There is no doubt that to create a successful startup, one needs grit, determination and perseverance. Often, this is achieved by single-minded focus of usually one or sometimes more co-founders, with the support of a passionate and loyal team. This core group endures and transcends it all – long working days and nights, low salaries, deeply frustrating moments, multiple pivots and so on. Most of the members of this core group are superheroes who singlehandedly take on innumerable complex tasks and complete them with scarce resources. This persistent hustling leads to that first big moment of success – either a multi-million dollar purchase order or the first infusion of big funds or, simply, reaching the threshold revenue level that holds promise of no looking back.
A variation of a famous quote goes like this:
“Winners never quit and Quitters never win. But those who never win and never quit are idiots”.
Seth Godin explained this is detail in his book “The Dip: A Little Book That Teaches You When to Quit (and When to Stick)” where he stated:
“Winners quit all the time. They just quit the right stuff at the right time”.
This morning, I had to deal with this question when I met an earnest hard-working entrepreneur who in the process of leaving a start-up after investing about two and a half years.
One of his queries was should he release his stake, most likely at suppressed valuations? This was making sense to him since he is no longer excited by the idea and one of the core reasons for quitting is his own evaluation about the startup’s “bleak” future.
Often I see entrepreneurs or small business owners moaning about lack of “enough business”. Some are more crude – Can you get me a customer? Or, can you email our brochure to all your contacts? I try to be as polite as possible on such requests, but many are offended as to why I am not helping them! The thing is that if I am not convinced about their work, I have no choice but to gently decline. Interestingly, when I quiz them back on their sales or lead generation plan or process, their answers run on these lines:
-Attending random events (some of which have same visitors coming repeatedly or the percentage of target customers is very low)
We had advised earlier to Clarify Your Goals in a previous post here. But then temporary clarity using a few smart technology tools is not good enough in these “interesting times”.
Especially when you are in a critical business situation and decisions need to be made among a series of contradictions.
Often, we find ourselves overwhelmed with a large number of exciting options, immense possibilities, conflicting opinions, changing priorities, shifting bottlenecks, fluctuating market scenarios and unpredictable customers!
Test your situation with this TEN-QUESTION-TOOL to re-engineer and transform your situation into a workable strategy and clear-cut plan!
The mBillionth South Asia Award 2011 concluded last Saturday, 23rd July, 2011 at Hotel Eros, Nehru Place, New Delhi, with more than 600 delegates attending the marathon 12-hours long International Summit on the theme “Linking masses with 3G”.
It has been a great privilege to be part of the execution team of the entire mBillionth Award process for the second consecutive year. Six months of intense effort went in reaching out to innovators and implementers in the eight South Asian countries and engaging various stakeholders to ensure successful compilation of nominations, rigorous screening, research about the projects, execution of a high-powered Grand Jury (in Sri Lanka) and finally managing the logistics of inviting 2000+ fraternity to the final event.
Just few days left for mBillionth Award 2011! The international summit with the theme ‘Linking Masses with 3G’ is scheduled on July 23rd in New Delhi at Intercontinental Eros. More than 500 delegates, 200 Mobile and App Developers, Telcos like Vodafone, leading mobile phone companies like NOKIA, and VAS leaders like OnMobile and One97, along with hundreds of other stakeholders are converging to see how the mBillionth movement is spearheading the convergence of ideas around mobility to directly impact mass inclusion to development and digitally equitable world.
Mentor Edge is an initiaitive from CIIE (Centre for Innovation, Incubation and Entreprenuership), which was set-up in IIM Ahemdabad and is supported by Government of Gujarat and the Department of Science and Technology, Government of India.
Each participating city has a dedicated “City Coordinator” to link Start-ups with a pre-selected groups of Mentors from a variety of domains and verticals.
So far, successful events have been conducted at Ahemdabad, Bangalore & Mumbai. Upcoming events are listed below:
After TEDIndia (held in November 2009 in Mysore), TED enthusiasts are showing up in various parts of India – a partial list is here: TEDxAhmedabad, TEDxBaroda, TEDxBengaluru, TEDxChennai, TEDxKonkan, TEDxMumbai, TEDxPilani, TEDxPune, TEDxShekhavati.
This list, at best, is a good start because the awareness about TED is still “poor”, to put it mildly. Many people who registered for TEDxGurgaon (held on Saturday, 27 February 2010 at Epicentre, Gurgaon), did not turn up (without communicating about their absence) and some attendees did not know about TED.
So, the task is cut out for us! Let us do our “two bits” in helping spread TED, a non-profit organization “devoted to giving millions of knowledge-seekers around the globe direct access to the world’s greatest thinkers and teachers”.
Event: Samsung India (LED and LCD TV) organized a unique workshop on future technology & aesthetics – Technology@Home.
Date: Saturday, Jan 09, 2010. Location: Chocó La in Khan Market, New Delhi.
I remember a German visitor being amused on seeing a lubricant being sold with the byline “superior German technology” at a petrol pump in Delhi! Whenever we see a label like “Made in German” or “Made in China” immediately our mind throws up stereotypes! So, what is YOUR image about the Brand “Korea” and more specifically “Samsung”? Any pre-conceived notions? Do send in your comments! …..contd. (click on “full story” to continue)