4 Reasons to Absolutely Get that Start-Up Going

4 Reasons to Absolutely Get that Start-Up Going

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Now you’ve come to your senses, here are the four best reasons to go into business. If you’ve got one of these, that’s enough. If you’ve got more than one, what are you waiting for?

1. You’ve found a problem and are willing to work on its solution 80 to 100 hours a week ad infinitum.

If you passionately believe you’ve found such an important problem to solve, you may have a great reason to start a company.

Just realise that following your passion may require neglecting your family and health, or burning through all your cash. If you’re still willing to work under those conditions to realise your solution, it might be a company worth starting.

2. Many customers see this problem as a huge pain and no other firm is offering a solution.

It’s all well and good pouring your time, energy and money into a brilliant solution, but without an equally enthusiastic market, that effort will be for nought, or rather minus several hundred thousand.

It’s imperative that the solution you’re creating addresses a problem that’s a big enough pain point to persuade customers to part with their cash or divert from the less elegant solution they’re already using.

3. Your vision is so compelling that you’re able to build a top-notch team.

Even the smartest people in the world can’t build a significant company without the help of others. If your vision for a company is compelling enough to get you to work flat out for years to realise it, you’ll only succeed if you can convince talented people to join you in that quest.

 

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Your vision must be, well, visionary since you won’t be able to pay people as much as, say, Google. Your vision will have to offer them enough emotional currency so they will trade off the big salary to work for you.

4. You believe so strongly in your vision that you’d be willing to hire your replacement and walk away to realise it.

It’s very rare that an entrepreneur launching a business out of a garage has the skills to turn it into an $82 billion company. If that number sounds a little too precise, that’s because we’re talking Amazon’s Jeff Bezos and that’s what his garage company is worth today.

If you haven’t won that kind of skills lottery, but you’re so passionate about realising a vision that you’d even be willing to walk away from your start-up to get it to the R500 million mark, then you pass a final test of readiness. And, if you’re willing to walk away from being king of the castle so a different leader can grow the company to the next level, you might end up being rich after all.
This article was originally posted here on Entrepreneur.com

Peter S. Cohan
Peter Cohan is president of Peter S. Cohan & Associates a management consulting and venture capital firm. He is the author of Hungry Start-up Strategy: Creating New Ventures with Limited Resources and Unlimited Vision (Berrett-Koehler, 2012).