I closed down my start-up recently and felt really bad for it. Honestly, I had no energy to come out of my room for 3-4 days after operation of my start-up was closed down. I was in deep thought about what went wrong?
When I started to recall my start-up days, all I can remember is a lot of energy and endless work. The idea of my start-up was superb. At the initial stage, a lot of expert in the field were praising me for the brilliant idea. People around me were constantly advising me about common mistakes which I should avoid while running the start-up.
Everything was all set in my mind but the execution went wrong. After thinking a lot on the whole start-up failure thing I learnt the following lessons from it.
1. Don’t keep only your friend in Core team- The idea looks amazing that 4-5 friend came together to built up a company. But the only group of friends is not going to work. Keep some experts of your field in the core members so that you can get critical feedbacks.
2. Set up a deadline- In the earlier stage of start-up, all we think about is a free environment to work. “No pressure” stage is good for innovation, however setting up a goal or deadline will help you to travel in a right direction.
3. Focus on one product or service- While execution of the idea, you should focus on one product or service at one pace. Trying to do everything altogether might make you end up with nothing.
4. Hire people and pay on time- Wining confidence of the team members is the most important thing for you. So, hire right people and keep them happy by paying them on time.
5. Keep Analysis ON- While execution of the start-up plans your analytical brain should be ON all the time. At each step check if you are doing it right or something is going wrong.
Well, failure is not that bad. It is always a learning lesson and a stepping stone towards your success. Keep trying to chase your dream, sooner or later success will embrace you.