My Learnings as an Entrepreneur

I was in phase of my career where I wanted to do something. I was not sure what, but I wanted to do something different which would be not normal but impactful which would give me an opportunity to earn money / fame / respect.

I had 9+ years of work experience back then and was eagerly looking to explore the possibilities in startup world.

I had ideas / passion / hunger but where to start from was missing. From 2011 to 2017 it took me 6 long years to finally take a plunge – left corporate world. Joined the bandwagon of startup full time in 2017.

My entrepreneur journey was a learning journey, where every day was a new day with new learning.

I am sharing my learnings as an entrepreneur, what requires attention and what should be avoided. I learned it the hard way so thought to share, so that you know where the grey areas are.

Entrepreneurs should be mindful of several common mistakes to avoid for their business:?

• Ignoring market research: Failing to conduct thorough market research can lead to launching a product or service that doesn't meet market needs.
• Lack of planning: Not having a solid business plan can result in poor decision-making and direction for the business.
• Neglecting customer feedback: Ignoring or undervaluing customer feedback can lead to a disconnect between the business offerings and customer needs.
• Poor financial management: Mismanaging finances, such as overspending or not budgeting properly, can lead to financial difficulties that may jeopardise the business's survival.
• Ignoring technology trends: Neglecting to adopt relevant technology trends can put the business at a disadvantage compared to competitors and hinder growth.
• Not investing in marketing: Failing to invest in marketing can result in low visibility and poor brand awareness, making it challenging to attract customers.
• Ignoring legal requirements: Not complying with legal requirements and regulations can lead to fines, lawsuits, and reputational damage.
• Lack of adaptability: Being rigid and resistant to change can prevent the business from evolving to meet new challenges and market demands.
• Over-expansion: Growing too quickly or expanding into new markets without proper planning and resources can strain the business and lead to failure.
• Ignoring competition: Not keeping an eye on competitors can result in being blindsided by their strategies and losing market share.

By avoiding these mistakes and staying proactive, entrepreneurs can increase their chances of building a successful and sustainable business.

All these points are my personal learnings, might vary from individual to individual, startup to startup. Happy to discuss in detail