7 min read ⌚
A Step by Step Guide for Entrepreneurs
The “get rich quick” scheme is no longer fooling anyone! We all know that unless you come from a wealthy family, the path to improving your financial position is paved with thorns, not roses.
That’s the harsh reality, but it’s of utmost importance that you have a mentor during the process.
Consider Shishir as your friend to be, someone who will help you to get the big picture!
Who Should Read “Startup Easy”? And Why?
The Startup world incorporates various factors that every entrepreneur should take into account.
Although it’s hard to find a book that contains all the necessary elements for you to step up, we deem that this one is the closest we are ever going to get.
“Startup Easy” helps you take a sneak peek into the deep entrepreneurial mysteries, and how you can leverage that position.
Upon reading it, you’ll be able to put a weight on your ideas and assess their potential. It’s a process you wouldn’t want to sidestep!
About Shishir Gupta
Shishir Gupta is a lawyer, author, and the CEO of StartupLanes. He launched his first startup back in 2001, and embarked on a lucrative journey.
His work has been featured on CNBC Young Turks, TiE the Knot, Startup Weekend & Startup Grind.
“Startup Easy PDF Summary”
It’s needless to say that the effects of the digital enhancement are a force to be reckoned with. Neglect their impact, and you’ll find your idea buried in the ground. This leads us to our next revelation:
The Startup Ecosystem needs to perceived from an impartial standpoint, and thus tackle the disruptive technologies that constitute a threat to your progress.
If you are a rookie in the Startup Stratosphere, there’s a good chance you have absolutely no idea what the term Startup stands for! Fear not, because there are as many definitions and conceptions about Startups as there are stars in the night sky.
For argument’s sake, if you are serious about launching your own business, comparing notes with investors and customers should be the least of your concerns.
According to the author, Startup represents a scalable business, with a limited operating history. A small company even by domestic regulations, where the founders own and finance the business.
What’s not included and has absolute Zero relevancy to the Startup System:
- The size of the company
- The sector of the economy
- The industry in which the Startup operates
Many tech-savvy people have an advantage over more conservative heads, regarding the process of launching a startup, right? Wrong! You don’t need to be Elon Musk, or Bill Gates to create your own product or service.
Shishir makes it crystal clear by stating:
“A startup can exist without technology also, consider the example of Shake Shack. Shake Shack welcome people from all over the city, country, and world who gathered together to enjoy fresh, simple, high-quality versions of the classics in a majestic setting.”
On top of that, not every new company has the earmarks of a Startup. Only a tiny fraction of the bulk, deserve to be labeled as such. If you want a real-life example, take notes:
A local a barbershop doesn’t meet the criteria of a Startup, and as a business model is not scalable. The rest of the launches, which are ascendable and innovative, can be incorporated into the Quick-Growth type of businesses.
Adopt the Entrepreneurial Mindset
We assume, you all know that entrepreneurship is not a numbers game, but a process composed of expertise, sheer will, and attitude. Early failure is not a foregone conclusion, but an integral part of the entrepreneurial journey.
By thinking big, and acting rather than reacting, you’ll lay the groundwork for commencing a successful professional endeavor. Don’t relate your concept to your age, because imposing restrictions on yourself can cost you dearly.
Shishir amplifies on this by saying: Staying calm, experimenting, and refraining from judgment is the all-encompassing strategy that will lead you to ultimate victory. Don’t attach a timeframe to these ventures, and move with great confidence.
He backs this notion by referring to a product sold on Amazon named NoPhone Air. It’s basically “Air” in an empty pack, but it surprisingly got media coverage and raised approximately 550$.
Astonishing, isn’t it?
When it comes to innovation: the most accurate definition would be – turning an idea into an actual product or service with great value and potential. Startups are in tight correlation with creativeness, because they are compelled to create something better than the existing product/service.
In Shishir’s opinion, there are two types of Innovation:
- Evolutionary innovation
- Revolutionary innovation
An innovative startup puts the problem in the core of their operations. By identifying the chasm between customers and the existing product, you’ll get one step closer to devising a solution that meets the customers’ demands.
What exactly do you need to launch your own Startup? What are the core necessities one, can’t do without?
- Physical: office, delivery vehicles, laptops, etc.
- Intellectual: Brand, patent, copyright agenda, customer database, etc.
- Human: stakeholders, human resources, in other words, people.
- Financial: financial capabilities.
Hipster, Hacker & Hustler
Prior to diving deep into this book, we had zero knowledge regarding the importance of these terms. Shishir pays exclusive attention to them, and delivers an easy-to-grasp explanation:
- Hipster: Creative genius. Someone who’s not aversive to change, and tends to follow the latest trends in the industry.
