Have an idea?

You’ve got that drive & passion to start something new?

Well, passion is good but not really enough. There are many potential entrepreneurs who have great ideas, but not all of them make it all the way. Why? They overlooked some of the most primal aspects of founding something.

Read along to know what exactly those basic yet integral aspects are:

1) Choose co-founders who have the same vision as you. Of course, there are times when there will be some disagreement in terms of operations, but the same motive should drive all of you. Having the same objectives and vision for the company is a dealbreaker. Any sign of misalignment among founding members is likely to brew trouble.

2) Go all in when it comes to market research. Don’t let passion & superficial insights drive your decisions. Make sure you equip with all the details. Dig deep, schedule as many meetings you can with experts & advisors, understand the demography you’re dealing with in & out & always be on your toes with regard to trends in the industry. You want to be ahead of your time and not behind.

3) Always be open to feedback. Some founders are too attached to their business idea and they block themselves from other ideas & perspectives. You never know what can trigger a solution or idea. Keep your eyes & ears open.

4) Know how to prioritize. Know when you need to delegate and when you take over the reins. Timing is everything in business, especially today. With every better technology the time taken to think, act & react gets shorter. Give priority to the team and the work rather than fuel egos among leaders. There should be clarity in the decision making process among your founding members so as to avoid confusion & delay.

5) Nurture & sustain the entrepreneurial mindset: Persistence, determination, perseverance, grit, confidence, optimism -these are not just words in the context of an entrepreneur’s life. These words make up her/his mindset. The Growth Mindset is what leaders are made of.  Hold on to these virtues that made you who you are and what you’ve become. Nurture them, they’ll shed light even in the darkest of times!