Starting your own business has never seemed more cool or exciting than right about now. Everyone wants to do a startup and raise a million dollars! It’s a good dream to have; it’s also probably never been easier to get investors to believe in half-baked ideas that might one day find a mass audience.
The problem lies in the vision. Let me explain, any idea that a person believes in seems exciting. We now tend to fall so much in love with this idea and that all sense of practicality fails to reach us and there is reason feeling guaranteed success! The idea only seems to be missing the fuel of money and funding seems to be the one sole goal for the entrepreneur.
Now, I hate to shatter this dream but funding or money isn’t the secret to success. Startups like Food Panda, FabFurnish, TinyOwl, Housing.com, and many others are proof of this. I follow startups, VCs’, rounds of funding very closely because it’s very important to understand market trends, mistakes and what has been done right. While everyone obsesses overvaluations in the words of the Softbank’s President Nikesh Arora, “To live up to these valuations, there is a need for perfect execution!”
So stop being a romantic and falling in love with ideas. Be passionate but practical because, in the end, the only thing that matters is execution!
I will be writing a part two to this real soon about what a startup should focus on.