Studying a startup that was not successful can teach you many valuable lessons. Here are some things that you could learn, if you introspect deeply and think about why a startup failed: About the product/service: Was the product or service relevant to the consumers/customers? Was the experience of using the product/service good? If the answers … Continue reading What can you learn from a failed startup?
In my observation startups fail because of any one, or a combination of some of the factors below: Assumptions on costs, adoption rates, revenues, operational efficiencies, etc. prove to be wrong Overestimating the meaningfulness of the value-proposition to the intended target audience: Often entrepreneurs assume that customers will line up to buy their product or … Continue reading What are the most common reasons for startups to fail?
I urge everyone with the desire and aspiration to become an entrepreneur to assess the risks in the context of your own circumstances very, very carefully. Doing a startup is challenging. And it requires a lot of hard work. Most often a lot, lot more than you would usually put in when you are in … Continue reading Some watchouts for entrepreneurs just starting up
Large aspiration: Clearly, unless the aspiration is large, it is difficult to create something that is valuable. Large does not necessarily mean large just in revenues. It could be large in impact as well. Optimism: An entrepreneur must be high on optimism. Simply because they need to have a motivating purpose in order to convince others to … Continue reading What are the qualities of an entrepreneur?
From a business point: What are we doing (Concept) and why is this important (What need or opportunity does it address) Who will use this Who will pay for this, to whom and how much and how often? (Customer segment and business model) How big is the opportunity? (Market size) How am I going to … Continue reading When you are ready to start up, what are the top questions you should be asking yourself?
I think it is a good idea for aspiring entrepreneurs to get some experience of working with a startup as well as some experience of working in a large company. Here’s why: Working with a startup and working with a large company offer very different learnings and experiences for an aspiring entrepreneur. For example, working in a startup … Continue reading Ideally, aspiring entrepreneurs should work for a start-up AND a large company before starting up on their own
Most of us have a streak of entrepreneurism within us. Many of us dream of becoming entrepreneurs and starting a venture. Often we have ideas that we think we should pursue, and which we think we can build a successful business around. But most people don’t start up. Something holds them back, and they find several … Continue reading Most people don’t start up because they are not ‘ready’