The Center opened its doors in July of last year. Forty teams settled in our Center, which provides office space for one year to companies that were less than three years old. A couple of teams have already left, so there are around 37 to 38 teams right now, but our plan is to help 40 teams grow every year. Twenty teams joined the Center in July 1 of last year and twenty came to the Center this February.
After going through two complete cycles of selecting teams, I have now learned why they say ‘people are the most valuable assets’ in start-ups. There were teams that seem full of potential on paper, only to provide a disappointing presentation about an immature idea that was created into a “business plan” by a disorganized team. Then there are teams that have a lackluster business item but are so passionate about their idea that you just want to root for them. Teams are only given half an hour to make their presentation, so it is difficult to fully assess the team during such a short time. Once they join the Center and once I interact with them, I find some teams are extremely diligent and display strong teamwork while others are not. And of course, the teams with strong teamwork definitely excel. Alas, poor teamwork is the biggest reason for the demise of teams that dissolve midway.
Numerous peoples’ opinions are put into account when selecting the final candidates for the Center. As a result, some “iffy” teams make the final cut. These teams have premature business items, lack a strong profit model, or have ideas that are not very expandable. Or they have extremely big goals and set excessively high annual sales objectives.
So, these teams are usually assigned to the office the Center’s Operations Team is in. The Center consists of six rooms of various sizes. Since the size of the rooms differ, some rooms accommodate four teams while others hold up to more than 10 teams at a time. The questionable teams were placed together because I thought I could provide them with more assistance if I saw them more often. However, half of those teams left the Center in the next two months.
One of those teams asked for a consult within one month of entering the Center, saying they had ‘pivoted’. Rather than pivot, they had come up with a completely new idea. And they just happened to come up with a reservation service restaurant owners would use. I had personally run a restaurant a while back. Based on my experience, and as was evident in their business plan, their teams lacked the effort to identify the market. I had no choice but to throw questions that were filled with criticism, questions the team were unable to provide practical answers for.
One of the team members asked,
“Don’t you think this item is better than our last one?”
I didn’t understand. What was better? It’s impossible to assess an idea. If a team is unable to execute a business item, that item is a failure. Simple as that! That team member looked like a college student, saying how this report deserves a B+ while he got a B on his previous report.
Maybe it’s because so many of the teams that enter the Center are novice, but some teams’ business plans look more like a school report than a legitimate business plan. Look kids, business plans are more than school reports where you simply list your findings.
I asked these kids why they want to start a business. I strongly recommended that they rethink about why they want to become an entrepreneur, an occupation that doesn’t guarantee success, and seriously think about the “driving force” that is supposed to move them forward.
My question is answered by an embarrassed smile, so I stopped with the inquisition and wrapped up the meeting by telling them to slowly think about the answer. That team packed their bags ten days after that.
Funding for entrepreneurs have increased greatly, but starting a business is still hard work. The majority of start-ups fail, no matter how hard they try, and even if they overcome an obstacle, there’s still more to come. That is the inevitable fate of an entrepreneur. Therefore, I don’t think entrepreneurship is for everyone. Start-ups are definitely the new hope for the future, so I would like to see more entrepreneurs succeed. However, in order to be triumphant, they have to be more prepared.
I had gathered the “iffy” teams in one place to help, so it was difficult to see some of them give up. My only wish is that the remaining ones overcome their hardships wisely.
“A”, who is in one of the remaining teams said,
“Julia, people say that this spot has bad feng shui. Teams keep on falling apart…”
I smiled, but that is disheartening news for all of us.
I hope the remaining teams survive and thrive.
Source text : https://steemit.com/coaching-note2/@easysun/2zfnd1
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