I have noticed an alarming trend in today’s startup world. Everywhere I go, startup folks are usually talking about getting funded. It’s become an industry-wide status symbol to raise funds and I personally feel that media has played a huge role in creating this frenzied environment.
This is a sad state of affairs. You don’t start a business to get funded! That’s a horrible way to build a great company. Getting VC or angel funding doesn’t mean that you have won the game. And if you don’t get funded, that doesn’t mean that you have failed!
It is time young entrepreneurs wake up and realize that the focus should be product development and not fundraising. I meet such talented entrepreneurs who feel miserable because they haven’t raised funds yet. Some of them get demotivated by this aspect and also go to the extremes of thinking of shutting down their business only because they are too busy running the race of getting funded!
Stop! I urge you to change your focus towards building a solid product or service with a good revenue model. Focus on getting traction, key customers, and cash flow in place first instead of sweating about funding all the time.
Time is precious folks. Use your strength to your advantage. When you have a product that is highly valued and is making the buzz in the business world, investors will be more open and interested in talking to you about your business.
Today, India is a breeding ground for Startups and Technology and with such fine talent, why should entrepreneurs fret over raising funds to successfully run their business? Walk that extra mile to build a strong business model. You are not going to become rock stars by just raising funds. It is a short-lived stardom. Raising funds is just one aspect of the entrepreneurial journey.
Don’t equate your startup success with the number of rounds of seed funding you raise! You starting up on the entrepreneurial journey itself is in some sort of stepping stone. Keep your focus and vision on building a sustainable company and the rest will just fall into place.
*This story was originally published under Vishwas Mudagal’s Guest Column on YourStory