Entrepreneurial things to figure out – 1) Your Idea
Entrepreneurship is a skill which anyone can learn and you do not to be a genius to become an entrepreneur. You do not have to attend any B-school or take any courses to start your amazing journey. Bill Gates, Steve Jobs, Richard Branson and hundreds of successful entrepreneurs did not even complete their college degree. But they had some qualities that set them apart from people who are happy with their 9-5 jobs.
You need four things to make your company work and if you figure out these four things, no one can stop you from becoming a world class entrepreneur.
1. Idea : The first thing you need to start a company is a good idea. In recent years people have started thinking that ideas don’t matter that much for a startup. They think that they will try out different ideas and if they do not work they will pivot. But that does not work most of the times.
• You need to attack a problem that really needs a solution. People do not need a social network for pets. John Collison founded Stripe as he was not able to integrate PayPal in his prototype in a hackathon, Brian Chesky could not pay his rent so came up with the idea of Airbnb, Drew Houston just wanted to make the process of putting your things in the cloud simple. All these successful founders had an idea that solved a definite pain point of their customers. Their ideas seemed small in the beginning. But as their companies grew their ideas evolved and started addressing a lot of other problems.
• Convert yourself into an Idea machine. Just keep your eyes and ears open and observe your surroundings each day. Ask yourself what problems you or others around you are facing every day and write down some ideas to solve those problems. If you practice your mental muscles every day, your ideas will keep becoming better.
• Great execution of a terrible idea never works. In addition to a good idea you need a lot of passion for the problem you are trying to solve. Do not jump into a startup just because the idea looks cool or others are pursuing the same. Startups take a lot of time out of your life. If your startup is successful ,it will take at least five years to become into a great company. In those five years you need to stay committed to your idea. The idea becomes the mission statement for your company and everyone works towards fulfilling the mission.
That being said it can be hard to find good ideas. The best ideas look terrible in the beginning. Google was the thirteenth search engine, everyone thought nobody wanted Facebook after Myspace, and AirBnb looked like privacy intrusion. There is no hard guideline to find great ideas. The important thing is that you must have conviction in your ideas and a market in mind where your idea might work.