The task of putting a startup on its feet is quite arduous, especially when entrepreneurs work alone. However, things do not have to be that way. Besides the possibility to count on the help of startup accelerators and consulting companies, the owner of a startup must keep an eye on the lessons already learned by other new entrepreneurs.
Naman Singh, the founder of the Indian startup Gleeq, which develops applications for web and mobile, prepared a number of timeless tips for anyone who is starting their way in the business world.
1. Prepare To Wrong
Young entrepreneurs need to be humble and be prepared to make a lot of mistakes. Society, in general, does not prepare anyone for failure, but it will always exist in some proportion, in the life of entrepreneurship. It can be a failed meeting, a partnership, a project. You need to go through failure, analyze it closely, understand why it is necessary. Then move on quickly, so as not to be sucked into any defeat. When I decided to undertake, a mentor of mine told me that when I was having a bad week, I understood that things were probably going to get a LOT worse, before it got better.
2. Fail Fast
Every entrepreneur must fail fast. I do not say failing in the enterprise itself, but it will happen in some project. If possible, as soon as possible. I believe that after you fail a few times, you can see errors more easily when they approach and can find solutions with greater agility.
3. Don’t Depend Only On Partnerships
I say this because generally when small companies partner, one side always has a greater interest than the other. One side ends up trying harder than the other and the result ends up being less than expected. This happens both in India and in startups abroad.
4. Join Similar Companies
A tip is to always align yourself in partnerships with companies that have the same profile. Even if it means teaming up with other small companies, the chance to succeed is enhanced. There is no point in partnering with Coca Cola and your project being their last priority, right?
5. There Is No Clearance
Technically, there is no weekend or vacation. The entrepreneur can (and must!) Even rest, but his mind is always active in the background. And these are usually the times when new ideas, strategies and the most creative solutions emerge. Basically, everything serves as inspiration.
6. Be Realistic In Finance
The most important financial care at the beginning of any business is knowing how much you can invest and how long you can take before making any return. Entrepreneurs generally spend more than they expect on the initial investment. That alone is already a stressor. Coupled with the fact that the return usually takes longer to arrive, the entrepreneur can run out of breath to keep the business going. Imagine that you train for a while on a swimming course, and know that you can reach the other side without any problems. However, when he is in the middle of the route, he realizes that the pool has become longer. If he is not very well prepared, the entrepreneur can drown before he even sees the edge he was aiming for.
7. Feed Your Entrepreneur Spirit
read somewhere that over time, the entrepreneur ends up surrounding himself with interesting people with entrepreneurial spirits, he feeds on these conversations and this ends up becoming his circle of friendships. I believe that not only friendships but the activities of the entrepreneur’s life are stimulated by entrepreneurial creativity and the thirst to learn something more.