How do you start
1. Focus on what works
- It is very important to focus on what works best.
- Not play around with multiple features and ideas that don’t.
- You are not Google to start diversifying even before starting. All the top companies had very basic and often slow beginnings.
- U8nderstanding the customer needs in one simple idea and working on perfecting it.
- Validating your idea is key.
- It is the customer who validates the idea.
- It is important to take the feedback and criticism of the customers on the idea you are working on and try and build on it.
- Don’t be the jack of all trades.
- It is crucial to understand that the survival of the company is key when starting.
- You don’t have to worry about the growth and expansion when you don’t even have a proper foothold on what and where you stand.
- Just constant persistence to perfect the idea and eliminate what does not work and keep what works for the customers.
- Having a proper revenue structure is very important.
- You will be given Nike shoes if you prove that you run well. But you can not expect to be given Nike shoes because you want to start running.
- Getting funding is not an issue but proving that you are worthy of it and that you will return on the investment is the key.
- The only way forward for the company is to set goals and targets and hit them.
- You may miss many times and failure is the outcome of many experiments but giving up is not an option.
- Create your own gameplay for how you want to run the company and how the company would function on a day-to-day basis.
- Gamifying helps strengthen your desire to do more and achieve more.
- You do not require a know-it-all mentor to guide you on how to run your business.
4. It worked there, so it will work here (NO)
- Just because an idea worked in another market does not mean that it must work in the market you are trying to penetrate.
- You must understand the exact customer you are targeting.
- No countries or even cities for that matter have the same preferences, choices, and desires.
- You must target properly and see what the customer here wants or needs.
- You can not copy a model that worked in some other place and try and duplicate it hoping to gain the same success.
- Your best mentor is your customer.
- It is very important to be real with yourself and with the customers to get the best feedback and constructive suggestions.
- Discipline is often mistaken to be genius.
- A disciplined individual and team can always beat a genius one.
- Working consistently and diligently is very important and crucial more so during the initial stages of a startup.
- Never give up attitude only adds to the success and initial survival stage of the company.
- If there is no discipline, then there will be no results in the long term.
In context with my idea of WoxLink:
- The idea was to incorporate many features and there was no single focus on one or few features that worked.
- The idea was validated by the end consumers i.e., the students and the customers that is the university management
- WoxLink had the approximate cost for the first year and how it would survive but to get the clientele as required to meet that cost structure was unrealistic for a budding startup.
- It was failing until we succeed but it was the time and resources that were scarce to enjoy the building process.
- SAS is a very difficult space to break out into as the clients here are cost-sensitive.
- I should’ve pursued the idea with a lot more discipline as the lack of it lead to a lot of missing deadlines and mediocre work.