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Mistakes that 99% entrepreneurs will make
I made almost all of them, but I will make sure you don't
//a thread
I made almost all of them, but I will make sure you don't
//a thread
1. Trying to "innovate" their way to success. Most likely you will fail. If you succeed - good luck, a bigger company will catch your "innovation", make a better product and you're gone.
Innovation won't pay your AWS bill - your business model will.
Innovation won't pay your AWS bill - your business model will.
2. Not entering an existing market. Enter a market that exists and improve a product slightly.
You can't make a new market, not initially.
Some good markets in India are healthcare, fashion, education, real estate, BFSI, entertainment.
NOT rockets, blockchain, Ml, AI, IOT.
You can't make a new market, not initially.
Some good markets in India are healthcare, fashion, education, real estate, BFSI, entertainment.
NOT rockets, blockchain, Ml, AI, IOT.
3. Copying the US model. This is India. New, innovative companies won't succeed here. Traditional ones (maybe with a twist?) will.
Too many people have wasted years, millions, and their youth trying to build something that doesn't have a demand. Understand India to succeed.
Too many people have wasted years, millions, and their youth trying to build something that doesn't have a demand. Understand India to succeed.
4. Going along the funding path. BIG mistake. Avoid funding as much as possible.
VCs want to make money at your cost - they don't care about you or your startup.
I know quite a few of them - and they are all people who want your shares and act like they did you a favour.
VCs want to make money at your cost - they don't care about you or your startup.
I know quite a few of them - and they are all people who want your shares and act like they did you a favour.
5. Not being profitable. Only a few startups you hear of are profitable or are ever going to be.
Your employees don't need MacBooks (you too). You can stop that YouTube campaign that does't lead to app downloads.
Be frugal and sustainable, or you'll get a tight slap by market.
Your employees don't need MacBooks (you too). You can stop that YouTube campaign that does't lead to app downloads.
Be frugal and sustainable, or you'll get a tight slap by market.
6. Trying to look big.
Please don't try to get that "entrepreneur" image by paying for startup awards, magazine features, hiring fast, publicity stunts, fancy office.
Blue ticks, startup awards can all be bought. They are a business, not a success metric
Slippery slope.
Please don't try to get that "entrepreneur" image by paying for startup awards, magazine features, hiring fast, publicity stunts, fancy office.
Blue ticks, startup awards can all be bought. They are a business, not a success metric
Slippery slope.
7. Not trying new things once you have a sustainable revenue stream.
Innovation is bad initially, but is needed later on.
Try putting 10% of revenue on trying new stuff - maybe a new business line, or a new product, or a new marketing channel.
Keep it flowing!
Innovation is bad initially, but is needed later on.
Try putting 10% of revenue on trying new stuff - maybe a new business line, or a new product, or a new marketing channel.
Keep it flowing!
8. As long as you are ethical don't feel bad about others' opinion of your company.
Cool startups are cool on paper, but seldom make money
In fact, most super rich in India run very traditional businesses (hotel chains, spices, coaching, school chain, refineries)
Cool startups are cool on paper, but seldom make money
In fact, most super rich in India run very traditional businesses (hotel chains, spices, coaching, school chain, refineries)
9. Not giving at least 2-3 years.
A business takes 10 years to fully succeed. Not 1 or 2.
2-3 years are needed to even make decent revenues. I have been running AcadBoost for 3 years now and only now I make enough to never look back at getting a job.
Things take time.
A business takes 10 years to fully succeed. Not 1 or 2.
2-3 years are needed to even make decent revenues. I have been running AcadBoost for 3 years now and only now I make enough to never look back at getting a job.
Things take time.
If you liked this thread, you should checkout my Entrepreneurship course on AcadBoost.
It contains my entire experience of building AcadBoost to a million dollar company: https://www.acadboost.com/s/store/courses/description/Entrepreneurship-and-Business
It contains my entire experience of building AcadBoost to a million dollar company: https://www.acadboost.com/s/store/courses/description/Entrepreneurship-and-Business
