Well, this post is something which is very close to my heart :)
Over a decade, India had seen so many start ups being registered...especially in the last two years, the numbers were phenomenal across IT, ITES, Healthcare, Agriculture, BFSI etc. Yet only a few are able to sustain in a long run. Let's analyse the practical situation of a startup in terms of the innovation to make their firms or products a succussfull brands...
Most of the entrepreneurs start the business to make change, lead people, be their own boss, do something different, innovate...& the list goes on & on...But the fact is, majority of these people expect things to turn around automatically & become profitable within few months & become a successful Entrepreneurs. But the reality has something else for them in the platter...they start complaining & eventually QUIT.
If "Necessity is the mother of invention", I would say, "Obsession will be the father of innovation" :) Coz Great ideas start with completely unrealistic thoughts. Do u think Invention & Innovation are the same???
Ahem!!! Absolutely not...Invention is creating new ideas for products or process, whereas Innovation is all about practical application of new invention into a marketable products & services...
Recently I have read it one of the co-blogger post who is a serial entrepreneur...He had mentioned, "First two years of a start up are extremely demanding one you as a fonder of a start-up. You have to endure a lot of pain before you glimpses of some of the nice things. And there is always high probability of not making it at all. Its kind of being pregnant for 2 years while knowing that the probability of giving birth to a healthy child is just 10-15% People who go through this period of pregnancy and deliver successfully are the ones who enjoy the journey and the pain than the outcome"
Most of the startups fail miserably because of either one of three main reasons... Lack of innovation, lack of funds, lack of strong business plan.
Either the start-ups should target the untapped industry like Linkedin (Professional Networking) or Naukri.com (Job Portal in India) or Xerox (Which changed the name of photocopying) or start ups have to innovate something new within the existing industry to attract the customers (Facebook overtook Orkut when the latter was doing great in Social Networking Industry....Another best example, Apple/ Samsung overtaking Nokia which was the market leader in the mobile phones industry for more than 14 Years)...It's a sheer rat race where they have to innovate something that keep the customers motivated to buy your product & have high client/ customer satisfaction because for any enterprise, there will be clients & customers to sell the product...
I have spoken to couple people in the past who have the aspirations to become an entrepreneur & have strong business mind & approach but not willing to leave their high paying job. They somehow convinces themselves that the entrepreneurial venture will be a successful while doing their full time job, but have you ever heard if there is anything called part-time entrepreneurship???
Still lot more to cover in this topic...esp the SEED FUNDING!!! Watch out this page for more actions on Entrepreneurship :)
Cheers!!!
Over a decade, India had seen so many start ups being registered...especially in the last two years, the numbers were phenomenal across IT, ITES, Healthcare, Agriculture, BFSI etc. Yet only a few are able to sustain in a long run. Let's analyse the practical situation of a startup in terms of the innovation to make their firms or products a succussfull brands...
Most of the entrepreneurs start the business to make change, lead people, be their own boss, do something different, innovate...& the list goes on & on...But the fact is, majority of these people expect things to turn around automatically & become profitable within few months & become a successful Entrepreneurs. But the reality has something else for them in the platter...they start complaining & eventually QUIT.
If "Necessity is the mother of invention", I would say, "Obsession will be the father of innovation" :) Coz Great ideas start with completely unrealistic thoughts. Do u think Invention & Innovation are the same???
Ahem!!! Absolutely not...Invention is creating new ideas for products or process, whereas Innovation is all about practical application of new invention into a marketable products & services...
Recently I have read it one of the co-blogger post who is a serial entrepreneur...He had mentioned, "First two years of a start up are extremely demanding one you as a fonder of a start-up. You have to endure a lot of pain before you glimpses of some of the nice things. And there is always high probability of not making it at all. Its kind of being pregnant for 2 years while knowing that the probability of giving birth to a healthy child is just 10-15% People who go through this period of pregnancy and deliver successfully are the ones who enjoy the journey and the pain than the outcome"
Most of the startups fail miserably because of either one of three main reasons... Lack of innovation, lack of funds, lack of strong business plan.
Either the start-ups should target the untapped industry like Linkedin (Professional Networking) or Naukri.com (Job Portal in India) or Xerox (Which changed the name of photocopying) or start ups have to innovate something new within the existing industry to attract the customers (Facebook overtook Orkut when the latter was doing great in Social Networking Industry....Another best example, Apple/ Samsung overtaking Nokia which was the market leader in the mobile phones industry for more than 14 Years)...It's a sheer rat race where they have to innovate something that keep the customers motivated to buy your product & have high client/ customer satisfaction because for any enterprise, there will be clients & customers to sell the product...
I have spoken to couple people in the past who have the aspirations to become an entrepreneur & have strong business mind & approach but not willing to leave their high paying job. They somehow convinces themselves that the entrepreneurial venture will be a successful while doing their full time job, but have you ever heard if there is anything called part-time entrepreneurship???
Still lot more to cover in this topic...esp the SEED FUNDING!!! Watch out this page for more actions on Entrepreneurship :)
Cheers!!!
2 comments:
Vijay, really liked your blog.. in my opinion entrepreneur should not quit his job until he gets the first entry in the order book.. yes entrepreneurship which starts in part time has more chances of success!
@GK...appreciate your comments...
In my opinion, while doing his full time job, the person can only do the market research about the sector in which he is going to venture his product/ organization. But to start the operation & take it to the next level, he has to take it up full time.
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