My startup learnings
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1) The author shares lessons learned from failing in their first startup, noting that an initial unsuccessful startup without major damage is valuable experience. 2) When starting a new business idea, it's important to turn off emotions and ask tough questions to critically evaluate the idea's uniqueness, market fit, and viability rather than just seeing if people like the idea. 3) Founders should test business models conservatively by dividing expected sales and revenues, prepare for worst-case scenarios, and focus on businesses they understand well to have the best chance of success in the first year.
My startup learnings
- 1. key learnings from my first startup from startup to f_ck up
- 2. For those, who are considering to start new business tomorrow . This is not a theory or text book. It´s based on the real experience A few years ago I established my first company with great and very appreciated mission. Everybody liked it. I was passionate. I got easily money from investor. I failed. These are my learnings...
- 3. „ The first unsuccessful startup without major damage or loss is the best experience you can get.“ „ It´s normal to fail during first trials, but the point is to leverage it to strenght and return to the game and win“ me me again
- 4. see my learnings.. even before the start magic 2 1st customer idea !! scenario B money idea check no emotions people even if it´s fancy brutal questions experience content
- 5. read the stories and wisdoms from those who made it and learn from them but don´t take it as your experience !
- 6. Idea? Congratulations ! Now ask yourself : is it unique/new ? does it solve any real issue? does it break the rules ? would I pay for it ? now turn off your emotions and ask again! Don´t be surprised when you realise, that somebody is one day ahead. That will probably happen once you start to browse the web seriously
- 7. Slow down , turn off your emotions, no rush
- 8. Check your idea with others Don´t ask them whether they like it. Ask them whether they will (not would) order your service and how much will they pay
- 9. Is it attractive ? Test offer without speaking
- 10. Think twice , make the critical business model, not the optimistic one. Divide expected sales and revenues at least by two . But be sure, it will be anyway at least twice worse !
- 11. Prepare scenario B before you start to invest Q: What if you don´t have any income? You have to answer before you start. Later might be too late.
- 12. Ask yourself brutal questions Why shall I buy what you offer ? What´s the source of business ? Who will pay ? How ? How will you approach the market ? ..and don´t say it´s WOM only! What´s your USP ? Are you better than the others ? ..... the simplier the better
- 13. 1st hungry customer must appear before you start
- 14. Money is not a problem There is a lot of smart investors ready to take a risk. If you can´t get them, the idea is poor and you´d rather think again .
- 15. People are just human beings – don´t expect more. Fan does not mean hardworker. But you need hardworkers first. No rush with recruitment If you can do it alone, do so
- 16. Last, but not least rather focus on business you know well and you´re good at. If you start from scratch, you´ll hardly be the best in the first year. But you should...
- 17. Thanks for your attention If you like this presentation, please vote by clicking below. This presentation was made by all pictures sourced from fotolia.com