3 Lessons From My First Startup Failure

Damn, why did I fail starting-up?

Every time, I am asked, “What did starting-up a venture on your own teach you?”, it makes me think hard about it again. In this post, I wanted to share my lessons learnt in starting-up a venture, to help all wannabe Entrepreneurs in their preparation for the startup adventure. To save your time, I distilled my lessons to these 3 points below:

1. ME AND MY BUSINESS : First things first — know your strengths and weaknesses. Map it to your start-up needs to be successful. Think about how you fill the gaps. If you intend to go solo (which I wouldn’t recommend after what I had been through), this is a key thing that you should have clarity on.
2. MY PRODUCT AND ITS BUSINESS : Apply GOOB (Get out of the building) principle to do real market research for product-market fitness. If you learn that the product market fitness looks frail, you are saving yourself from a ton of stress, to say the least. Otherwise, learn what it takes for a product to click and plan for things accordingly.
3. ME, MY PRODUCT AND MY COMPANY: Having learned the personal and product gaps, it then becomes pertinent to decide how you complement those by establishing a company and what will this establishment demand. Do you have the resources to feed the establishment and until what point?

This blog post was also published in my other channel — Codonomics.

This story is published in The Startup, Medium’s largest entrepreneurship publication followed by +402,714 people.

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