Startup Ideas and Lessons from a Serial Entrepreneur

Ogoing is my seventh startup since I moved to California in 1997. Ogoing.com is an exclusive social network for small businesses, startups and entrepreneurs. The idea of Ogoing began to form in the midst of the current recession in summer of 2009. I put together the Ogoing business and product plan, and began designing the social network. At that time, I had simultaneously started another startup India Business Network in June 2009, and was actively marketing my Creativity and Innovation eBooks for business, consulting and Innovation boot camp through InnovationMain.com (my fifth startup that I started in 2008).

I am happy to share that over 1,000 small businesses, startups and entrepreneurs have joined the Ogoing Small Business Social Network. India Business Network has grown to over 3,500 member global businesses. And InnovationMain.com has provided innovation resources, eBooks and inspiration to over 1,500 businesses, including many startups.

I had launched another startup, an investment company Innovation Index Group or IIG in 2007, that I closed in 2009. IIG was a great failure; I learned that it is very difficult to launch and grow a company outside your domain of expertise. IIG was focused in the investment market place; when the stock markets crashed and the nation went through a deep recession, it spelled the end of IIG. However, the failure of IIG helped me re-discover my passion for building Internet software products. And the idea and seeds for Ogoing began forming.

I have three pieces of advice for young entrepreneurs interested in starting their first business, i.e. their first startup:

1. Have an unlimited drive. Be very passionate about your product or service that you are building. You have to believe in what you are doing, and not lose sight of the big picture - why you started doing this in the first place! As you grow the business, begin forming a team that helps you grow and achieve your vision. Surround yourself with advisers and mentors who can guide you and help you course-correct. There will be plenty of naysayers along the way. Do not get distracted, and stay focused.

2. KISS - Keep it simple stupid. As entrepreneurs, when we listen to lots of inputs from the market place, we may end up creating products that are way too complex. Simplicity sells. And it sells big! Think Groupon, Apple iPad, Google Search, Facebook and Twitter, Amazon Kindle, Salesforce.com and WebEx meetings. Be wary of adding bells and whistles. As your business grows, keeping it simple is a challenge! Don't fall in the features trap.

3. Don't run out of money. This is huge! Many a great ideas can fall short if they don't get funded adequately and in a timely manner. Bootstrapping is good to a point. Beyond that, the entrepreneur must look for outside help to get their business going. Getting funded is a full-time job. You or someone in your executive team has to be out there scouting the angels or VCs for money.

If you are looking to start your first startup, you have to be a risk-taker. Ask these questions: What if I fail? Do I have the staying power? Do I have adequate financial backing to see my vision through? If you are risk averse, a startup may not be the best place for you to start. However, if you enjoy the challenge, have unlimited faith, love to swim with the sharks, and want to make a positive difference, a startup will be the most fulfilling experience of your life.

I would like to share one of my favorite quotes for all startup entrepreneurs:
"Take the first step in faith. You don't have to see the whole staircase, just take the first step." Martin Luther King, Jr.

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Sanjay Dalal, CEO / Founder, Ogoing Inc.
Connect: http://ogoing.com/sanjaydalal
Main: 949-288-6880 (M-F 9 am to 5 pm)

Address: 111 Academy Way, Suite 100, Irvine, CA 92617

Ogoing Inc. is an Irvine Chamber of Commerce member, and a national general resource partner of Startup America.