Wannapreneurs, check your landing gear before you take wings

Most startups fail. So, at peer-mentor, we follow a low risk model. The first risk to cover, even before you start, is to cover the “current quality of life”.  While chasing a dream, we shouldn’t break what we have.

So, this is a landing gear check list. It will protect you, help you with a soft landing in case of a crash. 

Starting up with this security in mind, relieves a lot of stress. This clears up our mind to see through the fog while flying. Makes flying enjoyable. 

So, at peer-mentor, we do this “risk check” before we start. Have a look, how many bases have you covered?

Financial stability:

In our approach, entrepreneurs will have a full-time job and startup in the part time… like a hobby that runs in parallel. So, financial stability is mandatory criteria. 

1.Do you have a stable job that will keep you employed for the next 18^th month?

2. Are you competent in it? Can you execute your responsibilities within in the working hours without getting stressed?

3. Do you know your monthly minimum spend to keep your house and life going?

4. Do you have 6 months of emergency (job loss) fund kept aside in a separate bank account, preferably a fixed deposit? This should include insurance premiums, car servicing, school fees (if it is coming up in the next 6 months)

5. Do you have another 2L of emergency fund (incidental) a separate bank account?

6. Is your EMI + Minimum monthly spend is less than 1L per month?

7. Do have a term life insurance?

8. Do you have a health cover/insurance to take care of hospitalization?

Health:

Entrepreneurs usually lose their health. Starting up is stressful and we don’t want to worsen a pre-condition. Health is wealth, no point in losing it while chasing a mirage called startup.

9. Do you have any lifestyle related health issues? Are the parameters stable since a year?

10. Do you exercise or practice yoga daily?

11. Do you sleep for 6.5 hours daily?

Mental well being:

Stress, failure in every step, sunk effort, a full-time job + moonlighting, each of these will take a toll. Time to be sane. Daily exercise/wellness routine is mandatory. They add energy, increase stamina, improve recover, keep us grounded.

12. Are you daily exercising or practicing yoga, meditation, pranayama, or prayer diligently?

Family support:

Family support is the tail wind. A boost then nothing else is working. This is the real landing gear. They also act as reality check, give feedback, and support you through any crisis. 

13.Are your family, parents, in-laws aware that you are starting?

14.Are they going to morally support you for the next 2 years?

Spare Time:

You need a minimum of 60 mins of free time + 15 mins of boot up time daily. Even on weekends. We daily create a brick and build a wall brick by brick.

15. Can you spare 75 mins every day?

Takeaway: