When is the right time to launch a startup?
In the initial years, the idea of my first startup demanded a lot of preparation. The consistent thought process that I went through and the undesired dilemmas that I encountered, occupied a large space of my brain. It’s not just for me, but for anyone out there, starting a business is just like walking barefoot on a road full of tiny pebbles. Indeed, it’s not easy.
Since it’s all about coming out of the comfort zone and stepping into the mysterious world, where you don’t have any idea of the things that will unfold, the question is — Would you step in without any preparation? Of course, no.
“If you want to kill any idea in the world, get a committee working on it.” — Charles Kettering
Before even launching my first startup — Eventainment — my nights used to be for researching about the “Whats” and “Hows” of the sector I was about to step in, and days were booked to apply that research on my startup’s blueprint.
Now that I have successfully started up two companies, I’ve been asked one of the most common questions by aspiring entrepreneurs — “What is the right time to start a venture?”
To be honest, there is never the “Right” time to launch your startup. Moreover, it is also possible that the right time that you are waiting for never comes knocking on your door. Even if you talk to several experts, they will put forth countless of attributes that would show the right time, but they would never tell you what exactly is the ideal time to start a business.
So, here are the aspects to consider while looking for the precise time.
When your product is ready
Gone are the days when the audience used to get pleased with samples showing up on the laptop screen. In the present era, thanks to the excessive number of sellers out there, customers have become choosier than before. Thus, to ace the competition, you would have to attract your customers in a different way.
When I started up my first company, Eventainment, the only thing that hit me was a huge competition already prevailing in the sector. So, how could I differentiate myself from the rest of the people? Thus, to stand apart, I pointed out the missing points. I explored the loopholes of the event management industry. And then, I hit the nail.
The only way to attract customers is by showcasing the product. Mind you, whatever you are offering to your customers should be different in every way. So, if you think that you are all set to introduce your creativeness to the world, tighten your belt and get on the journey today.
When you have time to Invest
Like an established business, startups need time. Or maybe even more than that. Hence, you must ensure that you have enough time on your hand that can be invested in your startup efficiently. The venture that you are going to launch should be your only priority.
Throughout the years, the only thing that I learned is no matter how curious you are to navigate through different things, always do one thing at a time. Sometimes, your startup demands efforts that should exceed the time-limit. And, if you are concentrating on a lot of things at a time, you are most likely to fail. Therefore, start only when you have time.
Attending conferences, meeting investors, developing social media presence, creating products & services — everything requires an ample of time. And, if at all, you have something else in your mind that holds more importance that your startup, then you shouldn’t hurry up.
When you have more Ideas Than Time
If you find it difficult to shut off your ideas that you can incorporate into your business, it is a sign that you must start acting on them. However, you must ensure that you only put your focus on the ideas that are crucial and productive so that you wouldn’t get carried away with the ideas that do not hold much importance.
“Ideas are like rabbits. You get a couple and learn how to handle them, and pretty soon you have a dozen.” — John Steinbeck
Initially, the less you do, the more it becomes. If you want to get acknowledged for your execution techniques, do small things in a perfect way. Grab a space in your customer’s mind so that they only think about your products and services first. Once you have successfully earned their trust, it would be easier for you to expand your business further.
When bad days don’t affect you
Even though most of the startups fail, failure should never be a consideration for you. There is no alternative way to handle the sudden changes than doing your homework before hand. One of the most important things is to keep learning and moving forward.
You would have to get used to making decisions without any precise information. If you think that you are competent to handle your bad days and can prevent them from affecting your mental health, go ahead with your business. Otherwise, there are always different career options.
When you have the passion
Passion is what you must have to run the business. Throughout the way, there are going to be various obstacles, the stress of deadlines, and constant push to do something innovative. Without passion and determination, you cannot reach your desired destination.
It’s all because of my passion for working things out that has compelled me to introduce two companies to the world.
So, if you think that you aren’t one from the lot of procrastinators, can handle pressure, and can complete your work within the time-frame, it is your time to start something for your own good.
If these reasons seem worthy and accurate, now is the correct time to build your empire. There is no better time than today.
So — Start. Build. Discover.
If you are stuck with any factor related to establishing a successful business, get in touch with meat dhanushms@intrinsicpreneur.com and I can help you in every manner- be it Business Strategies, Branding or Marketing of your startup.
