It’s been said, “Money, Mentors and Markets are the Three Pillars of Startup Success”
Today, one can read about many interesting startup stories around the country. Many fresh faces and even experienced people are taking the plunge. The increasing societal support, development of individual risk taking ability and even policy support from the government has totally changed the entrepreneurial scenario in the country, than what we had a decade ago.
‘Entrepreneurship’ and ‘Startup’ are no longer dreaded words. One starts his/her entrepreneurial journey with an idea, but it is not ‘only’ about the idea. A powerful idea demands right execution, which implies that the entrepreneur and the enterprise needs timely access to money, mentors and markets.
“Business is a money game with few rules and a lot of risks” – Bill Gates
An enterprise needs money to start, scale etc. The use of the funds varies at different stages of the startup journey. For example, money is needed initially for development (to buy components, equipment or to obtain services through hiring or outsourcing) to reach to the ‘Proof of Concept’ (PoC). In the next stage, money is needed to build a core team and to support go-to market strategies. And as traction happens, money is needed for scaling up to manpower, facilities and distribution channels as well as post sales support to maximise returns.
“Mentoring is a brain to pick, an ear to listen, and a push in a right direction” – John Cossby.