This is no magic formula, and I am sure everyone can relate to this mantra easily. Many entrepreneurs will tell you how they have gone through the hard knocks, having put their hearts and souls and sweat to produce results, and how hard they have worked to make their business tick. Mr Inderjit Singh, The Art and Science of Entrepreneurship.
There are many successful startup stories that I am sure we have read. Everyday there is some new startup that has made a lot of money. From the outside it looks very easy to make millions of dollars by just starting up a company but the reality is far from this. It is important to understand what it really takes to be successful in a start-up.
There was a time during the dot com era, where everyone was in a hurry to make money. Many thought that starting a company was an easy thing, as they perceived others as having done so effortlessly, and many also thought that having an initial public offering or IPO event was the end game and the sign of a successful entrepreneur.
What people fail to mention in their story is the long hours and hard work that they put into the company. This hard work is a necessary condition to achieve success and without the passion to push forward, very few entrepreneurs actually make it. It can take months even years before a company starts to bring in revenue. Even then they may not be a success.
But if it is hard work and there are many risks, then why do we pursue our ideas and create startups in the first place? Why spend all that energy? The reason we(entrepreneurs) do it is the passion we have and the fact that we are so confident that our idea can change the world. We know that what we are producing will help improve other people’s lives; that is why we spend the time, energy and take the risk to bring something to the market. This passion we have for our ideas help fuel us on and push us forward and we are willing to work day and night just to prove our hypothesis right.
Overnight successes are very rare, and in fact maybe non-existent. If you look into every successful entrepreneur’s story, you will see the amount of hours they have put into their project. In some cases, they succeed because they have been working on their ideas slowly, for years. Throughout the years, they have been working on something related, that has helped them build a strong skill in that area and then they are at the right place at the right time to take advantage of the opportunity that is available to them.
When looking to make a new company, you should follow the analogy of making a new building. First you have to plan and do up the right drawings and plans, then you get your foundation right and then you will need to work day and night, putting brick by brick or structure by structure to get the building up and ready. It may require a lot of work and commitment, but the end result is very rewarding when you build something sturdy and strong.