It has become really cool these days to be starting a company or being a part of a start-up team. There is no doubt that a start-up can provide really enriching experiences to all the participants. However, sometimes people are not ready of the ride or they have misplaced expectations.
We thought we will write down a few points that we consider important for the success of a start-up.
- Choose a business / sector that you are passionate about, something that goes with your nature. Startups for the sake of making money have lower likelihood to succeed. We chose healthcare because we can relate to the sector because of the personal circumstances that we went through. Through labsadvisor.com, we believe we can help solve a problem in healthcare space and can help the end customer.
- Be prepared to face ups and downs: No startup will have a completely smooth ride. One has to be ready for the difficult days and be willing to persevere. Some days we are ecstatic when customers appreciate our offering e.g. a terminally ill customer saved Rs 500 on a test and he now blindly trusts us to book tests for us. While on other days we are confronted with the current system (e.g. doctor commissions) that makes our journey difficult. But we are prepared.
- Choose the right partner: In a start-up, having a co-founder helps immensely. One should choose wisely to get someone who have share the tribulations and success with you.
- Get family on your side: It is very important to have your family and spouse bought into the idea. They should be your pillar of strength during the long days and nights trying to set up a business.
- Take care of your health: Many people forget that the most important gift of nature is our health. In a start up environment, it is very easy for people to forget everything else and focus on the day to day fight. The founders should not only take care of their health but also encourage the team to have a healthy work life balance. We do not believe that working 14-16 hours everyday is what a start up is about. One should be productive. Working less takes more thinking and many people are afraid to think.
- Enjoy the journey: I believe that the success of a start up is not in how much funding it has received or how much money did it make for the management team. The success depends on how well people in the team bond and how much do they enjoy the journey. Enriching experiences in a failed start up can provide a great career and personal boost to the participants. We hope that we are providing our team and ourselves the right experiences. We will continue to work on it.
Ashish and Rahul