Browse Tag by Risk
Marketing

A Life With Regrets Or Something Better?

College is drawing to close. It has been a crazy four years of engineering education. Undoubtedly, in the four years of college life I have had my share of joy, excitement, heartbreaks and frustration. That is what makes it memorable. All that drawing to a close now, most of my friends and batch mates are placed in prestigious companies and organizations. Everyone is looking forward to a bright future for themselves. At this point, my mind has shifted into “thought” mode. One of those modes within me, where philosophy and sentiments combine to an epiphany.

The campus is just finishing off with the recruitment season where companies where competing with each other to get the best minds of our college campus. Most of the companies that recruited them are a great places to work, free sodas, good compensation, great health plan, and reasonably good job security.

For the past few weeks, I have been spending quite a lot of time with my close friends who have all been placed and discussing with them about their future plans. It is surprising how many of them want to run their own companies but are still settling for the apparent job security their recruiters offer.

This brought me to a point where I began to reflect, would people’s biggest regret have more to do with what you didn’t do versus what you did do? I would not know your exact answer but I can assure you that people have the biggest regrets when they have not done something. It is always a better thing to give it a shot and see the outcome rather than sitting back and wondering “what if“.

The biggest reason why people refrain from doing what they want is “fear”, they fear about a lot of things. To this, I would like to add a dialog that was presented in the Television series, Scrubs – “I’ve been thinking a lot lately about taking chances. And how it is really all about overcoming your fears. Because the truth is, every time you take a big risk in your life, no matter how it ends up, you are always glad you took it.”

There is a lot of wisdom in the above sentences, regret is usually a personal choice. A person can either choose to regret nothing in his life or do something with his life so that he regrets nothing. The worst case is where you don’t have the spunk to do anything that you have felt like and moreover, regret about.

This brings me back to you – “Would you want a life with regrets or something better?

In the end I would like to conclude with this very thought-provoking quote:

Take chances… a lot of them. Because honestly, no matter where you end up- and with who, it always ends up just the way it should be. Your mistakes make you who you are… you learn and grow with each choice you make. Everything is worth it. say how you feel- always . Be you, and be okay with it. It doesn’t matter what any other person thinks.

I hope you found the post a very thought-provoking piece and something that leaves you wondering about what you really want to do! Let me know what you think below.

Entrepreneurship

Three Types Of Startup Ideas

For an entrepreneur, coming up with a startup idea is rather personal process. I have done some research and here are the three types of startup ideas that exist.

Types of Startup Ideas
Types of Startup Ideas

There are three main types of startup ideas:

  1. Trophy idea
  2. Borrowed Ideas
  3. Renovation

Each of these ideas can lower or increase your risk level. We will go ahead and discuss each of these types of startup in detail.

Trophy Ideas:

These are the ideas for a startup which you have come up by yourself. It is generally a pretty new concept and requires a high amount of work initially. This is because, since these kinds of ideas are a novelty – the entrepreneur has to create the demand.

At the same time, startups that are based on trophy ideas are generally that generate the most popularity and success. So if you have an idea that has not been introduced into the market as a business then you have a Trophy idea in your hand.

Borrowed Ideas:

Neil Patel from Quicksprout.com, stated on his blog – “There is nothing wrong in copying the same business as someone else.”

Borrowing ideas for a startup is one of the most usual ways an entrepreneur begins a business. If you are a better alternative to the existing the business running about the idea then surely you can be successful. However, it is as such difficult for a startup to make a mark on an established market.

Renovation:

This essentially means taking over another business that is failing. This is perhaps one of the riskiest type of startup because when you take over the business, you must be able to quickly figure out what is wrong with the business. In fact, it is possible that the business model is altogether not feasible or a market simply does not exist for it. So an entrepreneur must be very careful while going for a renovation of an existing startup.

Hope you liked the post and as always do share your views about this with me below. Thanks!

Entrepreneurship

Friends, Family and Fools…

Every entrepreneur knows the importance of a high venture capital in a startup. Angel funding is quite popular among start-ups but there is phase before that. That stage is also known as pre-angel funding. We have discussed about it in the last post. So we have learned that the pre-angel funding is basically the money that comes from friends, family and er…fools (FFF).

What is the greatest RISK while getting funds from Friends and Families?

Before turning to anyone else, we first turn to our closest members to accrue funds for a venture. It is only natural. Moreover, most angel investors require you to show them some progress before they put in money for your startup. So the seed money almost always comes from friends and families. They are also humorously known as fools when they give you money for a startup – that is with reason though. Statistics show that 8 out of 10 new businesses fail within the first three years.

There are also a few risks associated with it.

The greatest risk is your relationship. If your business fails- and mind you 80% of new businesses fail within their first year. You can end up losing your friend or create tension with your family members, especially, if they are not immediate.

There are many cases where a simple case of pre-angel funding gets into a big legal battle. Sure, you may assume them as worst case scenarios but, the reality is that daily there are many entrepreneurs who get into an emotional wreck because of pre-angel funding.

Friends, Family and Fools (3F)
Friends, Family and Fools (3F)

This post is not a deterrent that is trying to remove an alternate finance option. In fact, this is more of an awareness post. Sure, there is a high-trust quotient with your close friends and family. But it has been proven through the ages – when money gets involved, everything changes.

Let me know your views below. Thanks!