There are many reasons because of which I failed & the learning. I have put down the learning which might help you. Let’s break it down.
Find the right partner for your company.
It is equivalent to finding a boyfriend or girlfriend.
This step is applicable for those who are not too much into technology. Most probably you will be working on a technology part for your startup in the first stage itself. So if start then you just cannot rely on employees, even if you outsource you need someone who knows technology – the possibilities & limitation.
If you are building something like Oyo rooms, Ritesh was successful in doing because he started the operations first, that doesn’t require technology. His focus was on solving the problem which he wants to change. So if you are also doing the same or changing something you don’t like, then start small change it & go big. People will be running behind you to put money afterwards.
Find the partner with complementary skills.
Self-awareness is the key here. Know yourself & you know the world. Do all the psychology test, peep into the past, what are your likes & dislikes, ask your inner circle about you, what are your strength & weakness, inbuilt talent and the list even longer. Bring yourself to your inner world. It all drives from there.
Find love: Love here means better half. Yes, if you do that properly you are on track believe me. I will give you my perspective, why you need that person? If you share your dream properly with him/her & they support you in any possible way. It is just what a soul want in the end because the journey will be tough and you want to share your ups & down with someone. Your best friends will be busy in their life. Parents wouldn’t understand you properly and most probably you wouldn’t open up with them that much. If you are married then the other half can help you financially by working, at least you wouldn’t have to worry about the food & children.
All the scenario in the above point is for those people who are in their early 20’s, just out of college or working for almost 2 years or so.
Yes, I was not that lucky & the journey was quite lonely and I am not ashamed of accepting it. There are way more people than you can imagine roaming around you; who are single, lonely & not accepting it. They will be using all sort of apps possible on this earth to date a girl. Accept, embrace and resolve it, guys.
Find the right mentor.
It will be difficult to find people, if you are not from a premier college or have any significant achievement under your belt, finding mentor will be very hard. But it is the crucial thing you got to find someone. Experienced person know where are you heading, what steps to take and on & on. Until you find a real person, books can be your real mentors, in any given case you have to read, read & read if you want to thrive in any dimension of life.
Before going to mentor just do all the research possible to on the earth for your idea or whatever you are doing & also about the person. Whether that person is even interested or not in helping out people. Life is busy for everyone finds those who are willing to help out people.
Go to events, approach leaders, they are also human beings like you and me, break some ice (also you have to learn a lot of people skill) and tell them what are you doing. Most of the successful people in the businesses I have spoken to are down to earth and will come forward to help you out.
First 3 points revolve around the people. People matters. MNCs, especially in India, have demean people. People will call you resources as if you are just a machine for them you don’t have any name at all. I will write any more harsh experiences people go through. People will make you or break you. Work on it. Just do not omit it at any cost. Many technology startups have to deal very less with people but still whatever you are doing, in the end, it will affect someone on this planet so please don’t forget people.
Fine tune the Business Idea properly.
There are many materials I have come across after shutting down. There is lot more information then you can even think about on the internet. It is providing lot level playing field then you can imagine. Exploit it. Use it.
Prepare the MVP. Business model canvas is really good. It will help you a lot in refining the idea.
Do not quit your regular job.
I have done it and it is a really difficult phase. Do you want more time to devote to your idea? Do a job where you have more time, like a teaching job in a coaching institute. You will have more time & you will also develop people skill which will be helpful in a startup. If you have financed worked out then there are no worries but still, I will emphasise that be involved somewhere. If you are great coder join a startup and work part time they require lot many resources like this.
The only value is what matters which will bring you money. So if you are only thinking about the money and not about the value you want to create by solving a real problem, you are digging a grave for yourself. Your value will be the key differentiation.
Read the books:
Read all the books recommended by the successful entrepreneurs before starting up. You need to know the pitfalls. I read those books after closing down my venture. I couldn’t implement all those things which successful entrepreneurs learned after failing. This was the biggest mistake I did. You must learn the art of learning from the failures of others. Otherwise, we as a human race have not evolved at all. It does not mean I have not evolved after closing down. I have evolved a lot. A lot more than my peers. They might be earning far more than me right now but have a smaller perspective. They still can’t differently, forget about thinking big.
Believe in the gut feeling.
Gut feeling matters. But there is the rider with it, only believe it when you have read a lot about it. If you have read a lot more than enough then you can believe in your gut feeling. That tickle or gut feeling is a result of raw processed data by your conscious and unconscious mind. So believe in it, I have already told the condition.
You have to be agile change a lot things but perseverance is something more important than anything. In my short life till now, I have seen people who are not much talented but persistence have taken them places, even they could not have imagined in their ever. I am not patient, and it leads to less perseverance. You have to stick to an action and do not think about is it going to pass you or fail you.
Below point is not the reason why I failed but I have seen people who have low self-esteem because of not knowing English properly. So if you know English properly skip the below point.
It’s Okay if you don’t know English:
Yes, believe me. There are a lot of people in India who don’t know English properly and doing well. Especially in India people have a habit of demeaning people who speak broken English they make fun of them. We have a strong tradition of following westerners and English Europeans. Now the advice I am going to give comes from those non-English Europeans. So if you don’t listen to me at least listen to those non-English speaking Europeans. I spoke to so many Europeans and other non-English people from around the world. Their English is way worst than many of us but such high esteem because they don’t evaluate themselves in the terms of how well they know English. They are very talented people too, doing great in life. So drop this feeling right now and focus on things that matter more, learn English work on it, improve it but don’t feel bad about it. I know it’s hard at least here in India.
I can write even more, but I will conclude till here. I have seen those harsh times, still facing it but the time will pass. It has taught me lessons which will help me in my life ahead.
If you are thinking how this guy must be feeling right now. Such a bad situation he might be going through then it’s a big NO. I am not feeling anything like that right now. I am very upbeat and ready to embrace the growth that is now bound to happen. I am way more confident than ever. Way more focused on creating value in whatever work I do. I will continue to write on many more subjects like startups, education, share economy, agriculture sector, fin tech.
Don’t try to be a Wannaprenuer, be an Entrepreneur and you will be successful only if you are solving some real problem.
Solve a real problem and change the world, move the human race forward.
Looking for an opportunity to work with an early stage startup who are working on some problems & want to change the world. You can write me on email@example.com