That 100 ft. Journey Part-2 : "Is it 98454-13576? No. Sorry, its a Wrong number!!"

0-98454-13756 (note: just an imaginary phone number) is a 10 digit mobile number. This is what we have to dial, in order to get through to someone called Mr. XYZ. We all make several phone calls on a daily basis. But have we ever thought about it? Even if we miss a number by just 1 digit, it goes to a wrong person!

Likewise, Entrepreneurship is also a 10 digit game, just like a phone number. Even if you get one digit wrong, all your efforts may go waste. Suppose, you get all the 10 digits right, but in a slightly different sequence, you may still fail! Even if you get the 10 digits right in the right sequence, but if the time/timing is not right, it may still go RNR or no response and your efforts are still wasted. The only mantra here is : You have to get 10 things right, in the right sequence, with the right timing. Then one may get lucky and succeed. But the odds are always against you, right from day-1

In my short 1 year stint of the entrepreneurial journey at @Flow Realty India, what are those 10 digits i have encountered ? In other words, what are those top 10 factors that i feel can make or break a small time entrepreneur?

1) Bootstrapping your startup: Starting a company with your personal money could be a big factor that does not help your mind function well, especially if you don't have a large saving backup or financial cushion. Bootstrapping can be very stressful, especially if you don't have a steady stream of revenues from day-1. The earlier the business can sustain by itself, the better is for everyone - employees or founders or investors.

2) Being a Single (sole) founder: This is very similar to bootstrapping: this is a high stress, high risk factor, especially if you are the lone wolf at the helm. From Ops to cashflow to hiring to sales to BD, you have to lead everything on your own, and you may not get everything right simply because you are spreading yourself too thin or lose clarity, depth or focus. I tried it once earlier, and failed. This 2nd digit went wrong that time ;)

3) Not being the sole founder: So you thought its easier if you are more people in the founding list? of course not! If you add more wolves, then it could happen that the wolves may end up fighting for the same meat/pie or even eat each other up! In other words, more people means either it can work in a positive way - more ideas, more collaboration, more bandwidth etc. or it could simply turn negative - more ego clashes or clashes relating to integrity/values, pace, aggression, cost, pricing, space for everyone, domain expertise, difference of opinions, etc etc etc. All this may occur quite often and break the partnership for ever. Its like sex: Some one wants it slow. Some one wants it fast.. Some one says lets explore new markets, some one says consolidate....So this factor also has its own risk. Many prominent startups (one furniture one, one ecommerce one, one coliving one) has had founders falling apart. The reason is that Getting more people to think alike is probably even more tougher than running it by yourself. But, i am told that from an external investor point of view, 2 is better than 1 and may be 3 is better than 2. Experts could comment below. Am no expert. But its indeed beautiful when you have short set of founding team and they work extremely well - like we have in Flow so far. touchwood!

4) External market conditions : There are many factors here - demand, supply, competition, recession, GDP, Regulatory, dollar-rupee parity, demonetization and what not? Wild animals are out there trying to kill you at every step. Being an entrepreneur in some ways is like a peace loving herbivorous cow entering a jungle full of plants, trees, grass, tasty fruits and ofcourse a lot of wild animals. Every new opportunity provides a new threat in itself.

5) Internal team and Synergy: All other things may be perfect, but the team you have Put together may just not pull it off due to various issues ranging from capability, intention, politics, clashes or culture: various factors leading to the entire machinery not delivering well. One bolt has the ability to disrupt a full car engine, if it wants. When car is fully ready, driver is sick. When driver and car are ready, we are running short of fuel. If all 3 are ready, then then is bad traffic. there you go!

6) Your own attitude/ mindset: You might be bogged down with various personal issues pertaining to your family, your/their health, personal financial issues, relationship issues and so on. These things distract you so much that you may fail completely, even if you are one of the smartest people in the world. So one thing I learnt is, if you are paying a big EMI for a Lower Parel flat in Mumbai, then just be a corporate slave for life and pay your EMIs on time and help HDFC and the Developer prosper. If you still are left with any money after that EMI, please do have a drink at the HardRockCafe, worli. But Forget starting up!

7) Support of your family: If the support of your immediate family is not there, everything falls apart. Every phone call you make from home is coming at the cost of playing/being with your 3 year old. So she/he too has also played a crucial role in making your startup successful. #Gratitude. Its not your talent or brainchild alone.

8) Cost / Overheads: This is a timebomb. But you can't do business without it. A Ship is meant for sailing. But ship is safest when at the dock. So start to manage your monthly outgo well. Even if there is an opportunity to save 100 rupees, do it. Its not for saving the Rs 100 per se. But its the culture we should inculcate. It should be your DNA. They day we think hey its just Rs 1 lac on one occasion, we will automatically see many other new occasions coming, each demanding Rs 1 lac. Its like drinking. We drink when we are happy or sad or calm. But we end up drinking. Overhead related spending is also like this. But yes, its like a ship. don't keep it in dock. Sail it, but with lot of caution.

9) Force Majeure (FM): Be prepared for one FM event every year. FM per se is supposed to be rare. But these days, its seems coming annually like Onam and Christmas. The Covid pandemic may have left many SMEs wiped out of business. But its another digit that potentially lead you to wrong number. Keep this factored in your RoI calculations.

10) Luck, God, Fate, Blessing, Good-will: Many people don't believe in this. But i personally feel that Some unknown factor also always plays a role in your success or failure. We may call it timing or luck or god or fate. So yes, make the god aligned with your goals too. Make him your partner too. Keep a share of profits for good things or charity or anything that god may like us to do. Am sure then this last 1 digit will also be in our favour :)

In short, the 100 ft journey makes you very well rounded. Its a huge transformation from being a 'senior leader' in a corporate to a semi-causal attired startup founder working out of a co-working space.

Sometimes I feel that being a 'corporate leader' and posting corporate motivational philosophy on Linkedin is the easiest thing one can do can do - especially when you are sitting in your large A/C Cabin on a 31st july and typing a linkedin post, while your driver and office car are waiting downstairs, your friends are waiting you at the bar, and you don't have worry even 1% on whether that 10 digit fat salary will hit your bank account by eod. You still crib about the TDS, ofcourse.

Part-3 to follow soon. Please do share your views - supportive or contradictory :)