Top 7 reasons why you need to step into the start-up world!
Updated: Jul 22, 2020
Should I start a startup? A lot of people find themselves in this dilemma and wonder what It’d be like to be a part of the start-up world. We’ll put you out of the misery by telling you exactly why you need to step into this industry by introducing you to the perks of the start-up world. Here you go:
1. Be your own boss
This may sound cliché but there’s nothing more satisfying than not being answerable to anyone. This being an upside it also comes with a lot of responsibilities. You are free to implement your innovative ideas which couldn’t have been possible if you worked under someone. Put your creative ideas to use but be ready to take on the responsibilities that come along with it.
2. You have a whole world of knowledge at your fingertips
Gone are the days when if you needed to learn something, you’d have to pay to enrol yourself in a course or attend a seminar to expand your horizons. With the advent of the internet, there are lots of success/failure stories and content that’ll help you grow and learn better at no cost!
3. It’s not impossible to make a living from a start-up in the initial phase
Before businesses would take years and years of losses to get to the point of making enough money. It’s quite different in today’s age, you can start a venture-backed business and make a living within a 6 months period. You can opt for a subscription-based model where revenues are recurring.
4. There is scope for growth if you ask for it
If you need capital to grow there’s a scope for growth here that you might not be aware of. A new class of investors have sprung up who are willing to invest in small businesses as well. Before you pitch your idea to investors, make sure you have a working version of the product out to get initial customer validation along with a strategic plan to target your desired customer. If you aren’t aware of it, don’t hurry to raise money yet.
5. Make connections that’ll last a lifetime
While you are growing a business from scratch, you’re bound to meet people who share your ideas and help you grow and hence the connections that are built here will stay with you forever. It true what they say, it takes an entrepreneur to understand what another entrepreneur goes through.
6. Finding out whether you’re on the right path takes far less risk
It’d take a lot of time and capital to find out whether you are on the right path. Not anymore. You can find out if you are heading in the right direction in the initial phase itself and if that’s not working for you, you can always pivot a bit and move on to the next thing. You aren’t going to fail. There’s a process and you’ll be pleased to be a part of it once you embrace it.
7. Embracing the worst part of it, it isn’t that bad!
It seems a lot worse when you think about it right now, but it isn’t that bad. If your startup fails it’ll be difficult to deal with emotionally, physically and financially. But that’s not the end of it. There an upside to this, if things fail you either a) try something new start-up wise b) join another company you believe in c) take up a new direction in life. Failure in start-up doesn’t conclude your failure in life. You have the experience of being a part of a start-up and you can always learn from your mistakes whether you start another startup or work at another start-up, your experience and knowledge will prove to be an asset!
So, what’s your big reason for not starting up? About Devansh Lakhani
Director of Lakhani Financial Services, and a Chartered Accountant, he helps start-ups raise funds from his network of investors. He guides and advises start-ups to scale up by providing efficient sales, marketing, team building, and business management strategies. He has executed fundraising by block deals on the stock exchange and conducted IPOs and right issues on the SME platform to the tune of over Rs. 50 Crore. He is currently working with start-ups from various sectors to help them channelize their business models and investments.