Are you planning to launch your startup? Probably you are just a few steps away from entering the enticing world of entrepreneurship. You know your passion and hard work will take you to the next level. But then tons of questions pop up in your head and you start feeling like a lost ball in the high weeds.
As a first- time entrepreneur dilemmas it is obvious to get puzzled with but fortunately, there are solutions to get out of it. Let’s look at a few common dilemmas every emerging entrepreneurs face and the solutions that they can use to get past them.
Is it the Right Time to Plunge into a Start-Up?
One of the biggest entrepreneur dilemmas goes through is whether it is the perfect time to launch their startup. Well, honestly the answer is never going to be yes. There will never be such a time when everything—money, time and resources will line up perfectly for you to set off your business. Many people start thinking about starting a business but they keep waiting for the right time and ultimately abandon their dreams of entrepreneurship. So, acquire the best skills, save money, learn from other professionals and go ahead and everything will fall into place.
How to Choose the Right Team?
Next comes the toughest part of your journey— building a great management team. So, how will you find the right cultural fit? First of all, you need to list out the skills you need in your team. Once you have a clear idea about the skills required, you will have lists of people to choose from. But keep in mind many people look great on paper but they might not have the right values you want in your employee. So, choose your employees wisely. People with the right values and skills are out there. All you need is the eye to look for the right fit.
Go Solo Or Find Co-Founders?
Do you want to share your profit with someone? Do you feel that two heads are better than one? If your answer is no, you can go solo and handle the entire business responsibility. Otherwise, if you choose to partner with someone, you need to find someone trustworthy. Having one or more co-founders reduces your workload and risks while giving you an advantage of complementary skills. However, on the other side, it can bring in loss of control and financial dilution. Then comes the next question—how to find the right business partner? Long-time social friends and family may seem like the best choice for co-Founders. But chances are, the relationships will get in the way of tough business decisions. So, the best fit will be old co-workers or new friends with complementary skills.
Single Product VS Multiple Products
Is your flagship product able to draw maximum sales for your business? If yes, then you are good to go for the short run. However, if you are aiming for the long haul, look beyond your flagship product and focus on your brand. And to do that, you have to focus on a combination of products instead of just relying on a single product. Take a cue from Apple that advanced from computers to iPods, iPhones to iPads and a vast array of other products. That’s what business is all about: instead of getting stuck to a single dream product, you need to keep developing new product ideas based on the latest trends.
Trace Other’s Footsteps or Walk Your Own Way
Maybe it’s Elon Musk or Bill gates whose success stories have inspired you to take this path. And you want to follow their path. But then you face the dilemma— what if it doesn’t work for you? What if the customers don’t respond to your product the way they did to their products? Well, the solution here is to set a short-term goal first. When you look at the success stories, don’t just see the good part, look beyond that and figure out what problems your role model might have faced that time. Determine how you can solve the problem. Rather than following everyone’s advice blindly, always figure out what you feel.
Is This The Right Track?
Once you are on your way to set off your venture, you are going to struggle with another dilemma—Am I on the right track? A small mistake might scream out loud at you that you should have stuck with your 9-5 job. Discouraging words from people who warned you not to start your ventures will echo in your mind. This is when you need to remind yourself that building a business is not an overnight task. Entrepreneurship comes with risks and calls for dedication. So, don’t lose hope, and stay motivated.
“What had been the focus of my entire adult life, was gone. It was devastating”— this was the words of Steve Jobs when he found himself on the scrapheap after getting fired from his role at the company. But he didn’t let this failure define him and took this setback as an opportunity to better himself. He helmed Pixar and NeXT and then returned to Apple ready to take on the world. No matter how prodigiously talented you are, you will face setbacks on the road while building a start-up. But how you handle these setbacks and find your way up will define you and your business. Be it in life or in business, either you will win or learn, you never lose. Turn these dilemmas into your strengths, and you will be unstoppable in the entrepreneurship world. You’ve got this.