A startup failed despite 700k $ in investment over 4 years. Learning from failure For youngsters, here are some lessons I learned.
• Be cheap. It’s way too easy to fall in the “fake it till you make it” Trap. Wasting your funding in a fancy office because it “puts you in the state” is just one more lie to yourself.
• Never give default powers to anyone in your team. Just like in any job, power has to be earned through dedication and results.
• Know when to outsource and when to do it by yourself/team, money will buy you time but doing stuff will get you skills.
• It’s way too easy to bullshit yourself. We all do it. Write a daily journal, it will force you to have a conversation with yourself.
• Find a mentor that has already accomplished what you are aiming to, someone who is at your level that can challenge you and someone at a more beginner level to whom you can teach.
• Listen to everyone but prioritize the pieces of advice from people who went through or at least experienced the given situation/subject. Too many of us are wrong despite good intentions.
• For B2C, avoid selling a product or service that you would not buy for yourself thinking that “you’re not in your target market but some people are”. If anyone has more advises,
Please share in the comment section below!
Some Reply came like:-
.Do not pay any amount to anyone for just a piece of paper without verifying the authentication of that document.