As a budding entrepreneur, you have lots of choices in spending your time and precious little resources. I have learned that the 3 most areas to focus on for a budding entrepreneur are :
- Purchasing Power
These 3 Ps are the 3 steps on our road towards our 3 goals. I have also seen that winning entrepreneurs are good at these 3 tasks.
The startup needs to create one or more products that solve some problems for the user. Without creating a good product which paying consumers want no startup can grow and become profitable.
To create the winning product(s) you need to assemble a team that can execute well. Thus any successful startup requires good people inside it and successful startup founders are good recruiters and motivators.
Every startup needs money to purchase the time of its people and the essential resources required to create and provide products to customers. Some startups do not buy stuff using money from investors or founders but they purchase stuff using other mechanisms like ESOPs, crowdfunding and barter. Thus I term this purchasing power instead of money.
As a founder focus most of your time on these 3 steps to startup success. Time and focus are bigger constraints than money. I have seen that in action as Vice President in Paytm. You can get money from outside but you always have limited time and focus. Thus a startup founder should have a laser focus on these 3 steps to startup success: Product, People and Purchasing Power.
3 Steps To Startup Success
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