THE 10,000 HOUR RULES APPLIED TO STARTUPS
The 10,000 hour mark is that magical number that was made popular by Malcolm Gladwell in his record-breaking book ‘The Outliers’. In a very basic sense, in order to be deemed as an expert in a particular field, you would need to put in 10000 hours of practice into that domain.
Decidedly, this leaves scope for only veteran entrepreneurs who have been able to sustain their businesses for prolonged periods of time. It is however, not the case for first time entrepreneurs; just starting out.
Believe it or not, entrepreneurship is in itself a domain, other the actual domain that your business is in. It needs to be learned i.e. if a subject matter expert with extensive experience in a field decides to start his/her own business, success is not guaranteed just by decree of his former standing.
So the question remains, how can one get any kind of deliberate practice in entrepreneurship without actually doing it for several years and risking assumptions and resources?
Bevy – Everything Startup realizes this very real problem and has created a simple mobile app to tackle this issue at the root. By identifying key issues faced by startups and engaging in problem solving pre-emptively, Bevy – Everything Startup hopes ultimately bring down the ridiculously high global startup failure rate (some sources quote it to be as high as 90%). So how does the app work?
The app connects every individual included in the startup ecosystem to each other. Founders to mentors, advisors, job seekers and service providers. It goes on to contextualize interactions so that they are always directed towards a constructive conversation on issues that affect most startups. The platform is also widely used by startups to offer and request services, resources and amenities.
So how can Bevy help you hit that so called 10,000 hour mark? It comes down to three things,
- Understanding the Fundamentals :
Like everything else, entrepreneurship has a few unavoidable fundamentals. It is important to get the basics right in order to build the foundations for a successful business. At it’s very core, it’s important for a business or idea to continually analyse its purpose and make sure that is being met. Ensuring a good team and profitability while keep over heads down are just some of the many examples that make for the fundamentals of entrepreneurship. It is important to be aware of them.
- Working on the next step :
Businesses are typically built for growth, so it is obvious that as an entrepreneur your eyes are mostly set to the horizon. Working on the next step is important, but doubly so is to be sure of it. One sure fire way to do this would be to discuss your intentions with mentors and other experienced entrepreneurs.
- Identifying the missing element :
Key startup differentiation always define how a startup performs on the overall. Sometimes it’s hard to decipher this from an inside frame of reference. Asking a platform of similar individuals like you could be useful. Bevy, allows for free discussions along these lines on the app.
This is a guest post by – Devdeep Bag
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