Starting Up? Some Points to Consider Date:   Monday , July 20, 2015 There comes a time when we seriously evaluate what we are currently up to, and whether we should be doing something else. Given the \"sexiness\" of starting up, inevitably entrepreneurship is one of the choices to be considered. Here are some points to consider if you are evaluating entrepreneurship as an option: 1) These days there are startups established by VC firms with salaried \"entrepreneurs\" who are given a little stock. However, true entrepreneurship normally follows a passion. It arises out of a deep conviction that one knows how to do some particular thing better than anyone else and with appropriate knowledge and experience backing it up. While all types of startups can be successful, ones born of passion are more personally satisfying. 2) Some life experience is always an asset - Starting up out of college (or even in college) sounds very exciting, but some life experience (working somewhere) is a tremendous asset. Certainly you will find that the real world is quite different from both the life and education on campus. 3) Starting up is grueling - Particularly if one is transiting from a corporate life, the shift to startup mode is stark. One has to work longer hours for less take home, and performing, on occasion, work that a peon would have done in the corporate. But, that is what makes the eventual success sweeter. 4) Invest in yourself - English communication skill is generally a weak point among middle class Indians. However expert you are in your domain, effective external communication becomes very important as you scale. It is important to learn from each presentation and meeting on the How and What of effective communication. If this is a particularly challenging area do consider formal training. 5) Build a team - Apart from de-risking your venture, having an empowered team gives you the benefit of a second point of view. It also reassures potential investors that there is bandwidth to grow rapidly. As part of the team building, do ensure that basic commercial and legal skills are available within your team. Many are the cases of a good technologist entrepreneur being clean bowled by cash flow problems. 6) Your business model WILL change - Whatever idea you started with will most probably have to adapt to the test of the market. You must be prepared to listen to the voice of your customer and not be wedded to your idea. If you take external funding you may have to accommodate your investors\' point of view on your business and product plans. 7) Integrate with the startup ecosystem - There is a rapidly developing startup ecosystem in most cities. Identify the players and integrate with them. Attend the seminars, events and more both to learn and to network. Always keep your story in a current presentation; opportunity might knock at any time. As a corollary to this, Google away for answers to your questions. Somewhere, someone has faced the same issue and found a solution! 8) Funding is the elixir of life - The initial funding may be within your ability, but if you do aspire to rapid growth, you will need to get into fund raising mode. Educate yourself on the dos and don\'ts; subscribe to the blogs and newsletters; and in general have a plan. 9) The entrepreneur cannot work to an exit plan - As you scale and take on investors, they are entitled and will ask you for an exit plan for themselves. A worst case scenario may involve you also forcibly being ejected from your baby. However you, as entrepreneur, should be mentally prepared for a long haul of at least 10 years while getting into the game. Otherwise the decisions you make will be sub-optimal for the business. These are only among the many things that one can/must do to achieve success. However, much depends upon luck and the serendipitous connection that one may make at some event. Remember, being bought over for a gazillion dollars is NOT the sole metric of success. There are millions of \"startups\" in the form of small profitable firms that serve a vital role in creating employment and vibrancy in the economy. When this author started his venture many years ago, none of these support systems were available. In fact entrepreneurship was considered an avenue for those who failed to get formal employment! Even today, the act of starting a new venture is a very courageous one and deserves great applause; and getting to the state of being socially relevant and adequately profitable is more than enough reward for the vast majority of entrepreneurs. All the best!