Without knowing it, there are a lot of similarities between managing a successful relationship and a startup.
Doing great in your current relationship? You'll most probably do great as an entrepreneur as well.
Who would have thought initiating a start-up and dating would have anything in common? Let me elaborate how the odds of striking it rich can be similar to those of finding true love.
The startup environment is the not the right place for you to run a 'One Man Show'. Studies has shown that startup founders tend to run their operations single-handedly. Similar like relationships, running a 'One Man Show' in a startup is definitely not ideal. Which is why it is imperative to work together with like-minded mates to help sail your ship more smoothly & safely - making the journey to success more meaningful. So learn to give, take, delegate work appropriately and party together in style.
Adaptability is among the most basic yet important key to startup success. Like relationships, the environment can be constantly evolving and subject to change, especially in moment when you least expect them. To go the distance in a startup ecosystem would heavily require you to embrace & adapt to these changes even if it means stepping out of your comfort zone.
Entrepreneurs and businesspersons are getting younger. In fact, studies shown the average startup founder is aged between 20 to 36. The entrepreneurial spirit is alive and well in millennials.
Did you know it costs about $45,464 a year to maintain a startup in Manila and about six times more in Zurich? Though cynical, the statement "love won't pay the bills" realistically reflects the situation. While the initial round of seed funding may come from angel investors / in-laws, startups / marriages are an investment that will continually incur costs.Be smart about your spending and work towards developing a self-sustaining business model that generates revenue quickly. Just like how you wouldn't spend money on renovating your home to include a designer kitchen but with only peanuts in your bank account, don't spend money on glitzy TV ads for your business before you even have a chance to generate profit.
Before embarking your startup path, there are certain risks to be considered. On paper, initiating a startup seems fantastic with the idea of embarking on a new path. But the reality of it is that startups aren't everybody's cup of tea. A research revealed the odds of startup success:
Sometimes we forget amidst the thrill of being involved in a startup is the amount of risk involved, so take time to learn what you need to deal with before diving head-first into your startup idea. And here is a very important aspect to consider why startups fail: There Is No Market Need
The more you understand your target market, the high your chances are. Listen & learn your consumers' likes & dislikes to find that one true unique calling that will work for your business in the competitive landscape of business. It is important to take note of your target market's fears and addressing their needs, providing them a sense of security. Niche marketing and quirky businesses have proven to be effective in garnering attention from your target market. Here are some niche and weird businesses that made bank:
Just like maintaining a relationship, it can be an exhausting endeavor as you will have to innovate all the time, whether it's on ideas, new places to go, technicalities, product design, room renovation or growth. Remember that the struggles you face will only make you stronger."Alibaba is my 1,001th mistake. While it won't be east, believe in the fact that greater success and happiness awaits you" Jack Ma, CEO of Alibaba"As a startup CEO, I slept like a baby. I woke up every two hours and cried" Ben Horowitz, Co-Founder of Opsware
Every struggle or hardship will definitely be easier, when you absolutely love what you do and believes that it achieves a greater purpose. Regardless your love for tea, organic food, a person's smile or even if you have greater goals like fixing transportation issues, ideas generally sound great on paper. Nonetheless, it is up to the market to decide whether you'll succeed but it is totally up to you to keep it exciting & relevant.Amuleek Singh Bijral, owner of Chai Point (tea retail venture) had to close his business after his first year and re-do his business concept. Today, he sells about 150,000 cups per-day. Hold on to your dreams and keep it up, because trial & error will always be part of startups (and relationships).
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