I created multiple Startups in last 1 year and Quit them without making Money.
Is it possible?
Hell No!
All what I had done was creating multiple Projects.
Startup is a different ballgame altogether.
One of the biggest Mistakes Entrepreneurs makes is Quitting way too early.
As a Startup Entrepreneur, you are fighting against all odds.
You are picking up Ideas that have been rejected by Smart people at large Companies.
You are trying to build Products that the Customers don’t even know they need.
To succeed in that game you have to hole in and play the war.
You have to hole-in so deep that your adversary - even a Superpower - gets tired and gives up.
AND You need to stick long! Why?
The longer you stay, more achievements you can make and more seriously you will be taken by the players around. You will build more deeper expertise, connections, & brand. Thus, the biggest goal of a startup should be to stick long in an idea.
And for that to happen you should:
1. Find the most desperate customer who wants the solution and sell it to them. Fixing their problem is the key to survive. Later you can fix much more sexier markets.
2. Put all out emphasis on Cashflow - be fanatic about it. If you have the cashflow, Investors would come knocking. The only time investors would come knocking is when you don’t need them.
3. Be a penny-pincher. Even after you get the investment. Especially after you get the investment. The greatest entrepreneurs are those who greatly conserved other people’s money. That will improve your odds of Survival.
4. Shut out all kinds of Distraction and second doubts about your idea. Almost any idea can be Scaled or Morphed to become Monstrous. It is your Execution that counts. And if you become a great Executor you can always change your idea years from know.
5. Team with People who are in it for the long term. If you cannot stand them for more than a few weeks, you should not have started with them.
Only if you do the above 5 and Survive at least 1 year and generate Revenues from customers, you are a Startup - Until then, you are just building Projects.
Is it possible?
Hell No!
All what I had done was creating multiple Projects.
Startup is a different ballgame altogether.
One of the biggest Mistakes Entrepreneurs makes is Quitting way too early.
As a Startup Entrepreneur, you are fighting against all odds.
You are picking up Ideas that have been rejected by Smart people at large Companies.
You are trying to build Products that the Customers don’t even know they need.
To succeed in that game you have to hole in and play the war.
You have to hole-in so deep that your adversary - even a Superpower - gets tired and gives up.
AND You need to stick long! Why?
The longer you stay, more achievements you can make and more seriously you will be taken by the players around. You will build more deeper expertise, connections, & brand. Thus, the biggest goal of a startup should be to stick long in an idea.
And for that to happen you should:
1. Find the most desperate customer who wants the solution and sell it to them. Fixing their problem is the key to survive. Later you can fix much more sexier markets.
2. Put all out emphasis on Cashflow - be fanatic about it. If you have the cashflow, Investors would come knocking. The only time investors would come knocking is when you don’t need them.
3. Be a penny-pincher. Even after you get the investment. Especially after you get the investment. The greatest entrepreneurs are those who greatly conserved other people’s money. That will improve your odds of Survival.
4. Shut out all kinds of Distraction and second doubts about your idea. Almost any idea can be Scaled or Morphed to become Monstrous. It is your Execution that counts. And if you become a great Executor you can always change your idea years from know.
5. Team with People who are in it for the long term. If you cannot stand them for more than a few weeks, you should not have started with them.
Only if you do the above 5 and Survive at least 1 year and generate Revenues from customers, you are a Startup - Until then, you are just building Projects.
Source:
This post has been copied from an answer written by Balaji on Quora
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