First Find Your Why If You Want To Start Your Business

Anil Soni Blog

Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your other innovations.

Steve Jobs

What is your WHY?

There can be various reasons as to why people want to start a business, such as 

  • The inner urge to pit oneself against one's own abilities as an entrepreneur or
  • You might want to show your father or your old classmates that you can do  something great or
  • Maybe by working hard and being more committed than family and friends, you will succeed – every research shows that as well. 

So, find out your WHY, and with it, your HOW will come up automatically. Without a strong WHY, you would not be able to give 100% to your startup.

  • Starting a business from nothing
    Maybe you think that you have no idea where to start with, and what skills are needed for it.

Remember: You always have something. You have your personality, your skills, and the ability to engage with others.

If you know where you are heading, and you have got the right resources to back it up then it is easy to plan the road ahead. Only a few entrepreneurs are clear in their direction and only a few have the resources.

Therefore a new entrepreneur who wants success must use whatever an individual has in hand to build the road to a viable business. The individual often succeeds with this.

  • Successful entrepreneurs

Studies have shown that successful entrepreneurs use the means that are available to guide them to success. The means can be described with five principles:

1) Bird-in-hand Principle

When the best entrepreneurs set out to build a new business, they start with their available means. What cards do you have to play with? It does not matter if they are good or bad. You have what you have, and you take it from there. The means you set out with are:

  • What is your personality:

Are you an introvert or an extrovert, a nice guy, or a pain in the ass guy? Are you a perfectionist like Steve Jobs, or a relaxed guy like Mark Zuckerberg?

  • Something about you:

Your education, work experience, leisure time activities, and knowledge from books and online sources.

  • Who do you know:

Family, schoolmates, former colleagues, and the ones you have not met yet

2) Affordable Loss Principle 

It is often said that real entrepreneurs take big economic risks in order to win big - or lose big. But the most successful entrepreneurs limit risks by understanding what they can afford to lose at each step, instead of seeking big or no opportunities. Instead of borrowing money to produce numerous products at once, they produce one product, start selling, earn money, and then produce more products.

3) Crazy Quilt Principle

When a prosperous entrepreneur does not have the resources he needs, he seeks partners. He takes in partners early on in the venture as a way to fill gaps and reduce uncertainty. Partners can be family, friends, and people he meets on the way or seeks out for strategic purposes.

4) Lemonade Principle

A successful entrepreneur knows that the future is uncertain, and in a split second everything can change. Instead of making plans for the worst-case scenario, embrace change, and make the best of it. Often, an unexpected incidence can get absorbed in your company and used as a stepping stone to innovate and make better products. The Americans use the term "Make Lemonade" when they face a bad situation. By this, they mean, that you will have to find a good way to tackle an uninvited problem with sour lemon, which they cannot eat. The solution might be to sprinkle the lemon with sugar, add water, and make nice lemonade. You can turn a bad situation into a good one.

5) Pilot-in-the-plane Principle

Most people want to control their own lives; it also applies to successful entrepreneurs. The four other principles are used to increase control over one's life as an entrepreneur. When you do the work based on your own resources, you will incorporate it with people you have chosen to work with. Do not invest more than you can afford to lose, and see the obstacles as opportunities. If you work like this, you will have a better chance of controlling your own life. At least you’d have a much better chance than if you had to manage resources controlled by external sources. This principle can be described as if you were the pilot of your own plane (your business). You decide the course, and you steer clear of the immediate threats around the thunderstorms and ash clouds. You never fly higher than you should, and you always keep an eye out for a proper landing area.

You can do it

As you can read above most of the people become an entrepreneur even though they do not have a clear goal and resources to back it up. Start your journey in the world of entrepreneurs with the birds you have in your hand. Make them fly somehow, and see where they take you. You will meet thousands of challenges, but you need to solve them one at a time. Find partners with resources, implement new ways of approaching the problem, and break down expenses to affordable bites.

Start writing everything on paper

My personal life counselor taught me a really important thing, that writing is attached to our inner power. There is a lot of difference between writing on paper with a pen and typing on a laptop. Writing on paper always has much more effect on our minds and hearts. It has a psychological connection. It gives power and energy to what we write. So, start writing everything you think for your startup and what is related to your business. Yes, you can make presentations on a laptop from the information you write in your notebook whenever you need to.

To know more about doing successful business, read my book "Startups-Your Way To Success" which is available on Amazon.