How to zero in on a business idea!

We are all entrepreneurs, in our own different world's and ways. In most cases the fixation to the idea does not last long and hence it never springs up to reality.

The most important thing in starting up a business is the IDEA. Then the Team and then the Implementation. To find the right Idea is the key. That Idea should not only appeal to you monetarily but also emotionally. To find out :-

Make 2 Lists

Make a list of all the things you love and cant live without. Don't hold back or restrict, get a sheet and pen everything down from your hobbies like swimming and philately to interests like cooking, watching movies, hanging out with friends. Basically a list of all the things close to your heart.

Now make another list of skills that you have and you can acquire, do not shy away from penning down anything. Write whatever you think you are good at from excel skills to people skills and writing good blogs to public speaking to even coding, jot down everything.

Compare the lists

Now compare the two lists, and more often than not you will find one thing where your heart and your mind will coincide. You could be a food lover and coding could be your skill, you can start a food blog or a product for eateries. Or you could be a motor enthusiast and have public speaking skills, you can then start a video blog on motor sport or your own motor reviews channel.

There are many things you can be, but the ones which will bring a smile to you will be the ones closest to your heart.

Remember "we are all entrepreneurs!"

Are you ready for the 'marriage'?

Entrepreneurship is a journey like marriage, and is often shared with others. Choosing the right partner is a paramount, because this choice can make the difference in how things will shape up in the future. Infact, some VCs consider the business idea secondary to the founding team itself.

Some tips can help you find the right partner in your business. There must be some common and uncommon qualities, habits and values that should drive the partners.

There is no set equation or a formula to help you find the right person but these tips will help you zero into your search better.

Go with who you know (please read - 'trust')

Always prefer a person you have known prior to your current association as partner/co-founder. 

This does not mean that you always try to spot a co-founder in a childhood friend, instead it should be a person you know, someone you can trust and someone with whom you are comfortable to share your fears and in-capabilities.

You should be able to trust your co-founder with your money, future and your professional life.

No 'Yes Men'

One should always be able to introduce the elephant in the room to the other co-founder and the other way round. It should be a partnership on principles and rightly aligned to the goals and values of the company and not a 'mutual admiration society'. 

Both the co-founders should be able to highlight and raise flags for each other whenever needed 'CONSTRUCTIVELY'.

Remember, "dialogues can be heated but the people delivering them should be cool".

Drive

A start up or a new venture for an entrepreneur is the reason to get up in the morning and not be able to sleep in the night. When the magnitude of your's and your co-founder's drive are equal you move faster. 

Imagine a chariot with two horses one very strong and the other very weak, after some time of pulling the chariot, both the horses will be exhausted, worse, never reach the destination.

Each one should be able to inspire and infuse zeal and confidence in one another and keep the momentum up at all times.

Opposites attract

Its a yin and yang situation. If one is a spendthrift, the other is a 'Warren Buffet'. If one is impulsive, the other is calculative. If one of you is a risk taker, the other one is thoroughly planned. 

With these attributes and more, the co founders should also distribute their roles and responsibilities and hence be able to compliment each others strengths and weaknesses. 

Skill & Grit

When looking for a co-founder, always pay attention to the skills of the person and how can those be helpful in bringing the idea to reality. 

Once you have the idea, you should be able to pursue it to the 'T'. Even against all odds, you and your co-founder should be focused and aligned towards one common goal to make the start up successful. 

When investors evaluate a team, they want to be completely confident that the team believes in the idea and will do everything possible and beyond to make it a success in the most adverse environment.

While there are endless reasons for partnering in ventures and being co-founders, the most important of them all is to be able to become a team that is inseparable and is always up for the task together.

Thank you for taking out time to read this blog, you can write back on twitter @prateekb11