WHAT’S SO DIFFICULT ABOUT BUILDING A SUCCESSFUL STARTUP?

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3. WHAT’S SO DIFFICULT ABOUT BUILDING A SUCCESSFUL STARTUP?

I have been involved in building multiple startups, including starting my career with companies which were in very early stage of business. There have been many people around who have given extremely philosophical reasons for a failure of a startup, reasons starting from the concept to the intent. But I have seen and realized that success or failure of a startup depends only on the effort, passion, desire and intent of the founder (& his team). There have been innumerable instances of startups which are exactly similar to so many already existing ventures but have still been able to create a market for themselves. 

There was a time when I was able to concieve different ideas which never moved out of conceptualization stage and today I find at least 4-5 of them being amongst the top startups. And the only reason I see when I look back is I never had the desire, intent to make them a hit – I never believed in myself and more importantly on my idea. I would also like to add that here the team that founder puts together is also extremely important. An individual can never been enough to build an organization and hence his management team holds the key for success. That’s when you start growing; you got to keep it in mind. 

One major mistake that founders make in building team is by hiring people he or she likes. You are not marrying or sleeping with some one. You are building an organization and two people who cant fight, argue and create a feeling of discomfort at times amongst each other, can never take a startup to next level. So getting people who have studies together and had drinks when they were in college wouldn’t necessarily help. Now, I am not saying getting people whom you know wouldn’t work but what I am saying is not hire and get people in key positions just based on your liking – decide on the roles they can perform and add value.

I cant control but also write that over past few years I have seen and realized by myself that three key people makes the best combination, four is ok but anything above four and you are bound to be in trouble. The responsibility matrix will have too many stake holders passing the baton & no executer.

Lastly, if you have decided to go for entrepreneurship make sure you don’t look back until you achieve your mission.