There are 582 million entrepreneurs in the world (MARKINBLOG, 2020). Nearly 5.4 million new businesses were started in the US in 2021 (Census, 2022).
Number of startups in India grows to 72,993 in 2022 from 471 in 2016 from a report of Times of India.
Every year lots of entrepreneurs come which is good thing but the question is
Are they really entrepreneurs?
I worked 11 years in two startups in my 16 years of professional career. I am sharing my experience of startups.
- No Goal Driven : I observed that they are not goal driven. They picked things randomly on a daily basis. There are two types of goals. Personal goals and company goals. Every successful entrepreneur has both goals on a daily basis. If any person does not have their own daily goals then how can he set goals for their company.
I observed the company goals were filled each and every year but after filling those goals no one took care. They were only for showcase either for investors only or for self satisfaction.
2. Focus Only Product Development: I observed they only focus on developing products which is a good thing. But before developing a product there should be enough market research to get to know who our target audience is, who our competitors are, what kind of product we should develop, how we will monetize that product etc.
But instead of all things they focus only on product development. In the beginning I was surprised why they were doing that. Later on I understood their concept that they only develop the product to showcase only.
3. Unorganized Structure: I found a totally unorganized structure there that means nothing is defined like who is your reporting manager, to whom you have to interact, who is going to support you and even what you have to develop. In the initial days that was awkward to me but slowly I settled down.
It’s totally fine. But the question is how long you are going to call yourself a startup. There should be a defined timeline, right?
After a certain period of time you have organized each and everything. How long will you call yourself a startup?
4. Investors Driven: Most startups are investor driven that means they only work for investors not customers. So, all the products are developed, what investors are saying, why?
Investors do not understand the actual customer’s pain because you are in touch with customers not investors. Then why do you listen to investors every time? You have to explain the actual pain of customers rather than just raising money only. The money can solve your problem but not the customer.
5. Do Everything for Showcase: All the startups do lots of activities. Why?
Only attract the people and employees. They spend lots of money on parties in the name of startup culture but all is nonsense. Everything is a showcase.
6. Not Customer Driven: I observed they don’t care about customers and their feedback. They do not focus on customer’s actual problems. I can say in simple words they do not understand customer pain. That means they are not customer driven and working only for self satisfaction.
7. Race of Unicorn: Most of the startups are running into the race of becoming a unicorn. Does it really matter that you are not solving customer’s actual problems and trying to become a unicorn?
Although you are a unicorn but not solving customer actual problems you are nothing. You are a wantrepreneur, nothing else.
8. Frequent Changes in Business Ideas: If you do enough research before launching your product or idea then there is no need to change your business idea. Yes, it’s still fine if you are changing your business idea based on customer’s feedback.
But what about if you are frequently changing your business ideas only for self satisfaction without listening to anyone. This is called EGO.
9. No Enough Research Before Product Development: If you are launching your products before enough research then you are not an entrepreneur, you are a wantrepreneur.
10. Not a Good Manager: Before you become an entrepreneur you have to become a good character and a good manager. If you don’t know how to handle a team, how to listen to people, how to hire a team, how to fire a team, how to make a decision or you are making a decision just listening to others or a single side. You are not a good manager. If you are not a good manager then you are not a good entrepreneur. Only fundraising is not enough to run a startup. You have to decide in which category you fall.
11. Don’t Accept Mistakes vs Blame Others: To become an entrepreneur you have to become a good character first. A good leader or a good character dont blame others vs accept the challenges. If you are blaming others that is not a good sign that you are a good entrepreneur.
12. Generate Fake Valuation: What you want to achieve by showing a fake valuation or transaction.
Does it solve actual customer problems?
Then, why?
13. Trust: Trust is the most important factor. You have to trust your team. If you do not trust then how you assume your team will trust you. If there is no trust there is no good bonding and good relations between the teams. If you can’t trust you cant win.
So, all these pointers decide in which category you fall. If you are an entrepreneur or going to start your entrepreneurship journey then all these pointers would be helpful to you to decide weather you are a good entrepreneur or a wantrepreneur.
Most of the startups will fall into the wantrepreneur category because what they are doing they don’t love. It’s not their passion. They are just doing this only for money, nothing else.
All the pointers have been written based on my experience which I faced during my journey. There are a lot but these are most important. If you really want to become a good entrepreneur then focus on these pointers and change yourself accordingly if you fall into the wantrepreneur category. I hope this will help you a lot and you will become a good entrepreneur.
Good luck!
Conclusion
Every year lots of entrepreneurs come but they are actual entrepreneurs or wantrepreneurs. I observed and feel most of the pointers fall into the wantrepreneur category. If you are really want to become an entrepreneur and want to solve customer problems then realize yourself in which category you fall.