First thing, a person should know before diving in the startup world, is startup pain worth risk involved ????, the fact that a point may come where you may feel frustrated on your self, your team and you co-founder and you may want to give up your startup or commit suicide. There can be many reason for that frustration. A few common won are:
- No retraction on product
- Your co-founder leave for good job
You see startup pain is inevitable i.e it cannot be avoided. But is the pain worth the risk involved, that you have to decide ?
Here are some harsh reality truths that i learned so far and thought to share so that people you should be aware before you jump in deep blue startup sea. Very few people will tell you about this, but the sooner you know the better it is for you to make the right decision:
You will have to be multi-talented
Yes you read it clearly. When you start a startup, you cant afford to hire a professional. So you have to be jack of all rather than focusing on becoming Ace in one. From my experience i can tell you that i did, mobile application development, web development, digital marketing,video animation,graphic designing & cloud computing. People often make mistake and hire people by giving up equity because they cannot pay. The major drawback is that, hired people run away because by the end of day they require money and cant wait for the product to be matured. Just to keep the dream alive, friends are hired who agree easily on equity. But as time passes, it is observed professional work never takes place because by bringing in friend, environment goes in way more comfort zone. This lead to distraction in work. By the time you realize, that a friend is just passing time and is not delivering the output result as required, conflict occurs and one goes in trauma.
My Call: “Don’t jump in startup sea unless you are a professional in your development technology and avoid bringing in your friend”
Give up startup idea if you are from a middle class family
Having a great experience and exposure, i highly recommend to give up startup idea if you are from middle class family and if your family looks at your earning. You see running a startup requires patience and wait for 2 years at minimum. The family might not wait that long. This can lead to great conflict within the family. As a result you may feel down and focus less time on startup. Since you are the startup owner, do consider the fact that you will need to have a working office space fully functional to have team sit in place. Do keep in mind that you will have to afford
- electricity bill
- utility bill
- miscellaneous expense
You might say why not go in co-working space ? but then they are also expensive for a team of people. You might wonder why not go in acceleration program like 10xc or incubation program like NestI/O. But then yet again, you will be there for a time frame like 4 or 5 month, and eventually you will need to find a place.
Don’t let others pull you down
In the startup world, you wont believe how many people will criticize your moves and strategy. You will meet such people who will claim to know more about the startup and will offer their idea and strategy to make you startup up and running in no time. But these are the people who take order’s from their bosses and have never in deep sea of startup. They are the same people who will give sessions and speeches yet they were born with a golden spoon in a mouth and never had the startup pain word in their brain dictionary.
My Call: ” Listen to everybody. Who knows you might extract a key point valuable for you startup. Ignore negative comment”.
Do you have the budget for marketing ???
Ok, after knowing all the pains and hardship, i jumped in the startup sea and made up my startup product. YAAY! i guess i achieved my goal. Well you are wrong. Everyday nearly thousand products are made all over the world. How will your audience know that you have made some thing better. Then the problem comes to spent money for advertisement for promotion. From a mobile app to a website, digital marketing needs to be done which requires a good amount of money.
My Call: “Have at least 150,000 for digital marketing budget”.
Job with startup ?
Speaking from experience and exposure, you are slowly killing your self as a point may come where you will be frustrated if you are taking both thing parallel OR if focusing less on startup and more on job then rest assured, your startup is doomed to die as your first priority is job.
Above Point dont bother me ???
Is your product so powerful than it can grab user at a glance and make them sustain for a long time? Do you have a team to face challenges of security and product architecture issues ?? Can you beat your rivals that are in this market for quite a long time and will be preferred first ???