Source | LinkedIn : By Kumail Kirmani
Sometime in May 2014, I called up a seasoned yet budding entrepreneur for advise on my so called “AWESOME IDEA”. Of the 15-18 mins of conversation, I just remember these strong words, “Kumail, don’t BET on someone else’s capability”. I smirked and said thank you and continued on my entrepreneurial odyssey. Read on to understand this.
Over this gruesomely awesome journey, I have heard, met & read about a little over 100 start-ups of which 30-40% are no more in touch. I have lost them, seriously. I wonder where they are. Alive? Have they shut? Have they gone back to Jobs? or have they committed what I call a “START-UP SUICIDE”?
When I asked a 20 something entre-amateur (That’s what I call an amateur-wannabe-entrepreneur) he defines it this way, “When your business kills your competition, it’s a Killer and when it kills you, it’s a Start-up Suicide”
This phase is often experienced with a lot of young E-commerce, Food Delivery, Home Services, market place-aggregator models who only think of the gap that exists and an opportunity that they perceive to be a Gold Mine.
Habibi, you are betting on someone else’s capability. You have no control over the quality of the product nor over your customer. You are DEPENDENT. If you wanted to be dependent, then your job and your salary where your best friends. Isn’t it?
Yes, some are really cool, very talented, grounded, well researched, updated and experienced technology geeks and amazing salesmen. While rest are just “me-too”
It’s not the battle of the fittest but the quickest and the smartest.
With over 11 years of experience in Sales and Marketing, I along with my 2 partners, who are experienced and smart Chartered Accountants, consult many start-ups on how to start and grow their business and shockingly most of them want to start because of the following reasons:
- I want to be my own boss
- I want to make more money
- That guy made millions of dollars with a silly Idea, I can do much better
- My ideas have been implemented by others and they are rich, I want to be rich too
- I have a solution to this problem and I can solve it.
- I have an App, I have an App, I have an App. (How many apps will someone have on their phones?)