-b-city providing information and resources to help turn ideas into businesses, deliver valuable tools for tech startups, and connect citizen entrepreneurs to opportunities in the tech ecosystem

• NASSCOM Industry Partner Programme (NIPP), an initiative launched to foster sustained engagement between large corporates including GICs and innovative technology ventures across India. The programme is acting as a bridge between product startups and large IT-BPM companies including multinationals such as Google, Microsoft, Intel, Motorola, Sony, Allstate, Lowe's, Accenture, Dell, Wipro, CA Technologies, UBS and Zafin, among others.

How do you ensure that the startups get the benefits extended by the government?

The government of India has announced a number of initiatives to improve ease of doing business and encourage the growth of startups in the country. There are policies in these initiatives which will reach the entrepreneurs directly.

What should a startup keep in mind while making a pitch for the investment?

During the pitch phase to investors, it’s essential to substantiate your business model to be viable. An investment pitch must clearly outline the market opportunity that is realistic to your business. Further, it is important that entrepreneurs identify and target investors with similar interests or portfolio investments in the past.

What are roadblocks for an evolved startup that has received some rounds of funding? Do you help them as well?

Despite having raised good investments, many startups struggle to survive the competition and eventually die a slow death. This usually happens because of reasons like lack of efficient team management, absence of right mentorship and guidance and not having a good brand strategy. Often these startups are unable to efficiently manage the funds raised and are ultimately forced to shut down their businesses.

(Disclaimer: This article is not edited by the Bloger's team. It has been brought directly from the Syndicate feed. Source: Techgig.com)

How to Build a Startup in India: Complete Guide

In last 4 years, I have built 3 startups and multiple products, some did well, some didn’t. Currently I am building AeroLeads which is a prospect generation software, before this, I built InBoundio and before it WorkMonk (now shut down).

In between, I took few short and one long break (of one year). With all this experience, I have learnt a lot about how to build a business, about technology, marketing, sales and finances.

When I was starting, I made lot of mistakes and wasted lot of time in doing things which were counter productive or didn’t align with building and growing a business. I also made lot of mistakes from technology and hiring people too. So I thought to write a Complete Guide on How to Build a Startup in India. I am sharing all what I have seen and learnt from my mistakes and what you can do to avoid them.

1. Idea and What to build

Do what you want to do. I am a firm believer in this as the startups require lot of hard work and if you are not having fun and doing what you find it exciting, you will soon lose motivation.

Ideally you want to start from a pain point and see what solution you can build. It will be good if that is a problem faced by many as this will determine your market size. There is also “sell Antibiotic and Not Vitamins” concept as people only pay for antibiotics, not for vitamins.

Almost all the startups (at least the successful ones) are built around a solution for a problem. Do not create artificial problems as it is easy to have tunnel vision as a startup founder.

Also almost always people start with something else and end up building something else after few failures and iterations.

2. Team

Going solo is stupid and suicidal. I know because I am a single founder. Always have a co-founder who will share pain, expenses, problems and work load. Normally college friends become the best co-founders. Founding team of 2-3 is best. I have seen teams which are too big often split up later and ends up as 2-3 founder company anyway. You can have your brother/spouse as co-founder too but make sure he/she shares the responsibility. Way too many people add directors/co-founders for name sake which creates false illusion of someone being there.

Build your core team based on character and not on skills since skills can be build easily, character can’t. Make sure you like these people and enjoy working with them since you will be spending 50% of your awake time with them.

3. How to start

You are better of starting from your home. Don’t jump taking office, furniture, startup branding material, forming company etc. These things are not important initially. Way too too many startup founders make this mistake and loses focus. When time and money are at scarcity, use it wisely.

Spend all your time and resources on building and selling. Don’t bother about fancy office, furniture, stationery, t-shirts and even registering company. These can be dealt with later.

Whether to register a private limited company or not is your choice. My opinion on it keeps on changing but I feels if there are multiple co-founders and partners, you should register a private limited company. You can get it done for around 20k. Do get proper partnership agreements done too.

Initially you may want to pool some money and keep it in your bank account say 5 lakh which can use to pay bills too. Such buffer amount is needed so you don’t have to keep using your personal funds which will make tracking expenses difficult.

4. Technology

One of the founder has to understand technology. Way too many startups fail because of bad technical decision specially choosing wrong technology stack (I have done it). Ask others what is the best option for you. As few more people. This is one thing which has huge cost of failure involved. Don’t just chose something because this is all you know. You can spend 3 months learning something which will be far more beneficial so be open for it.

