Fate of most entrepreneurs is destined to be different from each other but the starting journey is mostly similar. We as aspiring entrepreneurs are blinded by the success stories and before jumping into the journey, usually, forget to focus on the first few steps. After zeroing down on an idea, first thing we do is to watch gyan videos given by successful entrepreneurs and VCs.
This gyan is definitely important as it will keep you motivated and would help to become a success story yourself. But is it of most vital importance at this stage? After going through 100’s of articles and videos and having launched my startup – talkeees,
I realized none of the gyan was about the ground realities that awaits for you in the first few months.
Some of the false assumptions that we have before starting up:
• Investors will jump to invest in my awesome idea:
My idea is unique and so awesome that I am bound to get funding even with a tissue paper presentation. It doesn’t happen that way, especially not in India. Unless you have good hefty contacts, you will have to go through multiple channels. If you are lucky enough you might be able to get a reply from an investor after repeated attempts. But be sure, there is a very high chance of getting this reply: “I really like the idea, but you should build a prototype and show me some traction.” It’s you, who needs to figure out a way to continue unperturbed, I went ahead and built a prototype by myself using an online software.
• Things like getting my company registered is cake walk:
Before making timelines we usually don’t bother much about small steps like company registration or logo trademark. If you are bootstrapped, you will always look for some relatives or friends to do the job for you rather than going for professional services. If you are hustling and doing stuff by yourself, it requires time and attention. You will have to study or discuss with people whether you should go for single person company or private limited. For trademarks, you need to study different classes and find the best one for you. But as an entrepreneur, I believe it’s better to spend time on these things rather than money, which you can always use later for better product development or marketing.
• Showing prototype to investors will ensure funding:
As advised by some investors we met and various articles we read online, we decided to make a basic prototype of our concept. As it was very basic, we shared with friends and families, got a couple of hundred installs and extremely good feedback. We were excited and again approached the investors.
“Getting feedback from friends and family is not good enough, you must show us some traction” was the feedback we got.
This might not be relevant for B2B start-ups or start-ups which start generating revenue from the first user itself, but for concepts which require a substantial user base before revenue starts making a prototype doesn’t work. Rather than a prototype you should go for a beta version itself.
• The end product will be ready in no time:
Should we hire a development team or outsource to experts, was a big dilemma for us. Short on cash we decided to outsource it to an agency who had already made similar products. Like it usually happens in the first few meetings, even after fixing the timelines and features of the product, the product got delayed. Days became weeks and thereafter months. Having had the same experience with a technology team in my previous organization, I realized developing a product takes time. Even if you think you and your team will work day and night it takes time. Just accept this fact and work accordingly, if you don’t want to make days tough for you.
• We will get the first thousand app downloads from our friends and family on the day of launch:
Within our founders we have 2000 friends on Facebook, 500+ followers on twitter and 500+ on whatsapp group, getting to the first 1000 installs would be a day affair for us. It’s not going to be that easy. It’s better you realize now only that every person is busy in their own life and installing an old friend’s new app is at the lowest priority, especially when there is limited space on phone. But this doesn’t mean you should not pursue and count them out. Keeping an optimistic outlook, the day you make them realize you are serious about your startup, they will be ready to support you whatever way they could. But be aware of the fact it’s not going to happen on the first day itself.
Going through these experiences have made us stronger as a team and really helped us to refine our concept and product. After developing the beta version and getting some early adapters, we realized the point made by some investors we met. Being short on money really helped us to focus on growth hacking techniques and making the product really ready for the initial market. Getting to sell our concept to our friends was tough but the best learning experience for us.
I am Kohuwa Baruah, Co-founder of talkeees, a unique social networking platform using which you can share your experiences and help each other take better and informed decisions. I personaly believe in what Chanakya the author Arthashastra have written “Start learning from the mistakes of others, you can’t live long enough to make all by yourselves”. The points that I have mentioned here are my personal experiences and study. These might not be relevant to a B2B start-up and vary from situation to situation. My journey has just started; I will keep on learning from others’ experiences and share mine on talkeees as well as other wonderful platforms like therodinhoods.wpengine.com
**The word gyan here is used in a positive manner**
Twitter: @forget_sutra