Entrepreneurship teaches you a lot of things; sometimes in the hard way. But it is an awesome experience.
Here, I would like to list 5 lessons that I learned during my short startup career.
Lesson 1: Be ready to change your plans
Have a business plan. But 99.999% that business plan is going to fail. It is because the assumptions we make about a market in our business plan is not the real market conditions. Success depends on realising the actual market conditions and tweaking our plans.
A Punalur based army man came back home and set up a bookstore at his town for a living after retirement. His store opened but people there seldom came to buy books. He so added stationeries too to his shop, which gave him some revenue.
He realised that there was a heavy demand for paper at his shop, especially from non locals. (The place — Punalur — is famous for paper mills.) Soon, he stopped all his other goods and focused only on paper.
Today, he is the largest paper retailer at Punalur. Look how a book shop became a stationary and how that stationary shop evolved into the largest paper trading firm in that town?
Summary: Your initial business plan is going to fail. Success lies in realising the actual market conditions and tweaking your plans.
Lesson 2: Keep it lean in the beginning
We may feel that a certain feature is a must for our dream product. We spend so much time and effort building and polishing that feature into our product. But most often, that might not be what our target customer wants. Continue Reading