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Tips for avoiding failure of your startups
The major areas that you need to keep in mind in order to avoid your first startup a failure experience.
Before starting having clarity in terms of how long can you sustain yourself financially till your startup generates revenue to sustain? This situation will be challenging if you have family and financial commitments. Don’t over look that the startup is going to be the next big thing and revenues will come and will take care of things.
Don’t start with saying victory favor’s bold all these are good to be told, so just don’t jump in.
Don’t share equity if 3 people are founders don’t go for 33% equally and then have the investor and to accommodate the investor the question of who is going to lose equity arises and also arise the problem of who is going to control the company.
Don’t calculate that market segment from various secondary research on google is giving you a huge number and you assuming that your startup even if it captures 0.1% you will earn so many revenues. Kindly understand that the reports are based on certain assumptions its not that some one has gone and measured inch by inch
Don’t get too much involved and say that he is my competitor understand for a startup being alive is more important than bench marking competitor who is older than you and bigger than you. No point in spending time working out what my competitor is doing, yes this question is good when you have grown up and have various factors being involved like for e.g company A which 10crores in revenue bench marking company B which 25 crores makes sense, rather than company A which is just started operations compares company B which is already 25 crores and says we are his competitors this is not confidence but over riddance of facts.