If you can dream it, you can do it. But how?

Ajai Chowdhry is the Co-Founder, HCL
Walt Disney, that indefatigable creator of mouse and duck, once said, “If you can dream it, you can do it”. I agree with Disney; without the dream, there is no starting point, no passion and no goal. Yet in my experience, it is the next, more practical step that stumps most aspiring entrepreneurs. The actual act of getting that flesh and blood venture off the ground and into the business space is what they find unnavigable.
Having created many businesses in HCL, I would like to impart some practical advice about the things you should consider when you are embarking on your exhilarating venture.
Create a business plan
Confucius said it best‚ “A man who does not plan long ahead will find trouble at his door”. The only practical, realistic and safe way to transform your dream into a reality is through the creation of a thorough business plan. This plan should incorporate clarity of the market you are entering, the share you want to garner and the competition you will face.
It should also be a roadmap that details your strategies for sales and marketing, pricing and hiring the right people for the job. Take time to explore the legal ramifications of the various decisions and choices you make, look at trademark and copyright law and decide what kind of company suits your purposes the best. I would highly recommend being constantly in touch with a chartered accountant and familiarizing yourself with business.gov.in.
Coupled with this, an entrepreneur should place a high value on creating an exhaustive financial plan that details all the risks they may face. Most startups focus only on profits, they underestimate the importance of the cash flow. Looking at issues such as the cost of staying in the business for one year, the burn rate per month and keeping in mind the time it takes to collect money and the credit available, may make the difference between a successful company and one struggling to make ends meet month-to-month.
Name matters
Many young people tend to gloss over the importance of a strategic and well-thought-out name. It should be easy to pronounce and represented by a simple, but eye-catching logo. A bonus is the availability of a dotcom and dotin domain name.
What’s in a name, you may ask? A name will define what you do and dictate how people perceive you. HCL got its name because, in those days, only government and large companies could incorporate ‘Hindustan’ in their nomenclature. This gave us, a young, upstart organization, a weight and reliability beyond our years and proven performance!
Importance of a leader
The team, the people who make up an organization, are the nuts and bolts of any venture. While I myself have been involved with startups where all the founding partners take up multiple roles in the interest of getting the job done, it is immensely important to have one clear leader.
I say this because a ship always sails better with one captain. Every person should have their specific role and responsibility, but the job of translating the core vision should lie with one key individual.
When you are building your team, focus on filling your ‘need-gaps’. Define the roles your organization requires and fill these spots with qualified people who add value to the project; not simply with friends. Also, many young ventures make the mistake of hiring great ‘subject matter people’ (for example, tech for tech companies) but ignore accounting and finance.
Another oft-neglected part is sales and marketing. Coming from this background, I cannot stress the significance of competent salespeople who are capable of bringing in the bacon.
Do not make compromises and hire part-time employees or try and get the least expensive people in the market. Select highly trained, intelligent salespeople and you will reap the benefits of this investment