How do I not run a startup?
Consequences supplementing startups.
I have committed several startup sins which I should have avoided at all costs since I started up during my final year of engineering.
I am sharing my learnings from going bankrupt - twice to building a bootstrapped company incubated at NSRCEL, IIM-Bangalore with over 5000 customers, 200+ artists in 3 years.
- Everybody is not your customer - The sooner you identify your target customer, the easier it will be for you to increase your revenues or number of users.
- Don’t micromanage - It took me 2 years to build a team. We would be 10X bigger otherwise.
- To make money you gotta spend money - I found myself in a difficult situation when it came to spending money on marketing, packaging, or hiring! Some investments might not get you immediate returns, but they are definitely worth your money!
- Don’t wait for perfection - Perfection is the perfect way for procrastination. I have spent multiple weeks trying to perfect things that weren’t really important.
Among all my mistakes, the above 4 stand out and I wish I realized these earlier. I hope this helps you.