Over the years in my career, I met hundreds of new entrepreneurs and wannabe entrepreneurs who are trying to sail their ship in the sea of corporate world. These new age entrepreneurs usually do extensive research before starting up and always back their claims by referring the article of 'Paul Graham' or other influencer. These entrepreneurs believes that every idea they are thinking about is a billion dollar idea and they can raise huge investments from Venture Capitalists and will exit the company by making lot of cash. But in the longer run they burn lot of money and exit from their venture as they fail to learn the basic lessons. As a first time entrepreneur, you should concentrate on learning the very basic of business. After reading many businesses and following thought leaders, I prepare a simple hack sheet every first time entrepreneur should follow before starting up.
After my previous posts on Startup CEO Responsibilities and The myth of knowledge and experience among first time entrepreneurs, I was asked to present my views on qualities, an entrepreneur should possess to succeed. After engaging with lot of professionals at various networking events and involving 1o1 with some of the enthusiasts, I feel that most of the professionals and students are serious about starting up. Thanks to accelerators, incubators, news portals like YourStory and Tech Crunch, entrepreneurship meetups and easy access to angel funds or seed funds through crowdsourcing websites, becoming an entrepreneur is not as difficult as it seems to be earlier.
My passion is to meet new people and learn their business processes and their execution and I am one of the few luckiest person who was able to convert his passion into business. Yesterday, I was invited to share few insights on team management to a group of young business managers being groomed at an University.
I was told that the students are about to graduate from the university so I thought instead of circumnavigating my insights on business management and related theories, I jumped to make an event a rather informal and decided to understand their views on business management.
After a brief conversation with the young managers and their understanding on business management, I decided to take a brief session on how to manage stakeholders. Following are the excerpts from the talk:
I always feel upbeat about sharing my entrepreneurial lessons as I believe that I can inspire others to start one. After a successful stint at a Investment Management company as Head of Marketing and Operations, I decided to lead the complete business operations of a digital marketing agency but soon started facing realty of doing business.
I realized that running a business is indeed very hard and it requires constant efforts by an individual to realize the vision. At previous company, I was a virtual shadow of the CEO and most of the work at the organization was at the backend but during the latter engagement I was the face of the organization. Though I was employee at both the organization but at digital marketing agency I was responsible for the growth and the expansion.
Couple of weeks back I delivered a lecture on starting up and how to make it successful at a meetup, and after delivering the lecture one of the participant asked me what duties he should perform as a founder or the key person and how should he define his responsibilities.
The question asked by the participant is one of the most unanswered questioned in the start up world and the ignorance of not knowing the same is causing many start up to fail at the infant stage. Most of the founders or the CEOs fails in identifying the responsibilities they ought to undertake and end up doing things which are either of no importance or ignoring things, which are of utmost importance.
Few of the key responsibilities of a Start Up CEO/Co Founder/Head/Director is
Faisal Faruqui is an Education Administrator, Entrepreneur, Consultant and Speaker