What Does It Takes To Be A PowerPlug [A Story Of 52 Failures]

Consider the postage stamp: its usefulness consists in the ability to stick to one thing till it gets there.
Total
0
Shares

Consider the postage stamp:  its usefulness consists in the ability to stick to one thing till it gets there.  ~Josh Billings

Few days back there was a question on StartupQnA “What is the single most important quality for an Entrepreneur?”.

While there is no right (or wrong) answer, one of the qualities of an entrepreneur that will make the journey more fun is perseverance.

Do You Have It In You?
Do You Have It In You?

Think about it – everybody was doing a web2.0 startup 3-4 days back. Very few of them survived.

Did they die of lack of funding?

NO.

Was the business idea that bad?

A Definite NO.

Nobody trips over mountains. It is the small pebble that causes you to stumble. Pass all the pebbles in your path and you will find you have crossed the mountain. ~Author Unknown

Most of them died because of lack of perseverance. Founders were probably looking for quick success (which is often an oxymoron in an entrepreneur’s vocabulary) and didn’t have the patience to stay on.

52 Failures Anyone?

Heard of Angry Birds? Well, the phenomenal success story of Angry Birds lies in 52 failure (or minor success) stories.

It took the team 52 games to get to their first mega hit.

it took Rovio 52 games to get its first hit.

“When you had to shoot the bird once to test a feature, you accidentally started playing the game for 15 minutes, and there would be five guys watching you,” says Iisalo. “We realised that we were on to something.” Mikael agreed: “We felt we had done our best game so far.” Angry Birds was Rovio’s 52nd title. [source]

Well, that’s what is called perseverance.

When you come to the end of your rope, tie a knot and hang on. ~Franklin D. Roosevelt

And to us, this is the most important quality to be a PowerPlug. You need to really stay on, keep pivoting unless and until you have found a sweet spot. Even though we are looking for early stage startups, we would like to focus on the ones who have the ability and willingness to stay in the game.

If you are entrepreneur who looks at entrepreneurship as a career (and not a quick way to make money), do apply for PowerPlug contest [link to the application form, which is also embedded towards the end of this post].

The deadline for this month’s contest is March 20th and the winner gets to win an iPad (32GB) + opportunity to meet Sequoia Capital team to discuss his/her business plan. Most importantly, a LOT of media mentions – we will ensure that PowerPlug is bestowed with the right powers.

Couple of FAQs:

Who is this for?

Typically, product startups and to be precise, startups of age >6 months. If not revenue making, you should have pivoted the product and found a sweet spot in the market.

Why the minimal restrictions of 6 months?

Well, 6 months is what it will ideally take you to pivot/find a sweet spot for your business/product plan [aside, real entrepreneurs do gatecrash].

Selection Parameters?

  • Potential of Business Idea
  • Articulation of the Business Plan and Understanding of the Competition
  • Execution Strategy
  • Team and company building

Do I need to submit a Business Plan?

No. Just fill up the form.

– More FAQs here.

How Do I Keep Myself Updated With the Contest?

Follow ThePowerPlug Contest on Facebook or Twitter.

————-

Contest Application Form

Session Feedback (PM Course)

Please help us rate the session.
  • Esp in terms of learning?

Leave a Reply

Sign Up to Newsletter

Daily.

You May Also Like