What Can Project Mynt’s Entrepreneurship Capsule Teach You...
Before you read this article, it’s imperative that I put out this disclaimer –
This article isn’t to demotivate anyone at any age to start their entrepreneurial journey. However, it definitely states why the day was always yesterday when you had to start.
Being an entrepreneur doesn’t have any standard formula for success. This is a fact, and it’s important for you to realize this today because today, this moment, is the best time to start. Apart from time, another key attribute of any mildly successful entrepreneur is PERSEVERANCE. Let’s understand this in the purest form of how it’ll all start to make sense for you –
1. A startup being successful has no fixed formula and it’s not a 100% success rate for sure. But it’s true that if an entrepreneur keeps trying, he’s going to learn from the mistakes he makes. Once you apply this learning – you’re bound to reach to your definition of success in a matter of time (This time factor can vary, but you’ll definitely reach there).
2. The only prerequisite for an entrepreneur to start is to identify a real problem, figure out a solution (Idea) and have the confidence to solve it. Now this solution to become convincing for yourself, your target audience, your investors are going to be the serial effect of events and will take some time. Let’s say it’s going to take 5000 hours for you to solve a problem in form of a start-up that you start today. It all depends on you. Potentially, these 5000 hours can be translated in many ways –
4 hour work day = 1250 Days = 41 Months
8 hour work day = 625 Days = 21 Months
12 Hour work days = 416 Days = 14 Months
16 Hour work days = 312 Days = 10 Months
3. There is no guarantee that your new idea is going to become a business. But your next idea? It may take some time to build it all up again but it’ll have a greater probability of success. Keep at it. You don’t fail if an idea doesn’t work, you just end up one step closer to an idea that will work. Always remember – Be comfortable to believe in data when it presents the facts to you. Numbers don’t lie. Now depending upon qualitative factors like smartness, openness towards adaptability, perseverance, time invested and more – you’re bound to be successful. If not today then tomorrow or maybe in a few months or even a few years. It takes real conviction and lessons from your last businesses/experiences to decide whether an idea is something you really want to be a part of.
Mark Zuckerberg uploaded his Music Taste App for free online because he understood that it won’t become the best business for him. While the same guy turned down a few Billion Dollars when he knew Facebook is worth a lot more. What’s common? He knew how to read businesses after failing (When you invest time on something and don’t reap benefits – it’s a business failure, but a good entrepreneur uses it as a learning success).
Just by virtue of the factors mentioned above, this is what we derive –
Start today, this moment is the best time.
You lose something if you think about starting tomorrow, next week or next month. It should’ve been the moment when you decided to read this article. It’s always late, I sincerely hope you don’t go on to the next article and start NOW.