It is quite exciting to see the upsurge of entrepreneurial spirit in India. People, especially the youth, are keen to start their own ventures. Thanks to the Start Up India mission. Should appreciate the media also for highlighting the start up success stories.
However, the flip side is that there are lots of people losing money in this bargain investing into ‘wrong businesses.’ Question is, what is a ‘wrong business.’
Two types of people approach me and Bramma for start up advise and coaching; those who have money and those who have ideas.
Those who have money are always in search for the ‘hottest’ business. They go by data, analysis and advises from experts. But most cases they fail. Reason; they had no clue about the business they got into. Personally I have lost money starting businesses which I had no knowledge about. Hence never jump into a business just because it is ‘hot.’ Don’t start a business about which you have no knowledge. Or else you should be an investor and there should be a business man with knowledge to run it. In this case you are not in the ‘business’ quadrant; you are in the ‘investor’ quadrant.
Those who have ‘ideas,’ the questions are; ‘is this your idea or did you get it from someone else?’ ‘is it because a similar idea could fetch in some funding?” ‘why should you pursue this idea?’
In fact in this technology age there are no scarcity of ideas. Hence having a ‘hot’ idea is not enough. What convert the idea to currencies are your passion connected with the idea, your first hand knowledge about the ‘how to do it,’