Also do not do premature scaling. Don’t buy costly servers and start talking about scaling with you have few hundred records and your product don’t even need that. Don’t use technology just because it is cool. Using AWS, angular, node.js is fine but may be overkill if all you need is $10/month hosting and a web framework which supports crud operation.

Do explore all the options and do keep things like how easy it is to find developers, in what salary range, what kind of support is available, how active is the developer community etc. Never chose a technology stack just because it is cool.

5. How to Hire ?

There is no silver bullet, the best of the best I have seen makes hiring mistakes. Ideally you want to do inbound hiring. Let people come to you by hearing about you and your startup. This often brings ownership and commitment.

I have rarely seen finding your core members from Naukri or Monster working out for any startup. HasJobs, Startup Facebook Groups, LinkedIn/Twitter, Company career page on the hand has worked much better for me and others.

Don’t go for the resume screening too. Just talk to them and look what they can bring now and in future as well. Always prefer character over skill as skill can be build in few months, character can’t. Hiring a wrong person will be a huge liability in terms of time, money and resources invested, not to mention asking someone to leave is never easy for anyone so be very careful in hiring and always keep 3-6 months screening/trial period.

6. How to Raise Funding ?

Back in 2011, I had spent 3 months trying to raise funding. There wasn’t really much to show, there was no product or team and I was extremely hyper. I wasn’t sure how much I wanted to raise and the number kept on fluctuating from $200k to $1M on daily basis.

Needless to say, I couldn’t raise anything but still I did learnt some very valuable lessons by getting rejected from every VC and angel investors of India. DO NOT chase them, let them chase you. There are plenty of associates hanging out on linkedIn and who reads YourStory and NextBigWhat so if you are doing good, they will contact you. Raising Funding is a two sided market and investors values good startups and will quick to jump on to you if they see value.

From what I have seen, do not raise anything below 50 lakh. It is not worth diluting or going through the hassle of issuing stocks for small amounts. Normally with just 6-8 people, your burn rate will be 5 lakh per month at least so 50 lakh is a minimum (this is what I have seen in Bangalore). If you can raise more initially, even better as raising money is a huge pain and sucks time and energy.

Don’t be attached too many feelings and emotions with funding though, some of the biggest and successful tech product companies in India are bootstrapped and there are businesses which are family run. If you are not able to to make things move in 3 months, move on. Raising money is not your primary job, building a business is.

7. Finances

If you are running a private limited company, make sure you keep your finances clean. All the data for private limited companies are publicly available with directors name so you don’t want to default anything as as a director. Your name may get blacklisted if you don’t audit and file returns. Hire a good friendly CA (not a firm, they are only there to make money) who will give you good advice too.

Ideally one of the core founding team member should manage finances as money is oxygen for startups. It is also important if you want to raise funding in future too. I have tried to use various software but somehow never got used to them as I found them clumsy, I anyway don’t run a big company in terms of people so for me netbanking + excel file works. Find the best option for you and stick to it.

8. Sales and Marketing

Make sure you grow organically initially. Nothing is better than growing without sales and marketing teams and zero budget and growing by word of mouth. Lets the users find you as this will validate your business model too.

Avoid hiring too many sales and marketing people initially. Premature hiring specially of sales and marketing team will burn your cash really fast. Also I have seen people being casual in hiring sales and marketing people as compared to developers (often because the founders understand technology so can screen the people better as compared to sales and marketing) which often leads to wrong hiree.

If you don’t understand sales and marketing, it is good to learn by doing things yourself. Sales and Marketing will take more time and resources than technology and is integral part of business growth.

9. Relationship, Health, Life and Fun.

Every startup founder is a dreamer and wants to make it big but it is stupid to do it at the cost of relationship, health, life and fun. I think its OK to work 14 hours a day, living on top ramen and your startup being the center of your life for some time but you can’t do it for years. In fact this means you are making wrong decisions running your startup too as this is why you are not able to find the right work life balance. I can write a lot on this from my past mistakes but I feels if you are reading this, you can easily connect the dots. Take care of your health and relationships (parents, brother/sister, spouse, friends) since you can’t buy it with money, success and fame. Also keep learning and having fun in life and have it today, don’t wait for tomorrow.

I am very sure on this – You will spend your whole life ignoring everything, only working and making 100 million dollars and when you die, Times of India will goof up and miss out printing 2 digits.

(Disclaimer: This article is not edited by the Bloger's team. It has been brought directly from the Syndicate feed. Source: bizztor.com)