The startup scene everywhere is quite interesting with a lot of buzz of people raising millions from investors, young talented university students and graduates coming up with brilliant ideas and building beautiful apps, with dreams of ‘changing the world‘. You may be one of those thinking that technically it’s not difficult to make something like WhatSapp or open an e-retail store… Well it’s not :]
So your startup journey begins; you quit your paying job, your idea of starting your own business starts to take shape, you incorporate the company, put your savings into a company account, go ahead and hire ninja developers and start the ‘awesome’ product development. All is set, you’re waiting for the product to be finished and launched in the market and damn sure it will sell like hot cakes.
Unfortunately, things don’t go as planned when you walk on unexplored paths. So let’s look at some pointers “Why your startup is going to fail“:
1. I want to be rich
If you want to build a startup which can raise a million dollar VC investment or be acquired in billions like WhatSapp or bang in market with $100M IPO like Facebook, I would say it’s a great thought!! But don’t chase money.
Keep your focus on making a useful product and money will follow.
Don’t start a company for sake of just making big money. Build startup for creating valuable products and services so that people fall in love with your products.
2. I am the boss
You may tag yourself with the title of CEO soon after starting your company. Or like Mark Zuckerberg did – “Am CEO B**ch”. But remember what Peter Parker said in ‘Spiderman’:
With Great power comes with great responsibility.
3. Freedom, at last
You always dreamt of working from anywhere/anytime and now that dream has come true. You can start your day at anytime and close your laptop whenever you want; no one to question you.
Avoid being in a startup if you are afraid of working more than 40 hours a week.
Actually you have to work more than ever because now you are not working for someone else. Everything is so messed up. You end up working 80 hours a week and work is still pending.
Sundays are no more holiday, and Mondays are no more scary than ever.
4. I want to be famous
We have all met a few people who wanted to do ‘startup thing’ to become a celebrity. Reality is we only hear of success stories, no one ever talks about the R.I.P startups.
The probability of making a billion dollar startup is less than being hit by lightening in a storm.
If you are looking for name and fame then there are much better and easy ways available.
Don’t start a startup with the wrong reasons. The only reason to be in startup is when you feel making this world a better place than it is today. Solve real real problems, which no one else is solving, or if you can provide a better solution than anyone else. Good luck in your Startups.
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