America is captivated by start-ups. From Apple to Facebook, building a business from the ground up has plenty of success stories.
There has been an even greater increase in the number of start-ups in the recent years due to the lack of jobs in the global economic slow-down — sometimes, you need to create your own job. These businesses belong to a wide span of products and services, which all have their beginnings with the imaginations of some fantastically creative brains.
Some of the start-ups have emerged from small ideas. Take Getaround for instance, a peer-to-peer car sharing service or Kiip, a mobile advertising network. These successful start-ups have boosted up the count of millionaires, and many of these entrepreneurs are still in their 20s and 30s. Also, owning a business is always considered better than reporting to a boss.
Are these reasons tempting enough to create a start-up? Yes, they are. However, along with this beautiful picture, there is the embedded struggle, the countless number of sleepless nights, and the financial instability during the initial phase. Establishing a business takes a good idea, initial funds, shrewd advertising, marketing strategies and a hell of a lot of effort. There has to be a perfect balance of all of these. If you can't meet this requirement, you and your company are doomed to failure.
Starting a business while still in college can be a great option. Colleges provide a strong platform for its students and alumni to start a venture. In fact, nowadays, colleges are encouraging upcoming ideas and start-ups, by providing both technical and financial support. There are also big companies interested in funding and supporting start-ups like NASSCOM.
Despite the help of these entities, an entrepreneurial venture can turn into a mess. We generally hear about the successful start-ups but the unsuccessful ones are an afterthought. Unsurprisingly, the number of unsuccessful start-ups far exceeds the number of successful ones.
When start-ups have to be closed down because of insufficient funds, it turns out to be a nightmare for the founders. Over-burdened by the financial crunch and shadowed by failure and depression, it becomes exceptionally difficult to start over again. At this point, founders need to have a backup plan. Unfortunately, many start-up founders tend to forget this part of the plan and follow the path of eternal optimism. A small back-up plan could save them from life-long depression and a living arrangement in the basement of their parent’s house. Sketching a Plan B would not require too much effort, but it is required to make enough of a groove to to cut out another path, in case of emergency.
Start-ups are a wonderful way to make everyday ideas grow into successful business ventures. However, we should also acknowledge the possibility of our venture backfiring. In case the start-up doesn't work out, it's reasonable to go ahead and find a less glamorous job. This is possible only if you have the academic credentials to support yourself. Of course, that is just a sample back-up plan and you can certainly make one that suits your taste. So go ahead and own a business, but make sure you have enough cushioning under you in case you fall down the steep slope of entrepreneurship.
Reach the columnist at asahu4@asu.edu or follow her on Twitter @anima_sahu
Editor’s note: The opinions presented in this column are the author’s and do not imply any endorsement from The State Press or its editors.
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