Entrepreneurship Is Not Just About Innovating

May 23, 2018 in Cultivate, Startups

Innovating is a great quality that every entrepreneur must possess for sure. The ability to innovate makes you unique and successful in your entrepreneurship mission. However, all innovators cannot just make a successful entrepreneur for the simple reason that entrepreneurship calls for a set of entirely different skills. Here is what we must reflect in these lines.

Entrepreneurship Is Not Just About Innovating

We often hear people saying that you need to be original and innovative to be a successful entrepreneur. While this statement makes a lot of good sense about entrepreneurship, we must not forget that entrepreneurs must also be able to make things happen. Some of the qualities that will help make things happen in the domain of entrepreneurship include focus, perseverance, flexibility, and diligence. Though the journey of an entrepreneur starts with an innovative idea, the entrepreneur must be able to take those ideas and make them impactful. To be successful, every entrepreneur must be willing to take challenges and adapt the plans to address the problems that might come on the way.

We see a lot of top innovators in every industry domain get hired by large companies. These people are also rewarded with fat paychecks to match their contribution to the firms they work for. Some other innovators are seen joining some startups and give their bit to the concern. Our study of the industry reveals that most innovators end up working for a company rather than turning to be successful entrepreneurs. This is because building a company calls for an entirely different set of skills than being able to invent some idea, thing or concept.

Academic grades can never take you an inch forward in your entrepreneurial mission. The qualities we must appreciate in entrepreneurs include resiliency, curiosity, resourcefulness, tenacity, passion for products and customers, pattern recognition and others. We must never forget that large technology startups were founded and built by a team that was led by an entrepreneur and not just an innovator.

Why Global Launch of Your Startup Might Not be the Best Idea

March 2, 2018 in Cultivate, Startups

Suppose you are launching a food delivery startup and are targeting one city. You will have better chances of collaborating with local restaurants, eateries and cafe’s and able to deliver the orders in a specified location.

Once you know the loopholes, the problems and issues faced in collaboration, late and failed deliveries, customer feedback, and customer retention strategies, you will know that you are ready to launch similar operations in another city or maybe expand it to another state.

However, had you launched a nationwide food delivery operation, you may have run into multiple problems and might have to wind up your game.

The mantra of success for any business lies in creating adaptors or clients who are able to sustain your business and help you grow therefrom. A dedicated launch catering to a smaller clientele is always preferred rather than going global without any actual business done and issues faced and resolved.

Even if you go global or national and taste success early on, you are bound to have serious troubles because the growth would not be sustainable. There’s always a pattern of adoption of your product or services that you will see, and you better stick to it to avoid shocks at various intervals.

Even if you take the examples of the bigwigs of in the ernet who have now achieved global success and market-share including Facebook, Google, etc., you will notice they started from smaller territories, product or feature range, and grew on slowly. Like many other giants, Facebook bought a lot of startups which threatened its business model or added a value to its customers—Instagram and WhatsApp are two such examples.

So, if you are a startup and are planning to go national or global within 3 months of the launch, better hold your reins and gain experience from a smaller and controlled launch. Implement those learnings as you grow and you will have better chances of succeeding and fewer chances of failure.