Everything You Need To Learn About Startups
“What is Start-up?”
“Who want to do a startup?”
“Who don’t want to?”
As Mr. Dilnawaz, the guest speaker of the day, asked the above questions, one of the students spoke his answer.
However, He encouraged that student to come forward and then speak. It really impressed me to listen to this speaker further.
“So what is start-up?”
- A new entrepreneurial venture,
- Develops & markets highly innovative product & services,
- Solving a big & real problem,
- High scalability & potential for significant growth,
- Generally technology based.
Technology helps in scaling and it makes the startup much more efficient.
Later, he talked about Mr. Kunal Shah, founder and ex-CEO of Freecharge and his Delta-4 theory which states that “If efficiency of one scenario is 4 times more than other scenarios, it is a potential startup.”
Originally, Mr. Kunal Shah gave this statement, “If Efficiency Scoring (Number of customers who adapts the new model and those who sticks to the old one) is more than 4, It carries a huge potential to be successful.”
This might not be enough, I would recommend you to read more about Delta 4 Theory. Coming back to the session, Dilnawaz Sir continued,”At some places, there is high efficiency, at others, moderate, whereas there are some cases in which there is very low efficiency.”
Ques. What is required to do a Startup?
- A MILLION DOLLAR IDEA
The above 4 words appeared on the projector and he asked us how many of us agree to the given statement, almost all the students raised their hands in agreement, and while others did not raise hands in any of the cases. I, along with one or two students as an exception, raised my hands to say that Million Dollar Idea is not required to make a start-up.
Other students did not say much but I gave few examples including Amazon which started initially with Book Selling and later on shifted on other products & services, however, whatever I said, he disagreed to it and said something to which I decided not to say anything because he was our guest speaker and I did not want to sound offensive as undoubtedly, he had more experience than me and must be having more knowledge in his kitty.
A smile came back on my face when he changed the slide which said,
- MILLION DOLLAR IDEA IS A MYTH
“You must have faith on yourself. Problem is a real deal”, he said.
He further continued to share his 3 Mantras about Startup which he personally derived, to which he stated, “You will be successful in your startup if you do these three things in line.”
- Right Skill Set: Most underrated but Most Important
Good Thing is that it can always be taught.
- You need to be super-empathetic towards your customer: It shows that you are the customer of your own product.
- Passion: People say it is overrated but it is not true.
“In the process of doing a startup, you will know what you really are”, he said.
“Startup is an extremely boring and it does not pay you initially”, he also stated.
The Must Read Checklist To Consider Before Your Pursue A Start-up:
- Pain Point/Problem of a customer,
- Opportunity/Size of Market,
- Unique Value Proposition (What competitor’s product does not provide)
- Business Model (Note: It is different from Solutions/Offering)
- Financial Model based on the value
- Customer Acquisition & Retention Strategy
- Competitive Benchmarking (Indirect Competitors)
- Unfair Advantage (This section decides why people cannot make the product which you are providing)
After giving wonderful insights related to Start-ups, He shared some of the must read books for Entrepreneurs which are as follows:
- Zero To One: Peter Thiel, founder of PayPal
- The Lean Startup: Eric Ries (Dilnawaz shared some insights about Thiel Fellowship Program and an example of Ritesh Agarwal, Founder and CEO of OYO)
- Change By Design: Tim Brown, CEO of IDEO
- Platform Revolution: Sangeet Paul Choudary, Geoffrey Parker, Marshall Van Alstyne
- Matchmakers: James Evans and Richard L. Schmalensee
To put it in a nutshell, it was one of the most interesting sessions that I have ever attended so far. I am thankful to Mr. Dilnawaz for sharing wonderful insights with us within a short span of time.
Kindly share your experience of reading the article or your opinion about startups in the comment below,
Thanks & Regards,
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