The youth of today is the stepping stone of success for tomorrow. We all agree to this statement. Do not we? We sure will do! Tell me, which young entrepreneurs have missed out on the movie “Social Network”? Our guess is no one. While the movie clearly depicted how a Harvard graduate went on to begin a startup which would become the third-largest website in the world. Yet, the movie failed.
It lacked to show the struggles and technicalities that the graduate in the movie had to go through to achieve this feat. And even if we assume that the character, Mark, did not go through any hardship and every entrepreneur is as lucky as him and all that ends well is well.
Also, he gets to be the youngest billionaire at the tender age of 23, yet the reality on the surface is quite the opposite. At least the statistics do not speak the same story. So the question here is if this startup culture is killing the real entrepreneurship while corrupting our youth at the same time.
Many of us daydream of having a big company and meanwhile construct huge castles in the air not even knowing what will happen tomorrow? Am I right? You might think, “I am not a daydreamer, I live in reality and enjoy the present”.
Yet if you have ever had an idea to launch your own start-up, have you ever wondered what is the ground reality and behind the scenes of owning a whole company or a startup?
The problem lies with these start-ups is that having been inspired by successful entrepreneurs at an early age like Mark Zuckerberg, the young generation gets into entrepreneurship without having the experience of working in private sectors.
- Not implementing the idea of nurturing a company.
- Most business start-ups without a long-term plan.
- Not practicing traditional business making methods.
- They spend a lot on the products without knowing consumer demands.
- Ultimately, selling companies for a significant amount of money.
In this article, we are going to discuss this problem in detail and then we will let you know as to how you can overcome your fear of all these early-stage myths.
According to the stats, the number of young entrepreneurs in India, US, UK or in any part of the world for that matter has been rising exponentially. This startup culture has given rise to a myth which is ruining lives and careers of the youths all over the world. The myth is that it takes:
- A mere idea of innovation: and
- It is usually rewarded with tonnes of cash,
- A billion-dollar company,
- A giant reputation in the corporate world: and
- Independence from the daily problems of a middle-class person.
Following our dream is what most of us want to do. But starting up a company does not work only on an innovative idea and the capital to be invested. It takes experience that has been acquired through confronting the challenges that come your way to entrepreneurship and by the opinions of experienced business people.
To make your start-up convert into a success, you need the lessons and corporate experience that help build a sustainable organization. Most entrepreneurs fail to realize the fact and exaggerate the success of startups and the cost of failure.
For most of the young entrepreneurs, the idea is not going in-depth to the logical solutions of the problems but to scale up the game to attract investors.
They do not want to address the real problems which is an essential need of the generation. And possibly owing to the continuous distractions from the central issue leads to the failure.
Our youth is constantly being lured and getting trapped in the aspirations which revolve around this myth. It is the numbers which tell us about the actual story on the surface. Hundreds of thousands of startups are being launched in the world every month yet many fail due to lack of will power or we can say overconfidence sometimes.
According to statistics, half the number of startups in the UK find themselves shutting down before five years. This time frame gets reduced to only 3-4 years in the US. More than half the startups fail to make any profits at the time of wrapping up their business.
According to research, the entrepreneurs fail to sustain their business because of the reasons that raise questions on their leadership and management skills. A few reasons are as follows:
- Lacking good mentorship.
- Domain-specific knowledge: Finance, operations, etc
- Poor marketing.
- Ignoring customer demands.
- Not the right product.
The research says the start-up that fails owing to the above reasons are somewhere lacking the right leadership. A business requires the right business model, leadership qualities at every level, discipline and so on.
Entrepreneurship while has its own perks and advantages, it also has the power to destroy one’s life:
- Socially and career-wise.
To have a great idea is just the very first and basic requirement. After that, it takes a lot of entrepreneurial skills and business development ideas to start a company and establish it into a fully functional and profit-making organization.
Now, when you have read the whole story about the failures and how other people see the world, it is the time for you to know how you can eliminate all these intricacies?
- First of all, you have to remember that if those big and successful startups who have made their journey to the topmost level could do it, then you surely can do it too!
- Secondly, because you have known the first line written above and if will believe it for the rest of your entrepreneurship life, then trust me nothing, I am repeating again, NOTHING can come between you and your career goals.
The analysis confirms that there are several factors that prove why some entrepreneurs get a successful business plan. The first and foremost reason is to keep sticking to the path they have chosen. Even though a great entrepreneur needs to analyze individual and team performance but also should not get distracted.
- They are driven by passion and commitment.
- Developing business relationships.
- Right mentoring.
- Must be willing to learn and observe.
- Sufficient technical and business knowledge.
We know that there is no manual to be succeeded in the business but these are key points that reduce the chances of getting failure and increasing the possibility to establish a successful business model.
Successful entrepreneurs usually have a lot of experience in the industry or the market in which they build their startup. They understand:
- The customers,
- The requirements of the customers,
- The competitor’s scope, level in the market,
- The market needs, and
- The latest trends which are about to follow.
Markets these days are driven by customer’s demands and requirements. Gone are those days when innovations used to drive customers’ demands in the market. This is a very crucial concept which youths these days fail to understand.
It is not a general thumb of the rule. A lot of young entrepreneurs do manage to sail through the rough tides and get successful in their startups, but a huge percentage of these entrepreneurs fail which is a cause for worry. A lot of talent and money is being wasted into false fantasies and ambitions which are fruitless.
It is certain that one must have an idea and should implement it to be a successful entrepreneur but which is more important is to stick to your plan throughout the journey with a practical approach. Building a successful start-up is a long-term process and you won’t survive if you do not have the passion to deal with difficulties.
It is important to be aware of your competition, market needs and keep on networking to suspect the challenges and upcoming threats to your business. This will get you covered with programmed solutions and help you, in the long run, to make your business succeed.
Remember you do not have to invest in vague things that your business does not need. Also, you do not have to allow the negativity to overpower you. Tie your goals with your career and in the same process enhance your leadership and management skills.
What is crucial for an entrepreneur of tomorrow is to correct his or her present self in order to have a bright future. When you will do your SWOT (strength, weakness, opportunity and threats) analysis, you will come to know all of them and work upon all your good and bad qualities likewise.
Entrepreneurial development and training are important to let youth understand the risks and factors involved in the journey of building a company. One should step into the process of entrepreneurship only after understanding these concepts clearly.
To conclude, though launching a start-up is not a child’s play, it takes perseverance of mind, heart and soul. No, I am not saying it takes years, yet it is not even a single night miracle that will happen overnight. You have to start working on yourself from today, now and this moment itself. Wish you a very happy and prosperous career ahead. Have a good time.