“It doesn’t matter how many times you fail, you only have to be right once”
I started two companies back to back right after college, it was one of the sweet impulsive decisions I took in the early days in my life, which worked out 100% in shaping whatever I am today :)
As I am still on the path of creating value, me speaking about what worked will be too early to say the least. Hence I would want to take this opportunity to speak about what didn’t work or for those who are getting into this ecosystem to be simply put — What not to do!
- Avoid a field of dreams mentality
We as humans are too biased with our experiences. Don’t try to build the product just around your experiences.
During my first startup Gradbee, we tried making the best product in the first release, ending up making it convoluted for users.
Speak to your users/customers aggressively, take feedback and data then go on to build and iterate your product.
2. Don’t try to be the jack of all trades at the start
Building a PayTM happens eventually. Start with the ambition & vision but not desperation. Focus on solving that one thing that would ease a problem for someone out there somewhere. Perfect your Idea around that and then open up the offerings as the right opportunities and timing comes. Patience is a virtue and the Founder needs all of that to make it big.
3. Being too emotional about one solution
There are multiple solutions to the problem in the market that you would be operating in; be open and flexible to see it. Being stubborn or too relaxed can kill a startup. Change is the only constant.
4. Not defining what are you building — A scalable startup or Traditional business
Both business types can be intersecting at few places but the mentality, team and circumstances that goes into building these are very different. You as a Founder clearly need to define this from Day 1.
With FabX — My second startup, we did define it but at a later stage. Having that clarity earlier would have helped me much before.
5. Not taking care of personal problems beforehand and timing
This excerpt is from my personal life. I was juggling between medical condition in family and doing a startup. Startup in itself is a high stress environment and having external issues to think about simultaneously makes it even tougher. I had great friends with whom I started my own ventures so they were always there to support me in this, I was lucky to have them but it may not be the same case with you.
If you think the time is not right, it is always fine to take a step back and return when you are ready. Personally, I think — An entrepreneur never dies, he/she just learns.
These were a few major “to-not-dos” that I encountered during my early journey. You may have encountered similar ones but Hey — what doesn’t kill you only makes you stronger!
If interested in sharing your learnings or “the” current idea you are working then write to me at prasenjeet@suradkar.com and we can brainstorm together.
Stay awesome :)
P.S:
Gradbee — Passion project. Visioned to build gig economy around students.
Still functioning & I am not directly involved, my cofounder works on it in his free coding time.
FabX — We raised commitment of ~50 lakhs (got covered : Inc42, Techinasia) with undisclosed commitment of 2 Cr. yet declined the offer. Oh why? Will write soon :)
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