What i learned from my startup failure(Try)!
My Mother used to say “ you are the only one in our family created a debt of ₹ 1.3 million at the age of 25”. That was the result of my first startup try.
But i used to convince myself that i just took an education loan and done MBA and got some hands on experiences which i can’t even learn from a theoretical class rooms.
so i just want to share what i learned from my MBA Course(startup try!) for all folks who are into startup world or interested to enter in to this wild world.
1. Innovation and Technology: Don’t love it, Just use it.
Most of guys(mainly to founders) come to this Startup game to be in sincere love with the sexy girl(Technology) forever.For Those,just try some open source projects and be happy with it.
Startup is all about how you are going to use technology to serve a better value to clients and transfer money from client pocket to your pocket.
2. Have a mentor at beginning who will kick your ass when you go wrong.
Its one of the main ingredient for a startup at the beginning itself.you need to find an expert in your domain and add him as your mentor.you can make anyone mentor by providing 0.05- 2% of share.you can even find someone who ready to give free advise for you.But let me tell you,you are doing a business.so go for Give and Take policy not freemium policy.
Mentors will give you right guild lines and connect with right person for your company growth.Most of founders will hesitate to provide company share with mentors.
Earning and moving ahead with portion of company share is better than dying with owning whole share.
3.Believe in your plans and ideas,don’t in people.
you may be so much emotionally connected with your team and co-founders.They may be your friends,family etc…But don’t get too much depend upon them.If you believe in your vision,who ever go don’t care.you must go forward.Right people will join with you on the way.Sometimes they may be better than your previous one.
4.Don’t ever make media balloon as reference to success.
Now i see many cooked up stories in media about startups(who are still in product prototype) .Even founders are going behind it as they get good recognition from their family,friends and society.As you get featured in one channel,other channels will be coming after you.
Featuring in media is just like you are standing with different colors of balloon for selling.It looks good and people will look at you and say “Woooww”. But if you can’t sell balloons within 1 day, you are going to be a looser. Media is just a tool for marketing.It’s life is very less.so you need to go for it when your media reach will directly affects your revenue or business.
If Media don’t come to you at right time, just reach them using a PR Agency!
5.Art of association
Most of startup try to do every thing their own.They will spend a good time for learning ,will try it,mistake happens,Repeat step from starting.Yup its a good way of learning.But some times its better to outsource some of your works to other company.Its not about who do it,its all about cost and TIME and final result.
Most of startups value cost more than time.That’s why they try to do their own to avoid the cost.But later only they realize that production cost they took is higher than if its outsourced.
From My experiences, Success of startup is all about how you use the resource around you and the way you execute each steps to reach to your vision.