Inside the Mind of a Start-Up Entrepreneur
It is one thing to have an idea. Capitalizing on that idea is another thing. Start ups are small, very adapting and might be based on an idea form a few persons. The developers of an idea must be resolute and believe that their product will be able to remain ahead of the pack because you have other competitors too.
The Two Types of Leaders
Basically, there are two types of leaders in business. There is the transactional and the transformational leader. The transactional leader will excel in a well established business, they will blend in properly within an existing system, when they have some free time. They complain about the management of the system. The transformational leader initiates the shift in the system of things. They include the start-up founders and entrepreneurs.
The transformational leader has to deal with doubt, which is having to make the public believe in what they are working on. Bankruptcy, having to invest all they have in their ideas with no guarantee of a return on investment, loneliness, fear of failure, and critical situations.
10 Important Traits
As a group, founders do things by their won rules. Many founders have strong beliefs in their ideas. But when the going is rough, many founders are unable to stand on their own. In order to be successful they must have these 10 primary key traits.
1. Design and develop a splash page, write the codes, develop a serve, and put together a subscribe list.
2. Track the changes and make decisions and analyze the analytics.
3. Do effective marketing, write a blog post, deliver keynote addresses, build contacts, and network their business.
4. They should be able to recruit and train an intern, hire, and replace any staff.
5. They should have an indepth understanding of the legal aspect of the business and a comprehension knowledge of the technical details.
6. They need to make some cold calls, patience, and tact.
7. They should have enough knowledge to make a point known and to write a novel.
8. They should be able to analyze a balance sheet, make a budget, and balance the books.
9. They should be able to raise money, build an advisory board and have the boldness to tell an investor they have lost all the money.
10. They should be able to lead, be followed, find a mentor, act alone, remain creative, and stay up 36 hours straight or more.
The Most Successful
Let us take a look at the mindset of some of the successful persons in the field of play.
Bill Gates - the founder of Microsoft once said, “I never took a day off in my 20s, not one.”
Larry Page - Co founder of Google said, “you may think using Google is great, but I think it is horrible.”
Catherine Cook - founder of MeetMe said, “If you are not making mistakes than you are not taking decisions.
Mark Zukerburg - founder of Facebook once said, “I mean the real story is actually probably pretty boring, right? We just say at computers for 6 years and coded.”
Steve Jobs - Co founder of Apple once said, “I’m convinced that about half of what separates the successful entrepreneurs and the unsuccessful ones is pure perseverance.”
But it is known by most founders that this is not enough. 75% of start ups end in failure. This implies that for every 5 that start-up, 4 end up failing. With about 30% being a total fiasco.
Ideally the development should be in the form of;
1. From inspiration to concept to prototype.
2. Start up entrepreneurs should be able to believe completely in their ideas.
3. Gradually make progress from Beta Launch to feedback before the public launch.
4. Scale up the project and then have an exit plan.
There are some pitfalls that must be avoided in a bid to make progress.
1. Being ignorant of the product/market fit.
2. Lack of proper identification of the consumer interest.
3. Wasting on premature scaling.
4. Renegotiating the business share.
5. No exit plan.
In conclusion, research has revealed that 182 businesses funded by venture capitalists raised a total of $20.6 billion in 2012. You need to invest all that is required to make your business global.