A large number of people who come to NSRCEL to build their ventures come with substantial corporate experience. In many ways, the assumptions of the corporate world move into the entrepreneurial journey too. Here are our observations and some questions which could help you identify them.
A corporate environment ensures easy access to resources. In the entrepreneurial journey, resources are central but scarce. Judiciously managing these resources through the early phase is essential. Managing resources is not only about ensuring the adequacy of your inflows by addressing your capital needs but also about finding innovative ways to manage your outflows by devising new ways to do more with less.
Another element you have in the corporate world is designations. These designations come with their span of control, responsibilities, and a variety of roles. As you transition to being an entrepreneur, the role distinctions evaporate. You are the driver of your venture and own the responsibility regardless of having early employees. Some entrepreneurs jokingly put this out by saying – I am the CXO of the company. Just that X, in this case, is from algebra and represents a variable. X could mean the chief janitor at one time and chief executive at another.
A cushion that the corporate environment provides is the reputation and brand name that the corporate has already built. The corporate brand has a rub-off on the individual employees as they engage in work on behalf of the corporate. But as a startup, no one knows about your firm! What would get them to open the door for you? You, standing alone without your corporate backing may seem like a very risky proposition for your potential customer. They may be unsure if you can deliver the promised value or not!
People try to break these negative factors in engaging with potential clients by leveraging either their prior corporate background or by making it a virtue. They showcase their academic qualifications and trajectory to symbolically imply that they have the necessary capabilities for the same. Yet others form partnerships and project these partnerships as sources of strength, which could help others accept the new entrepreneur as a credible individual and his or her business a credible one to deal with.
Lastly, we also find some corporate individuals carrying a strong bias of knowing everything about the industry they worked in and the industry they intend to enter. This bias drives them away from learning, which is so central to being able to build the business from scratch. So, watch out!
Ask yourself:
Have I watched my mind operate while I am starting up a new venture?
Do I still carry my assumptions from the corporate world of resources, reputation, and designations?
How do I leverage what I have as an experience to help get my initial opening?
What would get the potential partner to believe in my ability and my offering?