It is true that almost every job or task requires a prior experience and a set of relevant skills and the same applies for starting up, but for executing the task, the basic requirement is mastering the relevant skill, and for starting up the relevant skill is identifying the market problem and executing it by partnering with like minded people.
When I first set my foot in the start up world, I had little experience in technology world, at that time I was in third year of engineering, and the only thing I knew about enterprise computing was through the lectures from my professors. But before starting up my venture I had a dedicated customer base who were interested in implementing technology or ERP System and the only skill I had was networking.
Identifying one's skill sets:
I always enjoyed meeting new people and maintaining connections with them and discussing various things and soon I realized that, it is the most in demand skill set among business owners. To execute the market demand, I decided to learn the programming skills but let it go after I realized that I have more competence in building customers, team and processes rather than building systems or software. I decided to hire a dedicated technical resource personal but didn't find it a viable option as I didn't had a dedicated financial resources.
Researching Market Options:
I was well aware of my customers' requirement and their market offerings and was also aware of the financial resources available with me. Soon I decided to sell white label solutions from a different company and researched almost ten solution providers and zeroed on a company which matches my customer's requirements and their pockets.
Being a first time player, I was turned down for a channel partnership or a white label solution but realizing my network potential and the prospect base they offered me a reseller option and I grabbed the offer with both hands and started selling their software for a commission of 7%.
Executing the business operations:
After implementing couple of solutions, I asked them to upped my commission, which they accepted after some reluctance and also generated enough financial resources to build an office, hire a team and deposit one for channel partnership. After building the complete infrastructure, I hired a team of two individuals and later negotiated for a channel partnership, which can help me in generating a commission of 20-22% for every implementation.
After building a team and infrastructure and a huge market in SME Market, I decided to go for white label solution for brand building and negotiated with the same solution provider and later engaged with the development team of that company to build products according to my requirements.
Exiting my first start up:
After a successful journey, I decided to exit my first start up to enter into the world of Internet Technology and packed my bags to join a infrastructure hosting company. During the whole journey, I realized that success of any business is realizing the relevant skill sets and applying them in right manner.