4 Lessons Learned from my first (failed) Start-Up

Starting your own business is a challenge.

Running and scaling your business is a matter of habits and establishing systems that work.

Before starting my first business, Aspiras Foundation, I had to fail at my first start-up to learn some valuable lessons that I wish can help aspiring entrepreneurs in their journey.

1. Test the product/Service: No matter how majestic the logo, complete the business plan or socially accepted the idea is, you only know your product or service is of value if it is purchased and used by a customer.

2. Build your team based on responsibilities and aptitudes, not just friendship: The starting line of the race of entrepreneurship is filled with participants ready to run with you. Nevertheless, the race is not a sprint, but a marathon. Make sure you choose those partners that are ready to stand the difficulties of the distance with you.

3. Finances: When you start a business, you eventually want to live from it. Don’t leave finances as a secondary duty. MAKE THEM A PRIORITY. Focusing on the selling price without focusing on the production, marketing and maintenance costs is an unrealistic approach to sustain and scale your business. You don’t need to buy the most sophisticated accounting or finance software at first. Basic balance sheets and income statements (on paper or excel sheet) will do it!

4. 1/3/5 Year Vision: Yes, it is important to have a mission and vision statement, but make sure you create your own vision statement with your business. Do you see your current passion/love for the idea strong enough to carry over the years? Is your vision solid enough to help you endure the possible hardships you will face? Being honest with yourself is critical in this process.