Mistakes are a part and parcel of life. If you have not committed any mistake, it simply means that you are not doing anything. So by all means it is fair to commit mistakes; however you should try to learn from someone’s mistake especially when you are shaping up/ starting up your own business or embarking on your entrepreneurial journey. Platforms like Startoholics work as a catalyst which help entrepreneurs to avoid such mistakes and grow faster.
In our entrepreneurial journey, we have committed many mistakes so far and have learnt some invaluable lessons from them. Some of the key lessons are :
A – Control over overheads
Of late we have witnessed many of the MNCs have imposed heavy cost cutting. It is better to keep an eye on your expenses right from the word ‘Go’. Most startups do not track as they have funds in hand initially.
B – Team up
It is very essential to have a team with the right mix. If you have more than 1 founder then ensure each one has a specific set of capabilities. Distribution of work has to be done well in advance to avoid messing up in the future. Put the right man at the right job.
C – Respect rejection
Your idea may not excite others (customer, investors) as it excites you. It is ok if you are unable to raise funds or bring in investors. Remember they are not rejecting you. They are simply not finding what they want from their investments. There is no point in getting disheartened over this issue. Just remember the 4 SW formula. ( Some will , Some will not, So what and Someone else is waiting) So better keep moving!
D – Improve your PR
Do all what you can to highlight your startup across media, events, meetups, various gatherings happening to increase the exposure of your offering. Ensure that you are part of that. Become a member of online forums, groups, associations. Request experienced people from your sector to mentor your startup and most people will not deny a couple of hours a week to guide you.
E – Enjoy what you are doing
Whatever you do as a part of your daily function/task; do it with great enthusiasm. Because as Martin Yan said, “When you enjoy what you do, work becomes play.”
These are the lessons we have learnt so far, will share more next time till then keep committing mistakes. Signing off with a famous quote of Martin Luther King -“If you can’t fly then run, if you can’t run then walk, if you can’t walk then crawl, but whatever you do you have to keep moving forward.”