The only certainty about running or
working in a start-up is that one finds an uncertain situation round
the corner very often. When people say that ideas are worth only 1% and
remaining 99% of the success relies heavily on the execution,
unfortunately they are true. So if you think that you have a very
good idea that can make the next Google, Flipkart, Amazon or Facebook,
consider that it's just the beginning of a bumpy ride. What else one
should have, apart from having a good idea, to create a good product?
Lets explore.
In
the quest for survival, a
start-up faces several types of issues. The most of them are not
directly related to the basic skill sets of the employees of the
company. It requires one to think out of box or apply some quick fix. In
my past 5 years of experience at a start-up, I have observed that the
problems of one type or another keep popping up. For example, initially
we struggled to create an
attractive GUI. Our product was good and feature sets were attracting
all the right customer base, but we were failing at a good GUI. Once the
GUI part was controlled by outsourcing the design part, other
challenges popped up. These challenges were mainly related to product
aesthetics, stability, customer support, finding bigger office,
selecting manufacturing unit, cash-flow, vendor management and so on.
Every time, we zeroed in on one
key issue to fix, we got a new one. We always remained (and still is
:) ) in the fire-fighting mode. Unfortunately, there is no generic
solution that
can be applied to all the problems. The frustrating rule of 3 is
applicable on all types of start-ups. Everything is either three times
more or three times longer - either one needs three times more capital
than one planned for it, or it will take three times longer to reach the
milestones, or it will take three times more sweat & tears that
one is prepared for.
However
one strong pattern has
emerged. A start-up can survive - not just on good technology, huge
cash pile, good product or strong customer base, but only by the
never-say-never attitude of its employees & founders. Being one
of the first employees of the company, I
have the opportunity to work with many employees, and
everyone
has contributed in a unique fashion. People pushing the limits,
solving a
tough looking problem in a simple way, trying very hard and failing,
doing everything to make it work. Most of them are still part of the
company, and some have left, but the culture remains intact. We deal
every problem with the same passion. Team work wins over hard times.
A
start-up is defined by its founders & employees. Apart from the
obvious focus on developing your product or service, you should also
pay attention to your work culture. Always be cautious on hiring a new
person and don't hesitate to let one go, if he/she doesn't fit into.
Keep looking for diverse skill sets and fresh ideas to welcome on board.
As you grow, make sure that your employees also grow and the culture of
solving a difficult problem remains intact, because as one has rightly
said success is a journey and not a destination. And the journey to
convert your good idea into a good product is not possible without
passionate team members.
Reference:
- 'The frustrating rule of 3' - Ganesh Krishnan, founder of Tutorvista.com
- Image courtesy of Stuart Miles at FreeDigitalPhotos.net
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