“ It all started On 15 Oct 2012 when I gave an ear to my inner calling and decided to walk the path of opportunity & uncertainty. Yes, I would accept that, I was clueless and extremely anxious the day I dropped my paper and went back home with a mixed feeling. I am getting a bit nostalgic while I am penning this article, those flashbacks always inspires me and teaches me that you always need to be strongly grounded while you are climbing up “.
I have committed many mistakes in my startup journey so far, some were a real eye opener, so today I thought to share some of the crucial learnings I had which I would like to fix if given a second chance but the reality is quite different and i have moved on successfully.
I Have Experienced That :
Someone has to fail to help others learn, if my mistakes could help even a single person to grow out, I would consider it worthy.
Hope my learning can help you aspiring entrepreneurs in some way.
Here We Go….
Mistake No 1:
I Never Did The Required Due Diligence Before Selecting My Founding Partners
I still wish I could have gone back to the those days when we were setting up the foundation for our company. But the reality is quite different, it’s only a wish after all. Why have I made this confession?Well, there is a profound learning, which I felt like sharing with all of you, to give some essence of what you should do when you are looking to team up with your potential “partner in journey”.
It is highly recommended that you select your partner who complements you both skill wise and as a person. You need to spend sufficient time together before getting into the decision of floating a startup, at least ask 100+ foolish or wise questions to each other. Nothing has to be left behind and everything has to be brought to the table with all the due diligence required. Everyone has to be clear what they will be doing together as a team and about the risk and challenges they will have to overcome when they will hustle out together.
You don’t only marry to the idea, you marry to each others feeling & traits, to carve out a successful business. So choose your partner well.
Mistake No 2:
I Underestimated The Need Of Having A Business Blueprint & Went Quite Unplanned Into Managing all my startup Affairs.
No, you should never ever start executing, until you have figured out, the well thought & diligently planned business blueprint of your Idea. Leaving anything to chance will only shorten your chance to succeed. Yes planning 100% at the start is not practical, but that doesn’t mean you go about it blindly. You need to set out a long term plan(Vision Statement) & a short term milestones, all well documented so that you can better forecast your expenses and expected returns. If anything is not aligned well with your business goals, you can always go back to plan X.. To pivot & change the required business model.
It is always better to go well prepared than to be under-prepared, boozing high with confidence only works when you are clear about, Why, What & How? Of your business.
Mistake No 3:
I Neglected My Health & Family While I Was Hustling It Out
The biggest learning of my 6 year journey has been that, you can’t neglect your health & family while you are building your startup. They need to be standing with you and you need to be standing with them while you are facing the uncertainty, you can’t be a superhuman to do it all alone without sourcing an inspiration from your most trusted sources.
In your pitch dark moment, you will be needing your family, remember that and never ignore them while you are trying to build your dream Castle.
Cliche “ Health Is Wealth “ Is a very powerful statement and will always be very relevant no matter what is your profession.
The way you commit yourself to nurture your product, same way it has to be done with your own body, if that part is ignored no way you can build a healthy & a sustainable business for yourself.
Apart from health you always need to make sure you don’t forget to spend some quality time with yourself and your beloved ones, whenever you get to do so. You can’t do away with the statement that I hardly get a time, it is not true and you always try to fool yourself with this vague statement. Time has always been available, we just forget to prioritize it as per need.
Family members never need your money they only need that valuable moment together where you express love & care for each other.
Remember in the moment of despair and anxiety you will always need someone who really cares for you unconditionally and I can bet that it can only come from your loved one’s
Hope these mistakes can offer some kind of guidance to those young aspiring souls who are planning to StartUp & If it resonates well with you all, please feel free to share back your feelings with me. You can also put forth your learning so that it can enlighten someone who may be needing it more…
Ending by, extending my sincere gratitude to all you awesome readers who have been showering all your love & constantly inspiring me to write more & learn more eventually.