Entrepreneurs: Keep your Eyes on the Road

One of the great hazards for any founder of a new enterprise, seasoned entrepreneurs say, is the distractions. Distractions in the form of opportunities and detours that can lure the founder away from the core mission in search of easy money or markets.

“When you start a new enterprise, check your distractions at the door and stay focused on your vision,” says Gustavo Mamão, SF ’11, founder of the Brazilian startup Flourish. “Remind yourself why you have launched the business and check each decision against that original vision. Entrepreneurship is a long and winding journey. You must continually keep your vision in mind and not get distracted by the shiny objects along the road.”

Alan Yan, SF ’07, is founder of several successful enterprises, including AdChina, which was acquired by Alibaba in 2015. He says he’s come to realize that even success can cloud vision. “Keep working toward your core mission. Keep your eyes on that prize. Very often when entrepreneurs experience initial success, they think they are invincible. In that flush of enthusiasm, they branch out in many different directions, following up on any attractive opportunity, losing sight of their key objectives and core mission. Remember,” he cautions, “It’s better to be a leader in one marketplace, than an idle dabbler in many.”

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Entrepreneurship: A new enterprise should never be a solution in search of a problem

Innovation for its own sake is not necessarily innovative. If you want to start a successful business, says Jag Gill, SF’13, solve a problem. Gill, founder and CEO of Sundar, a global apparel startup, created her business because no efficient platform existed to connect the apparel industry to suppliers and manufacturers. “A clever idea is neither practical nor executable if it doesn’t solve an existing problem or fill a gap.”

Gill says that when she mentors budding entrepreneurs, she asks them to drill down on their motivations. “What’s your secret sauce? What’s unique in what you bring to the table? And what societal need are you meeting? A new business should never be a solution in search of a problem.”

Nadia Shalaby, SF ’10, a serial entrepreneur and CEO of ITE Fund, agrees. “Understand the market for your product before you ever begin. Who needs what you are planning to provide? How will you reach them? Are there enough consumers to make your product or service viable?”

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