Showing posts with label startup experience. Show all posts
Showing posts with label startup experience. Show all posts

You, Me & Your Startup

A blog post by another stakeholder in the startup ecosystem - the spouse of the entrepreneur. My wife has written this to express the experience which the spouse of an entrepreneur goes through.


'There’s lots that is said about startups, entrepreneurship, funding, investments etc. these days. Also words like co-founder, partner, technology, marketing are not limited to the people working in or as a part of any venture, these terms are now part of so many other individual lives as well, which are directly or indirectly related to that one big thing which is rocking the world today and is called a “START-UP”.  But I still intend to write something about it, which is not said earlier or even if it is I am not very sure if  it has reached many people. I can say this because as a normal 29 year old, I didn’t come across anything like this.

Now what is this flip side of a start-up; it is that part of a start-up which is not directly involved in the functioning of it but has a major role to play in the lives of the people running it, the spouse of the entrepreneur.

And yes I am one of them. My husband is a struggling entrepreneur and has some ‘not very successful ventures’ on his CV. And when I say not very successful, it doesn’t mean that he failed, what I mean here is that they could not secure valuations in the multi-million league. His passion and madness for creating something that the entire World will know about started much before his craziness for me came into his life.

We had an arranged marriage but I think we both were pretty sure about each other. We both had assumptions about married life like all normal people getting married do.

In the initial year I use to be fascinated by his love for his work and used to
think that I would love being part of his start-up and help him in every possible way. Even he made me part of his work with lots of hope and happiness. We used to be very positive and energetic about our work and efforts that we put into it, but as the results were not in our favor, the positivity and optimism faded away slowly. He used to be very low on energy and there was no motivation. Also I realized my efforts and contributions were not sufficient because I was unable to match up to his zeal and dedication. Later I realized the prime reason behind it was that our ultimate ambitions were different. For him it was about creating something that the world will know and he used to believe his existence has a reason and he needs to discover it. On the other hand I was more laid back, never use to think on those lines. For me working was primarily helping him and about keeping myself busy and occupied.

As the years went by, his confidence and mine as well started shaking and it used to lead to lot of disagreements and conflicts. There use to be good days and bad days, which were directly connected to good and bad days at work. Funds used to be challenging as the startup always needs a lot of liquidity and when you have limited resources there are tough choices to make. Despite this, he ensured that I had a comfortable life, because of which he had sleepless nights and stressful days.

What I learnt from this journey of four years with him was that patience is what he always expected from me and when he was low, nothing could shatter him if he had experienced a good day at work. People who are very ambitious are mostly dissatisfied and rarely content. But at the same time, the spark in his eyes when he was motivated would motivate me so much.

Today when I am writing this article I feel very secure and stable in my head because I understand him, his needs, his demands and somewhere hoping he understands me as well. I would not say it is an easy journey as it takes sacrifices, commitment, self motivation because your struggling partner may not be there to motivate you, but nevertheless it will all seem worthwhile when someday you will be called the wife of “ Mr. ENTREPRENEUR” and you will see him happy, satisfied and most importantly smiling.'

Love Every Moment



A startup's journey is a long and exhausting one.

On the way, we come across a lot of situations which tend to pull us down and affect our happiness. While we was running Beveragewala, we faced a lot of these. Be it a complaint mail from a customer, an error in packaging, server issues etc., stress levels used to shoot up virtually everyday. Now when I look back, I realise that these were just minor obstacles in our way which we could and did take care of. Because of these, my health and overall happiness was taking a beating at that time.

I feel that every entrepreneur must realise what I realise now. Stress and anger are unproductive in the short term and harmful in the long term. You will face challenges. Do not let them cow you down. Keep overcoming them and love and enjoy your journey to the fullest.

"If you don't drive your business, you will be driven out of business"...B.C.Forbes


An entrepreneur must drive his/her business. He/she must be in constant control of the business, the existing structure, the growth and all aspects of it. The culture, mission and vision of the company must be set and sustained by the entrepreneur.

The Intangible Benefits of Entrepreneurship

There are many reasons to be an entrepreneur. Owning a business can be joyful or a pain in the you-know-what. Chances are you’ll experience both ends of the spectrum at times. It’s not easy to grow a business, and in frustration, entrepreneurs decide to quit.



Freedom
Freedom is the one thing each of us wants and needs. Freedom comes in many forms and can be the difference between truly living life or simply existing. Entrepreneurship provides many ways to be free. You get to set your schedule and spend your time each day on the things that are important to you.



Impact
You started a business to make a living, but what you do in that business helps people and changes their lives. The impact of a business lives beyond the entrepreneur who started the business. Look at a company like Apple and it’s founder, Steve Jobs, as an example.

Take some time to enjoy the freedom you have and the impact you’re making in people’s lives. Enjoy the little moments in the journey to build your business and live each day fully present. You’re creating a legacy that will extend beyond your lifetime. That should make you smile.

(taken from http://www.entrepreneur.com/article/249852)

First Time Founders - can they succeed?



A question a lot of budding entrepreneurs think when they start out. During my first attempt at starting up, I used to feel that I am young and have no experience in building a business. Will I be able to succeed competing against people with previous startup experience?

I feel that starting up the first time has it's disadvantages but also has a host of advantages. An untested entrepreneur will have no baggage, i.e. he will not have any bad experiences to be careful about and will not tend to over analyse things. He would be energetic about his/her idea and will keep on experimenting. His lack of experience may lead to him/her wasting some time and resources on some experiments, but overall having no previous baggage will ensure he keeps on pushing hard at all things he feels will deliver. Entrepreneurship is a lot about gut feeling as well, and a first time founder can use this better than an experienced one.

Quoting an article based on a survey by Shasta Ventures, they found that
'Surprisingly, it is most often untested founders, rather than experienced entrepreneurs, who are at the helm of large, fast growing companies. Three-out-of-four of the companies in our survey, of how billion dollar companies look like at the Series A, were built and run by people who were doing it for the first time.'

Enjoy the journey



Entrepreneurs need to be focused, hard working, passionate, patient, adaptive etc. etc. However, one thing which is very important to last out the journey is to have fun along the way.

While we were building Bitequest, there were many instances where we used to go for tie ups to different bars and used to end up having a couple of beers, especially during our last meetings on a particular day. They say combining work with pleasure is not a good thing. But just working and being rigid is not the solution. One should enjoy what you are doing and at times this may entail doing something you are not supposed to :).

Biases of an Entrepreneur...

During my startup journey, I realised that a lot of times we tend to develop biases about a lot things which cloud our mind and tend to inhibit the proper growth of the venture. Some of these include:

- 'Build your product for yourself' bias: When thinking about what is the perfect product, we tend to assess what we would like to see in the product and go ahead and build based on that. We need to remember that we are not the customers. Getting relevant and adequate feedback from others (preferably in the target market) is extremely important for an optimal product to be developed.



- 'I can manage everything' bias: It is a common human tendency to not accept one's own mistakes and inadequacies. An entrepreneur must know and accept what his/her strengths and weaknesses are. Only once you know can you build on the weaknesses. 



- 'Make a run for it' bias: This is the bias I faced a lot. This means that once I finalised my initial business plan, I started focusing on the execution and got so involved in the daily running of the venture, I completely forgot to assess the progress and growth of the venture from time to time. Focus is very important for any startup. However, the venture needs to be analysed from time to time to ensure that we are moving in the right direction.


These are some of the biases I have faced personally in my journey. I am sure there would be many more. All of us should learn from each other's mistakes and ensure that our venture's growth is not inhibited by any of these factors.