With the rise of Startups in India and the government’s initiatives like “startup India”, this article brings to you some of the must know lessons at the right time. It is very important for us to keep certain things in mind before we begin our entrepreneurial journey. Let these lessons act as a motivation and warning to keep us on the right track of success
90% startups don’t last for two years
Yes, you heard it right. 90% is the approximate figure of failures of startups. But should it stop us from following our passion, certainly not. In fact we must read failure stories with the same passion as we read success stories, for failures can teach us a lot.
Get the vision right
What is it that you exactly want to do? If you don’t really feel the need to change something and still want to startup just because your friends have done it or it might impress your girlfriend’s dad, then please drop the idea. Having a strong vision is the most important prerequisite for starting up.
Within the first week itself you will feel the heat of a startup. To the outside world you may be the so called “Co-founder” or the “CEO”, but it takes pain to keep a start-up operational. Startups fail because the founders give up. You should not.
If you know technology its excellent, else you must learn it even if you are from non-science background. The future is technology and startups who have ignored it have faced the challenges of high operational costs and poor process optimization.
Forget work life balance
Young motivated entrepreneurs laugh when asked about their work life balance. The good word is good only for routine job people who like to work only from 9 to 5, remember it was your decision not to be one of them. Having an easy life is another reason why some entrepreneurs fail.
Have a great team
Investors often look at the profile and background of the core team members before investment. It is important to have an amazing team. Some investors like SoftBank pay a lot of attention to the team which runs the startup.
Over spending the money can land up a startup cashless. Often investments goes to a lucky few startups. Some failed startups have admitted that they did not focus on the consumers, and rather wasted their energies on impressing the investors.
Be a salesman
It is important to have sales and negotiation Skill. Some people like Rahul Yadav and Sachin Bansal who actually took the role of salesmen and went on the streets during their time of crisis, and the success of these companies is a result of that.
Leave your Ego outside if you want to succeed. An entrepreneur has to be the CEO and sweeper of his office both if required. You cannot say this is not my job – everything that happens in your company is your job to take care of.
Know your consumer
Before building something ask yourself about its utility. Do people really need it? Will it solve the real time problem? Often startups fail because they don’t recognize the needs of their consumers.
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