UL0005-Internet and Technology Alone Do Not Create A Business
March 1, 2012
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Looking at the Real Picture
March 5, 2012

Team Blog Week 5 – Know What You Are Getting Into

Starting a business and running it is very hard work. There is a lot to understand, a lot to research and things to prepare for. If you think the business will run by itself and do well, then you are very wrong. Contrary to what it may seem, big and successful entrepreneurs are very involved in their businesses, even when they are big successes. The difference is that an entrepreneur will be involved in the company, and an investor will take a back seat. You need to understand and decide which one you are.

A lot of work goes into starting and growing a business, you need to know what you are getting into, and what you are running. You have to be there while the company is starting and when the company is growing, then only you can make it big.

I was asked in an interview once, are you a ‘Big Picture Guy or a Detailed Oriented Person’, I said I am both, as when starting a new project I need to refine the details and finer points, at the same time I need to work on the bigger picture to make the vision succeed.

When I was running a t-shirt design business a few years ago, there were many aspects that I needed to look at such as the website, marketing, tshirt design, shipping, manufacturing, sales, growing the company. Some of these tasks were delegated and outsourced later on, but initially I had to be there to understand what the work entailed. Only then was I able to tell the rest of the team what I wanted. I could only share my vision and manage, when I knew what I wanted and understood the business better.

This week we looked into:

Tuesday: Are Entrepreneurs Born or Bred? How do you build the entrepreneurial characteristics in yourself? How do you change your mindset to think differently?

Wednesday: We understood that having a flexible plan will give you room to make decisions better. Especially in the beginning of the business, where there are many obstacles that may have you take different routes.

Thursday: We learnt that understanding the business domain and focusing on the customers/humans really matters in designing a product. The benefiting customer(one who pays) will always be human, and you should look into catering to their needs.

As I mentioned earlier, it is a must to understand that when working on a new idea or startup business, you will have to put in a lot of hard work and effort. As an entrepreneur you need to be prepared(to work hard) and be happy to go on that journey.

Have a great weekend.

Gurpal
EntreCity Team

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