As rightly said, launching a venture is about having a vision, turning that idea into reality, and then pursuing that dream. While the concept is simple and can be condensed in a line, the startup journey is long and there are many lessons to be learned along the way. Here are a few I encountered at NIN Ventures (or NIN.VC):
01. Remove your emotions
While it is hard to pursue a dream when you don’t have emotions attached to it. Stop thinking about your start up emotionally. Why? The startup world moves fast and requires you to fail faster and pivot into a better direction. Your emotions crowd your judgment when you get too attached to your dreams. Let loose and let the market guide you towards success.
02. Sign better contracts
We have all heard of spit handshakes or stories of how a business plan was drafted on a paper napkin during a coffee conversation. While it might have worked in the past, beware and draft a legal agreement for all your partnerships.
03. Premature scaling
Every startup dreams of becoming a Unicorn but, I have experienced, achieving too much success in the beginning may become a hindrance for future growth.
04. Design a culture of winning
It is important to win in life, but build a culture of winning where you appreciate a team winning over individual wins. Make it your mantra to “always give advice in the best interest of the team over yourself”.
05. Consider how much you will need to educate the target market about your product before starting your business
It is not easy to take your idea to market even when there is a need for disruption in the industry. Make sure you are educating people about the problem you are solving and the time you will need before you take your product to market.
06. Don’t underestimate the power of marketing
Just don’t.
07. Build you technology in-house
Outsourcing is an attractive cost saving option when you are building the framework for your technology, but it will cost you more time and money in the long run. Instead opt for a partner or hire someone full time that can better understand or has expertise in the area.
08. Running out of money is game over
Don’t die.
09. The blame game
Some businesses fail because they could not find a product market fit, while others made poor strategic decisions that ultimately led to their demise. Regardless, confront brutal facts and don’t burn bridges with your partners, customers, or anyone you might have encountered during your journey. If they were not the answer, they were a lesson or part of the lesson.
10. Pick your mentors wisely
Who you look up to in life determines where you end up. Find people that genuinely want you to succeed in life and care for your venture.
Having said all of this - “Will I spend my last dollar and all my hours to have this opportunity again?”. Yes - IT'S WORTH IT! Why? Life is not about what you want - it's about what you deserve. And if you don’t like what you deserve, keep your head down and work harder!!!
PS: This blog is still Work In Progress. I will update it as and when I have more to say. Thank you for reading!
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