- Hacker: The backstage boy – often portrayed as some weird-looking dude (sorry girls), but that’s not always the case. It’s the master behind the curtain.
- Hustler: The person who doesn’t take “No” for an answer. A real problem-solver with impressive critical thinking skills
Fire up the team
Amazon’s very own Godfather, Jeff Bezos, overly-emphasizes two key concepts – Disagree or Commit. In doing so, he managed to create a highly proficient organizational structure that thrives on decision-making.
Even if you feel disposed to disagree with the plan; be honest about it. Don’t endorse a concept that you actually have no intention of giving your best shot to make it work. Become one of those people who dare to criticize even the Brain of the operation.
Disagree or Commit, as it turns out, is marked as a method that averts a potential conflict, due to the fact that lack of consensus can instigate lethargy within the organization.
What does it take to build a successful Startup?
- Scalability: This process is self-explanatory. Your Startup must have the potential for reaching the sky, otherwise, it won’t pan out!
- Born out of passion: Doing something solely for the financial benefit behind it, will not suffice. You have to love what you plan on doing and radiate that enthusiasm.
- Disruptive: Generally speaking, you don’t need to reinvent the wheel; adding an extra feature to an existing product could serve an equal purpose.
- Independent: The ideal startup model is composed of founders with no intention of giving away their elbow-room. They enjoy their autonomy and freedom to make decisions.
- Execution: Get Things Done, and Fast! Don’t roam around purposelessly and embrace the hustler attitude!
- Start Small: At the outset, you might want to target a smaller market segment, and win the audience over with your diligence and commitment.
- Young: This particular segment doesn’t refer to the operating history of the company, but relates to the overall display. Energized and eager to adapt businesses comprise this group.
- Technology: Your startup must be either technologically-oriented or technologically-enabled.
- User experience: If you plan on building a user-centric company, then you have to put their demands on the top of your list.
Remember – failure is not a defeat, but a lesson!
More Critical Information
Lean Startup is a term coined by Eric Ries. In his bestselling book “Lean startup “– he explains it as a process that embodies uncertainty and risk. The goal of this procedure is to identify and eliminate waste.
In addition, take a look at the five principles that add to the Lean Startup definition:
- Entrepreneurs are everywhere
- Entrepreneurship is related to management
- Validated learning
- Use the: Build – Measure – Learn tactic
- Innovative accounting
MVP – Minimum Viable Product: Is used as a basis to launch a new product and get feedback as quickly as possible. The Minimum part refers to the idea of doing only what’s expedient, and do the refinement later.
Build – Measure – Learn Method: It emphasizes pace in terms of decision making and product launch. What does that indicate?
It illustrates your readiness to build the minimum viable product, receive feedback, assess its value, and experiment along the way. By doing all these things, you’ll know when to pivot, or even stick to your strategy which according to your KPIs proved to be effective.
Key Lessons from “Startup Easy”
1. Your age is irrelevant
2. Write your ideas
3. Be yourself
Your age is irrelevant
Don’t put ideas in your head that would limit the scope of your business. Stay open-minded and beware of these tendencies.
Age is just a number, and that couldn’t be more accurate especially in the field of entrepreneurship.
Write your ideas
It may seem like a pretty casual routine, but it’s an insanely powerful tool. Such a trick can give you the impetus for change and evaluation.
Visualization is crucial to success, but putting your dreams on a piece of paper is even better!
Yeah, it may seem a little out of the blue, but bringing authenticity to this world can really be beneficial. A poor imitation can backfire on you, and leave you empty handed.
In your spare time, try to work on your individuality by questioning your habits and way of life.
Like this summary? We’d Like to invite you to download our free 12 min app, for more amazing summaries and audiobooks.
Startup Easy QuotesWhen you innovate, you’ve got to be prepared for everyone telling you; you’re nuts! Click To Tweet No man will make a great leader who wants to do it all himself or get all the credit for doing it. Click To Tweet If you can’t tolerate critics, don’t do anything new or interesting. Click To Tweet Every good leader knows the art of compromise. Click To Tweet There’s nothing to be gained by complaining. Click To Tweet
Our Critical Review
Entrepreneurs in the making, or those willing to sharpen their skills, will benefit from the insights shared by Shishir Gupta.
In all honesty, not many authors dare to unveil so many obstacles that an average entrepreneur faces on its journey.
We not only enjoyed reading this powerful guide but also learned a lot of cool tips from it. These lessons can be implemented into your business or help you to establish a new one.