1st M – Money:
“The more your money works for you, the less you have to work for money.” – Idowu Koyenikan
All above an activity needs money & its use varies at a variety of steps of the industrial journey. If you have an idea but no money to execute then your idea has no value. For that reason, money is required firstly for development to buy resources, tools, components or to get services through hiring or outsourcing. At the next stage, money is required to build a core team, & to support go-to market strategies, money is required for quick expand & scaling up of manpower, distribution channels & other facilities with post-sales support.
2nd M – Mentor:
“The mediocre mentor tells. The good mentor explains. The superior mentor demonstrates. The great mentor inspires.” – William Arthur Ward
These words of William Arthur Ward always strike in my mind. It’s totally factual that true mentors get involved closely with both; the team & the enterprise, provide everything what he can & critical advice at the right times. Provide technical or professional inputs, e.g. what to do, when to do & how to do, the mentor serves more as a life coach. Mentors who can provide tips for business & accept an industrialist’s right to choose without affecting the team’s passion or interest in the project with their decision. Like if you have an idea & money but nobody is there to support you or to tell you what’s the best for you then you will realize the importance of a mentor.
3rd M – Market:
“Good marketing makes the company look smart. Great marketing makes the customer feel smart.” – Joe Chernov
A main reason why startups fail is that they run into the trouble of their being small or no market for the product that they have built. No matter how well-funded & well-mentored the enterprise, its real test is in the market place. All said & done, while it is important that a good idea has to be executed well for it to be successful, not all well-implemented fine ideas make it big in the market in a timely manner. What helps to gain unlimited users & the availability of access or hold to the market & offer you marketing tools for small business. If mentors provide a support by branding or established credibility, it helps open several doors, which are otherwise hard to open. Of course, opening a door does not get one success, but it allows one to obtain access to people, who can look at their offerings & if it is valuable, even extend the support.
It is not easy to get this combination of ‘money, mentor & access to market’ together. The objective of this blog is to expose the various elements of an entrepreneurship like accounts & finance, product development, marketing, support aspects & talent management; from a startup viewpoint. These 3M factors help an industrialist answer questions such as how to get an idea, the susceptibility of finance – what price for whom, how to create teams, how to build value, what is the market-price, position, how to launch products in respective market & much more. All these things will help you for startup success.