The word “Startup” actually came in spotlight with the dot com boom, and it’s widely believed that it just means, you are starting a new business or partnership at a scalable model. Let’s be very clear about the fact that if you are running a small business which is making huge profits, “It’s no more a Startup”.
You need to be a part of a start up to understand how much more the word “Startup” means. Let’s focus on series of keywords that form the basis of any startup initiative.
Let’s say you are an unemployed person, with an urge to create a successful business model, or an experienced person thinking of starting your own, you want to innovate, challenge, and create etc.
Its always you “Stood up” for the idea your heart felt and executed as your mind plans.
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Yes you heard it right! “Stood up” to execute your plan, you form a team, incorporate ideas, research the plus and minus of the industry and launch your product. But how many of us have stood up when things go wrong?
According to the stats available from StatisticBrain, “Incompetence” and “Lack of Experience” form the major reason of a startup failure, but that doesn’t mean that you are incapable for achieving your goals. If your start up fails because of your incompetence”, then it’s time for you to take a break for a year, for following activities.
1. Update your knowledge; take a course or internship.
2. Spend 1 hour every day to analyze your daily actions during the time of your startup.
3. Join online forum’s put your startup case study and ask for reasons for failures.
4. Document your learning’s and make sure you incorporate it next time.
If the reason is “Lack of Experience”
1. Learn how to be at right place at right time.
2. Join a Mid level Company for two years, for relative experience.
3. Document your ideas and run a virtual simulation of your projects.
4. Look for suitable partners who would bring more experience within the team.
Remember you can’t survive if you start a partnership for the heck of doing, you are like a mom and your idea is a child, the idea of having a second child is also about how much interested you are for having it. Cause you have to always “Stand Up” protecting it.
Statistic reference: http://www.statisticbrain.com/startup-failure-by-industry/