What is Start-Up
A startup is not just any small-scale business, but rather an innovative idea that utilizes technology to solve a problem. Simply starting a business without a creative idea or a problem to solve does not qualify as a startup. Therefore, it is essential to use technology to address a specific problem creatively to be considered a startup.
Startup is a new language that is being spoken not only in Ethiopia but also in the world. This language is not an old one that was spoken in the past. It has emerged recently and has gained some usefulness in our country. So languages called startups have been spoken to some extent.
It is common for multiple individuals to collaborate and create job opportunities within the technology sector. Creativity often thrives in a team environment. Based on previous experience, the average age range for successful startup founders tends to be between thirty-five and forty years old.
The 4 Principles
For those involved in start-ups, let me share the steps that young entrepreneurs can follow to create small organizations that can grow.
Young entrepreneurs must adhere to the 4 principles to succeed. If not they will be one of the 90% of people who fail the start-up.
What are the 4 Principles?
The first step is to have a passion for the idea of what you want to pursue. Ask yourself if you truly love it or not, because when you love something, it doesn’t tire you or break you, even if it burdens you with suffering, you should not perceive it as such. So first you must ensure that you genuinely love what you want to pursue.
The second is that passion alone is not enough, it is necessary to be able to do it.
For instance, imagine you feel delighted seeing an airplane soaring in the sky. However, if you are convinced that you cannot build an airplane, it’s advisable to refrain from expressing your ideas.
You need to ensure that your passion and your ability to execute it.
Well, having a passion and being able to execute is not enough the third thing that makes a startup successful is the demand for it.
The fourth is to bring in income and money.
Passion
Ability to execute (do it)
The Demand
Income and Money
These are the four principles.
You can see this divided into three things,
As is often said for any career, passion is the most important factor. What does passion mean?
Passion means that when a person says that he is passionate about something, it means he loves it and can do it.
If you are passionate about playing the guitar, it doesn’t mean that the market is looking for it or it will bring you money, but it gives you joy, you love it, you can do it, and you have passion, that’s it.
Startups can’t just start with passion, they need both passion and a mission.
And the mission is that they have passion and it’s demanded not they can do it but demanded.
A startup person with passion and a mission fulfill the three principles of the four which are passion ability to execute (do it) and demand.
But if you don’t have the skill, you shouldn’t start. It’s the skill that sells, the marketing skill, or the communication skill.
If you can’t sell what you are passionate about and what is demanded properly, it means that if you don’t have the skill, it won’t be marketed and it won’t bring you money.
If people working in this field have passion, clearly know their mission, and are skilled, they will succeed.