The ONE thing you need to succeed as an entrepreneur

Last week one of the first tweets I came across, as I started my day, was a re-tweet by @CharlieCurve — a poetical summary of Gary Vaynerchuk (@garyvee) earlier tweet.

“Stop worrying about who's President, what the market did and FOCUS on your business & brand.”

Yep, focus – say it again – FOCUS is the one thing you need to succeed as an entrepreneur. If you thought you needed it before, the recession has made it a burning need as the economy totters, markets tumble and Cassandras abound. You’d think it would be easy to keep this one word in mind and hence stay focused.

Entire books have been written on the subject – most notably the eponymously titled one by Al Ries. The history of business is littered with not merely individuals or departments but entire companies losing focus. So this is harder than it appears.

It’s easy to understand why we lose focus, particularly in entrepreneurial setups. The passion and dynamism of being entrepreneurial is the first cause for the loss of focus. There’s always some new problems to be solved, a new customer to be served or more cash to be brought in. This makes it hard to say NO to a lot of things.  So one YES at at a time, you get another ball in the air, and soon there’s no time to do things as well as they need to be done. Worse yet, you keep falling behind and losing ground.

Staying focused requires us to master just one word and that is “No” Doesn’t have to be NO, screamed at the top of your voice, or even a “Hell no!” hissed out the corner of your mouth. Just a plain and polite no would suffice. Everything else that lead you to be an entrepreneur in the first place will kick in, once you focus. So take Gary’s advice and quit worrying about anything other than staying focused on your business goals!

For the two of you who may have not heard of Gary Vaynerchuk – here’s a quick blurb. Gary, who by age 30 had grown his family’s small wine business into a $50M dollar business, knows a thing or two about building successful businesses. And that was before before he started “Wine Library TV” that has nearly 100,000 daily viewers.  Gary has become a much sought after speaker on the matter of personal branding — patience and passion, he exhorts are critical elements to building your brand and business. But that’s matter for a whole another post.

Bootstrapped Startups, first and second time entrepreneurs in Bangalore

Yesterday I read an interview with Kiran Nadkarni, former VC and presently founder/CEO of Kaati Zone on CitizenMatters.in. Kiran was one of the first VCs that I met when I came to India in 1995/6. At that time he had just begun working with Bill Draper's organization after having run ICICI Ventures and was before he got involved with JumpStartUp, I believe. It was refreshing to hear his thoughts from the entrepreneur's side of the table, particularly with reference to early stage funding, which as so many entrepreneurs and bloggers have noted is practically absent in India. Read the interview and check out CitizenMatters as well.

Talking of early stage funding I finally managed to get off my duff and to the NSRCEL (NS Raghavan Center for Entrepreneurial Learning) at the Indian Institute of Management in Bangalore. My erstwhile partners in entrepreneurship, Baskar, KAS and Vidhya had just moved their new startup Amagi Technologies into the incubator at NSRCEL. Never one to pass up on a free meal, I dropped in on them during lunch time to catch up on what's happening with their startup and their recent whirlwind tour of all the major VCs in India. I hope to have Baskar on here as a guest soon and will let him share his insights and learnings in his own voice.

The realization that dawned on me in the meeting with him, was the sheer number of bootstrapped startups that our friends and acquaintances have launched. These include:

Amagi Technologies - local ad syndication for digital TV;
Baskar, KAS, Vidhya; bootstrapped - looking to raise a round

diMobili - [in stealth mode]
Ganesh, Rajesh, Michael; bootstrapped - looking for angel funding

HealthcareMagic - consumer medical portal bringing doctors & consumers together
Kunal Shah; bootstrapped looking to raise a round

loconomy - finding, using & rating of local (neighborhood) services
Sanjay, Gaurav, Pallavi; bootstrapped

RightFields - business automation & ERP solutions around Microsoft AX
Raghu; bootstrapped, has revenue and looking to raise capital

Most of these are first time entrepreneurs and a couple including Amagi and HealthcareMagic are going around the entrepreneurial whirl for the second time - all of them have been India based, as elsewhere people wondered if it is foreign returned Indians who are doing a whole lot of bootstrapped startups. Only diMobili is still in stealth mode, with others having at least a website if not actually operational or a couple actually making revenue. I hope to get the founders of these startups visit us in this blog, sharing their thoughts and journey in the near future.