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What's the most important lesson you've learned from a startup failure?
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@web3tim Yeah I like to create businesses that are boring and NO ONE will love them, but make sure they serve a purpose
Long term vision and value proposition are not smart phrases from business books, they are essential
1) Prototypes aren't businesses. 2) Be ruthless with killing zombie startups — 'businesses' that are essentially the walking dead 🧟
@blake_whittington I have many of these, but something I realised that is valuable is that people will buy a prototype so they can turn it into a business. Last year I sold a buggy software I had built for $1000, which is better than $0!
@hamza_q4 Yes, most of my friends are entrepreneurs which means I am always talking about the things that help me grow
@luke_emery how do you find fellow entrepreneurs? Do you go to conferences and events?
The most crucial thing to learn from startup failures is market validation. Before allocating resources, verify your target market, comprehend client needs, and undertake research. Success chances are increased by early guarantee.
@hassanmuazzam All of my ecommerce businesses before started off as little side projects and when I could see there was a market I would go all in
Lots of them) You can't predict a lot of things, like an economic crisis, war, or something else. But the main thing is that you should always focus on your customers first and build your product/business considering the changes in the market.
One of the most important lessons I've learned from a startup failure is the importance of listening to your customers. It's easy to get caught up in your own vision and lose sight of what your customers actually want and need.
Don't get too ambitious, at least not at the beginning. Allocate your resources to what your startup actually needs first, not what you want it to look like.
@heleana Yeah MVP is the most important so you can get users. Features are easier to add than customers
When I was getting into entrepreneurship, I based my startups around product ideas i found cool. As I tried to gain users, I spent most my time convincing them that the problem my product is “supposedly” solving is real.
The most valuable lesson i learned is coming up with cool product ideas is easy. Identifying the right problem will get you half way up the mountain.
@surya_manivannan1 Yes I think creating cool businesses is the worst idea ever because 10 million other people have the same idea. Whenever anyone tells me they are going to start a t shirt or jewelry company it hurts my heart
@luke_emery yes Luke agreed. the traditional idea like you mentioned as well as the outrageous ideas 😂
Accepting that failure is part of the process. Pivoting, learning, iterating - that's key. Client's experience on handling obstacles could also provide valuable insights.
Don't give up, and remember that every failure is just a step on the path to success.
A key lesson I've learned from a startup failure is the importance of adaptability. The business landscape is constantly evolving, and startups need to be agile and willing to pivot when necessary. It's crucial to listen to customer feedback, monitor market trends, and be open to making changes to your product or strategy to stay relevant and meet customer demands.
One of the most valuable lessons I've learned from a startup failure is the significance of building a strong team. Success is rarely achieved alone, and having a team with complementary skills, shared vision, and a strong work ethic is crucial. It's important to focus on hiring the right people, fostering a positive company culture, and empowering your team to make decisions and contribute to the company's success.
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