What I unlearned after working on my first startup?
I have started my journey as an entrepreneur just after my college with so much passion (now I called them my assumptions). I always thought I would work hard and everything would fall for me.
After working on my startup, these are the 4 things I unlearned:
- Great Product: We were always busy building, adding features and improving our product. We didn’t realize the need to market and get feedback from actual users. It brought pressure on us and we started providing side services to meet our expenses. We diverted our focus and resources to serve our side business. At the end of the day, we shutdown everything and moved out to build another path. Lesson unlearned? Before you build, you need to have a marketing plan.
- Financial Planning: Entrepreneur is someone who jumps off the cliff and builds a plane on the way down. I agree with above statement but it is always good to take calculated risk to build a successful business. We didn’t plan our financial well and were dependent on our coming revenues. Lesson unlearned? Before jumping into any business, plan your financial well to run your business till you raise funds or your business become self sustainable.
- Rigidness: Products are for people not the other way round. We were busy building a great product from day one in hope that people would adopt it in future. Lesson unlearned? Build great products but not from day one. Keep innovating with time and start reaching your customers even before you launch your product. Be flexible!
- Our dream: We believed our dream was also our employees’ dream. It was true somewhere they also wanted to see organization to grow. We were missing their salary dates as lack of funds. It created unfavorable environment and insecurity among employees. Lesson unlearned? This is your dream you could manage but not your employees. To take out best from your employees, give their salaries on time as they are working for this day apart from great working environment and personal growth.
Building a business is not as easy as it seems. Just having a crave to create a successful business is not enough. You need strategy, people and funds to carry out your ideas. Monetize your passion/interest is very important otherwise it would just be a hobby.
So build your businesses with right strategy, people who believes in you and passion.